Caseware UK (AP4) 2023.0.135 2023.0.135 false2023-04-01falseThe principal activity of the company is that of distribution of drinks.98trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03267523 2023-04-01 2024-03-31 03267523 2022-04-01 2023-03-31 03267523 2024-03-31 03267523 2023-03-31 03267523 c:Director2 2023-04-01 2024-03-31 03267523 d:MotorVehicles 2023-04-01 2024-03-31 03267523 d:MotorVehicles 2024-03-31 03267523 d:MotorVehicles 2023-03-31 03267523 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03267523 d:FurnitureFittings 2023-04-01 2024-03-31 03267523 d:FurnitureFittings 2024-03-31 03267523 d:FurnitureFittings 2023-03-31 03267523 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03267523 d:ComputerEquipment 2023-04-01 2024-03-31 03267523 d:ComputerEquipment 2024-03-31 03267523 d:ComputerEquipment 2023-03-31 03267523 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03267523 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03267523 d:CurrentFinancialInstruments 2024-03-31 03267523 d:CurrentFinancialInstruments 2023-03-31 03267523 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 03267523 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 03267523 d:ShareCapital 2024-03-31 03267523 d:ShareCapital 2023-03-31 03267523 d:RetainedEarningsAccumulatedLosses 2024-03-31 03267523 d:RetainedEarningsAccumulatedLosses 2023-03-31 03267523 c:FRS102 2023-04-01 2024-03-31 03267523 c:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 03267523 c:FullAccounts 2023-04-01 2024-03-31 03267523 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03267523 2 2023-04-01 2024-03-31 03267523 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 03267523










The Drinks Company Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 March 2024

 
The Drinks Company Limited
 
  
Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Financial Statements of The Drinks Company Limited for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Drinks Company Limited for the year ended 31 March 2024 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 The Drinks Company Limited, as a body, in accordance with the terms of our engagement letter dated 2 August 2023Our work has been undertaken solely to prepare for your approval the financial statements of The Drinks Company Limited and state those matters that we have agreed to state to the Board of Directors of The Drinks Company 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 The Drinks Company Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that The Drinks Company 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 profit of The Drinks Company Limited. You consider that The Drinks Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of The Drinks Company 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.

  



Kreston Reeves LLP
Chartered Accountants
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
19 September 2024
Page 1

 
The Drinks Company Limited
Registered number: 03267523

Balance Sheet
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
39,929
55,794

  
39,929
55,794

Current assets
  

Stocks
 5 
643,188
524,783

Debtors: amounts falling due within one year
 6 
1,872,034
1,931,321

Cash at bank and in hand
  
892,100
1,037,833

  
3,407,322
3,493,937

Creditors: amounts falling due within one year
 7 
(3,281,151)
(3,383,631)

Net current assets
  
 
 
126,171
 
 
110,306

Total assets less current liabilities
  
166,100
166,100

  

Net assets
  
166,100
166,100


Capital and reserves
  

Called up share capital 
  
16,100
16,100

Profit and loss account
  
150,000
150,000

  
166,100
166,100


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 year 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 by: 




................................................
W A Oddy
Director
Date: 18 September 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
The Drinks Company Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2024

1.


General information

The Drinks Company Limited is a private company limited by shares and incorporated in England and Wales. The registration number of the company is 03267523.
The registered office is Springfield House, Springfield Road, Horsham, West Sussex, RH12 2RG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The presentation currency is £ sterling.
The figures in the financial statements have been rounded to the nearest £1.

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:

 
2.2

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.

Page 3

 
The Drinks Company Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)

 
2.3

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
10% straight line
Computer equipment
-
33% straight line

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.

 
2.4

Stocks

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 on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.5

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.

 
2.6

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.

 
2.7

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

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 4

 
The Drinks Company Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)

 
2.9

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.

 
2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.11

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2023 - 8).

Page 5

 
The Drinks Company Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2024

4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
79,289
23,362
25,419
128,070


Disposals
(14,995)
-
-
(14,995)



At 31 March 2024

64,294
23,362
25,419
113,075



Depreciation


At 1 April 2023
33,960
16,260
22,056
72,276


Charge for the year on owned assets
11,333
1,162
2,502
14,997


Disposals
(14,127)
-
-
(14,127)



At 31 March 2024

31,166
17,422
24,558
73,146



Net book value



At 31 March 2024
33,128
5,940
861
39,929



At 31 March 2023
45,329
7,102
3,363
55,794


5.


Stocks

2024
2023
£
£

Finished goods and goods for resale
643,188
524,783

643,188
524,783



6.


Debtors

2024
2023
£
£


Trade debtors
1,826,641
1,890,355

Other debtors
500
1,006

Prepayments and accrued income
44,893
39,960

1,872,034
1,931,321


Page 6

 
The Drinks Company Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 March 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
603,806
1,393,816

Amounts owed to group undertakings
2,149,166
1,381,483

Corporation tax
180,505
225,304

Other taxation and social security
268,918
334,145

Accruals and deferred income
78,756
48,883

3,281,151
3,383,631



8.


Pension commitments

Defined contribution pension scheme:
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £74,463 (2023 - £83,689).


9.


Transactions with directors

During the year the director repaid the loan outstanding to the company at 31 March 2023 of £1,006. A motor vehicle was sold to the director at 31 March 2024. At the year end £500 was due from the Director in relation to this. This has been repaid post year end. 


10.


Related party transactions

M & O Holdings Limited
(Parent company)
During the year M & O Holdings Limited continued to provide a loan to the company. During the year, dividends totalling £2,177,731 (2023: £1,796,652) were paid to M & O Holdings Limited. At the balance sheet date the amount due to M & O Holdings Limited was £2,149,166 (2023: £1,381,483).


11.


Controlling party

The company is controlled by its parent undertaking, M & O Holdings Limited. The registered office is Springfield House, Springfield Road, Horsham, West Sussex, RH12 2RG, and the principal place of business is 11 Foundry Court, Foundry Lane, Horsham, West Sussex, RH13 5PY.


Page 7