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Registration number: 11081120

Hit Liquid Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

image-name
 

Hit Liquid Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Hit Liquid Limited

Company Information

Directors

S J Stretton

Registered office

The Barn
Elms Farm
Hobb Lane
Warrington
Cheshire
WA4 5LS

Accountants

Hannah Murray FCCA
Chartered Certified Accountant
61 Falconers Green
Westbrook
Warrington
Cheshire
WA5 7XF

 

Hit Liquid Limited

(Registration number: 11081120)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

60,324

67,864

Tangible assets

5

22,195

17,932

 

82,519

85,796

Current assets

 

Stocks

6

90,000

74,426

Debtors

7

893,753

419,991

Cash at bank and in hand

 

83,088

131,104

 

1,066,841

625,521

Creditors: Amounts falling due within one year

8

(1,148,372)

(488,279)

Net current (liabilities)/assets

 

(81,531)

137,242

Total assets less current liabilities

 

988

223,038

Creditors: Amounts falling due after more than one year

8

-

(272,000)

Net assets/(liabilities)

 

988

(48,962)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

888

(49,062)

Shareholders' funds/(deficit)

 

988

(48,962)

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 5 February 2023 and signed on its behalf by:
 

 

Hit Liquid Limited

(Registration number: 11081120)
Balance Sheet as at 30 November 2023

.........................................
S J Stretton
Director

 

Hit Liquid Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
The Barn
Elms Farm
Hobb Lane
Warrington
Cheshire
WA4 5LS
England

These financial statements were authorised for issue by the Board on 5 February 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Hit Liquid Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Trademarks

10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Hit Liquid Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Hit Liquid Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 1).

 

Hit Liquid Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 December 2022

75,405

75,405

At 30 November 2023

75,405

75,405

Amortisation

At 1 December 2022

7,541

7,541

Amortisation charge

7,540

7,540

At 30 November 2023

15,081

15,081

Carrying amount

At 30 November 2023

60,324

60,324

At 30 November 2022

67,864

67,864

5

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 December 2022

20,101

20,101

Additions

11,661

11,661

At 30 November 2023

31,762

31,762

Depreciation

At 1 December 2022

2,169

2,169

Charge for the year

7,398

7,398

At 30 November 2023

9,567

9,567

Carrying amount

At 30 November 2023

22,195

22,195

At 30 November 2022

17,932

17,932

6

Stocks

2023
£

2022
£

Other inventories

90,000

74,426

 

Hit Liquid Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

893,753

419,991

 

Hit Liquid Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

108,120

128,120

Trade creditors

 

210,677

-

Taxation and social security

 

214,331

87,581

Accruals and deferred income

 

125,291

291

Other creditors

 

489,953

272,287

 

1,148,372

488,279

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

-

272,000

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

-

272,000

2023
£

2022
£

Current loans and borrowings

Other borrowings

108,120

128,120

 

Hit Liquid Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

11

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £250.00 (2022 - £Nil) per each Ordinary shares

 

25,000

 

-

         

12

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Contributions paid to money purchase schemes

123,000

-

Directors Loan Accounts

£489,953 is owed to the director S Stretton as at 30/11/23, this is repayable on demand and no interest has been charged to the company.

£108,120 is owed to the director M Corral as at 30/11/23, this is repayable on demand and no interest has been charged to the company.