Dark Woods Coffee Ltd Company accounts

DARK WOODS COFFEE LTD - Company Information

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COMPANY REGISTRATION NUMBER: 8805935

Dark Woods Coffee Ltd

Unaudited Financial Statements

For the year ended

31 December 2022

Dark Woods Coffee Ltd

Financial Statements

Year ended 31 December 2022

Contents	Page

Directors' report	1

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	2

Profit and loss account	3

Balance sheet	4

Notes to the financial statements	6

Dark Woods Coffee Ltd

Directors' Report

Year ended 31 December 2022

The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2022 .

Directors

The directors who served the company during the year were as follows:

D Blackburn
I Agnew
P Meikle-Janney

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 5 December 2023 and signed on behalf of the board by:

P Meikle-Janney

Director

Registered office:

Unit 3 Holme Mills

West Slaithwaite Road

Huddersfield

West Yorkshire

England

HD7 6LS

Dark Woods Coffee Ltd

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Dark Woods Coffee Ltd

Year ended 31 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 Dark Woods Coffee Ltd for the year ended 31 December 2022, which comprise the profit and loss account, balance sheet 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Dark Woods Coffee Ltd, as a body, in accordance with the terms of our engagement letter dated 28 March 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Dark Woods Coffee Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dark Woods Coffee Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Dark Woods Coffee Ltd 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 Dark Woods Coffee Ltd. You consider that Dark Woods Coffee Ltd 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 Dark Woods Coffee Ltd. 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.

VOGAN ACCOUNTANCY LIMITED Chartered accountants

2 Chancery Lane Wakefield West Yorkshire WF1 2SS

5 December 2023

Dark Woods Coffee Ltd

Profit and Loss Account

Year ended 31 December 2022

	2022	2021
Note	£	£
Turnover	2,847,581	2,439,067

Cost of sales	1,510,427	1,157,236
	------------	------------
Gross profit	1,337,154	1,281,831

Distribution costs	300,837	254,348
Administrative expenses	902,110	741,571
Other operating income	15,323	24,905
	------------	------------
Operating profit	149,530	310,817

Other interest receivable and similar income		58	9
Interest payable and similar expenses		11,048	710
		------------	------------
Profit before taxation	5	138,540	310,116

Tax on profit	42,238	57,251
	---------	---------
Profit for the financial year and total comprehensive income	96,302	252,865
	---------	---------

Dividends paid and payable	( 8,000)	–

Retained earnings at the start of the year	665,788	412,923
	---------	---------
Retained earnings at the end of the year	754,090	665,788
	---------	---------

All the activities of the company are from continuing operations.

Dark Woods Coffee Ltd

Balance Sheet

31 December 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	6		274,626	262,538

Current assets

Stocks		488,721	325,993
Debtors	7	259,854	292,955
Cash at bank and in hand		122,568	201,493
		---------	---------
		871,143	820,441

Creditors: amounts falling due within one year	8	324,122		293,566
		---------		---------
Net current assets			547,021	526,875
			---------	---------
Total assets less current liabilities			821,647	789,413

Creditors: amounts falling due after more than one year	9		–	77,405

Provisions

Taxation including deferred tax	67,457	46,120
	---------	---------
Net assets	754,190	665,888
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	754,090	665,788
	---------	---------
Shareholders funds	754,190	665,888
	---------	---------

These financial statements have been prepared 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'.

For the year ending 31 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 .

Dark Woods Coffee Ltd

Balance Sheet (continued)

31 December 2022

These financial statements were approved by the board of directors and authorised for issue on 5 December 2023 , and are signed on behalf of the board by:

P Meikle-Janney

Director

Company registration number: 8805935

Dark Woods Coffee Ltd

Notes to the Financial Statements

Year ended 31 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 Unit 3 Holme Mills, West Slaithwaite Road, Huddersfield, West Yorkshire, HD7 6LS, England.

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 and in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements under FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts. These estimates and judgements are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. a. Stocks As stocks are carried at the lower of cost and net realisable value this requires the estimation of the eventual selling price of goods to customers in the future. A high degree of judgement is applied when estimating the impact on the carrying value of stocks of factors such as slow moving items, shrinkage, damage and obsolescence. The quantity, age and condition of stocks are regularly assessed as part of a range of reviews and stock counts undertake throughout the year.

Revenue recognition

Turnover comprises the sales value net of attributable VAT of work done in the period under contracts to supply goods and services to third parties.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery	-	14.3% to 50% per annum on straightline basis
Fixtures & Fittings	-	14.3 % per annum on straightline basis
Equipment	-	33.3% per annum on straightline basis

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 25 (2021: 20 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2022	2021
	£	£
Depreciation of tangible assets	42,712	37,674
	--------	--------

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 January 2022	325,052	84,837	14,287	424,176
Additions	31,826	21,999	975	54,800
	---------	---------	--------	---------
At 31 December 2022	356,878	106,836	15,262	478,976
	---------	---------	--------	---------
Depreciation
At 1 January 2022	113,817	39,461	8,360	161,638
Charge for the year	30,117	10,756	1,839	42,712
	---------	---------	--------	---------
At 31 December 2022	143,934	50,217	10,199	204,350
	---------	---------	--------	---------
Carrying amount
At 31 December 2022	212,944	56,619	5,063	274,626
	---------	---------	--------	---------
At 31 December 2021	211,235	45,376	5,927	262,538
	---------	---------	--------	---------

7. Debtors

	2022	2021
	£	£
Trade debtors	195,157	255,943
Other debtors	64,697	37,012
	---------	---------
	259,854	292,955
	---------	---------

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	–	47,856
Trade creditors	247,338	129,029
Corporation tax	20,901	60,590
Social security and other taxes	25,473	15,742
Other creditors	30,410	40,349
	---------	---------
	324,122	293,566
	---------	---------

The bank loans and overdrafts are secured by a charge over the company's assets.

Included in "Other creditors" is £10,000 (2020: £32,000) due to the directors. The amounts are unsecured, interest free and repayable on demand.

9. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	–	77,405
	----	--------

The bank loans and overdrafts are secured by a charge over the company's assets.

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2022	2021
	£	£
Not later than 1 year	–	39,804
Later than 1 year and not later than 5 years	–	56,765
	----	--------
	–	96,569
	----	--------

11. Directors' advances, credits and guarantees

There are no transactions with the directors that require disclosure under section 413 of the Companies Act 2006.

12. Related party transactions

The directors have given personal guarantees to support the company's bank borrowings.