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Registered number: 13297723
High Spirits Etwall Ltd
Financial Statements
For The Year Ended 30 April 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13297723
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 19,345 21,705
19,345 21,705
CURRENT ASSETS
Stocks 5 2,500 2,500
Debtors 6 15,904 20,640
Cash at bank and in hand 22,266 71,744
40,670 94,884
Creditors: Amounts Falling Due Within One Year 7 (39,525 ) (55,308 )
NET CURRENT ASSETS (LIABILITIES) 1,145 39,576
TOTAL ASSETS LESS CURRENT LIABILITIES 20,490 61,281
PROVISIONS FOR LIABILITIES
Deferred Taxation (3,637 ) (4,077 )
NET ASSETS 16,853 57,204
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 16,753 57,104
SHAREHOLDERS' FUNDS 16,853 57,204
Page 1
Page 2
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ms Karen Scotson
Director
29 January 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
High Spirits Etwall Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13297723 . The registered office is First Floor, Sterling House, Outrams Wharf, Little Eaton, Derby, DE21 5EL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% Straight Line
Fixtures & Fittings 10% Straight Line
Computer Equipment 33.33% Straight Line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2023: 7)
8 7
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4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 May 2023 4,045 19,622 1,446 25,113
Additions 1,030 - - 1,030
As at 30 April 2024 5,075 19,622 1,446 26,143
Depreciation
As at 1 May 2023 573 2,554 281 3,408
Provided during the period 946 1,962 482 3,390
As at 30 April 2024 1,519 4,516 763 6,798
Net Book Value
As at 30 April 2024 3,556 15,106 683 19,345
As at 1 May 2023 3,472 17,068 1,165 21,705
5. Stocks
2024 2023
£ £
Stock 2,500 2,500
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 2,404 2,357
Other debtors 8,500 8,242
Directors' loan accounts - 5,041
10,904 15,640
Due after more than one year
Rent Deposit 5,000 5,000
15,904 20,640
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 10,532 1,384
Corporation tax 8,362 9,763
Other taxes and social security 657 273
VAT 6,708 8,897
Net wages 3,836 1,583
Other creditors 165 148
Directors' loan accounts 4,085 -
Amounts owed to related parties 5,180 33,260
39,525 55,308
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8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5