Company Registration No. SC611137 (Scotland)
Throat Punch Coffee Company Ltd
Unaudited financial statements
for the year ended 30 June 2020
Pages for filing with registrar
Throat Punch Coffee Company Ltd
Chartered Accountants' report to the director on the preparation of the
unaudited statutory financial statements of Throat Punch Coffee Company Ltd
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Throat Punch Coffee Company Ltd for the year ended 30 June 2020 which comprise, the balance sheet 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 I
CAS
we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-j
une
-20
20
.
This report is made solely to the Director of Throat Punch Coffee Company Ltd, as a body, in accordance with the terms of our engagement letter dated 11 March 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Throat Punch Coffee Company Ltd and state those matters that we have agreed to state to the Director of Throat Punch Coffee Company Ltd, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-j
une
-20
20
. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Throat Punch Coffee Company Ltd and its Director as a body, for our work or for this report.
It is your duty to ensure that Throat Punch 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 loss
of Throat Punch Coffee Company Ltd. You consider that Throat Punch 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 Throat Punch 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.
James Milne
Chartered Accountants
Rosewood
Raemoir Road
Banchory
AB31 4ET
11 March 2021
Throat Punch Coffee Company Ltd
Balance sheet
as at 30 June 2020
30 June 2020
2
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,400
-
Current assets
Debtors
24,272
10
Cash at bank and in hand
18
-
24,290
10
Creditors: amounts falling due within one year
(36,852)
-
Net current (liabilities)/assets
(12,562)
10
Total assets less current liabilities
(7,162)
10
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
(7,172)
-
Total equity
(7,162)
10
In accordance with section 444 of the Companies Act 2006 all
of
the members of the company have consented to the
preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has 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.
Throat Punch Coffee Company Ltd
Balance sheet (continued)
as at 30 June 2020
30 June 2020
3
The financial statements were approved and signed by the director and authorised for issue on 10 March 2021
Mr N Pickering
Director
Company Registration No. SC611137
Throat Punch Coffee Company Ltd
Notes to the financial statements
for the year ended 30 June 2020
4
1
Accounting policies
Company information
Throat Punch Coffee Company Ltd is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
Rosewood, Raemoir Road, Banchory, AB31 4ET.
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.
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 and services provided in the normal course of business
.
1.3
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.
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
15% 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
.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was: 1
Throat Punch Coffee Company Ltd
Notes to the financial statements (continued)
for the year ended 30 June 2020
5
3
Tangible fixed assets
Total
£
Cost
At 1 July 2019
-
Additions
6,349
At 30 June 2020
6,349
Depreciation and impairment
At 1 July 2019
-
Depreciation charged in the year
949
At 30 June 2020
949
Carrying amount
At 30 June 2020
5,400
At 30 June 2019
-
4
Related party transactions
Transactions with related parties
At 30th June 2020, the company was due £35,161 to a company in which the director has an interest. The loan is interest free and repayable on demand.
5
Directors' transactions
During the year the director entered into the following advances and credits with the company:
Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr N Pickering -
-
430
(232)
198
-
430
(232)
198