Beer Trading Limited - Period Ending 2023-03-31
Beer Trading Limited - Period Ending 2023-03-31
Registration number:
Beer Trading Limited
for the Period from 1 May 2022 to 31 March 2023
Beer Trading Limited
(Registration number: 06214374)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
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- |
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Tangible assets |
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- |
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- |
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Current assets |
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Stocks |
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- |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Provisions for liabilities |
( |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Beer Trading Limited
Notes to the Financial Statements for the Period from 1 May 2022 to 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
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.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.
Disclosure of long or short period
Beer Trading Limited
Notes to the Financial Statements for the Period from 1 May 2022 to 31 March 2023
Audit report
Judgements
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 revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of 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 recognises 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.
Tax
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
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 |
Furniture, fittings and equipment |
25% reducing balance |
Motor vehicles |
25% reducing balance |
Beer Trading Limited
Notes to the Financial Statements for the Period from 1 May 2022 to 31 March 2023
Other tangible assets |
25% reducing balance |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
10 year straight line |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. 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 inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing 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 interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Beer Trading Limited
Notes to the Financial Statements for the Period from 1 May 2022 to 31 March 2023
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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Additions acquired separately |
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At 31 March 2023 |
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Amortisation |
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Amortisation charge |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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Additions |
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Disposals |
- |
( |
( |
( |
At 31 March 2023 |
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Depreciation |
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Charge for the period |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the amounts in respect of assets held under finance leases and hire purchase contracts of £115,401 (2022: Nil).
Beer Trading Limited
Notes to the Financial Statements for the Period from 1 May 2022 to 31 March 2023
Stocks |
2023 |
2022 |
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Other inventories |
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- |
Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Prepayments |
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- |
Other debtors |
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- |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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- |
Trade creditors |
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- |
Taxation and social security |
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Accruals and deferred income |
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- |
Other creditors |
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2023 |
2022 |
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Current loans and borrowings |
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Hire purchase contracts |
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- |
Included within other creditors is £938 in relation to an invoice discount facility which is secured by a fixed and floating charge dated 23 June 2022 over the companies debtors and property of the company.
On the 24th March 2022, HSBC created a fixed and floating charge over all the property or undertaking of the company. HSBC also created a charge on 23rd June 2022 which created a legal assignment of contract of monies as well as a negative pledge.
Beer Trading Limited
Notes to the Financial Statements for the Period from 1 May 2022 to 31 March 2023
Creditors: amounts falling due after more than one year
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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- |
2023 |
2022 |
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Non-current loans and borrowings |
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Hire purchase contracts |
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- |
Other creditors |
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- |
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- |
Hire purchase contracts are secured against the assets to which they relate, the carrying value of these assets have been detailed within the note to tangible assets.
Leasing agreements
At 31st March 2023, the company had total commitments under non-cancellable operating leases over the remaining life those leases of £96,633. (2022 - Nil)
Related party transactions
During the year, the director provided a loan to the company. The amount due to the director at the year end was £778,054. The loan was interest free and repayable on demand.