Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312022-07-01falseNo description of principal activity33falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08090710 2022-07-01 2023-12-31 08090710 2021-07-01 2022-06-30 08090710 2023-12-31 08090710 2022-06-30 08090710 c:Director2 2022-07-01 2023-12-31 08090710 d:FurnitureFittings 2022-07-01 2023-12-31 08090710 d:FurnitureFittings 2023-12-31 08090710 d:FurnitureFittings 2022-06-30 08090710 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-07-01 2023-12-31 08090710 d:ComputerEquipment 2022-07-01 2023-12-31 08090710 d:ComputerEquipment 2023-12-31 08090710 d:ComputerEquipment 2022-06-30 08090710 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-12-31 08090710 d:OwnedOrFreeholdAssets 2022-07-01 2023-12-31 08090710 d:PatentsTrademarksLicencesConcessionsSimilar 2022-07-01 2023-12-31 08090710 d:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 08090710 d:PatentsTrademarksLicencesConcessionsSimilar 2022-06-30 08090710 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-07-01 2023-12-31 08090710 d:CurrentFinancialInstruments 2023-12-31 08090710 d:CurrentFinancialInstruments 2022-06-30 08090710 d:Non-currentFinancialInstruments 2023-12-31 08090710 d:Non-currentFinancialInstruments 2022-06-30 08090710 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 08090710 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 08090710 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 08090710 d:Non-currentFinancialInstruments d:AfterOneYear 2022-06-30 08090710 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 08090710 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-06-30 08090710 d:ShareCapital 2023-12-31 08090710 d:ShareCapital 2022-06-30 08090710 d:RetainedEarningsAccumulatedLosses 2023-12-31 08090710 d:RetainedEarningsAccumulatedLosses 2022-06-30 08090710 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 08090710 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-06-30 08090710 c:FRS102 2022-07-01 2023-12-31 08090710 c:AuditExemptWithAccountantsReport 2022-07-01 2023-12-31 08090710 c:FullAccounts 2022-07-01 2023-12-31 08090710 c:PrivateLimitedCompanyLtd 2022-07-01 2023-12-31 08090710 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2022-07-01 2023-12-31 08090710 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2022-07-01 2023-12-31 08090710 e:PoundSterling 2022-07-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 08090710










WEST END DRINKS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
WEST END DRINKS LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WEST END DRINKS LIMITED
FOR THE PERIOD ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of West End Drinks Limited for the period ended 31 December 2023 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of West End Drinks Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of West End Drinks Limited and state those matters that we have agreed to state to the Board of Directors of West End Drinks Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than West End Drinks Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that West End Drinks Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of West End Drinks Limited. You consider that West End Drinks Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or review of the financial statements of West End Drinks Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kinnair Associates Limited
 
Chartered Accountants
  
Aston House
Redburn Road
Newcastle upon Tyne
NE5 1NB
24 September 2024
Page 1

 
WEST END DRINKS LIMITED
REGISTERED NUMBER: 08090710

BALANCE SHEET
AS AT 31 DECEMBER 2023

31 December
30 June
2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
36,191
38,600

Tangible assets
 6 
1,341
6,709

  
37,532
45,309

Current assets
  

Stocks
  
204,409
215,124

Debtors: amounts falling due within one year
 7 
40,529
28,095

Cash at bank and in hand
 8 
13,032
121,286

  
257,970
364,505

Creditors: amounts falling due within one year
 9 
(125,438)
(34,709)

Net current assets
  
 
 
132,532
 
 
329,796

Total assets less current liabilities
  
170,064
375,105

Creditors: amounts falling due after more than one year
 10 
(14,167)
(29,187)

  

Net assets
  
155,897
345,918


Capital and reserves
  

Called up share capital 
  
206,142
206,142

Profit and loss account
  
(50,245)
139,776

  
155,897
345,918


Page 2

 
WEST END DRINKS LIMITED
REGISTERED NUMBER: 08090710
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 September 2024.




Mr H Raymond
Director

The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
WEST END DRINKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

West End Drinks Limited (Company no. 08090710) is a private company limited by shares incorporated in England and Wales. The registered office and business address is 4th Floor, Cardinal House, 39-40 Albemarle Street, London, W1S 4TE. The principal activity of the company is that of the sale, marketing and development of own branded drinks. 
The company changed the year end so the results for the period to 31 December 2023 are for an 18 month period commencing 1 July 2022. The results for the period to 30 June 2022 are presented for a 12 month period so comparatives may not be entirely comparable.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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.

 Monetary amounts in these financial statements are rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have a reasonable expectation that the company has sufficient resources to be able to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting is appropriate in preparing the annual financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 4

 
WEST END DRINKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
WEST END DRINKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Trademarks
-
5
years

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
3 years
Computer equipment
-
2 to 3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6

 
WEST END DRINKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.12

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. . Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Page 7

 
WEST END DRINKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting  estimates are recognised in the period in which the estimate is revised where the revision affects only that  period, or in the period of the revision and future periods where the revision affects both current and future periods. 

Page 8

 
WEST END DRINKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Employees

18 months ended
31 December
12 months ended
30 June
2023
2022
£
£

Wages and salaries
12,710
34,074

Cost of defined contribution scheme
-
24

12,710
34,098


The average monthly number of employees, including directors, during the period was 3 (2022 - 3).


5.


Intangible assets






Trademarks

£



Cost


At 1 July 2022
219,434


Additions
24,321


Disposals
(150)



At 31 December 2023

243,605



Amortisation


At 1 July 2022
180,834


Charge for the period
26,730


On disposals
(150)



At 31 December 2023

207,414



Net book value



At 31 December 2023
36,191



At 30 June 2022
38,600

The directors hold a joint first fixed charge on all the trademarks and intellectual property of the company. 



Page 9

 
WEST END DRINKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

6.


Tangible fixed assets







Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 July 2022
4,499
9,888
14,387


Disposals
(703)
-
(703)



At 31 December 2023

3,796
9,888
13,684



Depreciation


At 1 July 2022
1,383
6,295
7,678


Charge for the period
1,688
3,096
4,784


Disposals
(119)
-
(119)



At 31 December 2023

2,952
9,391
12,343



Net book value



At 31 December 2023
844
497
1,341



At 30 June 2022
3,116
3,593
6,709


7.


Debtors

31 December
30 June
2023
2022
£
£


Trade debtors
3,524
288

Other debtors
11,692
19,087

Prepayments and accrued income
25,313
8,720

40,529
28,095


Page 10

 
WEST END DRINKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

8.


Cash and cash equivalents

31 December
30 June
2023
2022
£
£

Cash at bank and in hand
13,032
121,286

13,032
121,286



9.


Creditors: Amounts falling due within one year

31 December
30 June
2023
2022
£
£

Bank loans
10,000
10,000

Trade creditors
19,677
20,230

Other creditors
92,114
426

Accruals and deferred income
3,647
4,053

125,438
34,709


Included in other creditors are directors' loan accounts secured by a joint fixed charge over the company's trademarks and intellectual property, and a floating charge over the company's assets. 


10.


Creditors: Amounts falling due after more than one year

31 December
30 June
2023
2022
£
£

Bank loans
14,167
29,187

14,167
29,187


Page 11

 
WEST END DRINKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

11.


Loans


Analysis of the maturity of loans is given below:


31 December
30 June
2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 1-2 years

Bank loans
14,167
29,187


14,167
29,187



24,167
39,187



12.


Financial instruments

31 December
30 June
2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
13,032
13,032




13.


Related party transactions

The directors hold a joint fixed charge on all the trademarks and intellectual property of the company, and a floating charge on the company's assets in relation to loans made to the company and included within other creditors due within one year.

 
Page 12