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Sage Accounts Production Advanced 2023 - FRS102_2023
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2022-12-31
COMPANY REGISTRATION NUMBER:
06438494
|
SEA ISLAND COFFEE LIMITED |
|
|
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
|
SEA ISLAND COFFEE LIMITED |
|
YEAR ENDED 31st DECEMBER 2022
|
Officers and professional advisers |
1 |
|
|
|
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements |
2 |
|
|
|
Statement of financial position |
3 |
|
|
|
Notes to the financial statements |
4 |
|
|
|
SEA ISLAND COFFEE LIMITED |
|
|
OFFICERS AND PROFESSIONAL ADVISERS |
|
|
The board of directors |
M Araki |
|
G Hernandez Solis |
|
B A Shaw |
|
|
|
Registered office |
164 Old Brompton Road |
|
London |
|
SW5 0BA |
|
|
|
Accountants |
Colne Valley Business Services LLP t/a Cloke & Co |
|
Chartered Certified Accountants |
|
475 Salisbury House |
|
London Wall |
|
London |
|
EC2M 5QQ |
|
|
|
SEA ISLAND COFFEE LIMITED |
|
|
CHARTERED CERTIFIED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF
SEA ISLAND COFFEE LIMITED |
|
YEAR ENDED 31st DECEMBER 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sea Island Coffee Limited for the year ended 31st December 2022, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the Board of Directors of Sea Island Coffee Limited, as a body, in accordance with the terms of our engagement letter dated 15th February 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Sea Island Coffee Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sea Island Coffee Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Sea Island Coffee Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sea Island Coffee Limited. You consider that Sea Island Coffee Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Sea Island Coffee Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Colne Valley Business Services LLP t/a Cloke & Co
Chartered Certified Accountants
475 Salisbury House
London Wall
London
EC2M 5QQ
|
SEA ISLAND COFFEE LIMITED |
|
|
STATEMENT OF FINANCIAL POSITION |
|
31 December 2022
CURRENT ASSETS
|
Cash at bank and in hand |
16,814 |
7,100 |
|
|
|
|
CREDITORS: amounts falling due within one year |
4 |
43,947 |
43,847 |
|
-------- |
-------- |
|
NET CURRENT LIABILITIES |
27,133 |
36,747 |
|
-------- |
-------- |
|
TOTAL ASSETS LESS CURRENT LIABILITIES |
(
27,133) |
(
36,747) |
|
-------- |
-------- |
|
|
|
|
CAPITAL AND RESERVES
|
Called up share capital |
1,000 |
1,000 |
|
Share premium account |
18,371 |
18,371 |
|
Profit and loss account |
(
46,504) |
(
56,118) |
|
-------- |
-------- |
|
SHAREHOLDERS DEFICIT |
(
27,133) |
(
36,747) |
|
-------- |
-------- |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
11 September 2023
, and are signed on behalf of the board by:
Company registration number:
06438494
|
SEA ISLAND COFFEE LIMITED |
|
|
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31st DECEMBER 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 164 Old Brompton Road, London, SW5 0BA.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis which assumes the continuation of the company's activities for the foreseeable future and the continuing support of its directors.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Creditors:
amounts falling due within one year
|
2022 |
2021 |
|
£ |
£ |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
31,469 |
31,469 |
|
Other creditors |
12,478 |
12,378
|
|
-------- |
-------- |
|
43,947 |
43,847 |
|
-------- |
-------- |
|
|
|
5.
Related party transactions
The ultimate controlling party is S Shaw by virtue of her indirect shareholding. A
director of the company is a director of Blue Mountain Coffee(Europe) Limited. Included within creditors is £31,469 (2021 - £31,469) due to Blue Mountain Coffee(Europe) Limited. Included within sales and marketing costs is £40,355 (2021 - £nil) invoiced by Blue Mountain Coffee(Europe) Limited.
