Acorah Software Products - Accounts Production 15.0.600 false true true 31 January 2023 1 February 2022 false 1 February 2023 31 January 2024 31 January 2024 07073988 Mr Ernie Phelps Ernie Phelps true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07073988 2023-01-31 07073988 2024-01-31 07073988 2023-02-01 2024-01-31 07073988 frs-core:CurrentFinancialInstruments 2024-01-31 07073988 frs-core:Non-currentFinancialInstruments 2024-01-31 07073988 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-01-31 07073988 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-02-01 2024-01-31 07073988 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-01-31 07073988 frs-core:PlantMachinery 2024-01-31 07073988 frs-core:PlantMachinery 2023-02-01 2024-01-31 07073988 frs-core:PlantMachinery 2023-01-31 07073988 frs-core:ShareCapital 2024-01-31 07073988 frs-core:RetainedEarningsAccumulatedLosses 2024-01-31 07073988 frs-bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 07073988 frs-bus:FilletedAccounts 2023-02-01 2024-01-31 07073988 frs-bus:SmallEntities 2023-02-01 2024-01-31 07073988 frs-bus:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 07073988 frs-bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 07073988 1 2023-02-01 2024-01-31 07073988 frs-bus:Director1 2023-02-01 2024-01-31 07073988 frs-countries:EnglandWales 2023-02-01 2024-01-31 07073988 2022-01-31 07073988 2023-01-31 07073988 2022-02-01 2023-01-31 07073988 frs-core:CurrentFinancialInstruments 2023-01-31 07073988 frs-core:Non-currentFinancialInstruments 2023-01-31 07073988 frs-core:ShareCapital 2023-01-31 07073988 frs-core:RetainedEarningsAccumulatedLosses 2023-01-31
Registered number: 07073988
Pure Lounge Bar Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
Inchmead Accountants Limited
100 Berkshire Place
Winnersh
Wokingham
RG41 5RD
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07073988
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 28,558 61,072
28,558 61,072
CURRENT ASSETS
Stocks 5 9,800 9,800
Debtors 6 249,509 70,955
Cash at bank and in hand 43,389 16,015
302,698 96,770
Creditors: Amounts Falling Due Within One Year 7 (150,433 ) (87,116 )
NET CURRENT ASSETS (LIABILITIES) 152,265 9,654
TOTAL ASSETS LESS CURRENT LIABILITIES 180,823 70,726
Creditors: Amounts Falling Due After More Than One Year 8 (114,837 ) (34,794 )
NET ASSETS 65,986 35,932
CAPITAL AND RESERVES
Called up share capital 9 103 103
Profit and Loss Account 65,883 35,829
SHAREHOLDERS' FUNDS 65,986 35,932
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Ernie Phelps
Director
17 May 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Pure Lounge Bar Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07073988 . The registered office is Inchmead Suite , 100 Berkshire Place, Winnersh, Wokingham, RG41 5RD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Significant judgements and estimations
In the application of the company’s accounting policies, the directors are required to make judgements, 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.
2.4. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% straight line
Plant & Machinery 25% reducing balance
2.6. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Page 3
Page 4
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 24 (2023: 25)
24 25
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Total
£ £ £
Cost
As at 1 February 2023 346,398 117,567 463,965
Additions - 11,265 11,265
As at 31 January 2024 346,398 128,832 475,230
Depreciation
As at 1 February 2023 300,794 102,099 402,893
Provided during the period 36,951 6,828 43,779
As at 31 January 2024 337,745 108,927 446,672
Net Book Value
As at 31 January 2024 8,653 19,905 28,558
As at 1 February 2023 45,604 15,468 61,072
5. Stocks
2024 2023
£ £
Finished goods 9,800 9,800
Page 4
Page 5
6. Debtors
2024 2023
£ £
Due within one year
Amounts owed by associates 249,509 70,955
249,509 70,955
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 36,391 20,293
Bank loans and overdrafts 10,162 -
Corporation tax 50,064 34,405
Other taxes and social security 7,938 1,484
VAT 18,466 23,650
Net wages 3,529 -
Director's loan account 23,883 7,284
150,433 87,116
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 114,837 34,794
114,837 34,794
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 103 103
10. Ultimate Controlling Party
The company's ultimate controlling party is Ernie Phelps by virtue of his ownership of 97% of the issued share capital in the company.
Page 5