Company registration number 13339400 (England and Wales)
THE BREEZE DRINKS COMPANY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
THE BREEZE DRINKS COMPANY LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
THE BREEZE DRINKS COMPANY LTD
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
5
96,079
51,347
Tangible assets
6
2,177
96,079
53,524
Current assets
Debtors
7
55,372
353,086
Cash at bank and in hand
5,847
19,749
61,219
372,835
Creditors: amounts falling due within one year
8
(30,761)
(991,529)
Net current assets/(liabilities)
30,458
(618,694)
Net assets/(liabilities)
126,537
(565,170)
Capital and reserves
Called up share capital
9
Profit and loss reserves
126,537
(565,170)
Total equity
126,537
(565,170)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
At 1 May 2023, the trade moved to Swish Cocktails Ltd. The remaining activity is for the holding of group intellectual property only. As such, the comparative figures are not directly comparable.
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
THE BREEZE DRINKS COMPANY LTD
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 30 January 2025
Mrs E Breeze
Director
Company Registration No. 13339400
THE BREEZE DRINKS COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
The Breeze Drinks Company Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Hawkridge House, Hawkridge Hill, Frilsham, Thatcham, Berkshire, United Kingdom, RG18 9XA.
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 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 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
These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Intangible fixed assets other than goodwill
Intangible assets comprises of the fees paid for the use of trade marks and brand. It also consists of fees paid for the development costs and other intangible assets. Intangible assets are stated at cost and are reviewed for impairment on an annual basis.
1.6
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.
THE BREEZE DRINKS COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
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:
Plant and equipment
4 years straight line
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.
1.7
Impairment of fixed assets
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss, unless it’s carried at a revalued amount, where the impairment loss is a revaluation decrease.
1.8
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.9
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.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
THE BREEZE DRINKS COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.11
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.
1.12
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.
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.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
THE BREEZE DRINKS COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.16
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, not to disclose related party transactions with wholly owned subsidiaries within the group.
2
Change in accounting policy
During the year the company has changed the accounting policy for amortistaion of intangible assets. Previously intangible assets were amortised over a useful life of 10 years. The policy has been updated to hold intangible assets at cost with the value carrying reviewed annualy by the director for any impairment. This policy is effective dated 1 May 2022, as such the comparateive have ben restated.
THE BREEZE DRINKS COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
3
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Revenue recognition
The key judgements made by management in respect of revenue is the point at which that revenue should be recognised. Management consider the underlying contract terms and conclude upon the most appropriate point of the cycle at which to recognise revenue based upon the these terms and in particular where the risks and rewards of ownership transfer.
Intangible Fixed Assets
Intangibles are capitalised in accordance with accounting standards and the Company's accounting policy. Management estimate the useful life of intangible assets based on factors such as the expected use in the business.
Tangible Fixed Assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessment consider issues such as the remaining life of the asset and the projected disposal value.
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
THE BREEZE DRINKS COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
5
Intangible fixed assets
£
Cost
At 1 May 2023
51,976
Additions
44,732
At 30 April 2024
96,708
Amortisation and impairment
At 1 May 2023 and 30 April 2024
629
Carrying amount
At 30 April 2024
96,079
At 30 April 2023
51,347
6
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023
3,371
Disposals
(3,371)
At 30 April 2024
Depreciation and impairment
At 1 May 2023
1,194
Depreciation charged in the year
843
Eliminated in respect of disposals
(2,037)
At 30 April 2024
Carrying amount
At 30 April 2024
At 30 April 2023
2,177
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
20,147
20,000
Other debtors
35,225
19,944
55,372
39,944
THE BREEZE DRINKS COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
7
Debtors
(Continued)
- 9 -
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
313,142
Total debtors
55,372
353,086
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
5,012
Taxation and social security
22,039
Other creditors
3,710
991,529
30,761
991,529
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 1p each
1
1
-
-
10
Related party transactions
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Other related parties
10,743
-
11
Directors' transactions
At the year end, the company owed key management personnel £NIL (2023 - £940,573).
There was a balance of £1,116,171.56 for the year ending 30 April 2024 which was moved through the intercompany account which has subsequently been written off to the Profit & Loss.
12
Prior period adjustment
THE BREEZE DRINKS COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
12
Prior period adjustment
(Continued)
- 10 -
Reconciliation of changes in equity
1 May
30 April
2022
2023
£
£
Adjustments to prior year
Removing amortisation
-
5,769
Equity as previously reported
(318,689)
(570,939)
Equity as adjusted
(318,689)
(565,170)
Analysis of the effect upon equity
Profit and loss reserves
-
5,769
Reconciliation of changes in loss for the previous financial period
2023
£
Adjustments to prior year
Removing amortisation
5,769
Loss as previously reported
(252,250)
Loss as adjusted
(246,481)
2024-04-302023-05-01falseCCH SoftwareCCH Accounts Production 2024.210No description of principal activityMrs E Breezefalsefalse133394002023-05-012024-04-30133394002024-04-30133394002023-04-3013339400core:PatentsTrademarksLicencesConcessionsSimilar2023-04-3013339400core:OtherPropertyPlantEquipment2023-04-3013339400core:CurrentFinancialInstrumentscore:WithinOneYear2024-04-3013339400core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-3013339400core:CurrentFinancialInstruments2024-04-3013339400core:CurrentFinancialInstruments2023-04-3013339400core:ShareCapital2024-04-3013339400core:ShareCapital2023-04-3013339400core:RetainedEarningsAccumulatedLosses2024-04-3013339400core:RetainedEarningsAccumulatedLosses2023-04-3013339400bus:Director12023-05-012024-04-3013339400core:IntangibleAssetsOtherThanGoodwill2023-05-012024-04-3013339400core:PlantMachinery2023-05-012024-04-30133394002022-05-012023-04-3013339400core:PatentsTrademarksLicencesConcessionsSimilar2023-04-3013339400core:PatentsTrademarksLicencesConcessionsSimilar2024-04-3013339400core:PatentsTrademarksLicencesConcessionsSimilarcore:ExternallyAcquiredIntangibleAssets2023-05-012024-04-3013339400core:OtherPropertyPlantEquipment2023-04-3013339400core:OtherPropertyPlantEquipment2024-04-3013339400core:OtherPropertyPlantEquipment2023-05-012024-04-3013339400core:WithinOneYear2024-04-3013339400core:WithinOneYear2023-04-3013339400core:AfterOneYear2024-04-3013339400core:AfterOneYear2023-04-3013339400bus:PrivateLimitedCompanyLtd2023-05-012024-04-3013339400bus:SmallCompaniesRegimeForAccounts2023-05-012024-04-3013339400bus:FRS1022023-05-012024-04-3013339400bus:AuditExemptWithAccountantsReport2023-05-012024-04-3013339400bus:FullAccounts2023-05-012024-04-30xbrli:purexbrli:sharesiso4217:GBP