Registered number
10081057
Brewbox Systems Ltd
Filleted Accounts
31 March 2023
Brewbox Systems Ltd
Registered number: 10081057
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 622 829
Current assets
Debtors 4 860 173
Cash at bank and in hand 107 1,273
967 1,446
Creditors: amounts falling due within one year 5 (16,203) (13,850)
Net current liabilities (15,236) (12,404)
Net liabilities (14,614) (11,575)
Capital and reserves
Called up share capital 1 1
Profit and loss account (14,615) (11,576)
Shareholder's funds (14,614) (11,575)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr F Farnworth
Director
Approved by the board on 21 November 2023
Brewbox Systems Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
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).
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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Going Concern
The company has made losses in previous periods and as a result the balance sheet is in deficit. However, the company has been supported by way of loans from the director who feels that profitability will improve and the balance sheet will return to a credit position in the foreseeable future. Therefore the going concern basis of accounting has been adopted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Tools and equipment
£
Cost
At 1 April 2022 1,257
At 31 March 2023 1,257
Depreciation
At 1 April 2022 428
Charge for the year 207
At 31 March 2023 635
Net book value
At 31 March 2023 622
At 31 March 2022 829
4 Debtors 2023 2022
£ £
Other debtors 860 173
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs - 1,758
Other creditors 16,203 12,092
16,203 13,850
6 Other information
Brewbox Systems Ltd is a private company limited by shares and incorporated in England. Its registered office is:
208 Malt House
East Tucker Street
Bristol
BS1 6LQ
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