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REGISTERED NUMBER: 08632159 (England and Wales)















Brighton Spirits Company Ltd

Unaudited Financial Statements for the Year Ended 31 July 2024






Brighton Spirits Company Ltd (Registered number: 08632159)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Brighton Spirits Company Ltd

Company Information
for the Year Ended 31 July 2024







DIRECTORS: Mr I E Barry
Ms K M K Caton
Ms E C Dobing





REGISTERED OFFICE: 35a Vale Road
Portslade
Brighton
East Sussex
BN41 1GD





REGISTERED NUMBER: 08632159 (England and Wales)





ACCOUNTANTS: Swindells LLP
Chartered Accountants
Atlantic House
8 Bell Lane
Bellbrook Industrial Estate
Uckfield
East Sussex
TN22 1QL

Brighton Spirits Company Ltd (Registered number: 08632159)

Balance Sheet
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 12,483 17,435
Tangible assets 5 31,344 46,711
43,827 64,146

CURRENT ASSETS
Stocks 56,997 88,679
Debtors 6 121,752 165,590
Cash at bank and in hand 3,839 2,367
182,588 256,636
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

7

179,616

206,246
NET CURRENT ASSETS 2,972 50,390
TOTAL ASSETS LESS CURRENT
LIABILITIES

46,799

114,536

CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR

8

(40,714

)

(91,763

)

PROVISIONS FOR LIABILITIES (7,605 ) (7,605 )
NET (LIABILITIES)/ASSETS (1,520 ) 15,168

Brighton Spirits Company Ltd (Registered number: 08632159)

Balance Sheet - continued
31 July 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 6,500 6,500
Share premium 116,501 116,501
Retained earnings (124,521 ) (107,833 )
SHAREHOLDERS' FUNDS (1,520 ) 15,168

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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 Profit and Loss has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2024 and were signed on its behalf by:




Ms K M K Caton - Director



Mr I E Barry - Director


Brighton Spirits Company Ltd (Registered number: 08632159)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Brighton Spirits Company Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents sales of goods, net of VAT and trade discounts. Turnover is recognised when the goods are physically delivered to the customer.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Trademarks are being amortised evenly over their estimated useful life of seven years.

Website is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 20% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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.

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 the profit or loss. Reversals of impairment losses are also recognised in the profit or loss


Brighton Spirits Company Ltd (Registered number: 08632159)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred. Identifiable expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all of the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Pension costs and other post-retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expenses as they fall due.

Brighton Spirits Company Ltd (Registered number: 08632159)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued

Going concern
These accounts are prepared on the going concern basis, not withstanding the deficit in net assets at the balance sheet date. The directors, having reviewed the available information and taking into account the twelve months from the date of the signing of the balance sheet consider that the company has sufficient resources to ensure that it can pay its creditors as they fall due. The directors have also indicated that they will continue to support the company where necessary.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Trademarks Website Totals
£    £    £   
COST
At 1 August 2023 30,420 7,000 37,420
Additions 916 - 916
At 31 July 2024 31,336 7,000 38,336
AMORTISATION
At 1 August 2023 15,668 4,317 19,985
Amortisation for year 4,468 1,400 5,868
At 31 July 2024 20,136 5,717 25,853
NET BOOK VALUE
At 31 July 2024 11,200 1,283 12,483
At 31 July 2023 14,752 2,683 17,435

Brighton Spirits Company Ltd (Registered number: 08632159)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 August 2023 25,455 49,183 17,561
Additions - 125 103
Disposals - (9,250 ) -
At 31 July 2024 25,455 40,058 17,664
DEPRECIATION
At 1 August 2023 9,163 28,412 16,404
Charge for year 3,259 3,920 527
Eliminated on disposal - (4,047 ) -
At 31 July 2024 12,422 28,285 16,931
NET BOOK VALUE
At 31 July 2024 13,033 11,773 733
At 31 July 2023 16,292 20,771 1,157

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 August 2023 10,430 5,705 108,334
Additions - - 228
Disposals - - (9,250 )
At 31 July 2024 10,430 5,705 99,312
DEPRECIATION
At 1 August 2023 2,690 4,954 61,623
Charge for year 1,935 751 10,392
Eliminated on disposal - - (4,047 )
At 31 July 2024 4,625 5,705 67,968
NET BOOK VALUE
At 31 July 2024 5,805 - 31,344
At 31 July 2023 7,740 751 46,711

Brighton Spirits Company Ltd (Registered number: 08632159)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 36,369 64,443
Amounts owed by associates 81,195 81,195
Other debtors 4,188 19,952
121,752 165,590

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 48,857 54,401
Hire purchase contracts (see note 9) 2,395 5,260
Trade creditors 33,250 40,294
Taxation and social security 33,895 32,795
Other creditors 61,219 73,496
179,616 206,246

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 40,714 89,571
Hire purchase contracts (see note 9) - 2,192
40,714 91,763

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 2,395 5,260
Between one and five years - 2,192
2,395 7,452

Brighton Spirits Company Ltd (Registered number: 08632159)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

9. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year - 46,226

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 89,571 138,428
Hire purchase contracts 2,395 7,452
Other loans 22,059 49,019
114,025 194,899

Hire purchase agreements are secured over the relevant asset.

Other loans are secured by way of a fixed and floating charge over the company's assets.