Contents of the Financial Statements
for the Period Ended 31 March 2023
Balance sheet
As at 31 March 2023
| Notes | 14 months to 31 March 2023 |
| | £ |
Called up share capital not paid: | | 1 |
Current assets |
Debtors: | | 8,076 |
Cash at bank and in hand: | | 41,926 |
Total current assets: | | 50,002 |
Creditors: amounts falling due within one year: | | (800,316) |
Net current assets (liabilities): | | (750,314) |
Total assets less current liabilities: | | (750,313) |
Total net assets (liabilities): | | (750,313) |
Capital and reserves |
Called up share capital: | | 1 |
Profit and loss account: | | (750,314) |
Shareholders funds: | | (750,313) |
The notes form part of these financial statements
Balance sheet statements
For the year ending 31 March 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit & loss account.
This report was approved by the board of directors on 11 November 2023
and signed on behalf of the board by:
Name: Ian Banks
Status: Director
The notes form part of these financial statements
Notes to the Financial Statements
for the Period Ended 31 March 2023
1. Accounting policies
These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101Turnover policy
Generally, revenue represents external sales (excluding taxes) of goods and services, net of discounts. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and is measured at the fair value of consideration receivable, excluding discounts, rebates, and other sales taxes or duty relating to brewing and packaging of certain products.Tangible fixed assets and depreciation policy
Depreciation is calculated so as to write off the cost or valuation of an asset, less it residual value, over the economic life of that asset as followsLong leasehold property - over the life of the leasePlant and machinery - 20 percent straight lineEquipment - 33 percent straight lineValuation and information policy
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.Other accounting policies
Financial instrumentsA financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.Impairment of fixed assetsA review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Notes to the Financial Statements
for the Period Ended 31 March 2023
2. Employees
| 14 months to 31 March 2023 |
Average number of employees during the period | 21 |
Notes to the Financial Statements
for the Period Ended 31 March 2023
3. Off balance sheet arrangements
Sessions Market Limited is the parent company of Sessions CK Limited, its registered office address is Floor 8, 52 Grosvenor Gardens, London, SW1W 0AU.