Rush Energy Drinks Ltd 08267282 false 2022-11-01 2023-10-31 2023-10-31 The principal activity of the company is supplier of our own branded energy drinks Digita Accounts Production Advanced 6.30.9574.0 true true 08267282 2022-11-01 2023-10-31 08267282 2023-10-31 08267282 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-10-31 08267282 core:CurrentFinancialInstruments 2023-10-31 08267282 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 08267282 core:Non-currentFinancialInstruments 2023-10-31 08267282 core:Non-currentFinancialInstruments core:AfterOneYear 2023-10-31 08267282 core:PatentsTrademarksLicencesConcessionsSimilar 2023-10-31 08267282 core:MoreThanFiveYears 1 2023-10-31 08267282 core:FurnitureFittings 2023-10-31 08267282 core:OfficeEquipment 2023-10-31 08267282 1 2023-10-31 08267282 bus:SmallEntities 2022-11-01 2023-10-31 08267282 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 08267282 bus:FilletedAccounts 2022-11-01 2023-10-31 08267282 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 08267282 bus:RegisteredOffice 2022-11-01 2023-10-31 08267282 bus:Director1 2022-11-01 2023-10-31 08267282 bus:Director2 2022-11-01 2023-10-31 08267282 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-11-01 2023-10-31 08267282 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 08267282 core:PatentsTrademarksLicencesConcessionsSimilar 2022-11-01 2023-10-31 08267282 core:FurnitureFittings 2022-11-01 2023-10-31 08267282 core:OfficeEquipment 2022-11-01 2023-10-31 08267282 core:PlantMachinery 2022-11-01 2023-10-31 08267282 1 2022-11-01 2023-10-31 08267282 countries:EnglandWales 2022-11-01 2023-10-31 08267282 2022-10-31 08267282 core:PatentsTrademarksLicencesConcessionsSimilar 2022-10-31 08267282 core:FurnitureFittings 2022-10-31 08267282 core:OfficeEquipment 2022-10-31 08267282 2021-11-01 2022-10-31 08267282 2022-10-31 08267282 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-10-31 08267282 core:CurrentFinancialInstruments 2022-10-31 08267282 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 08267282 core:Non-currentFinancialInstruments 2022-10-31 08267282 core:Non-currentFinancialInstruments core:AfterOneYear 2022-10-31 08267282 core:PatentsTrademarksLicencesConcessionsSimilar 2022-10-31 08267282 core:MoreThanFiveYears 1 2022-10-31 08267282 core:FurnitureFittings 2022-10-31 08267282 core:OfficeEquipment 2022-10-31 08267282 1 2022-10-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 08267282

Rush Energy Drinks Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Rush Energy Drinks Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Rush Energy Drinks Ltd

Company Information

Directors

L Routledge

K Routledge

Registered office

5 The Pavilions
Albert Edward House
Ashton-On-Ribble
Preston
PR2 2YB

Accountants

Johnson Smith & Co Ltd
Centurion House
London Road
Staines-Upon-Thames
Surrey
TW18 4AX

 

Rush Energy Drinks Ltd

(Registration number: 08267282)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

21,499

32,104

Tangible assets

5

1,858

2,477

 

23,357

34,581

Current assets

 

Stocks

6

125,023

174,674

Debtors

7

100,567

39,193

Cash at bank and in hand

 

56

1,083

 

225,646

214,950

Creditors: Amounts falling due within one year

8

(132,138)

(106,546)

Net current assets

 

93,508

108,404

Total assets less current liabilities

 

116,865

142,985

Creditors: Amounts falling due after more than one year

8

(153,744)

(147,436)

Net liabilities

 

(36,879)

(4,451)

Capital and reserves

 

Called up share capital

10

2

2

Other reserves

105,640

105,640

Retained earnings

(142,521)

(110,093)

Shareholders' deficit

 

(36,879)

(4,451)

For the financial year ending 31 October 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.

 

Rush Energy Drinks Ltd

(Registration number: 08267282)
Balance Sheet as at 31 October 2023

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 July 2024 and signed on its behalf by:
 

.........................................
L Routledge
Director

.........................................
K Routledge
Director

 
     
 

Rush Energy Drinks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

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

The address of its registered office is:
5 The Pavilions
Albert Edward House
Ashton-On-Ribble
Preston
PR2 2YB

These financial statements were authorised for issue by the Board on 29 July 2024.

2

Accounting policies

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.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

The financial statements have been prepared assuming the company will continue as a going concern. Under the going concern assumption, a company is ordinarily viewed as continuing in business for the foreseeable future with neither the necessity of liquidity, nor ceasing trading or seeking protection from creditors pursuant to laws or regulations. statements. In assessing whether the going concern assumption is appropriate, management takes into account all available information for the foreseeable future, in particular for the twelve months from the date of approval of the financial statements. Management have a reasonable expectation that the entity has adequate resources to continue in its operational exercises for the foreseeable future and has adopted the going concern basis of accounting in preparing the financial statements.

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.

 

Rush Energy Drinks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Government grants

The grants are recognised in the profit and loss account so as to match them with the expenditure towards which they are intended to contribute. The revenue based grants are written off to the profit and & loss account as and when the relevant expenditure has been incurred; for capital based grants the grant are recognised in the profit and loss account over the life of the asset to which it relates to and matched with the relevant depreciation charges.

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.

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

Trade Marks

Straight line basis over 10 years

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

Plant and machinery

33% on cost and 20% on cost

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.

 

Rush Energy Drinks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Tax

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or
substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

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.

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.

 

Rush Energy Drinks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Rush Energy Drinks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 November 2022

106,191

106,191

At 31 October 2023

106,191

106,191

Amortisation

At 1 November 2022

74,087

74,087

Amortisation charge

10,605

10,605

At 31 October 2023

84,692

84,692

Carrying amount

At 31 October 2023

21,499

21,499

At 31 October 2022

32,104

32,104

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 November 2022

4,622

1,545

6,167

At 31 October 2023

4,622

1,545

6,167

Depreciation

At 1 November 2022

2,145

1,545

3,690

Charge for the year

619

-

619

At 31 October 2023

2,764

1,545

4,309

Carrying amount

At 31 October 2023

1,858

-

1,858

At 31 October 2022

2,477

-

2,477

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

125,023

174,674

 

Rush Energy Drinks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

93,800

36,209

Other debtors

6,767

2,984

 

100,567

39,193

At the year end date, debtors included factored sales invoices of £22,125 (2022: £34,202).

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

26,416

8,064

Trade creditors

 

4,677

13,929

Taxation and social security

 

28,836

50,861

Accruals and deferred income

 

71,320

-

Other creditors

 

889

33,692

 

132,138

106,546

Creditors include loans of £8,065 ( 2022- £8,064).

In March 2022, the company obatined further loan of £40,000 which is unsecured and repayable term of over 60 months.

The bank and other loans are secured by personal guarantees offered by the directors.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

133,426

147,436

Other non-current financial liabilities

 

20,318

-

 

153,744

147,436

2023
£

2022
£

Due after more than five years

After more than five years by instalments

133,426

147,436

-

-

Creditors include bank loans repayable by instalments of £133,426.00 (2022 - £147,436.00) due after more than five years.

 

Rush Energy Drinks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

133,426

147,436

Current loans and borrowings

2023
£

2022
£

Bank borrowings

8,065

8,064

Bank overdrafts

18,351

-

26,416

8,064

Bank borrowings

The Coronavirus Business Interruption Loan Scheme (CBILS) is denominated in £ with a nominal interest rate of 2.50%, and the final instalment is due on 31 December 2035. The carrying amount at year end is £141,490 (2022 - £147,436).

The bank and other loans are secured by personal guarantees offered by the directors.

Included in the loans and borrowings are the following amounts due after more than five years:

 

Rush Energy Drinks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Borrowings due after five years

In May 2020, the company acquired a long term funding of £97,500 under Government backed loan arrangement known as The Coronavirus Business Interruption Loan Scheme (CBILS) and has renegotiated to longer reapayment term.

During the year, the company reviewed its existing loan portfolio and proceeded to consolidate and renegotiated longer repayment terms of its loans with the lenders.

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

2

2

2

2