1 30/06/2023 2023-06-30 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2022-07-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 06573292 2022-07-01 2023-06-30 06573292 2023-06-30 06573292 2021-07-01 2022-06-30 06573292 2022-06-30 06573292 core:NetGoodwill 2022-07-01 2023-06-30 06573292 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 06573292 bus:Director1 2022-07-01 2023-06-30 06573292 core:NetGoodwill 2023-06-30 06573292 core:WithinOneYear 2023-06-30 06573292 core:WithinOneYear 2022-06-30 06573292 core:ShareCapital 2023-06-30 06573292 core:ShareCapital 2022-06-30 06573292 core:RetainedEarningsAccumulatedLosses 2023-06-30 06573292 core:RetainedEarningsAccumulatedLosses 2022-06-30 06573292 bus:OrdinaryShareClass1 core:ShareCapital 2023-06-30 06573292 bus:OrdinaryShareClass1 core:ShareCapital 2022-06-30 06573292 core:NetGoodwill 2022-06-30 06573292 bus:SmallEntities 2022-07-01 2023-06-30 06573292 bus:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 06573292 bus:FullAccounts 2022-07-01 2023-06-30 06573292 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 06573292 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30
Company registration number: 06573292
Drinks Global Ltd
Unaudited filleted financial statements
30 June 2023
Drinks Global Ltd
Contents
Statement of financial position
Notes to the financial statements
Drinks Global Ltd
Statement of financial position
30 June 2023
2023 2022
Note £ £ £ £
Intangible assets 5 - -
Current assets
Debtors 6 213,697 208,012
Cash at bank and in hand 27,867 85,664
_______ _______
241,564 293,676
Creditors: amounts falling due
within one year 7 ( 19,927) ( 80,777)
_______ _______
Net current assets 221,637 212,899
_______ _______
Total assets less current liabilities 221,637 212,899
_______ _______
Net assets 221,637 212,899
_______ _______
Capital and reserves
Called up share capital 8 1 1
Profit and loss account 221,636 212,898
_______ _______
Shareholder funds 221,637 212,899
_______ _______
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 12 March 2024 , and are signed on behalf of the board by:
Mandeep Kaur
Director
Company registration number: 06573292
Drinks Global Ltd
Notes to the financial statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office and the place of business is Soho, Tremont Street, Wolverhampton, England, WV10 0ED.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity and have been rounded to the nearest £1.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.
Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 20 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Impairment
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.
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 are largely independent of the cash inflows from other assets or groups of assets.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 July 2022 and 30 June 2023 12,087 12,087
_______ _______
Amortisation
At 1 July 2022 and 30 June 2023 12,087 12,087
_______ _______
Carrying amount
At 30 June 2023 - -
_______ _______
At 30 June 2022 - -
_______ _______
6. Debtors
2023 2022
£ £
Trade debtors 213,697 208,012
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 14,687 78,013
Corporation tax 2,050 588
Social security and other taxes 1,390 376
Other creditors 1,800 1,800
_______ _______
19,927 80,777
_______ _______
8. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______