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Registration number: 12584224

Thirsty Boy Wine Co Ltd

Unaudited Financial Statements

for the Year Ended 31 May 2024

 

Thirsty Boy Wine Co Ltd

(Registration number: 12584224)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

14,256

1,184

Current assets

 

Stocks

5

130,482

51,193

Debtors

6

119,869

-

Cash at bank and in hand

 

121,730

102,302

 

372,081

153,495

Creditors: Amounts falling due within one year

7

(272,880)

(62,837)

Net current assets

 

99,201

90,658

Total assets less current liabilities

 

113,457

91,842

Provisions for liabilities

(2,709)

-

Net assets

 

110,748

91,842

Capital and reserves

 

Called up share capital

1

1

Retained earnings

110,747

91,841

Shareholders' funds

 

110,748

91,842

For the financial year ending 31 May 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 his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 November 2024
 

 

Thirsty Boy Wine Co Ltd

(Registration number: 12584224)
Balance Sheet as at 31 May 2024

.........................................
Mr Daniel Long
Director

 

Thirsty Boy Wine Co Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Ground Floor Right
2-4 Tottenham Road
London
N1 4BZ

These financial statements were authorised for issue by the director on 21 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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

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

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods 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.

 

Thirsty Boy Wine Co Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Plant & Machinery

33% SL

Fictures & Fittings

25% SL

Long Term Leasehold Improvements

20% SL

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

 

Thirsty Boy Wine Co Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Trade debtors

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

Trade debtors are recognised at the transaction price.

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.

Trade 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 at cost.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Thirsty Boy Wine Co Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 11 (2023 - 6).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

-

1,332

1,332

Additions

14,400

2,146

16,546

At 31 May 2024

14,400

3,478

17,878

Depreciation

At 1 June 2023

-

148

148

Charge for the year

2,880

594

3,474

At 31 May 2024

2,880

742

3,622

Carrying amount

At 31 May 2024

11,520

2,736

14,256

At 31 May 2023

-

1,184

1,184

Included within the net book value of land and buildings above is £11,520 (2023 - £Nil) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

130,482

51,193

6

Debtors

 

Thirsty Boy Wine Co Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Current

Note

2024
£

2023
£

Trade debtors

 

5,634

-

Amounts owed by related parties

10

114,235

-

   

119,869

-

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

107,745

6,137

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

30,000

-

Taxation and social security

 

74,319

51,721

Accruals and deferred income

 

1,250

-

Other creditors

 

59,566

4,979

 

272,880

62,837

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         

9

Dividends

2024

2023

£

£

Interim dividend of £93,662.00 (2023 - £Nil) per ordinary share

85,452

-

 

 

10

Related party transactions

 

Thirsty Boy Wine Co Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Summary of transactions with other related parties

At the balance sheet the company owed Mr D Long £45,452 (2023: was owed £966). There is no interest charged or terms for repayment.

Included in debtors of the Company are amounts owed by wholly owned group undertakings of £84,234 (2023 £0). Amounts arose under normal trading conditions and are repayable under those terms.

 

11

Parent and ultimate parent undertaking

The company's immediate parent is Heaps Thirsty Ltd, incorporated in England & Wales.

 The ultimate controlling party is Daniel Long by virtue of his shareholding.