Firefly Tonics Limited (Formerly JB Drinks Propco Limited)
Financial Statements
For the 52 week period ended 29 March 2024
Pages for Filing with Registrar
Company Registration No. 08172506 (England and Wales)
Firefly Tonics Limited (formerly JB Drinks Propco Limited)
Company Information
Directors
S Baldwin
M Caroe
Company number
08172506
Registered office
Douglas House
Mounts Road
Wednesbury
West Midlands
United Kingdom
WS10 0BU
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Firefly Tonics Limited (formerly JB Drinks Propco Limited)
Firefly Tonics Limited (Formerly JB Drinks Propco Limited)
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
Firefly Tonics Limited (formerly JB Drinks Propco Limited)
Firefly Tonics Limited (Formerly JB Drinks Propco Limited)
Balance Sheet
As at 29 March 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,571,808
1,014,224
Current assets
Debtors
4
240,166
-
0
Cash at bank and in hand
938
586
241,104
586
Creditors: amounts falling due within one year
5
(447,267)
(257,148)
Net current liabilities
(206,163)
(256,562)
Total assets less current liabilities
2,365,645
757,662
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
2,365,644
757,661
Total equity
2,365,645
757,662

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 12 July 2024 and are signed on its behalf by:
S Baldwin
Director
Company Registration No. 08172506
Firefly Tonics Limited (Formerly JB Drinks Propco Limited)
Statement of Changes in Equity
For the 52 week period ended 29 March 2024
Page 2
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 2 April 2022
1
649,817
649,818
Period ended 31 March 2023:
Profit and total comprehensive income for the period
-
107,844
107,844
Balance at 31 March 2023
1
757,661
757,662
Period ended 29 March 2024:
Profit and total comprehensive income for the period
-
178,234
178,234
Waiver of intercompany creditor balances
-
1,429,749
1,429,749
Balance at 29 March 2024
1
2,365,644
2,365,645
Firefly Tonics Limited (Formerly JB Drinks Propco Limited)
Notes to the Financial Statements
For the 52 week period ended 29 March 2024
Page 3
1
Accounting policies
Company information

Firefly Tonics Limited (formerly JB Drinks Propco Limited) is a private company limited by shares incorporated in England and Wales. The registered office is Douglas House, Mounts Road, Wednesbury, West Midlands, United Kingdom, WS10 0BU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Notwithstanding net current liabilities of £true206,163 as at 29 March 2024 (At 31 March 2023: £256,562), the financial statements have been prepared on a going concern basis, which the directors consider to be appropriate for the following reasons.

 

The directors have prepared group cash flow forecasts from the date of approval of these financial statements through to March 2026 which indicate that the company will have sufficient funds through funding from its fellow subsidiary, Purity Soft Drinks Limited, to meet its liabilities as they fall due for a period of at least 12 months from date of approval of these financial statements. Group cash forecasts have been prepared as this company is reliant on the group for its revenue and any costs incurred are paid by group companies as well.

 

Consequently, the directors are confident that the company will have sufficient funds to continue to meets its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

1.3
Turnover

Turnover is derived from the company's principle activity, the rental of freehold property to a fellow group undertaking, Purity Soft Drinks Limited.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold Property
50 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Firefly Tonics Limited (Formerly JB Drinks Propco Limited)
Notes to the Financial Statements (Continued)
For the 52 week period ended 29 March 2024
1
Accounting policies
(Continued)
Page 4
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

Basic financial instruments are measured at cost. The company has no other financial instruments or basic financial instruments measured at fair value.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Firefly Tonics Limited (Formerly JB Drinks Propco Limited)
Notes to the Financial Statements (Continued)
For the 52 week period ended 29 March 2024
1
Accounting policies
(Continued)
Page 5
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The only employees of the company are the directors who received no remuneration during the period. All costs are borne by other group undertakings.

3
Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2023
1,216,081
Additions
1,601,391
At 29 March 2024
2,817,472
Depreciation and impairment
At 1 April 2023
201,857
Depreciation charged in the 52 week period
43,807
At 29 March 2024
245,664
Carrying amount
At 29 March 2024
2,571,808
At 31 March 2023
1,014,224
Firefly Tonics Limited (Formerly JB Drinks Propco Limited)
Notes to the Financial Statements (Continued)
For the 52 week period ended 29 March 2024
Page 6
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
235,618
-
0
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
4,548
-
0
Total debtors
240,166
-
5
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts due to group undertakings
-
0
50,035
Corporation tax
72,262
30,277
Corporation tax - group relief
375,005
168,538
Other taxation and social security
-
8,298
447,267
257,148
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Share of £1 each
1
1
1
1
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Jamie Sherman
Statutory Auditor:
Moore Kingston Smith LLP
Firefly Tonics Limited (Formerly JB Drinks Propco Limited)
Notes to the Financial Statements (Continued)
For the 52 week period ended 29 March 2024
Page 7
8
Financial commitments, guarantees and contingent liabilities

All companies within the group, namely Firefly Tonics Limited, Juiceburst Limited and Purity Soft Drinks Limited are party to cross guarantees given for bank loans and overdrafts amounting to £Nil (2023: £Nil). The contingent liability of this company as of 29 March 2024 is £Nil (2023: £Nil).

9
Parent company

The Company is a subsidiary undertaking of Aurora Topco 1 Limited, registered office being Douglas House, Mounts Road, Wednesbury, WS10 0BU. The ultimate controlling party is a fund managed by Verdane Fund Manager AB, an investment management firm, by virtue of its majority shareholding in Aurora Topco 1 Limited held through Aurora Holdco Limited, registered office 24 Old Queen Street, London, SW1H 9HP.

2024-03-292023-04-01falsefalsefalse12 July 2024CCH SoftwareCCH Accounts Production 2024.301No description of principal activityS BaldwinM Caroe0081725062023-04-012024-03-2908172506bus:Director12023-04-012024-03-2908172506bus:Director22023-04-012024-03-2908172506bus:RegisteredOffice2023-04-012024-03-29081725062024-03-29081725062023-03-3108172506core:LandBuildings2024-03-2908172506core:LandBuildings2023-03-3108172506core:CurrentFinancialInstruments2024-03-2908172506core:CurrentFinancialInstruments2023-03-3108172506core:ShareCapital2024-03-2908172506core:ShareCapital2023-03-3108172506core:RetainedEarningsAccumulatedLosses2024-03-2908172506core:RetainedEarningsAccumulatedLosses2023-03-3108172506core:ShareCapital2022-04-0108172506core:RetainedEarningsAccumulatedLosses2022-04-0108172506core:RetainedEarningsAccumulatedLosses2022-04-022023-03-31081725062022-04-022023-03-3108172506core:RetainedEarningsAccumulatedLosses2023-04-012024-03-2908172506core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-012024-03-2908172506core:LandBuildings2023-03-3108172506core:LandBuildings2023-04-012024-03-2908172506core:AfterOneYear2024-03-2908172506core:AfterOneYear2023-03-3108172506bus:PrivateLimitedCompanyLtd2023-04-012024-03-2908172506bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-2908172506bus:FRS1022023-04-012024-03-2908172506bus:Audited2023-04-012024-03-2908172506bus:FullAccounts2023-04-012024-03-29xbrli:purexbrli:sharesiso4217:GBP