2024-01-012024-06-302024-06-30false12369297JL DRINKS 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JL DRINKS LTD

Registered Number
12369297
(England and Wales)

Unaudited Financial Statements for the Period ended
30 June 2024

JL DRINKS LTD
Company Information
for the period from 1 January 2024 to 30 June 2024

Director

KOONER, Balraj

Company Secretary

KOONER, Balraj

Registered Address

Building 18 The Pensnett Estate
Kingswinford
DY6 7NA

Registered Number

12369297 (England and Wales)
JL DRINKS LTD
Balance Sheet as at
30 June 2024

Notes

30 Jun 2024

31 Dec 2023

£

£

£

£

Fixed assets
Intangible assets1,678,122112,358
Tangible assets87,07692,686
1,765,198205,044
Current assets
Stocks361,267257,632
Debtors171,053161,059
Cash at bank and on hand8,2658,104
540,585426,795
Creditors amounts falling due within one year3(354,697)(309,164)
Net current assets (liabilities)185,888117,631
Total assets less current liabilities1,951,086322,675
Creditors amounts falling due after one year4(860,840)(815,482)
Provisions for liabilities5(196,403)-
Net assets893,843(492,807)
Capital and reserves
Called up share capital100100
Revaluation reserve1,571,220-
Profit and loss account(677,477)(492,907)
Shareholders' funds6893,843(492,807)
The financial statements were approved and authorised for issue by the Director on 23 September 2024, and are signed on its behalf by:
KOONER, Balraj
Director
Registered Company No. 12369297
JL DRINKS LTD
Notes to the Financial Statements
for the period ended 30 June 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2.Average number of employees

20242023
Average number of employees during the year99
3.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables115,294177,267
Bank borrowings and overdrafts30,96829,233
Taxation and social security117,49389,370
Other creditors83,3785,731
Accrued liabilities and deferred income7,5647,563
Total354,697309,164
4.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts48,81848,818
Amounts owed to related parties505,357458,115
Other creditors306,665308,549
Total860,840815,482
5.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)196,403-
Total196,403-
6.Revaluation reserve
Revaluation Reserves: In accordance with FRS 102, the company has elected to measure certain assets at revalued amounts, reflecting their fair value at the date of revaluation. The revaluation of these assets is carried out periodically to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the reporting date. Brands Value Revaluation: As part of the company’s strategic asset management, the brand value was revalued on 07/06/2024 (as per the letter received from the director). The valuation was conducted by the director and was based on an offer received from an independent company to acquire the Brands. The carrying value of the brands at the previous reporting date was £0. Following the revaluation, the brand value is now recognised at £1,414,098.00 for Jatt Life and £157,122.00 for Rico 69. The revaluation surplus of £1,571,220.00 has been credited to the revaluation reserve within equity. Key Assumptions and Estimates: The valuation is based on the following key assumptions: • Brand continues to increase in value Impact on Financial Statements: The movement in the revaluation reserve for the year is as follows: Description Amount (£) Revaluation surplus recognised 1,571,220.00 Any impairments recognised 0.00 Transfer to retained earnings 0.00 Closing balance of revaluation reserve 1,571,220.00 The revaluation reserve is not available for distribution to shareholders and is retained within equity until the asset is disposed of or becomes impaired. Limitations: The brand value is subject to ongoing review, and any subsequent decreases in value may require an impairment charge to be recognised in profit or loss. The directors remain vigilant in monitoring the market trends and performance indicators that may impact the brand’s valuation. This disclosure is intended to provide users of the financial statements with relevant information on the company’s approach to the revaluation of brand value and the implications for financial reporting as per FRS 102 requirements.

£
Revaluations of other assets1,571,220
At 30 June 241,571,220
7.Change in reporting period and impact on comparability
Due to the accounting period being shortened to six months in accordance with HMRC regulations, specifically under the provisions outlined in Section 12 of the Corporation Tax Act 2010, please be advised that the comparative figures may exhibit a significant discrepancy.