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Filleted

Registration number: 08899385

Mambo Drinks Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 27 February 2024

 

Mambo Drinks Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

Mambo Drinks Limited

Company Information

Director

Ms S Atkinson

Registered office

4 Swansea Road
Penllergaer
Swansea
SA4 9AQ

 

Mambo Drinks Limited

(Registration number: 08899385)
Balance Sheet as at 27 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

13,996

13,996

Current assets

 

Debtors

5

99,883

99,883

Cash at bank and in hand

 

13,896

13,896

 

113,779

113,779

Creditors: Amounts falling due within one year

6

(116,126)

(115,861)

Net current liabilities

 

(2,347)

(2,082)

Net assets

 

11,649

11,914

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

11,647

11,912

Total equity

 

11,649

11,914

For the financial year ending 27 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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 27 November 2024
 

.........................................
Ms S Atkinson
Director

   
     
 

Mambo Drinks Limited

Notes to the Financial Statements for the Year Ended 27 February 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
4 Swansea Road
Penllergaer
Swansea
SA4 9AQ

These financial statements were authorised for issue by the director on 27 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% Reducing balance

 

Mambo Drinks Limited

Notes to the Financial Statements for the Year Ended 27 February 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Mambo Drinks Limited

Notes to the Financial Statements for the Year Ended 27 February 2024

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 28 February 2023

42,656

42,656

At 27 February 2024

42,656

42,656

Depreciation

At 28 February 2023

28,660

28,660

At 27 February 2024

28,660

28,660

Carrying amount

At 27 February 2024

13,996

13,996

At 27 February 2023

13,996

13,996

5

Debtors

2024
£

2023
£

Trade debtors

70,202

70,202

Other debtors

29,681

29,681

99,883

99,883

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

74,946

74,946

Other related parties

 

40,735

40,735

Other creditors

 

445

180

 

116,126

115,861

 

Mambo Drinks Limited

Notes to the Financial Statements for the Year Ended 27 February 2024

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Shares of £1 each

2

2

2

2

         

8

Related party transactions

Transactions with directors

2024

At 28 February 2023
£

At 27 February 2024
£

Ms S Atkinson

Interest free loan repayable on demand

(40,735)

(40,735)

     
   

 

2023

At 28 February 2022
£

At 27 February 2023
£

Ms S Atkinson

Interest free loan repayable on demand

(40,735)

(40,735)