Company No:
Contents
Note | 31.03.2023 | 31.03.2022 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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26,172 | 33,171 | |||
Current assets | ||||
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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323,142 | 357,427 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 24,180 | 81,617 | ||
Total assets less current liabilities | 50,352 | 114,788 | ||
Creditors: amounts falling due after more than one year | 7 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 8 |
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Share premium account |
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Profit and loss account | (
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Whitebox Drinks Limited (registered number:
B Iravani
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
Whitebox Drinks Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 5-9 Bon Accord Crescent, Aberdeen, AB11 6DN, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The company has made a loss for the year which is in accordance with the company's plan to invest in the company's product and wider infrastructure to create future growth. The company experienced increasing levels of sales in the latter part of the financial year which will lead to increased revenue growth in FY2024.
The directors continually assess the funding needs of the business and work closely with existing shareholders who continue to support the company. The directors have also engaged with investors and have completed a growth fundraise in FY2024 with plans to continue seeking additional investment.
Based on the increased revenues expected for FY2024 and the continued support of the shareholders, the directors consider that the company will have adequate resources for the foreseeable future and the financial statements should be prepared on a going concern basis.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Goodwill |
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Development costs |
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Trademarks, patents and licences |
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Website costs |
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Plant and machinery |
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Fixtures and fittings |
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Computer equipment |
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Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and other loans are initially recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Year ended 31.03.2023 |
Period from 26.03.2021 to 31.03.2022 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Goodwill | Development costs | Trademarks, patents and licences |
Website costs | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 April 2022 |
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At 31 March 2023 |
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Accumulated amortisation | |||||||||
At 01 April 2022 |
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Charge for the financial year |
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At 31 March 2023 |
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Net book value | |||||||||
At 31 March 2023 |
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At 31 March 2022 |
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The useful life of the intangible assets was assessed and it was decided to accelerate amortisation.
Plant and machinery | Fixtures and fittings | Computer equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 April 2022 |
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Additions |
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At 31 March 2023 |
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Accumulated depreciation | |||||||
At 01 April 2022 |
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Charge for the financial year |
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At 31 March 2023 |
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Net book value | |||||||
At 31 March 2023 |
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At 31 March 2022 |
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31.03.2023 | 31.03.2022 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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31.03.2023 | 31.03.2022 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to related parties |
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Other taxation and social security |
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Other creditors |
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31.03.2023 | 31.03.2022 | ||
£ | £ | ||
Other creditors |
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31.03.2023 | 31.03.2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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279 | 249 |
In the financial year 2023, 3,070,993 A Ordinary shares were allotted with an aggregate nominal value of £30.70993 for a consideration of £650,234.25.
Commitments
31.03.2023 | 31.03.2022 | ||
£ | £ | ||
Total future minimum lease payments under non-cancellable operating lease |
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Other related party transactions
31.03.2023 | 31.03.2022 | ||
£ | £ | ||
Amounts owed to other related parties | 0 | 22,727 |
The loans with related parties are repayable on demand and do not bear interest.