Coffee Square Ltd Company Accounts

Coffee Square Ltd Company Accounts

COFFEE SQUARE LTD - Company Information

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COMPANY REGISTRATION NUMBER: 05285899
Coffee Square Ltd
Unaudited Financial Statements
31 March 2017
Coffee Square Ltd
Financial Statements
Year ended 31 March 2017
Contents
Page
Officers and professional advisers
1
Directors' report
2
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
6
The following pages do not form part of the financial statements
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements
12
Detailed income statement
13
Notes to the detailed income statement
14
Coffee Square Ltd
Officers and Professional Advisers
The board of directors
Ms R Ruvolo Jones
Mr R Illingworth
Registered office
40 Kimbolton Road
Bedford
MK40 2TR
Accountants
Collett Hulance LLP
Chartered Certified Accountants
40 Kimbolton Road
Bedford
MK40 2NR
Coffee Square Ltd
Directors' Report
Year ended 31 March 2017
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2017 .
Directors
The directors who served the company during the year were as follows:
Ms R Ruvolo Jones
(Appointed 1 March 2017)
Mr R Illingworth
(Appointed 1 March 2017)
Mrs J A Testa
(Resigned 1 March 2017)
Mr S R Testa
(Resigned 1 March 2017)
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 22 December 2017 and signed on behalf of the board by:
Ms R Ruvolo Jones
Director
Registered office:
40 Kimbolton Road
Bedford
MK40 2TR
Coffee Square Ltd
Statement of Income and Retained Earnings
Year ended 31 March 2017
2017
2016
Note
£
£
Turnover
179,917
181,160
Cost of sales
66,872
68,312
---------
---------
Gross profit
113,045
112,848
Administrative expenses
106,314
102,471
---------
---------
Operating profit
6,731
10,377
Interest payable and similar expenses
825
825
---------
---------
Profit before taxation
5
5,906
9,552
Tax on profit
1,626
1,911
-------
-------
Profit for the financial year and total comprehensive income
4,280
7,641
-------
-------
Dividends paid and payable
( 3,000)
( 12,000)
Retained (losses)/earnings at the start of the year
( 4,128)
231
-------
--------
Retained losses at the end of the year
( 2,848)
( 4,128)
-------
--------
All the activities of the company are from continuing operations.
Coffee Square Ltd
Statement of Financial Position
31 March 2017
2017
2016
Note
£
£
£
Fixed assets
Tangible assets
6
8,317
10,628
Current assets
Stocks
1,350
1,455
Debtors
7
4,173
1,542
Cash at bank and in hand
7,695
4,780
--------
-------
13,218
7,777
Creditors: amounts falling due within one year
8
23,010
18,028
--------
--------
Net current liabilities
9,792
10,251
-------
--------
Total assets less current liabilities
( 1,475)
377
Creditors: amounts falling due after more than one year
9
–
2,673
Provisions
Taxation including deferred tax
1,273
1,732
-------
-------
Net liabilities
( 2,748)
( 4,028)
-------
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 2,848)
( 4,128)
-------
-------
Shareholders deficit
( 2,748)
( 4,028)
-------
-------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 March 2017 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 .
Coffee Square Ltd
Statement of Financial Position (continued)
31 March 2017
These financial statements were approved by the board of directors and authorised for issue on 22 December 2017 , and are signed on behalf of the board by:
Mr R Illingworth
Director
Company registration number: 05285899
Coffee Square Ltd
Notes to the Financial Statements
Year ended 31 March 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 40 Kimbolton Road, Bedford, MK40 2TR.
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 company has net liabilities at the balance sheet date due to an error arising in previous years which was identified after the balance sheet date, as well as the transitional adjustments required under FRS 102. The directors are of the opinion therefore that the company, which is profitable, is a going concern and the financial statements should be prepared on a going concern basis.
Going concern
The company has net liabilities at the balance sheet date due to an error arising in previous years which was identified after the balance sheet date, as well as the transitional adjustments required under FRS 102. The directors are of the opinion therefore that the company, which is profitable, is a going concern and the financial statements should be prepared on a going concern basis.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 13.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
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.
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 and equipment
-
25% reducing balance
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2016: 9 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2017
2016
£
£
Depreciation of tangible assets
2,673
3,543
-------
-------
6. Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 April 2016
45,297
45,297
Additions
362
362
--------
--------
At 31 March 2017
45,659
45,659
--------
--------
Depreciation
At 1 April 2016
34,669
34,669
Charge for the year
2,673
2,673
--------
--------
At 31 March 2017
37,342
37,342
--------
--------
Carrying amount
At 31 March 2017
8,317
8,317
--------
--------
At 31 March 2016
10,628
10,628
--------
--------
7. Debtors
2017
2016
£
£
Trade debtors
324
–
Other debtors
3,849
1,542
-------
-------
4,173
1,542
-------
-------
8. Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
3,500
6,827
Trade creditors
4,888
–
Corporation tax
2,085
2,500
Social security and other taxes
2,512
681
Other creditors
10,025
8,020
--------
--------
23,010
18,028
--------
--------
9. Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
–
2,673
----
-------
10. Other financial commitments
Total financial commitments which are not included in the balance sheet amount to £33,542 (2016 - £nil).
11. Related party transactions
The previous director received £3,000 (2016 - £12,000) in her capacity as shareholder.
12. Controlling party
The company is a wholly owned subsidiary of CS Holdco Ltd which has its registered office at 40 Kimbolton Road, Bedford MK40 2NR.
13. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.
Reconciliation of equity
1 April 2015
31 March 2016
As previously stated
Effect of transition
FRS 102 (as restated)
As previously stated
Effect of transition
FRS 102 (as restated)
£
£
£
£
£
£
Fixed assets
18,964
( 4,960)
14,004
15,588
( 4,960)
10,628
Current assets
30,928
–
30,928
7,777
–
7,777
Creditors: amounts falling due within one year
( 33,608)
–
( 33,608)
( 18,028)
–
( 18,028)
--------
-------
--------
--------
-------
--------
Net current liabilities
( 2,680)
–
( 2,680)
( 10,251)
–
( 10,251)
--------
-------
--------
--------
-------
--------
Total assets less current liabilities
16,284
( 4,960)
11,324
5,337
( 4,960)
377
Creditors: amounts falling due after more than one year
( 8,673)
–
( 8,673)
( 2,673)
–
( 2,673)
Provisions
–
( 2,320)
( 2,320)
–
( 1,732)
( 1,732)
--------
-------
--------
--------
-------
--------
Net liabilities
7,611
( 7,280)
331
2,664
( 6,692)
( 4,028)
--------
-------
--------
--------
-------
--------
--------
-------
--------
--------
-------
--------
Capital and reserves
7,611
( 7,280)
331
2,664
( 6,692)
( 4,028)
--------
-------
--------
--------
-------
--------
Reconciliation of profit or loss for the year
Year ended 31 March 2016
As previously stated
Effect of transition
FRS 102 (as restated)
£
£
£
Turnover
181,160
–
181,160
Cost of sales
( 68,312)
–
( 68,312)
---------
----
---------
Gross profit
112,848
–
112,848
Administrative expenses
( 102,471)
–
( 102,471)
---------
----
---------
Operating profit
10,377
–
10,377
Interest payable and similar expenses
( 825)
–
( 825)
Tax on profit
( 2,499)
588
( 1,911)
Extraordinary items
–
–
–
--------
----
--------
Profit for the financial year
7,053
588
7,641
--------
----
--------
As a result of the transition to FRS 102 the company has adopted a policy of recognising deferred tax on timing differences. This reduced net assets by £2,320 at the date of transition and £1,732 at 31 March 2016. The company also identified an error in relation to goodwill which had previously been recognised by the company. This has been written off at the transition date and has resulted in a further reduction to net assets by £4,960 at both the transition date and at 31 March 2016. Neither restatement has any impact on the current tax liability of the company.
Coffee Square Ltd
Management Information
Year ended 31 March 2017
The following pages do not form part of the financial statements.
Coffee Square Ltd
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Coffee Square Ltd
Year ended 31 March 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Coffee Square Ltd for the year ended 31 March 2017, which comprise the statement of income and retained earnings, 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 Coffee Square Ltd, as a body, in accordance with the terms of our engagement letter dated 13 December 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Coffee Square Ltd and state those matters that we have agreed to state 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 Coffee Square Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Coffee Square 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 Coffee Square Ltd. You consider that Coffee Square 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 Coffee Square 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.
Collett Hulance LLP Chartered Certified Accountants
40 Kimbolton Road Bedford MK40 2NR
13 December 2017
Coffee Square Ltd
Detailed Income Statement
Year ended 31 March 2017
2017
2016
£
£
Turnover
179,917
181,160
Cost of sales
Opening stock
1,455
1,455
Purchases
66,767
68,312
--------
--------
68,222
69,767
Closing stock
1,350
1,455
--------
--------
66,872
68,312
---------
---------
Gross profit
113,045
112,848
Overheads
Administrative expenses
106,314
102,471
---------
---------
Operating profit
6,731
10,377
Interest payable and similar expenses
(825)
(825)
-------
-------
Profit before taxation
5,906
9,552
-------
-------
Coffee Square Ltd
Notes to the Detailed Income Statement
Year ended 31 March 2017
2017
2016
£
£
Administrative expenses
Directors salaries
11,797
11,180
Directors pension contributions
12
–
Administrative staff salaries
53,924
56,097
Staff pension contributions
1
–
Rent
11,308
11,500
Rates and water
3,115
1,590
Light and heat
2,608
1,812
Insurance
1,726
1,569
Repairs and maintenance
5,001
3,950
Motor expenses
–
3,144
Travel and subsistence
397
–
Telephone
–
483
Printing postage and stationery
2,205
1,163
Sundry expenses
514
84
Laundry and cleaning
351
–
Advertising
184
–
Entertaining
341
435
Legal and professional fees
3,170
1,000
Accountancy fees
4,378
2,465
Depreciation of tangible assets
2,673
3,543
Merchant charges
1,414
1,159
Bank charges
1,195
1,297
---------
---------
106,314
102,471
---------
---------
Interest payable and similar expenses
Bank loan interest
825
825
----
----