ACCOUNTS - Final Accounts preparation

BRITANNIA TEA COMPANY LIMITED - Company Information

Company registration number: 04646559

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 MARCH 2021

	BRITANNIA TEA COMPANY LIMITED


BRITANNIA TEA COMPANY LIMITED

COMPANY INFORMATION

Directors	M. Y. Beyad
	M. R. Beyad
	M. Beyad


Company secretary	M. R. Beyad


Registered number	04646559


Registered office	320 King Street
	Hammersmith
	London
	W6 0RR


Accountants	Menzies LLP
	Chartered Accountants
	Ashcombe House
	5 The Crescent
	Leatherhead
	Surrey
	KT22 8DY


BRITANNIA TEA COMPANY LIMITED

CONTENTS

	Page
Statement of financial position	1
Notes to the financial statements	2 - 4


BRITANNIA TEA COMPANY LIMITED REGISTERED NUMBER:04646559

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2021

		2021		2020
Note		£		£

Fixed assets
Tangible assets	4		-		425
			-		425
Current assets
Stocks		1,967		-
Debtors: amounts falling due within one year	5	18,477		40,161
Cash at bank and in hand		825,924		844,212
		846,368		884,373
Creditors: amounts falling due within one year	6	(317,321)		(367,752)
Net current assets			529,047		516,621
Total assets less current liabilities			529,047		517,046

Net assets			529,047		517,046

Capital and reserves
Called up share capital	14,000	14,000
Profit and loss account	515,047	503,046
	529,047	517,046

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

M. Y. Beyad

Director

Date: 30 March 2022

The notes on pages 2 to 4 form part of these financial statements.

Page 1


BRITANNIA TEA COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1.	General information

Britannia Tea Company Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is disclosed on the company information page.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The Coronavirus pandemic is creating significant uncertainty globally and the company is not immune to this although, at this stage, it is not possible to reliably forecast what the long term impact of this may be. The directors are working to ensure the safety of all those involved with the company and to maintain the continuity of its operations as far as they are able whilst adhering to Government advice. Although the pandemic will have a financial impact on the Company, at this stage, it is not possible to forecast what this may be. However, the directors are taking all relevant measures to ensure they are able to safeguard cash flow and projects to put it in the best possible position once activities start to return to normal. Despite the uncertainties that exist, it is the directors' opinion that the going concern basis of preparation of the accounts continues to be appropriate.

2.3

Revenue

Revenue is derived from the sale of premium quality tea products and is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 2


BRITANNIA TEA COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2.Accounting policies (continued)

2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery

over 4 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Employees

The average monthly number of employees, including directors, during the year was 3 (2020 - 3).

Page 3


BRITANNIA TEA COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

4.	Tangible fixed assets

		Plant and machinery
		£

	At 1 April 2020	850
	Disposals	(850)
	At 31 March 2021	-

	At 1 April 2020	425
	Charge for the year on owned assets	212
	Disposals	(637)
	At 31 March 2021	-
	Net book value
	At 31 March 2021	-
	At 31 March 2020	425

Debtors

					2021	2020
					£	£


Trade debtors	46	112
Other debtors	831	23,767
Prepayments and accrued income	17,600	16,282
	18,477	40,161

6.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Trade creditors	308,280	346,900
Amounts owed to group undertakings	-	263
Corporation tax	2,915	2,492
Accruals and deferred income	6,126	18,097
	317,321	367,752

Page 4