Edinburgh Tea and Coffee Company Ltd. - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: SC128500 (Scotland)

Unaudited Financial Statements for the Year Ended 31 March 2022

for

Edinburgh Tea and Coffee Company Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTORS:

S J Robinson

K F Moore

REGISTERED OFFICE:

29 Brandon Street

Hamilton

South Lanarkshire

ML3 6DA

REGISTERED NUMBER:

SC128500 (Scotland)

ACCOUNTANTS:

Sharles CA

29 Brandon Street

Hamilton

ML3 6DA

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

36,843

58,521

36,843

58,521

CURRENT ASSETS

Stocks

268,331

210,781

Debtors

7

379,726

458,677

Cash at bank and in hand

102,362

36,590

750,419

706,048

CREDITORS

Amounts falling due within one year

8

105,231

104,212

NET CURRENT ASSETS

645,188

601,836

TOTAL ASSETS LESS CURRENT LIABILITIES

682,031

660,357

CREDITORS

Amounts falling due after more than one year

9

(40,510

)

(53,727

)

PROVISIONS FOR LIABILITIES

(6,770

)

(10,869

)

NET ASSETS

634,751

595,761

CAPITAL AND RESERVES

Called up share capital

30,000

30,000

Retained earnings

604,751

565,761

634,751

595,761

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 November 2022 and were signed on its behalf by:

S J Robinson - Director

1.	STATUTORY INFORMATION

Edinburgh Tea and Coffee Company Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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. There were no material departures from that standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is derived from coffee related products and services supplied by the company.

Turnover is measured at the fair value of products and services supplied, net of discounts and excluding value added tax, and is recognised at the point that the company obtains the right to consideration.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

6.67% on cost

Plant and machinery etc

-

33% on cost and 20% on cost

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment loss.

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £1,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the income statement in the period it is incurred.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to the income statement as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amounts of stocks recognised as an expense in the period in which the reversal occurs.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

4.	EMPLOYEES AND DIRECTORS

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

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2021

and 31 March 2022

6,521

AMORTISATION

At 1 April 2021

and 31 March 2022

6,521

NET BOOK VALUE

At 31 March 2022

-

At 31 March 2021

-

6.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2021

73,754

175,308

249,062

Additions

-

2,338

2,338

At 31 March 2022

73,754

177,646

251,400

DEPRECIATION

At 1 April 2021

72,440

118,102

190,542

Charge for year

101

23,914

24,015

At 31 March 2022

72,541

142,016

214,557

NET BOOK VALUE

At 31 March 2022

1,213

35,630

36,843

At 31 March 2021

1,314

57,206

58,520

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2021

and 31 March 2022

58,359

DEPRECIATION

At 1 April 2021

30,184

Charge for year

10,989

At 31 March 2022

41,173

NET BOOK VALUE

At 31 March 2022

17,186

At 31 March 2021

28,175

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

129,250

149,335

Amounts owed by group undertakings

215,341

215,119

Other debtors

35,135

94,223

379,726

458,677

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

9,767

2,355

Hire purchase contracts

4,166

11,450

Trade creditors

57,912

50,944

Taxation and social security

16,875

15,570

Other creditors

16,511

23,893

105,231

104,212

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

38,878

47,645

Hire purchase contracts

1,632

6,082

40,510

53,727

2022

2021

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

8,773

10.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

48,645

50,000

Hire purchase contracts

5,798

17,532

54,443

67,532

HP creditors are secured over the assets to which they relate.

The bank loan is supported by a 100% guarantee from the UK Government.

11.	PENSION COMMITMENTS

Included within other creditors are contributions totalling £997 (2021 - £1,230) which were due to the pension scheme at the year end.

12.	RELATED PARTY DISCLOSURES

The company operates a loan account with its holding company, OCC Holdings Ltd.

During the year, the company advanced £222 from the holding company. At the year end, the balance due from the holding company was £215,341 (2021: £215,119). This loan is unsecured, interest free and has no fixed repayment terms.

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is OCC Holdings Ltd.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Edinburgh Tea and Coffee Company Ltd. for the year ended 31 March 2022 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Edinburgh Tea and Coffee Company Ltd., as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Edinburgh Tea and Coffee Company Ltd. and state those matters that we have agreed to state to the Board of Directors of Edinburgh Tea and Coffee Company Ltd., as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Edinburgh Tea and Coffee Company 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 Edinburgh Tea and Coffee Company Ltd.. You consider that Edinburgh Tea and Coffee Company 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 Edinburgh Tea and Coffee Company 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.

Sharles CA

29 Brandon Street

Hamilton

ML3 6DA

16 November 2022