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Registered number: 12573940














LOCKDOWN LIQUOR LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
LOCKDOWN LIQUOR LIMITED
 

CONTENTS



Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10


 
LOCKDOWN LIQUOR LIMITED
REGISTERED NUMBER:12573940

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
60,223
96,729

  
60,223
96,729

Current assets
  

Stocks
 5 
168,535
246,696

Debtors: amounts falling due after more than one year
 6 
91,536
91,536

Debtors: amounts falling due within one year
 6 
244,355
245,365

Cash at bank and in hand
 7 
3,079
16,870

  
507,505
600,467

Creditors: amounts falling due within one year
 8 
(1,277,648)
(972,936)

Net current liabilities
  
 
 
(770,143)
 
 
(372,469)

Total assets less current liabilities
  
(709,920)
(275,740)

Creditors: amounts falling due after more than one year
 9 
-
(4,219)

  

Net liabilities
  
(709,920)
(279,959)


Capital and reserves
  

Called up share capital 
 10 
116
114

Share premium account
  
1,160,984
899,986

Other reserves
  
75
-

Profit and loss account
  
(1,871,095)
(1,180,059)

  
(709,920)
(279,959)


Page 1

 
LOCKDOWN LIQUOR LIMITED
REGISTERED NUMBER:12573940
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 December 2024.




Jack Durling
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 2

 
LOCKDOWN LIQUOR LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Share premium account
Share-based payments reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 April 2022
112
599,988
-
(553,625)
46,475



Loss for the year
-
-
-
(626,434)
(626,434)

Shares issued during the year
2
299,998
-
-
300,000



At 1 April 2023
114
899,986
-
(1,180,059)
(279,959)



Loss for the year
-
-
-
(691,036)
(691,036)

Share-based payments
-
-
75
-
75

Shares issued during the year
2
260,998
-
-
261,000


At 31 March 2024
116
1,160,984
75
(1,871,095)
(709,920)


The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
LOCKDOWN LIQUOR LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Lockdown Liquor Limited is a private company, limited by shares, registered in England and Wales, registration number 12573940
The address of the registered office is 91 Peterborough Road, London, SW6 3BU.
The trading adress is Unit 18, Zennor Trade Park, Balham, London, SW12 0PS.
 
The principal activity is that of the distribution of alcoholic beverages.


2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The ultimate shareholders have considered the implications of a net deficit in the balance sheet. The ultimate shareholders have agreed to provide financial support to the company to satisfy its financial obligations for at least 12 months from the date of signature of the financial statements, which have been prepared on the going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is pound sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
LOCKDOWN LIQUOR LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Revenue

Turnover comprises revenue recognised by the company in respect of the sale of alcoholic beverages supplied during the year, exclusive of Value Added Tax and trade discounts.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

 
2.6

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.7

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
LOCKDOWN LIQUOR LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
33%
straight line
Fixtures and fittings
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.10

 Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.11

 Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.12

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2023 - 12).

Page 6

 
LOCKDOWN LIQUOR LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Total

£
£
£



Cost 


At 1 April 2023
28,886
139,391
168,277


Additions
308
6,155
6,463



At 31 March 2024

29,194
145,546
174,740



Depreciation


At 1 April 2023
16,578
54,970
71,548


Charge for the year on owned assets
9,654
33,315
42,969



At 31 March 2024

26,232
88,285
114,517



Net book value



At 31 March 2024
2,962
57,261
60,223



At 31 March 2023
12,308
84,422
96,730

Page 7

 
LOCKDOWN LIQUOR LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Stocks

2024
2023
£
£

Raw materials
117,441
155,953

Finished goods
51,094
90,743

168,535
246,696



6.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
91,536
91,536

91,536
91,536


Included within debtors due after more than one year are rent deposits totalling £91,536 (2023 - £91,536). 

2024
2023
£
£

Due within one year

Trade debtors
102,539
143,342

Other debtors
5,088
6,479

Prepayments and accrued income
136,728
95,544

244,355
245,365



7.


Cash

2024
2023
£
£

Cash at bank and in hand
3,079
16,870

3,079
16,870


Page 8

 
LOCKDOWN LIQUOR LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
179,865
209,402

Other taxation and social security
46,279
42,287

Obligations under finance lease and hire purchase contracts
4,219
7,234

Other creditors
1,001,572
665,920

Accruals
45,713
48,093

1,277,648
972,936


The following liabilities were secured:

2024
2023
£
£



Other creditors
70,491
176,103

70,491
176,103

Details of security provided:

HSBC Invoice Finance (UK) Ltd holds a fixed charge in relation to the vested debt and a floating charge over the assets of the company in respect of the amount stated above.


9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
-
4,219

-
4,219



10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,160,267 (2023 - 1,139,471) Ordinary shares of £0.0001 each
116.03
113.95


During the year the company issued, 14,820 Ordinary shares at £0.0001 each in June 2023 and a
further £5,976 Ordinary Shares at £0.0001 each in July 2023.

Page 9

 
LOCKDOWN LIQUOR LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Reserves

Other reserves

Other reserves are non-distributable and arise from the fair value in respect of EMI share options.

Profit and loss account

This reserve includes all current and prior year retained profits and losses.


12.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company  in an independently administered fund. The pension cost charge represents contributions payable by the company  to the fund and amounted to £5,213 (2023 - £9,580). Contributions totalling £852 (2023 -  £725)  were payable to the fund at the balance sheet date and are included in creditors.


13.


Commitments under operating leases

At 31 March 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
194,280
203,784

Later than 1 year and not later than 5 years
187,408
381,688

381,688
585,472


14.


Related party transactions

Included within other creditors as at the balance sheet date, is a loan due to the directors of  £587,470 (2023 - £258,870). This is an interest free loan and is repayable on demand.
Included within other creditors as at the balance sheet date, is a loan balance of £341,411 (2023 - £229,901) due to Total Management UK Limited, a company in which the directors have a beneficial interest.
During the year the company paid management charges to Total Management UK Limited amounting to £Nil (2023 - £17,500).

 
Page 10