Company Registration No. 08090710 (England and Wales)
WEST END DRINKS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
PAGES FOR FILING WITH REGISTRAR
WEST END DRINKS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
WEST END DRINKS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2021
30 June 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
4
54,318
62,060
Tangible assets
5
4,092
2,082
58,410
64,142
Current assets
Stocks
114,349
91,013
Debtors
6
50,137
53,399
Cash at bank and in hand
216,825
236,089
381,311
380,501
Creditors: amounts falling due within one year
7
(26,256)
(21,792)
Net current assets
355,055
358,709
Total assets less current liabilities
413,465
422,851
Creditors: amounts falling due after more than one year
8
(80,514)
(266,521)
Net assets
332,951
156,330
Capital and reserves
Called up share capital
9
166,142
140
Profit and loss reserves
166,809
156,190
Total equity
332,951
156,330
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 year ended 30 June 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.
The financial statements were approved by the board of directors and authorised for issue on 26 August 2021 and are signed on its behalf by:
Mr H Raymond
Director
Company Registration No. 08090710
WEST END DRINKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
- 2 -
1
Accounting policies
Company information
West End Drinks Limited
(Company no. 08090710)
is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
4th Floor, Cardinal House, 39-40 Albemarle Street, London, W1S 4TE.
The principal activity of the company
is
that of the sale, marketing and development of own branded drinks.
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
COVID-19 Pandemic
The global pandemic struck the UK in March 2020 when a lockdown was announced and businesses were forced to close. The company was impacted slightly during this period when national lockdown forced closure of its operations. Thereafter, we have not seen a significant fall in demand for our product and having accessed available Government funding to support the business during those periods of closure, business has remained at the same levels as in previous years.
The directors have considered the impact of Covid-19 on the business and its ability to continue to trade and has no concerns with any aspect of its operations or trading activities.
1.3
Going concern
The company has cash resources and has no requirement for external funding. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting appropriate in preparing the annual financial statements.
1.4
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
, 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.
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.
WEST END DRINKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 3 -
1.5
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:
Patents
20% straight line basis
1.6
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:
Fixtures, fittings & equipment
3 years straight line
Computer equipment
2 to 3 years straight line
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
.
1.7
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.
1.8
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.
Basic financial assets
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.
WEST END DRINKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, 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.
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.
1.9
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
Current tax
The tax expense represents the sum of the tax currently payable
.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
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.
WEST END DRINKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
3
3
4
Intangible fixed assets
Other
£
Cost
At 1 July 2020
194,224
Additions
17,655
At 30 June 2021
211,879
Amortisation and impairment
At 1 July 2020
132,164
Amortisation charged for the year
25,397
At 30 June 2021
157,561
Carrying amount
At 30 June 2021
54,318
At 30 June 2020
62,060
WEST END DRINKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 6 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2020
5,084
Additions
4,840
Disposals
(999)
At 30 June 2021
8,925
Depreciation and impairment
At 1 July 2020
3,002
Depreciation charged in the year
2,830
Eliminated in respect of disposals
(999)
At 30 June 2021
4,833
Carrying amount
At 30 June 2021
4,092
At 30 June 2020
2,082
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
39,487
41,719
Corporation tax recoverable
1,929
1,929
Other debtors
8,721
9,751
50,137
53,399
7
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
10,000
Trade creditors
4,786
6,770
Corporation tax
2,727
Other taxation and social security
2,203
Other creditors
6,540
15,022
26,256
21,792
WEST END DRINKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 7 -
8
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
39,168
50,000
Other creditors
41,346
216,521
80,514
266,521
9
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
142
140
142
142
Redeemable B shares of £1 each
166,000
-
166,000
-
166,142
140
166,142
140
During the year 2 ordinary shares of £1 each were issued at par and 166,000 redeemable shares of £1 each were also issued at par.