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Registration number: 06871403

Thirstee Business (Southern) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2023

 

Thirstee Business (Southern) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Thirstee Business (Southern) Limited

Company Information

Director

Mr R Kitching

Registered office

The Hour House
32 High Street
Rickmansworth
Hertfordshire
WD3 1ER

Accountants

Cameron & Associates Limited
The Hour House
32 High Street
Rickmansworth
Hertfordshire
WD3 1ER

 

Thirstee Business (Southern) Limited

(Registration number: 06871403)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed Assets

 

Intangible assets

4

3,403

6,806

Tangible Assets

5

260,616

235,329

 

264,019

242,135

Current assets

 

Stocks

6

217,423

147,620

Debtors

7

701,414

628,747

Cash at bank and in hand

 

63,415

141,999

 

982,252

918,366

Creditors: Amounts falling due within one year

8

(353,454)

(274,509)

Net current assets

 

628,798

643,857

Total assets less current liabilities

 

892,817

885,992

Creditors: Amounts falling due after more than one year

8

(560,555)

(627,304)

Net assets

 

332,262

258,688

Capital and reserves

 

Called up share capital

9

280,000

280,000

Retained earnings

52,262

(21,312)

Shareholders' funds

 

332,262

258,688

For the financial year ending 31 January 2023 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.

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 director on 20 October 2023
 

.........................................
Mr R Kitching
Director

 

Thirstee Business (Southern) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

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:
The Hour House
32 High Street
Rickmansworth
Hertfordshire
WD3 1ER

These financial statements were authorised for issue by the director on 20 October 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 were prepared in accordance with Financial Reporting Standard 102 Section 1A Small Entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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.

Going concern

The director has assessed the ongoing affects of changing economic environment on the company and prepared cash flow forecasts which have been updated to reflect this. The Company has also prepared sensitivites to cover a slow down in sales and possible delays in obtaining supplies for production. Based on possible likely scenarios the director is confident that the company has sufficient funds and liquidity to continue to trade.

The financial statements have been prepared on a going concern basis.

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.

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.

 

Thirstee Business (Southern) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

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 e.t.c

At varying rates on cost

Goodwill

Goodwill is amortised over its useful life, which shall not exceed five 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

10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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 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.

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.

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.

 

Thirstee Business (Southern) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 12 (2022 - 12).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2022

31,725

31,725

At 31 January 2023

31,725

31,725

Amortisation

At 1 February 2022

24,919

24,919

Amortisation charge

3,403

3,403

At 31 January 2023

28,322

28,322

Carrying amount

At 31 January 2023

3,403

3,403

At 31 January 2022

6,806

6,806

 

Thirstee Business (Southern) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

5

Tangible Assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant & machinery
£

Total
£

Cost or valuation

At 1 February 2022

65,854

49,785

680,548

796,187

Additions

-

-

99,136

99,136

At 31 January 2023

65,854

49,785

779,684

895,323

Depreciation

At 1 February 2022

34,266

23,308

530,895

588,469

Charge for the year

6,378

9,957

29,903

46,238

At 31 January 2023

40,644

33,265

560,798

634,707

Carrying amount

At 31 January 2023

25,210

16,520

218,886

260,616

At 31 January 2022

31,588

26,477

177,264

235,329

6

Stocks

2023
£

2022
£

Stock of goods for resale

217,423

147,620

7

Debtors

Current

2023
£

2022
£

Trade debtors

246,178

208,190

Prepayments

6,557

23,712

Other debtors

448,679

396,845

 

701,414

628,747

 

Thirstee Business (Southern) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

6,000

42,128

Trade creditors

276,148

195,487

Taxation and social security

33,226

31,847

Accruals and deferred income

-

3,508

Other creditors

38,080

1,539

353,454

274,509

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Loans and borrowings

366,537

429,001

Directors loan account

194,018

198,303

560,555

627,304

The loans and borrowings repayable after more than one year are made up of the following amounts. An amount repayable in relation to a bank loan of £29,000 (2022: £39,000). An amount repayable to a pension fund of which the Director is a beneficiary of £149,736 (2022: £238,445) . An amount of £151,800 (2022: £151,556) repayable to a company in which the Director has a controlling interest.

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

280,000

280,000

280,000

280,000

         
 

Thirstee Business (Southern) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

10

Related party transactions

The following companies are under the common control of the Director:

- Thirstee Limited, an amount of £332,064 (2022: £360,864) was recoverable from the Company at the year end, the loan is interest free. The amount is included within other debtors.

- The Lapstone Pub Limited, an amount of £51,536 (2022: £35,982) was recoverable from the Company at the year end, the loan is interest free and repayable on demand. The amount is included within other debtors.

- Moody Cow Limited, an amount of £70,000 (2022: £Nil) was recoverable from the Company at the year end, the loan is interest free. The amount is included within other debtors.

- Swimfarms Limited, is owed an amount of £151,800 (2022: £151,556) the amount is interest free. The amount is included within creditors due after more than one year.

The Director is also a beneficiary of Thirstee Business (Southern) Ltd Retirement Benefit Pension Scheme, an amount of £185,736 (2022: £274,445) was owed to the fund at the year end and of this £149,736 (2022: £238,445) is included in creditors due after more than one year and £36,000 (2022: £36,000) is included in other creditors.

The Director is owed an amount of £194,018 (2022: £198,303) from the Company being an interest free loan repayable after more than one year.