Passionate Spirits Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 05253168 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2017

for

PASSIONATE SPIRITS LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTOR:

M Godfrey

SECRETARY:

J Godfrey

REGISTERED OFFICE:

75 Park Lane

Croydon

Surrey

CR9 1XS

REGISTERED NUMBER:

05253168 (England and Wales)

ACCOUNTANTS:

Kings Mill Partnership

Accountants

Burma House

Station Path

Staines

Middlesex

TW18 4LA

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary

statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Passionate Spirits Limited for the year ended 31 March 2017 which comprise the Income

Statement, Statement of Financial Position 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Passionate Spirits Limited in accordance with the terms of our engagement letter dated 2 January 2013. Our work has been undertaken solely to prepare for your approval the financial statements of Passionate Spirits Limited and state those matters that we have agreed to state to the director of Passionate Spirits Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Passionate Spirits Limited and its director for our work or for this report.

It is your duty to ensure that Passionate Spirits Limited 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 Passionate Spirits Limited. You consider that Passionate Spirits Limited 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 Passionate Spirits Limited. 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.

Kings Mill Partnership

Accountants

Burma House

Station Path

Staines

Middlesex

TW18 4LA

14 December 2017

FIXED ASSETS

Intangible assets

4

28,000

35,000

Tangible assets

5

147

196

28,147

35,196

CURRENT ASSETS

Stocks

298

298

Debtors

6

52

1,150

Cash at bank

1

8

351

1,456

CREDITORS

Amounts falling due within one year

7

68

771

NET CURRENT ASSETS

283

685

TOTAL ASSETS LESS CURRENT LIABILITIES

28,430

35,881

CAPITAL AND RESERVES

Called up share capital

8

30,000

30,000

Retained earnings

9

(1,570

)

5,881

SHAREHOLDERS' FUNDS

28,430

35,881

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 14 December 2017 and were signed by:

M Godfrey - Director

1.	STATUTORY INFORMATION

Passionate Spirits Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 31 March 2017 are the first that are prepared in accordance with

FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the date of

transition to FRS 102 Section 1A is 1 April 2015.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill is to be amortised over the next 5 years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided on a reducing balance basis on

all tangible assets at rates calculated to write off the cost, less estimated residual value, of each asset over the

expected useful life. The following annual rates have been applied:

Fixtures and fittings - 25% reducing balance

Stocks

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

moving items.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL.

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

35,000

AMORTISATION

Charge for year

7,000

At 31 March 2017

7,000

NET BOOK VALUE

At 31 March 2017

28,000

At 31 March 2016

35,000

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 April 2016

and 31 March 2017

2,037

DEPRECIATION

At 1 April 2016

1,841

Charge for year

49

At 31 March 2017

1,890

NET BOOK VALUE

At 31 March 2017

147

At 31 March 2016

196

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

52

1,150

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

68

771

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

30,000

ordinary

1

30,000

30,000

9.

RESERVES

Retained

earnings

£

At 1 April 2016

5,881

Deficit for the year

(7,451

)

At 31 March 2017

(1,570

)