Scoffs (Cornwall) Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 13592153 (England and Wales)

Financial Statements for the Year Ended 31 December 2022

for

Scoffs (Cornwall) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A Tagliamonti

C Jawed

REGISTERED OFFICE:

311-313 Collier Row Lane

Finance Office Costa Coffee

Collier Row

Essex

RM5 3ND

REGISTERED NUMBER:

13592153 (England and Wales)

AUDITORS:

Cartwrights

Chartered Accountants and Business Advisors

Statutory Auditor

Regency House

33 Wood Street

Barnet

Hertfordshire

EN5 4BE

FIXED ASSETS

Tangible assets

5

601,437

-

Investments

6

7,871,557

-

8,472,994

-

CURRENT ASSETS

Stocks

140,729

-

Debtors

7

650,137

1

Prepayments and accrued income

136,686

-

Cash at bank and in hand

850,269

-

1,777,821

1

CREDITORS

Amounts falling due within one year

8

9,643,858

-

NET CURRENT (LIABILITIES)/ASSETS

(7,866,037

)

1

TOTAL ASSETS LESS CURRENT LIABILITIES

606,957

1

PROVISIONS FOR LIABILITIES

9

150,359

-

NET ASSETS

456,598

1

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

456,597

-

456,598

1

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2023 and were signed on its behalf by:

A Tagliamonti - Director

1.	STATUTORY INFORMATION

Scoffs (Cornwall) 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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.

Revenue recognition -sale of goods

Turnover is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Coffee shop sales of good are recognised on sale to the customer, which is considered the point of delivery. Sales are by cash, debit card or credit card.

Tangible fixed assets

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

Improvements to property

-

not provided

Plant and machinery

-

25% Reducing balance

Fixtures and fittings

-

25% Reducing balance

Computer equipment

-

33% on cost

Government grants

The company receives grants in respect of the Retail, Hospitality and leisure business rates relief scheme. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at 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

Financial assets

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at the transaction value.

They are then subsequently carried at amortised cost using the effective interest rate method.

At the end of each reporting period financial assets are assessed for impairment. If an impairment exists the impairment loss is recognised in the income statement.

Financial assets are derecognised when:

- the contractual right to cash flows from the asset are settled or expire,

- substantially all the risk and rewards of the ownership of the asset are transferred to another party or

- despite retaining some significant risks and rewards, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset without additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at the transaction value.

They are then subsequently carried at amortised cost using the effective interest rate method.

Financial liabilities are derecognised when the liability is discharged, cancelled or expires.

Taxation

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

Operating leases

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the income statement t on a straight line bass over the period of the lease.

Incentives received to enter into an operating lease are credited to the income statement, to reduce the lease expense, 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 151 (2021 - NIL ) .

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

Additions

409,920

113,472

80,893

55,420

659,705

At 31 December 2022

409,920

113,472

80,893

55,420

659,705

DEPRECIATION

Charge for year

37,250

7,132

3,902

9,984

58,268

At 31 December 2022

37,250

7,132

3,902

9,984

58,268

NET BOOK VALUE

At 31 December 2022

372,670

106,340

76,991

45,436

601,437

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

7,871,557

At 31 December 2022

7,871,557

NET BOOK VALUE

At 31 December 2022

7,871,557

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/22

31/12/21

£

£

Trade debtors

184,393

-

Amounts owed by group undertakings

436,998

1

Other debtors

28,746

-

650,137

1

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/22

31/12/21

£

£

Trade creditors

480,094

-

Amounts owed to group undertakings

8,645,396

-

Taxation and social security

263,613

-

Other creditors

254,755

-

9,643,858

-

9.	PROVISIONS FOR LIABILITIES

31/12/22

31/12/21

£

£

Deferred tax

Accelerated capital allowances

150,359

-

Deferred

tax

£

Provided during year

150,359

Balance at 31 December 2022

150,359

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Hill FCA (Senior Statutory Auditor)

for and on behalf of Cartwrights

11.	CONTINGENT LIABILITIES

Cross guarantee

The company has provided a cross guarantee in favour of the bank to cover the liabilities owed by its parent undertaking.

The guarantee is unlimited. At the year-end no monies are owed to the bank by a subsidiary undertaking and therefore no economic benefit is expected to flow from the company. Any amount met on behalf of the subsidiary will be reimbursed by the subsidiary in the future where possible.

Dilapidations and decommissioning liabilities

At the year end the best estimate of the value of the expenditure expected to be incurred by the company in order to satisfy its obligation to restore its leasehold premises to the condition required under the lease at the agreement at the end of the lease is estimated to be £24,000 per store. At the year end the company operated from 20 stores on behalf of its two trading subsidiaries, who are legally responsible for the leases. There is not expected to be any reimbursement to the company for this.

The leases are for varying period of time and are not all due to expire at once.

The uncertainties relating to the timing of any outflow is due to the company not having a history of exiting any stores once established. The Landlord and Tenant Act 1954 provides that a commercial tenant has the right to renew its lease of the premises that it occupies for the purposes of its business. The majority of stores fall under this Act.

No security has been given for the contingent liability.

12.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

13.	ULTIMATE CONTROLLING PARTY

The controlling party is Scoffs Group Limited, a companyincorporated in England and Wales.

The ultimate controlling party is A Tagliamonti.