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Registered Number: 11821107
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 28 February 2023

for

DIVERSE BEERS LIMITED

Director A M Kenworthy
Registered Number 11821107
Registered Office Units 7d-7e
Staden Lane Business Park
Buxton
Derbyshire
SK17 9RZ
Accountants Lovatt Accountancy Limited
1a Sandringham Drive
Spondon
Derby
Derbyshire
DE21 7QL
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Intangible fixed assets 3 32,850    38,250 
Tangible fixed assets 4 4,457    19,311 
37,307    57,561 
Current assets      
Stocks 5 30,280    36,232 
Debtors 6 118,026    75,985 
Cash at bank and in hand 35,436    28,585 
183,742    140,802 
Creditors: amount falling due within one year 7 (197,404)   (158,727)
Net current liabilities (13,662)   (17,925)
 
Total assets less current liabilities 23,645    39,636 
Creditors: amount falling due after more than one year 8 (38,048)   (43,792)
Provisions for liabilities 9 (847)   (3,670)
Net liabilities (15,250)   (7,826)
 

Capital and reserves
     
Called up share capital 10 100    100 
Profit and loss account (15,350)   (7,926)
Shareholder's funds (15,250)   (7,826)
 


For the year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 20 November 2023 and were signed by:


-------------------------------
A M Kenworthy
Director
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General Information
Diverse Beers Limited is a private company, limited by shares, registered in England and Wales, registration number 11821107, registration address Units 7d-7e, Staden Lane Business Park, Buxton, Derbyshire, SK17 9RZ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 10 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Reducing Balance
Computer Equipment 33% 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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Borrowing costs
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.
2.

Average number of employees

Average number of employees during the year was 5 (2022 : 6).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 March 2022 54,000    54,000 
Additions  
Disposals  
At 28 February 2023 54,000    54,000 
Amortisation
At 01 March 2022 15,750    15,750 
Charge for year 5,400    5,400 
On disposals  
At 28 February 2023 21,150    21,150 
Net book values
At 28 February 2023 32,850    32,850 
At 28 February 2022 38,250    38,250 


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Computer Equipment   Total
  £   £   £
At 01 March 2022 31,464    2,639    34,103 
Additions 2,333      2,333 
Disposals (24,820)     (24,820)
At 28 February 2023 8,977    2,639    11,616 
Depreciation
At 01 March 2022 12,985    1,807    14,792 
Charge for year 1,133    542    1,675 
On disposals (9,308)     (9,308)
At 28 February 2023 4,810    2,349    7,159 
Net book values
Closing balance as at 28 February 2023 4,167    290    4,457 
Opening balance as at 01 March 2022 18,479    832    19,311 


5.

Stocks

2023
£
  2022
£
Stocks 30,280    36,232 
30,280    36,232 

6.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 74,081    63,380 
Provision for Doubtful Debts (1,212)   (258)
Prepayments & Accrued Income 1,038    474 
Other Debtors 44,119   
Corporation Tax   1,463 
VAT   10,926 
118,026    75,985 
Loans to associated companies
Other debtors represent loans to associated companies that have been made interest free and are repayable on demand.

7.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 155,541    127,625 
Bank Loans & Overdrafts 5,775    6,066 
Corporation Tax 727   
PAYE & Social Security 1,417    1,668 
Accrued Expenses 12,722    1,780 
Other Creditors 302    273 
Directors' Current Accounts 13,172    21,315 
VAT 7,748   
197,404    158,727 
Included within Bank Loans & Overdrafts is the Bounce Back Loan which is 100% Government guaranteed.

8.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts 38,048    43,792 
38,048    43,792 
Included within Bank Loans & Overdrafts is the Bounce Back Loan which is 100% Government guaranteed.

9.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 3,670    4,926 
Charged to Profit & Loss (2,823)   (1,256)
847    3,670 

10.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
100 Class A shares of £1.00 each 100    100 
100    100 

11.

Operating leases

The total of future minimum lease payments under non-cancellable operating leases are:

Duration of lease   2023
£
  2022
£
Not later than one year 21,825 
Later than one year and not later than five years 9,570 
Later than five years 120,950 
31,395  120,950 


The company requested early exit from the rental lease and the lease was cancelled by mutual agreement with the landlord.
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