Company Registration No. 10008523 (England and Wales)
HALO COFFEE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
HALO COFFEE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
HALO COFFEE LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2020
31 December 2020
- 1 -
2020
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
4
66,753
63,168
Tangible assets
5
15,675
46,221
82,428
109,389
Current assets
Stocks
274,021
309,636
Debtors
6
18,026
22,808
Cash at bank and in hand
485,203
144,062
777,250
476,506
Creditors: amounts falling due within one year
7
(194,063)
(187,905)
Net current assets
583,187
288,601
Total assets less current liabilities
665,615
397,990
Creditors: amounts falling due after more than one year
8
(50,000)
Net assets
615,615
397,990
Capital and reserves
Called up share capital
9
475
434
Share premium account
2,599,953
2,230,342
Profit and loss reserves
(1,984,813)
(1,832,786)
Total equity
615,615
397,990
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial Period ended 31 December 2020 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 Period 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.
HALO COFFEE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2020
31 December 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 June 2021 and are signed on its behalf by:
I Currie
Director
Company Registration No. 10008523
HALO COFFEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
- 3 -
1
Accounting policies
Company information
Halo Coffee Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
2 Manor Farm Court, Old Wolverton Road, Old Wolverton, Milton Keynes, Buckinghamshire, United Kingdom, MK12 5NN.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Trademark
over 10 years
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
HALO COFFEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 4 -
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 equipment
33% Straight Line
Computers
33% Straight Line
1.5
Stocks
Stocks 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 stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
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 balance sheet 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.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
HALO COFFEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 5 -
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
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 Period was:
2020
2020
Number
Number
Total
8
8
HALO COFFEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2020
- 6 -
4
Intangible fixed assets
Trademark
£
Cost
At 1 March 2020
77,754
Additions
10,398
At 31 December 2020
88,152
Amortisation and impairment
At 1 March 2020
14,586
Amortisation charged for the Period
6,813
At 31 December 2020
21,399
Carrying amount
At 31 December 2020
66,753
At 29 February 2020
63,168
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2020
167,076
Disposals
(7,981)
At 31 December 2020
159,095
Depreciation and impairment
At 1 March 2020
120,855
Depreciation charged in the Period
29,300
Eliminated in respect of disposals
(6,735)
At 31 December 2020
143,420
Carrying amount
At 31 December 2020
15,675
At 29 February 2020
46,221
HALO COFFEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2020
- 7 -
6
Debtors
2020
2020
Amounts falling due within one year:
£
£
Trade debtors
1,294
Other debtors
16,732
22,808
18,026
22,808
7
Creditors: amounts falling due within one year
2020
2020
£
£
Trade creditors
101,524
116,096
Taxation and social security
641
761
Other creditors
91,898
71,048
194,063
187,905
8
Creditors: amounts falling due after more than one year
2020
2020
£
£
Bank loans and overdrafts
50,000
9
Called up share capital
2020
2020
£
£
Ordinary share capital
Allotted, called up and fully paid
475
434