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Registration number: 10597857

The Gin Lounge Limited

Annual Report and Unaudited Financial Statements

For The Period from 1 March 2023 to 30 April 2024

 

The Gin Lounge Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

The Gin Lounge Limited

(Registration number: 10597857)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

4

 

-

 

1,287

Current assets

   

 

Stocks

5

-

 

4,100

 

Debtors

6

4,400

 

69,789

 

Cash at bank and in hand

 

6,687

 

7,010

 

 

11,087

 

80,899

 

Creditors: Amounts falling due within one year

7

(5,656)

 

(68,435)

 

Net current assets

   

5,431

 

12,464

Total assets less current liabilities

   

5,431

 

13,751

Creditors: Amounts falling due after more than one year

7

 

(21,550)

 

(20,792)

Net liabilities

   

(16,119)

 

(7,041)

Capital and reserves

   

 

Called up share capital

3

 

3

 

Profit and loss account

(16,122)

 

(7,044)

 

Total equity

   

(16,119)

 

(7,041)

For the financial period ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The directors acknowledge their 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 Board on 23 January 2025 and signed on its behalf by:
 

.........................................
Mrs Rachel-Dee Fitton
Director

 

The Gin Lounge Limited

Notes to the Unaudited Financial Statements For The Period from 1 March 2023 to 30 April 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 Cowpasture Road
Ilkley
LS29 8SR
United Kingdom

These financial statements were authorised for issue by the Board on 23 January 2025.

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

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.

Tax

The tax expense for the period comprises 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.

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.

 

The Gin Lounge Limited

Notes to the Unaudited Financial Statements For The Period from 1 March 2023 to 30 April 2024

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

Fixtures & fittings

33% Straight line

Leasehold improvements

20% Reducing balance

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 4 (2023 - 4).

 

The Gin Lounge Limited

Notes to the Unaudited Financial Statements For The Period from 1 March 2023 to 30 April 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2023

4,729

20,616

25,345

Disposals

(4,729)

(20,616)

(25,345)

At 30 April 2024

-

-

-

Depreciation

At 1 March 2023

3,887

20,171

24,058

Eliminated on disposal

(3,887)

(20,171)

(24,058)

At 30 April 2024

-

-

-

Carrying amount

At 30 April 2024

-

-

-

At 28 February 2023

842

445

1,287

Included within the net book value of land and buildings above is £Nil (2023 - £842) in respect of short leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

-

4,100

6

Debtors

Current

2024
£

2023
£

Trade debtors

4,400

-

Other debtors

-

69,789

 

4,400

69,789

 

The Gin Lounge Limited

Notes to the Unaudited Financial Statements For The Period from 1 March 2023 to 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

3,250

3,250

Taxation and social security

724

28

Other creditors

1,682

65,157

5,656

68,435

Due after one year

Loans and borrowings

21,550

20,792