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Registered Number: 11821107
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 29 February 2024

for

DIVERSE BEERS LIMITED

 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 3 27,450    32,850 
Tangible fixed assets 4 3,190    4,457 
30,640    37,307 
Current assets      
Stocks 5 21,211    30,280 
Debtors 6 114,518    118,026 
Cash at bank and in hand 30,087    35,436 
165,816    183,742 
Creditors: amount falling due within one year 7 (193,121)   (197,404)
Net current assets (27,305)   (13,662)
 
Total assets less current liabilities 3,335    23,645 
Creditors: amount falling due after more than one year 8 (32,151)   (38,048)
Provisions for liabilities 9 (606)   (847)
Net assets (29,422)   (15,250)
 

Capital and reserves
     
Called up share capital 10 100    100 
Profit and loss account (29,522)   (15,350)
Shareholders' funds (29,422)   (15,250)
 


For the year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 22 November 2024 and were signed by:


-------------------------------
A M Kenworthy
Director
1
General Information
Diverse Beers Limited is a private company, limited by shares, registered in England and Wales, registration number 11821107, registration address Unit 8, Tongue Lane Industrial Estate, Stone Bench Way, Buxton, Derbyshire, SK17 7LZ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors believe that the company is experiencing good levels of growth into the next financial year, and that it is well placed to manage its business risks successfully despite making a loss in this financial year. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 10 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Reducing Balance
Computer Equipment 33% Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Borrowing costs
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
2.

Average number of employees

Average number of employees during the year was 5 (2023 : 5).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 March 2023 54,000    54,000 
Additions  
Disposals  
At 29 February 2024 54,000    54,000 
Amortisation
At 01 March 2023 21,150    21,150 
Charge for year 5,400    5,400 
On disposals  
At 29 February 2024 26,550    26,550 
Net book values
At 29 February 2024 27,450    27,450 
At 28 February 2023 32,850    32,850 


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Computer Equipment   Total
  £   £   £
At 01 March 2023 8,977    2,639    11,616 
Additions    
Disposals    
At 29 February 2024 8,977    2,639    11,616 
Depreciation
At 01 March 2023 4,810    2,349    7,159 
Charge for year 1,044    223    1,267 
On disposals    
At 29 February 2024 5,854    2,572    8,426 
Net book values
Closing balance as at 29 February 2024 3,123    67    3,190 
Opening balance as at 01 March 2023 4,167    290    4,457 


5.

Stocks

2024
£
  2023
£
Stocks 21,211    30,280 
21,211    30,280 

6.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 32,715    74,081 
Provision for Doubtful Debts   (1,212)
Prepayments & Accrued Income 5,241    1,038 
Other Debtors 76,562    44,119 
114,518    118,026 
Loans to associated companies
Other debtors represent loans to associated companies that have been made interest free and are repayable on demand.

7.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 172,184    155,541 
Bank Loans & Overdrafts 5,713    5,775 
Corporation Tax   727 
PAYE & Social Security 663    1,417 
Accrued Expenses 2,002    12,722 
Other Creditors 478    302 
Directors' Current Accounts 6,693    13,172 
VAT 5,388    7,748 
193,121    197,404 
Included within Bank Loans & Overdrafts is the Bounce Back Loan which is 100% Government guaranteed.

8.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts 32,151    38,048 
32,151    38,048 
Included within Bank Loans & Overdrafts is the Bounce Back Loan which is 100% Government guaranteed.

9.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 847    3,670 
Charged to Profit & Loss (241)   (2,823)
606    847 

10.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
100 Class A shares of £1.00 each 100    100 
100    100 

11.

Operating leases

The total of future minimum lease payments under non-cancellable operating leases are:

Duration of lease   2024
£
  2023
£
Not later than one year 21,825 
Later than one year and not later than five years 18,647  26,518 
Later than five years
18,647  48,343 



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