Registered number
13386441
Mojitos Upton Limited
Filleted Accounts
31 May 2024
Mojitos Upton Limited
Registered number: 13386441
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 8,000 12,000
Tangible assets 4 5,245 8,425
13,245 20,425
Current assets
Stocks 1,000 1,000
Debtors 5 5,781 -
Cash at bank and in hand 1,591 417
8,372 1,417
Creditors: amounts falling due within one year 6 (34,775) (11,470)
Net current liabilities (26,403) (10,053)
Net (liabilities)/assets (13,158) 10,372
Capital and reserves
Called up share capital 100 100
Profit and loss account (13,258) 10,272
Shareholders' funds (13,158) 10,372
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
CJ Savage
Director
Approved by the board on 31 July 2024
Mojitos Upton Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, and equipment over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2023 20,000
At 31 May 2024 20,000
Amortisation
At 1 June 2023 8,000
Provided during the year 4,000
At 31 May 2024 12,000
Net book value
At 31 May 2024 8,000
At 31 May 2023 12,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Fixtures, fittings, and equipment
£
Cost
At 1 June 2023 16,847
Additions 1,380
At 31 May 2024 18,227
Depreciation
At 1 June 2023 8,422
Charge for the year 4,560
At 31 May 2024 12,982
Net book value
At 31 May 2024 5,245
At 31 May 2023 8,425
5 Debtors 2024 2023
£ £
Directors loan account 5,781 -
6 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 17,313 8,970
Other creditors 2,500 2,500
34,775 11,470
7 Controlling party
The company is controlled by the directors.
8 Other information
Mojitos Upton Limited is a private company limited by shares and incorporated in England. Its registered office is:
13 High Street
Upton upon severn
Worcester
Worcs
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