1 false false false false false false false false false true false false false false false false No description of principal activity 2022-12-01 Sage Accounts Production Advanced 2021 - FRS102_2021 12,051 12,051 12,051 xbrli:pure xbrli:shares iso4217:GBP 08775695 2022-12-01 2023-11-30 08775695 2023-11-30 08775695 2022-11-30 08775695 2021-12-01 2022-11-30 08775695 2022-11-30 08775695 core:FurnitureFittings 2022-12-01 2023-11-30 08775695 bus:Director1 2022-12-01 2023-11-30 08775695 core:FurnitureFittings 2022-11-30 08775695 core:FurnitureFittings 2023-11-30 08775695 core:WithinOneYear 2023-11-30 08775695 core:WithinOneYear 2022-11-30 08775695 core:AfterOneYear 2023-11-30 08775695 core:AfterOneYear 2022-11-30 08775695 core:ShareCapital 2023-11-30 08775695 core:ShareCapital 2022-11-30 08775695 core:RetainedEarningsAccumulatedLosses 2023-11-30 08775695 core:RetainedEarningsAccumulatedLosses 2022-11-30 08775695 core:CostValuation core:Non-currentFinancialInstruments 2023-11-30 08775695 core:Non-currentFinancialInstruments 2023-11-30 08775695 core:Non-currentFinancialInstruments 2022-11-30 08775695 core:FurnitureFittings 2022-11-30 08775695 bus:Director1 2022-11-30 08775695 bus:Director1 2023-11-30 08775695 bus:Director1 2021-11-30 08775695 bus:Director1 2022-11-30 08775695 bus:Director1 2021-12-01 2022-11-30 08775695 bus:SmallEntities 2022-12-01 2023-11-30 08775695 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 08775695 bus:FullAccounts 2022-12-01 2023-11-30 08775695 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 08775695 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 08775695 core:ComputerEquipment 2022-12-01 2023-11-30 08775695 core:ComputerEquipment 2023-11-30 08775695 core:ComputerEquipment 2022-11-30
COMPANY REGISTRATION NUMBER: 08775695
LIQUORICE DRAGON LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 November 2023
LIQUORICE DRAGON LTD
STATEMENT OF FINANCIAL POSITION
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
585
780
Investments
6
12,051
12,051
---------
---------
12,636
12,831
Current assets
Stocks
9,375
Debtors
7
82,518
83,751
Cash at bank and in hand
2,067
1,783
---------
---------
93,960
85,534
Creditors: amounts falling due within one year
8
41,433
15,184
---------
---------
Net current assets
52,527
70,350
---------
---------
Total assets less current liabilities
65,163
83,181
Creditors: amounts falling due after more than one year
9
18,312
29,054
Provisions
Taxation including deferred tax
111
148
---------
---------
Net assets
46,740
53,979
---------
---------
LIQUORICE DRAGON LTD
STATEMENT OF FINANCIAL POSITION (continued)
30 November 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
46,640
53,879
---------
---------
Shareholders funds
46,740
53,979
---------
---------
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 4 January 2024 , and are signed on behalf of the board by:
Mr S G Barrey
Director
Company registration number: 08775695
LIQUORICE DRAGON LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, BN3 2DL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
No material uncertainties, that may cast significant doubt about the ability of the company to continue as a going concern, have been identified by the director.
The directors consider that the uncertainty caused in the company's industry as a result of Coronavirus and the recovery from the restrictions put in place by the government should not materially affect the company's ability to continue as a going concern.
This assumption has been continued as the economy is hit by the cost of living crisis, inflation, and rising interest rates.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & fittings
-
25% reducing balance
Equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A 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.
Stocks
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 December 2022 and 30 November 2023
2,092
4,267
6,359
-------
-------
-------
Depreciation
At 1 December 2022
1,843
3,736
5,579
Charge for the year
63
132
195
-------
-------
-------
At 30 November 2023
1,906
3,868
5,774
-------
-------
-------
Carrying amount
At 30 November 2023
186
399
585
-------
-------
-------
At 30 November 2022
249
531
780
-------
-------
-------
6. Investments
Other investments other than loans
£
Cost
At 1 December 2022 and 30 November 2023
12,051
---------
Impairment
At 1 December 2022 and 30 November 2023
---------
Carrying amount
At 30 November 2023
12,051
---------
At 30 November 2022
12,051
---------
7. Debtors
2023
2022
£
£
Trade debtors
2,409
2,246
Amounts owed by group undertakings and undertakings in which the company has a participating interest
80,003
80,003
Other debtors
106
1,502
---------
---------
82,518
83,751
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,742
10,743
Trade creditors
952
Social security and other taxes
995
Other creditors
29,739
3,446
---------
---------
41,433
15,184
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
18,312
29,054
---------
---------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr S G Barrey
( 558)
( 26,293)
( 26,851)
----
---------
---------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr S G Barrey
34,285
( 34,843)
( 558)
---------
---------
----
11. Related party transactions
The company was under the control of Mr S G Barrey throughout the current year, and the previous year. Mr S G Barrey is the managing director and majority shareholder.