Company No:
Contents
DIRECTORS | Anthony Edward Cook (Appointed 13 February 2024) |
Ryan Dominik Meade (Appointed 11 September 2023) | |
Christopher Pensabene (Appointed 13 February 2024) | |
Cale Zachary Watts (Appointed 11 September 2023) |
REGISTERED OFFICE | Leeward House |
Fitzroy Road | |
Exeter | |
EX1 3LJ | |
England | |
United Kingdom |
COMPANY NUMBER | 15129483 (England and Wales) |
ACCOUNTANT | Old Mill Accountancy Limited |
Leeward House | |
Fitzroy Road | |
Exeter Business Park | |
Exeter | |
Devon | |
EX1 3LJ |
Note | 31.03.2024 | |
£ | ||
Fixed assets | ||
Intangible assets | 3 |
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7,031 | ||
Current assets | ||
Stocks |
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Debtors | 4 |
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Cash at bank and in hand |
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91,055 | ||
Creditors: amounts falling due within one year | 5 | (
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Net current assets | 32,974 | |
Total assets less current liabilities | 40,005 | |
Net assets |
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Capital and reserves | ||
Called-up share capital | 6 |
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Capital contribution reserve |
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Profit and loss account | (
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Froth Distribution Limited (registered number:
Anthony Edward Cook
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
Froth Distribution Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Leeward House, Fitzroy Road, Exeter, EX1 3LJ, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The company incorporated on 11 September 2023. The directors chose to shorten the accounting period to 31 March 2024 to align the company year-end with the UK tax year-end. These financial statements therefore cover a six and a half month period rather than a full year.
The company commenced trading on 04 December 2023.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so 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.
Trademarks, patents and licences |
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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.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Period from 11.09.2023 to 31.03.2024 |
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Number | |
Monthly average number of persons employed by the Company during the period, including directors |
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Trademarks, patents and licences |
Total | ||
£ | £ | ||
Cost | |||
At 11 September 2023 |
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Additions |
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At 31 March 2024 |
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Accumulated amortisation | |||
At 11 September 2023 |
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Charge for the financial period |
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At 31 March 2024 |
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Net book value | |||
At 31 March 2024 |
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31.03.2024 | |
£ | |
Trade debtors |
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Prepayments |
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Other debtors |
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31.03.2024 | |
£ | |
Trade creditors |
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Amounts owed to directors |
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Accruals |
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Other taxation and social security |
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31.03.2024 | |
£ | |
Allotted, called-up and fully-paid | |
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Transactions with the entity's directors
31.03.2024 | |
£ | |
Directors Loan Account- owed to company at balance sheet date | 10,000 |
During the year a further director made a capital contribution to the company of £60,000.