Company registration number 07619597 (England and Wales)
LIQUOR STORE (BIRMINGHAM) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
LIQUOR STORE (BIRMINGHAM) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
LIQUOR STORE (BIRMINGHAM) LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
3,715
5,388
Tangible assets
4
9,198
12,005
12,913
17,393
Current assets
Stocks
170,078
143,000
Debtors
5
7,248
7,895
Cash at bank and in hand
69,071
167,659
246,397
318,554
Creditors: amounts falling due within one year
6
(189,792)
(213,006)
Net current assets
56,605
105,548
Total assets less current liabilities
69,518
122,941
Creditors: amounts falling due after more than one year
7
(20,000)
(35,000)
Provisions for liabilities
8
(2,453)
(2,815)
Net assets
47,065
85,126
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
46,965
85,026
Total equity
47,065
85,126
The notes on pages 3 to 6 form part of these financial statements.
LIQUOR STORE (BIRMINGHAM) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 17 October 2024
Mr P J Hazel
Director
Company registration number 07619597 (England and Wales)
LIQUOR STORE (BIRMINGHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Liquor Store (Birmingham) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 The Grand, 27 Colmore Row, Birmingham, United Kingdom, B3 2BS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets other than goodwill
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website
evenly over its estimated useful life of ten years
1.4
Tangible fixed assets
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
depreciated over the term of the lease
Shop equipment
20% reducing balance
Fixtures and fittings
10% on cost
Computer equipment
25% on cost
1.5
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
LIQUOR STORE (BIRMINGHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
The company operates a defined contribution pension scheme. Payments to defined contribution schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
7
7
3
Intangible fixed assets
Other
£
Cost
At 1 February 2023 and 31 January 2024
16,734
Amortisation and impairment
At 1 February 2023
11,346
Amortisation charged for the year
1,673
At 31 January 2024
13,019
Carrying amount
At 31 January 2024
3,715
At 31 January 2023
5,388
LIQUOR STORE (BIRMINGHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2023 and 31 January 2024
50,630
72,821
123,451
Depreciation and impairment
At 1 February 2023
50,630
60,816
111,446
Depreciation charged in the year
2,807
2,807
At 31 January 2024
50,630
63,623
114,253
Carrying amount
At 31 January 2024
9,198
9,198
At 31 January 2023
12,005
12,005
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
7,248
7,895
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
15,000
15,000
Trade creditors
72,879
80,937
Taxation and social security
37,017
61,132
Other creditors
64,896
55,937
189,792
213,006
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
20,000
35,000
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
2,453
2,815
LIQUOR STORE (BIRMINGHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100