Brighton Spirits Company LTD - Abbreviated accounts 16.3

REGISTERED NUMBER: 08632159 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 JULY 2016

FOR

BRIGHTON SPIRITS COMPANY LTD

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

I E Barry

Ms K Caton

Ms H J Chesshire

N Lambe

J C Ray

REGISTERED OFFICE:

Unit 4

Wellington House

Camden Street

Portslade

East Sussex

BN41 1DU

REGISTERED NUMBER:

08632159 (England and Wales)

ACCOUNTANTS:

Cardens Accountants LLP

The Old Casino

28 Fourth Avenue

Hove

East Sussex

BN3 2PJ

FIXED ASSETS

Tangible assets

2

9,898

1,112

CURRENT ASSETS

Stocks

11,354

4,220

Debtors

47,606

23,515

Cash at bank and in hand

11,330

12,389

70,290

40,124

CREDITORS

Amounts falling due within one year

93,748

49,413

NET CURRENT LIABILITIES

(23,458

)

(9,289

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(13,560

)

(8,177

)

PROVISIONS FOR LIABILITIES

1,980

222

NET LIABILITIES

(15,540

)

(8,399

)

CAPITAL AND RESERVES

Called up share capital

3

3,000

2,500

Profit and loss account

(18,540

)

(10,899

)

SHAREHOLDERS' FUNDS

(15,540

)

(8,399

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 23 November 2016 and were signed on its behalf by:

Ms K Caton - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared on the basis that the company will continue to be a going

concern. If this assumption is not considered valid, then adjustments would need to be made to reduce the

value of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify

fixed assets and long term liabilities as current assets and liabilities.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are

physically delivered to the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Trademark

-

over term of lease

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

Deferred taxation is provided in full on timing differences which represent a liability at the balance sheet date, at

rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from

the inclusion of items of income and expenditure in taxation computations in periods different from those in

which they are included in financial statements. Deferred tax is not provided on timing differences arising from

the revaluation of fixed assets where there is no commitment to sell the asset. Deferred tax assets and liabilities

are not discounted.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 August 2015

1,721

Additions

11,931

At 31 July 2016

13,652

DEPRECIATION

At 1 August 2015

609

Charge for year

3,145

At 31 July 2016

3,754

NET BOOK VALUE

At 31 July 2016

9,898

At 31 July 2015

1,112

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

300,000

Ordinary

£0.01

3,000

2,500

50,000 Ordinary shares of £0.01 each were allotted and fully paid for cash at par during the year.

4.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

5.	ACCOUNTING BASIS