Registration number:
for the Year Ended 31 December 2022
BBC Coffee Limited
Contents
Company Information |
|
Directors' Report |
|
Accountants' Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Unaudited Financial Statements |
BBC Coffee Limited
Company Information
Directors |
Mr D N Kochhar Mr K R V Bodiam Mr B J Goldkorn |
Registered office |
|
Accountants |
|
BBC Coffee Limited
Directors' Report for the Year Ended 31 December 2022
The directors present their report and the unaudited financial statements for the year ended 31 December 2022.
Strategic report exemption
This report has been prepared in accordance with the special provisions of section 381 of the Companies Act 2006 relating to small companies. The directors has taken exemption under this regime not to disclose the strategic report.
Principal activity
The principal activity of the company is that of manufacturing roasted and ground coffee, Nespresso compatible capsules, cold brew concentrates and dilutions.
Directors' of the Company
The directors, who held office during the year, were as follows:
Business review
Fair review of the business
The directors report a pre-tax loss of £1,607,272 (2021: £683,486) in the current period ending 31st December 2022 as the company was coming out of the construction phase. The Company commenced trading from August 2022. The directors are focused on developing fresh long-term arrangements with new customers and penetrating in the market.
Principal risks and uncertainties
The company, in conjunction with its parent company, has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company. The policies set out by the board and agreed with the parent company are implemented by the company's directors.
The directors monitor performance on a regular basis, using the financial information available to them for the company.
Financial instruments
Objectives and policies
Objectives and policies
The company has various financial assets and liabilities such as trade receivables and trade payables arise directly from its operations.
BBC Coffee Limited
Directors' Report for the Year Ended 31 December 2022 (continued)
Price risk, credit risk, liquidity risk and cash flow risk
Credit risk
Credit risk is the risk that a counterparty will be unable to pay amounts when they fall due. company plans to operate on advance payment basis on majority of its customers, hence the directors believe that the credit risk for the company is low.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for day-to-day working capital through cash net current assets. The company also has access to inter-company borrowing facilities.
Foreign Currency risk
The company imports a portion of its raw material and is therefore exposed to movement in currency exchange rate and the effects of these on the cost of its materials. The effects of these movements is monitored on weekly basis. The company’s revenue is expected to be in local currency for medium to short term, hence the directors believe that there is no currency risk in receivables.
Going concern
The financial statement has been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.
The company meets its day-to-day working capital requirement through net current assets. The directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
This report was approved by the Board on
......................................... |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
BBC Coffee Limited
for the 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 accounts of BBC Coffee Limited for the year ended 31 December 2022 set out on pages 5 to 25 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
http://www.icaew.com/regulation.
This report is made solely to the board of Directors of BBC Coffee Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of BBC Coffee Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than BBC Coffee Limited and its board of Directors as a body for our work or for this report.
It is your duty to ensure that BBC Coffee Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of BBC Coffee Limited. You consider that BBC Coffee Limited 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 accounts of BBC Coffee Limited. 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 accounts.
......................................
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE
BBC Coffee Limited
Profit and Loss Account for the Year Ended 31 December 2022
Note |
31 December |
From 9 November 2020 to |
|
Turnover |
|
- |
|
Cost of sales |
( |
( |
|
Gross profit/(loss) |
|
( |
|
Administrative expenses |
( |
( |
|
Other operating income |
|
- |
|
Operating loss |
( |
( |
|
Interest receivable and similar income |
|
- |
|
Interest payable and similar expenses |
( |
( |
|
(33,637) |
(34,560) |
||
Loss before tax |
( |
( |
|
Tax on loss |
|
|
|
Loss for the year |
( |
( |
The above results were derived from continuing operations.
There are no recognised gains and losses for the current period other than as shown in Profit and Loss account above.
BBC Coffee Limited
Statement of Comprehensive Income for the Year Ended 31 December 2022
31 December |
From 9 November 2020 to |
|
Loss for the year |
( |
( |
Total comprehensive income for the year |
( |
( |
BBC Coffee Limited
(Registration number: 13005466)
Balance Sheet as at 31 December 2022
Note |
31 December |
31 December |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Right of use assets |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Trade and other debtors |
|
|
|
Cash at bank and in hand |
|
|
|
Tax asset |
1,068,581 |
294,096 |
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
2,500,000 |
500,000 |
|
Share premium reserve |
20,000 |
- |
|
Retained earnings |
(1,222,177) |
(389,390) |
|
Shareholders' funds |
1,297,823 |
110,610 |
Under the Companies Act 2006, s454, on a voluntary basis, the directors can amend these financial statements if they subsequently prove to be defective.
For the financial 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:
• |
|
• |
|
BBC Coffee Limited
(Registration number: 13005466)
Balance Sheet as at 31 December 2022 (continued)
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the
......................................... |
BBC Coffee Limited
Statement of Changes in Equity for the Year Ended 31 December 2022
Share capital |
Retained earnings |
Total |
|
Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
New share capital subscribed |
|
- |
|
At 31 December 2021 |
500,000 |
(389,390) |
110,610 |
Share capital |
Share premium |
Retained earnings |
Total |
|
At 1 January 2022 |
|
- |
( |
|
Loss for the year |
- |
- |
( |
( |
Total comprehensive income |
- |
- |
( |
( |
New share capital subscribed |
|
|
- |
|
At 31 December 2022 |
|
|
( |
|
Share capital: This represents the nominal value of equity shares in issue.
Share premium: This represents the premium paid above the nominal value of the shares in issue.
Retained earnings: This represents the accumulated profits and losses since inception of the business.
BBC Coffee Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
General information |
The company is a private company limited by share capital, incorporated and domiciled in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' (FRS101) and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies. The areas involving a high degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 3.
The principle accounting policies applied by the Company in the preparation of these financial statements are set out below.
The financial statements are presented in Sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
BBC Coffee Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)
2 |
Accounting policies (continued) |
Financial reporting standard 101 - reduced disclosure exemptions
The company has applied disclosure exemptions available in the standard in the following areas:
- IFRS 7 disclosures regarding financial instruments;
- IFRS 13 disclosures on fair values;
- IFRS 15 disclosures regarding revenue from contracts with customers;
- IFRS 16 disclosures regarding leases;
- IAS 1 requirement to disclose the company’s objectives, policies and processes for managing capital;
- IAS 7 requirement to produce a statement of cash flows and related notes;
- IAS 8 requirement to disclose information about the impact of standards not yet effective;
- IAS 24 requirement to disclose related party transactions;
- IAS 36 impairment of assets.
Going concern
The financial statement has been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.
The company meets its day-to-day working capital requirement through net current assets. The directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.
Changes to accounting policies, disclosures, standards and interpretations
(a) New and amended standards adopted by the Company
There were no new International Financial Reporting Standards that were applicable for the current reporting period that materially impacted the Company.
(b) New standards not yet adopted
There are no new International Financial Reporting Standards and Interpretations issued but not effective for the reporting period ending 31 December 2022 that will materially impact the Company.
None of the standards, interpretations and amendments effective for the first time from 1 January 2022 have had a material effect on the financial statements.
Revenue recognition
Turnover comprises the fair value of consideration received or receivable for the sale of goods and provision for services in the ordinary course of the Company’s activities. Turnover is shown net of sales/ value added tax, returns, rebates and discounts.
The Company recognizes revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company’s activities.
BBC Coffee Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)
2 |
Accounting policies (continued) |
Foreign currency transactions and balances
Non‑monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences arising, if any, are recognised in profit or loss.
Tax
Tax expense represents the sum of the tax currently payable and any deferred tax. The taxable result differs from the net result as reported in the statement of comprehensive income 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 statement of financial position date.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each statement of financial position date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset realised.
Deferred tax is charged or credited to the statement of comprehensive income, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
Tangible assets
Tangible assets is stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of Tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Right of Use assets |
Over 10 years straight line basis |
Leasehold property |
Over 20 years straight line basis |
BBC Coffee Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)
2 |
Accounting policies (continued) |
Plant and machinery |
Over 10 to 20 years straight line basis |
Office equipment |
Over 5 years straight line basis |
Motor vehicles |
Over 5 years straight line basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the trade debtors.
Stocks
Stocks are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress 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. At each reporting date, Stocks are assessed for impairment. If Stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss. Provision is made for obsolete, slow-moving, or defective items where appropriate.
Trade payables
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
All borrowings are initially recorded at the amount of proceeds received, net of transaction costs. Borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in finance costs.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.
BBC Coffee Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)
2 |
Accounting policies (continued) |
Leases
At inception of the contract, the company assesses whether a contract is, or contains, a lease. It recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee. The right-of-use assets and the lease liabilities are presented as separate line items in the statement of financial position.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the company uses its incremental borrowing rate. It is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.
The right-of-use assets comprise the initial measurement of the corresponding lease liability, plus lease payments made on or before the commencement day, less any lease incentives received and plus any initial direct costs.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a separate entity and has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
For defined contribution plans contributions are paid publicly or privately administered pension insurance plans on a mandatory or contractual basis. The contributions are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as an asset.
Financial instruments
Initial recognition
Financial assets and liabilities are recognised in the company’s statement of financial position when the company becomes a party to the contractual provisions of the instrument. The company currently does not use derivative financial instruments to manage or hedge financial exposures or liabilities.
BBC Coffee Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)
2 |
Accounting policies (continued) |
Classification and measurement
Financial assets at amortised cost
The financial assets currently held by the Company are classified as financial assets held at amortised cost. These assets are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment under the expected credit loss model.
The expected credit loss is calculated as a function of the probability of default (PD), the exposure at default (EAD) and the loss given default (LGD). The amount of the expected credit loss is measured as the difference between all contractual cash flows that are due in accordance with the contract and all the cash flows that are expected to be received (i.e. all cash shortfalls), discounted at the original effective interest rate (EIR).
The carrying amount of the asset is reduced through use of allowance account and recognition of the loss in the Statement of Comprehensive Income. Allowances for credit losses on financial assets are assessed collectively. Collectively assessed impairment allowances cover credit losses inherent in portfolios of financial assets with similar credit risk characteristics when there is objective evidence to suggest that they contain impaired financial assets, but the individual impaired items cannot yet be identified.
Financial liabilities at amortised cost
The Company classifies its financial liabilities into one category, being other financial liabilities measured at amortised cost.
The Company's accounting policy for the other financial liabilities category is as follows:
Trade payables and other short-term monetary liabilities are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method. All interest and other borrowing costs incurred in connection with the above are expensed as incurred and reported as part of financing costs in profit or loss.
Derecognition
Financial assets
The Company derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the asset and substantially all the risk and rewards of ownership of the asset to another entity.
Financial liabilities
The Company derecognises financial liabilities when, and only when, the obligations are discharged, cancelled or they expire.
BBC Coffee Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)
Critical accounting judgements and key sources of estimation uncertainty |
Amounts included in the financial statements involve the use of judgement and/or estimation. These estimates and judgements are based on management's best knowledge of the relevant facts and circumstances, having regard to previous experience, but actual results may differ from the amounts included in the financial statements. Information about such judgements and estimation is contained in the accounting policies and/or the notes to the financial statements.
Judgements
The assessment of whether costs incurred should be capitalised or expensed involves judgement. Any expenditure where it is not probable that future economic benefits will flow to the Company are expensed. Management considers the nature of the costs incurred and the stage of project development and concludes whether it is appropriate to capitalise the costs. The key assumptions depend on whether it is probable that the expenditure will result future economic benefits that are attributable to the assets.
Estimates
The assessment of capitalised project costs for any indications of impairment involves judgement. When facts or circumstances suggest that impairment exists, a formal estimate of recoverable amount is performed, and an impairment loss recognised to the extent that the carrying amount exceeds recoverable amount. Recoverable amount is determined to be the higher of fair value less costs to sell and value in use. The key assumptions are the net income expected to be generated from the facilities, the cost of construction and the date from which the facilities become operational.
Valuation of assets
Management make judgements in respect of the valuation and carrying value of assets used in operations. At the period end management made a judgement that the basis for revaluations remained and that on the basis on future expected work there were no indications of impairment.
Turnover |
The analysis of the Company's turnover for the year from continuing operations is as follows:
31 December |
From 9 November 2020 to |
|
Sale of goods |
|
- |
Other revenue |
|
- |
|
- |
BBC Coffee Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)
Other operating income |
The analysis of the Company's other operating income for the year is as follows:
31 December |
From 9 November 2020 to |
|
Government grants |
|
- |
Operating loss |
Arrived at after charging:
31 December |
From 9 November 2020 to |
|
Depreciation expense |
|
|
Foreign exchange gains |
|
|
Interest receivable and similar income |
31 December |
From 9 November 2020 to |
|
Other finance income |
|
- |
Interest payable and similar expenses |
31 December |
From 9 November 2020 to |
|
Interest on bank overdrafts and borrowings |
|
|
Interest expense on leases - Right of use |
42,901 |
34,500 |
|
|
BBC Coffee Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)
Staff costs |
The aggregate payroll costs (including Directors' remuneration) were as follows:
31 December |
From 9 November 2020 to |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the Company (including Directors) during the year, analysed by category was as follows:
31 December |
From 9 November 2020 to |
|
Administration and support |
|
|
|
|
Directors' remuneration |
The Directors' remuneration for the year was as follows:
31 December |
From 9 November 2020 to |
|
Remuneration |
|
- |
Contributions paid to money purchase schemes |
|
- |
|
- |
BBC Coffee Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)
Income tax |
Tax charged/(credited) in the profit and loss account
31 December |
From 9 November 2020 to |
|
Deferred taxation |
||
Arising from origination and reversal of temporary differences |
( |
( |
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2021 - the same as the standard rate of corporation tax in the UK) of 19% (2021 - 19%).
The differences are reconciled below:
31 December |
From 9 November 2020 to |
|
Loss before tax |
( |
( |
Corporation tax at standard rate |
( |
( |
Decrease from effect of capital allowances depreciation |
( |
( |
Increase from effect of expenses not deductible in determining taxable profit (tax loss) |
|
|
Increase from effect of unrelieved tax losses carried forward |
|
|
Decrease from effect of adjustment in research development tax credit |
- |
( |
Total tax charge/(credit) |
- |
- |
No tax charge or credit arises in 2022 due to expenses not permitted for tax purposes and losses carried forward.
Factors that may affect the future tax charge
The company has trading losses of £9,502,235 (2021: £1,508,131) which may reduce future tax charges. Future tax charges may also be reduced by capital allowances on cumulative capital expenditure.
No balance is recognised due to the uncertainty of future results.
BBC Coffee Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)
11 |
Income tax (continued) |
Deferred tax
Deferred tax assets and liabilities
2022 |
Asset |
Liability |
Net deferred tax |
Accelerated tax depreciation |
- |
( |
( |
Tax losses carry-forwards |
|
- |
|
|
( |
|
2021 |
Asset |
Liability |
Net deferred tax |
Accelerated tax depreciation |
- |
( |
( |
Tax losses carry-forwards |
|
- |
|
|
( |
|
Deferred tax movement during the year:
At 1 January 2022 |
Recognised in income |
At |
|
Accelerated tax depreciation |
( |
( |
( |
Tax losses carry-forwards |
|
|
|
|
|
|
Deferred tax movement during the prior period:
At 9 November 2020 |
Recognised in income |
At |
|
Accelerated tax depreciation |
- |
( |
( |
Tax losses carry-forwards |
- |
|
|
- |
|
|
BBC Coffee Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery under construction |
Plant and equipment |
Total |
|
Cost or valuation |
||||||
At 1 January 2022 |
|
|
- |
|
|
|
Additions |
|
|
|
|
|
|
Transfers |
- |
- |
- |
( |
|
- |
At 31 December 2022 |
|
|
|
- |
|
|
Depreciation |
||||||
At 1 January 2022 |
|
|
- |
- |
|
|
Charge for the year period |
|
|
|
- |
|
|
At 31 December 2022 |
|
|
|
- |
|
|
Carrying amount |
||||||
At 31 December 2022 |
|
|
|
- |
|
|
At 31 December 2021 |
|
|
- |
|
|
|
Included within the net book value of land and buildings above is £202,390 (2021: £207,008) in respect of short leasehold land and buildings.
BBC Coffee Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)
Right of use assets |
Property |
Total |
|
Cost or valuation |
||
At 1 January 2022 |
1,037,945 |
1,037,945 |
At 31 December 2022 |
1,037,945 |
1,037,945 |
Depreciation |
||
At 1 January 2022 |
103,795 |
103,795 |
Charge for the year |
103,795 |
103,795 |
At 31 December 2022 |
207,590 |
207,590 |
Carrying amount |
||
At 31 December 2022 |
830,355 |
830,355 |
At 31 December 2021 |
934,150 |
934,150 |
Stocks |
31 December |
31 December |
|
Raw materials |
|
|
Packaging materials |
|
|
|
|
Trade and other debtors |
31 December |
31 December |
|
Trade debtors |
|
- |
Other debtors |
|
|
Prepayments |
|
|
Accrued income |
|
|
|
|
|
|
|
BBC Coffee Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)
Cash at bank and in hand |
31 December |
31 December |
|
Cash at bank |
|
|
Bank overdrafts |
( |
- |
Cash at bank and in hand in statement of cash flows |
142,445 |
66,197 |
Creditors: amounts falling due within one year |
Note |
31 December |
31 December |
|
Trade creditors |
|
|
|
Social security and other taxes |
|
- |
|
Outstanding defined contribution pension costs |
|
|
|
Other creditors |
|
- |
|
Lease liability - right of use |
108,610 |
85,505 |
|
Accrued expenses |
|
|
|
Deferred income |
79,002 |
- |
|
|
|
Creditors: amounts falling due after more than one year |
31 December |
31 December |
|
Loans and borrowings |
|
|
Other creditors |
|
- |
|
|
Loans and borrowings |
Note |
31 December |
31 December |
|
Non-current loans and borrowings |
|||
Hire purchase contracts |
|
- |
|
Lease liability - right of use |
|
|
|
Loans from related parties |
|
|
|
|
|
BBC Coffee Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)
19 |
Loans and borrowings (continued) |
31 December |
31 December |
|
Current loans and borrowings |
||
Bank overdrafts |
|
- |
Hire purchase contracts |
|
- |
Lease liability - right of use |
|
|
|
|
Leases |
Leases included in creditors
Right of use - Lease liabilities maturity analysis
A maturity analysis of lease liabilities based on undiscounted gross cash flow is reported in the table below:
31 December |
31 December |
|
Less than one year |
|
|
2 years |
|
|
3 years |
|
|
4 years |
|
|
5 years |
|
|
6 years |
124,893 |
119,453 |
7 years |
130,620 |
124,893 |
8 years |
101,875 |
130,620 |
9 years |
15,433 |
101,874 |
Total lease liabilities (undiscounted) |
|
|
Total cash outflows related to leases
Total cash outflows related to leases are presented in the table below:
Payment |
31 December |
31 December |
Right of use assets |
93,177 |
85,505 |
BBC Coffee Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)
Share capital |
Allotted, called up and fully paid shares
31 December |
31 December |
|||
No. |
£ |
No. |
£ |
|
|
|
500,000 |
|
500,000 |
|
|
2,000,000 |
|
2,000,000 |
|
|
|
|
Authorised share capital
The Company’s articles do not specify an authorised share capital.
Pension and other schemes |
Defined contribution pension scheme
The Company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Company to the scheme and amounted to £7,855 (2021: £745).
Contributions totalling £
Related party transactions |
The company received loans totalling £6,969,179 from fellow group undertakings. The unsecured interest free loans are repayable on demand.
Parent and ultimate controlling party |
The company's parent is
P.O. Box 80962
Dubai
United Arab Emirates
There is no one controlling party.