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HURRICANE RUM COMPANY LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Hurricane Rum Company Limited is a private limited liability company incorporated England and Wales, with its registered office address at 1 Stephen Street, London, W1T 1AL.
The principal activity of the Company is the supply of spirits.
The Company's functional and presentational currency is £ Sterling.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis, the validity of which is dependent on the continued support of the Company's director and its loan creditors. In the opinion of the director the Company will continue to receive such financial support as may be required to enable it to meet its liabilities for at least 12 months following the date of his approval of the financial statements and on this basis have prepared the financial statements on a going concern basis.
Turnover comprises revenue recognised by the Company in respect of goods supplied during the year, exclusive of value added tax.
Revenue from the sale of goods is recognised when the goods are dispatched.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase and all related direct costs on a first in, first out basis
Short term debtors are measured at the transaction price, less any impairment.
Short term creditors are measured at the transaction price.
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