Company Registration No. 05958995 (England and Wales)
FRESHPAC TEAS AND COFFEES LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
PAGES FOR FILING WITH REGISTRAR
LB GROUP
The Octagon Suite E2
2nd Floor Middleborough
Colchester
Essex
CO1 1TG
FRESHPAC TEAS AND COFFEES LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
FRESHPAC TEAS AND COFFEES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2021
30 September 2021
- 1 -
2021
2020
Notes
£
£
£
£
Non-current assets
Intangible assets
4
37,500
45,000
Property, plant and equipment
5
675,405
407,675
712,905
452,675
Current assets
Inventories
165,650
141,483
Trade and other receivables
6
393,755
307,636
Cash and cash equivalents
1,709,595
1,749,117
2,269,000
2,198,236
Current liabilities
7
(472,896)
(408,123)
Net current assets
1,796,104
1,790,113
Total assets less current liabilities
2,509,009
2,242,788
Provisions for liabilities
(84,769)
(85,392)
Net assets
2,424,240
2,157,396
Equity
Called up share capital
100
100
Capital redemption reserve
300,000
300,000
Retained earnings
2,124,140
1,857,296
Total equity
2,424,240
2,157,396
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
FRESHPAC TEAS AND COFFEES LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 SEPTEMBER 2021
30 September 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 June 2022 and are signed on its behalf by:
Mr G Salter
Director
Company Registration No. 05958995
FRESHPAC TEAS AND COFFEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 3 -
1
Accounting policies
Company information
Freshpac Teas and Coffees Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
The Octagon Suite E2, 2nd Floor Middleborough, Colchester, Essex, CO1 1TG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.
1.4
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% reducing balance
Computer equipment
25% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
FRESHPAC TEAS AND COFFEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of non-current assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.
Inventories held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
FRESHPAC TEAS AND COFFEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
22
22
4
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2020 and 30 September 2021
150,000
Amortisation and impairment
At 1 October 2020
105,000
Amortisation charged for the year
7,500
At 30 September 2021
112,500
Carrying amount
At 30 September 2021
37,500
At 30 September 2020
45,000
FRESHPAC TEAS AND COFFEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 6 -
5
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2020
1,958,836
1,958,836
Additions
222,714
167,766
390,480
At 30 September 2021
222,714
2,126,602
2,349,316
Depreciation and impairment
At 1 October 2020
1,551,161
1,551,161
Depreciation charged in the year
122,750
122,750
At 30 September 2021
1,673,911
1,673,911
Carrying amount
At 30 September 2021
222,714
452,691
675,405
At 30 September 2020
407,675
407,675
6
Trade and other receivables
2021
2020
Amounts falling due within one year:
£
£
Trade receivables
334,982
265,597
Other receivables
58,773
42,039
393,755
307,636
7
Current liabilities
2021
2020
£
£
Trade payables
4,827
(2,208)
Corporation tax
72,661
55,140
Other taxation and social security
385
8,100
Other payables
395,023
347,091
472,896
408,123
8
Directors transactions
No guarantees have been given or received.