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Registration number: 09215773

Algebra Drinks Ltd

Annual Report and

Unaudited Financial Statements


for the Year Ended 31 December 2022

 

Algebra Drinks Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Algebra Drinks Ltd

Company Information

Director

Mr Y Cosentino

Registered office

20-22 Wenlock Road
London
N1 7GU

 

Accountants

W J James & Co
Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

 

Algebra Drinks Ltd

(Registration number: 09215773)

Balance Sheet
as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

10,072

10,437

Current assets

 

Stocks

28,253

31,991

Debtors

5

7,456

5,095

Cash at bank and in hand

 

761

1,360

 

36,470

38,446

Creditors: Amounts falling due within one year

6

(329,575)

(270,771)

Net current liabilities

 

(293,105)

(232,325)

Net liabilities

 

(283,033)

(221,888)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(283,133)

(221,988)

Total equity

 

(283,033)

(221,888)

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

The profit and loss account and directors' report have not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

 

Algebra Drinks Ltd

(Registration number: 09215773)

Balance Sheet
as at 31 December 2022

Approved and authorised by the director on 29 September 2023
 

.........................................

Mr Y Cosentino

Director

 

Algebra Drinks Ltd

Notes to the Financial Statements
for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
20-22 Wenlock Road
London
N1 7GU

These financial statements were authorised for issue by the director on 29 September 2023.

2

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.

The financial statements are presented in £ sterling which is the functional currency of the company and rounded to the nearest £1.

Going concern

There is a net deficit position of £283,033 at the balance sheet date.

Of this £280,117 relates to the inter-company loan owed to Amarilla Ltd (who owns 100% of the share capital of Algebra Drinks Ltd).

On the basis that repayment of this balance is not to be sought, and that the director has confirmed ongoing continued support to the business, the accounts have been prepared on the going concern basis.

Revenue recognition

Turnover represents the fair value of services provided under contracts with customers to the extent that there is a right to consideration. It is measured at the fair value of the consideration due. Where a service is incomplete at the year end, turnover represents the value of the service provided to that date based on an appropriate proportion of the total expected consideration at completion.

 

Algebra Drinks Ltd

Notes to the Financial Statements
for the Year Ended 31 December 2022

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Plant and machinery

20% reducing balance

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the last-in, first-out (LIFO) 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.

 

Algebra Drinks Ltd

Notes to the Financial Statements
for the Year Ended 31 December 2022

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2021 - 0).

 

Algebra Drinks Ltd

Notes to the Financial Statements
for the Year Ended 31 December 2022

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2022

21,109

21,109

Additions

1,890

1,890

At 31 December 2022

22,999

22,999

Depreciation

At 1 January 2022

10,672

10,672

Charge for the year

2,255

2,255

At 31 December 2022

12,927

12,927

Carrying amount

At 31 December 2022

10,072

10,072

At 31 December 2021

10,437

10,437

5

Debtors

2022
£

2021
£

Trade debtors

-

2,186

Prepayments

3,637

-

Other debtors

3,819

2,909

7,456

5,095

 

Algebra Drinks Ltd

Notes to the Financial Statements
for the Year Ended 31 December 2022

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Trade creditors

 

10,920

3,151

Amounts owed to group undertakings and undertakings in which the company has a participating interest

280,117

228,322

Accruals and deferred income

 

1,430

860

Other creditors

 

37,108

38,438

 

329,575

270,771