Espresso Services (UK) Limited - Accounts to registrar (filleted) - small 22.3
Espresso Services (UK) Limited - Accounts to registrar (filleted) - small 22.3
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 May 2022 |
| for |
| Espresso Services (UK) Limited |
| Espresso Services (UK) Limited (Registered number: SC436485) |
| Contents of the Financial Statements |
| for the Year Ended 31 May 2022 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Espresso Services (UK) Limited |
| Company Information |
| for the Year Ended 31 May 2022 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 147 Bath Street |
| Glasgow |
| G2 4SN |
| Espresso Services (UK) Limited (Registered number: SC436485) |
| Balance Sheet |
| 31 May 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| Espresso Services (UK) Limited (Registered number: SC436485) |
| Balance Sheet - continued |
| 31 May 2022 |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Espresso Services (UK) Limited (Registered number: SC436485) |
| Notes to the Financial Statements |
| for the Year Ended 31 May 2022 |
| 1. | STATUTORY INFORMATION |
| Espresso Services (UK) Limited is a private company, limited by shares, registered in Scotland. The company's registered number is SC436485 and its registered office address is Unit 58 Elderpark Workspace, 100 Elderpark Street, Glasgow, G51 3TR. |
| The presentation currency of the financial statements is the Pound Sterling (£) which is the functional currency of the company. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going Concern |
| The financial statements are prepared on the going concern basis of accounting as, in the opinion of the directors, there are no matters of material uncertainty which cast doubt on the company's ability to continue. |
| Despite the ongoing issues of the Covid-19 pandemic and the lockdown restrictions, the management have continued operations throughout this period in compliance with covid regulations. They have accessed all available support which has been available at local and national levels. The company therefore continues to adopt the going concern basis in preparing its financial statements. |
| Significant judgements and estimates |
| The Directors have made judgements, estimates and assumptions that affect the amounts reported within the financial statements during the year. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. The Directors' estimates, assumptions and judgements that have a significant risk of causing material adjustment to the carrying amount of assets and liabilities within the financial statements are addressed and detail is provided in the associated notes. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Motor vehicles - 20% reducing balance |
| Equipment - 20% reducing balance |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Espresso Services (UK) Limited (Registered number: SC436485) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company has no complex financial instruments but does hold basic financial instruments of; cash at bank, debtors and creditors. |
| Cash and cash equivalents comprise cash at bank and on hand, foreign currency on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. A bank overdraft would be shown within current liabilities. |
| Trade and other debtors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less losses for bad debts except where the effect of discounting would be immaterial. In such cases, trade and other debtors are stated at cost less losses for bad debts. |
| Trade and other creditors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate unless the effect of discounting would be immaterial. In such cases, trade and other creditors are stated at cost. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Employment benefits |
| The total cost of employee benefits to which employees have become entitled as a result of service rendered to the entity during the reporting period are recognised and charged to the profit and loss account in the period to which they relate. |
| Provision for liabilities |
| A provision for liabilities is initially recognised when there is an obligation at the balance sheet date as the result of a past event, it is probable that there will be the transfer of funds in settlement and the amount of the obligation can be estimated readily. The provision is subsequently measured by placing a charge against the provision only for expenditure for which the provision was originally recognised. |
| Espresso Services (UK) Limited (Registered number: SC436485) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2022 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 June 2021 |
| and 31 May 2022 |
| DEPRECIATION |
| At 1 June 2021 |
| Charge for year |
| At 31 May 2022 |
| NET BOOK VALUE |
| At 31 May 2022 |
| At 31 May 2021 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 June 2021 |
| and 31 May 2022 |
| DEPRECIATION |
| At 1 June 2021 |
| Charge for year |
| At 31 May 2022 |
| NET BOOK VALUE |
| At 31 May 2022 |
| At 31 May 2021 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Espresso Services (UK) Limited (Registered number: SC436485) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2022 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans |
| Hire purchase contracts |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | - | 3,333 |
| Hire purchase | - | 96 |
| - | 3,429 |
| The bank loan relates to a Coronavirus Business Interruption Loan with Royal Bank of Scotland. During the year, the loan was refinanced with Royal Bank of Scotland as part of a new £50,000 loan under the Bounce Back Loan Scheme. The 'Bounce Back Loan' is due to be repaid within six years, including an initial repayment holiday of one year. Interest on the 'Bounce Back Loan' is 2.5% per year with the UK Government paying the interest for the first year. |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2022 | 2021 |
| £ | £ |
| Hire purchase contracts | 10,064 | 12,958 |
| PayPal working capital loan | 71,435 | 22,643 |
| The hire purchase liability is secured over the assets to which they relate. |
| The PayPal working capital loan is secured over future PayPal sale receipts. |
| 9. | RELATED PARTY DISCLOSURES |
| During the year, total dividends of £21,750 (2021 - £3,000) were paid to the directors . |