Black Truffle Boutique & Coffee Shop Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 07590988 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

FOR

BLACK TRUFFLE BOUTIQUE AND COFFEE SHOP

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G Surtees

Mrs K Surtees

SECRETARY:

G Surtees

REGISTERED OFFICE:

Barclay House

North Road

Seaham

Durham

SR7 7EZ

REGISTERED NUMBER:

07590988 (England and Wales)

ACCOUNTANTS:

Ribchesters

Chartered Accountants

Finchale House

Belmont Business Park

Durham

DH1 1TW

FIXED ASSETS

Tangible assets

4

9,317

8,575

CURRENT ASSETS

Stocks

8,500

10,000

Debtors

5

594

-

Cash at bank and in hand

12,416

3,517

21,510

13,517

CREDITORS

Amounts falling due within one year

6

87,892

100,632

NET CURRENT LIABILITIES

(66,382

)

(87,115

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(57,065

)

(78,540

)

CREDITORS

Amounts falling due after more than one year

7

19,528

24,138

NET LIABILITIES

(76,593

)

(102,678

)

CAPITAL AND RESERVES

Called up share capital

8

40

40

Retained earnings

(76,633

)

(102,718

)

SHAREHOLDERS' FUNDS

(76,593

)

(102,678

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2022 in accordance with Section 476 of the Companies Act 2006.

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.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 December 2022 and were signed on its behalf by:

Mrs K Surtees - Director

1.	STATUTORY INFORMATION

Black Truffle Boutique and Coffee Shop Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company has elected to apply the provisions of section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern

The directors have prepared the financial statements using the going concern principle. This is despite the company suffering losses and having a deficit on reserves. The directors have considered the cashflow available. They are of the opinion that the company can continue and have therefore adopted the going concern principle.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2021 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2021

27,911

Additions

2,380

At 30 June 2022

30,291

DEPRECIATION

At 1 July 2021

19,336

Charge for year

1,638

At 30 June 2022

20,974

NET BOOK VALUE

At 30 June 2022

9,317

At 30 June 2021

8,575

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

594

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

5,724

5,424

Trade creditors

401

132

Taxation and social security

10,266

405

Other creditors

71,501

94,671

87,892

100,632

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

18,509

24,138

Other creditors

1,019

-

19,528

24,138

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

40

Ordinary

£1

40

40

9.	RELATED PARTY DISCLOSURES

During the year the directors maintained an interest free loan to the company. As at the balance sheet date, the amount outstanding was £68,866 (2021: £92,849).