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Registration number: 9977524

Steep Soft Drinks Company Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 January 2023

 

Steep Soft Drinks Company Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Steep Soft Drinks Company Ltd

Company Information

Directors

Mr L Willday

Ms LJ Smith

Registered office

73 Temperance Street
Manchester
Lancashire
M12 6HU

Accountants

Shacter Cohen & Bor LLP
31 Sackville Street
Manchester
M1 3LZ

 

Steep Soft Drinks Company Ltd

(Registration number: 9977524)
Abridged Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

70,223

61,685

Current assets

 

Stocks

5

21,120

21,411

Debtors

6

12,870

5,273

Cash at bank and in hand

 

44,533

54,686

 

78,523

81,370

Creditors: Amounts falling due within one year

(79,648)

(82,214)

Net current liabilities

 

(1,125)

(844)

Total assets less current liabilities

 

69,098

60,841

Creditors: Amounts falling due after more than one year

(12,760)

(17,481)

Accruals and deferred income

 

(1,283)

-

Net assets

 

55,055

43,360

Capital and reserves

 

Retained earnings

55,055

43,360

Shareholders' funds

 

55,055

43,360

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.

Directors' 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 directors acknowledge their 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 September 2023 and signed on its behalf by:
 

 

Steep Soft Drinks Company Ltd

(Registration number: 9977524)
Abridged Balance Sheet as at 31 January 2023

.........................................
Mr L Willday
Director

 

Steep Soft Drinks Company Ltd

Notes to the Unaudited Abridged 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:
73 Temperance Street
Manchester
Lancashire
M12 6HU
England

These financial statements were authorised for issue by the Board on 19 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 abridged 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 abridged 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 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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Steep Soft Drinks Company Ltd

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

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

8% reducing balance

Fixtures and fittings

8% reducing balance

Motor vehicles

25% reducing balance

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.

 

Steep Soft Drinks Company Ltd

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

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Steep Soft Drinks Company Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2022

79,048

79,048

Additions

14,645

14,645

At 31 January 2023

93,693

93,693

Depreciation

At 1 February 2022

17,363

17,363

Charge for the year

6,107

6,107

At 31 January 2023

23,470

23,470

Carrying amount

At 31 January 2023

70,223

70,223

At 31 January 2022

61,685

61,685

5

Stocks

2023
£

2022
£

Merchandise

500

411

Other inventories

20,620

21,000

21,120

21,411

6

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

7

Related party transactions

The company was under the control of Mr Liam Adrian Willday and Ms Laura Jane Smith throughout the current and previous year. They are the managing directors and shareholders.

As at 31 January 2023, Directors' current account is in credit of £60,676.

 

Steep Soft Drinks Company Ltd

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

Transactions with directors

2023

At 1 February 2022
£

Repayments by director
£

At 31 January 2023
£

Mr L Willday

(32,454)

2,116

(30,338)

       
     

Ms LJ Smith

(32,454)

2,116

(30,338)

       
     

 

2022

At 1 February 2021
£

Advances to director
£

At 31 January 2022
£

Mr L Willday

(16,523)

(15,931)

(32,454)

       
     

Ms LJ Smith

(16,523)

(15,931)

(32,454)