ACCOUNTS - Final Accounts preparation

INCOGNITO COCKTAIL COMPANY LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312022-05-302023-03-316The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false0falseNo description of principal activity2022-05-30true 14141712 2022-05-29 14141712 2022-05-30 2023-03-31 14141712 2021-05-30 2022-05-29 14141712 2023-03-31 14141712 c:Director1 2022-05-30 2023-03-31 14141712 c:Director1 2023-03-31 14141712 c:RegisteredOffice 2022-05-30 2023-03-31 14141712 d:OfficeEquipment 2022-05-30 2023-03-31 14141712 d:OfficeEquipment 2023-03-31 14141712 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-05-30 2023-03-31 14141712 d:CurrentFinancialInstruments 2023-03-31 14141712 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 14141712 d:ShareCapital 2023-03-31 14141712 d:RetainedEarningsAccumulatedLosses 2023-03-31 14141712 c:FRS102 2022-05-30 2023-03-31 14141712 c:AuditExempt-NoAccountantsReport 2022-05-30 2023-03-31 14141712 c:FullAccounts 2022-05-30 2023-03-31 14141712 c:PrivateLimitedCompanyLtd 2022-05-30 2023-03-31 iso4217:GBP xbrli:pure

Company registration number: 14141712

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE PERIOD ENDED 31 MARCH 2023

	INCOGNITO COCKTAIL COMPANY LIMITED


INCOGNITO COCKTAIL COMPANY LIMITED

COMPANY INFORMATION

Director	H Robinson (appointed 30 May 2022)


Registered number	14141712


Registered office	Lynton House
	7-12 Tavistock Sqaure
	London
	WC1H 9LT


Accountants	Menzies LLP
	Chartered Accountants
	3000a Parkway
	Whiteley
	Hampshire
	PO15 7FX


INCOGNITO COCKTAIL COMPANY LIMITED REGISTERED NUMBER:14141712

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2023

		2023
		£

Fixed assets
Tangible assets		11,104
		11,104
Current assets
Debtors: amounts falling due within one year	32,936
Cash at bank and in hand	4,091
	37,027
Creditors: amounts falling due within one year	(107,001)
Net current (liabilities)/assets		(69,974)
Total assets less current liabilities		(58,870)

Net (liabilities)/assets		(58,870)

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INCOGNITO COCKTAIL COMPANY LIMITED REGISTERED NUMBER:14141712

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2023

		2023
Note		£

Capital and reserves
Called up share capital			100
Profit and loss account			(58,970)
			(58,870)

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

H Robinson

Director

Date: 28 March 2024

The notes on pages 3 to 7 form part of these financial statements.

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INCOGNITO COCKTAIL COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2023

1.	General information

Incognito Cocktail Company Limited is a private company limited by shares, registered in England and Wales. The address of it's registered office is disclosed on the company information page.
The company was incorporated on 30 May 2022 and commenced trading shortly afterwards. The financial statements represent the first period of trading for the 10 month period to 31 March 2023.
The presentation currency in the financial statements is GBP rounded to the nearest £1.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

At the year end date the company's liabilities exceed its assets. The directors are confident that the company has adequate financial resources to settle liabilities as they fall due therefore deem it appropriate to continue to prepare the accounts on a going concern basis.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

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INCOGNITO COCKTAIL COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Equipment

20%

Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all

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INCOGNITO COCKTAIL COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

2.9

Financial instruments (continued)

of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Employees

The average monthly number of employees, including directors, during the period was 6.

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INCOGNITO COCKTAIL COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2023

4.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	Additions	11,426
	At 31 March 2023	11,426
	Depreciation
	Charge for the period on owned assets	322
	At 31 March 2023	322
	Net book value
	At 31 March 2023	11,104

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INCOGNITO COCKTAIL COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2023

Debtors

					2023
					£


	Amounts owed by associates	22,222
	Other debtors	10,714
		32,936

6.	Creditors: Amounts falling due within one year
		2023
		£

	Trade creditors	44,288
	Other taxation and social security	59,988
	Other creditors	300
	Accruals and deferred income	2,425
		107,001

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