Silverfin false false 31/07/2024 01/08/2023 31/07/2024 M Kataria 14/07/2015 V Kataria 14/07/2015 29 April 2025 The principal activity of the company is that of online retailers of wines and spirits. 09685269 2024-07-31 09685269 bus:Director1 2024-07-31 09685269 bus:Director2 2024-07-31 09685269 2023-07-31 09685269 core:CurrentFinancialInstruments 2024-07-31 09685269 core:CurrentFinancialInstruments 2023-07-31 09685269 core:ShareCapital 2024-07-31 09685269 core:ShareCapital 2023-07-31 09685269 core:RetainedEarningsAccumulatedLosses 2024-07-31 09685269 core:RetainedEarningsAccumulatedLosses 2023-07-31 09685269 core:OfficeEquipment 2023-07-31 09685269 core:OfficeEquipment 2024-07-31 09685269 bus:OrdinaryShareClass1 2024-07-31 09685269 2023-08-01 2024-07-31 09685269 bus:FilletedAccounts 2023-08-01 2024-07-31 09685269 bus:SmallEntities 2023-08-01 2024-07-31 09685269 bus:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 09685269 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 09685269 bus:Director1 2023-08-01 2024-07-31 09685269 bus:Director2 2023-08-01 2024-07-31 09685269 core:OfficeEquipment core:TopRangeValue 2023-08-01 2024-07-31 09685269 2022-08-01 2023-07-31 09685269 core:OfficeEquipment 2023-08-01 2024-07-31 09685269 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 09685269 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 09685269 (England and Wales)

THE DRINKS BASKET LTD

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

THE DRINKS BASKET LTD

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

THE DRINKS BASKET LTD

STATEMENT OF FINANCIAL POSITION

As at 31 July 2024
THE DRINKS BASKET LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 385 770
385 770
Current assets
Stocks 4 48,654 84,568
Debtors 5 7,478 40,245
Cash at bank and in hand 6 3,445 10,230
59,577 135,043
Creditors: amounts falling due within one year 7 ( 386,581) ( 365,069)
Net current liabilities (327,004) (230,026)
Total assets less current liabilities (326,619) (229,256)
Net liabilities ( 326,619) ( 229,256)
Capital and reserves
Called-up share capital 8 70 70
Profit and loss account ( 326,689 ) ( 229,326 )
Total shareholders' deficit ( 326,619) ( 229,256)

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of The Drinks Basket Ltd (registered number: 09685269) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

V Kataria
Director

29 April 2025

THE DRINKS BASKET LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
THE DRINKS BASKET LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Drinks Basket Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 472 Church Lane, London, NW9 8UA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the Company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

**Sale of goods**

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

* the Company has transferred the significant risks and rewards of ownership to the buyer;
* the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
* the amount of revenue can be measured reliably;
* it is probable that the Company will receive the consideration due under the transaction; and
* the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment 4 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Controlling party

No one person controls the company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 2 2

3. Tangible assets

Office equipment Total
£ £
Cost
At 01 August 2023 5,866 5,866
Additions 50 50
At 31 July 2024 5,916 5,916
Accumulated depreciation
At 01 August 2023 5,096 5,096
Charge for the financial year 435 435
At 31 July 2024 5,531 5,531
Net book value
At 31 July 2024 385 385
At 31 July 2023 770 770

4. Stocks

2024 2023
£ £
Stocks 48,654 84,568

5. Debtors

2024 2023
£ £
Trade debtors 7,148 40,245
Other debtors 330 0
7,478 40,245

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 3,445 10,230

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 345,068 324,821
Accruals 1,848 1,750
Other taxation and social security 0 471
Other creditors 39,665 38,027
386,581 365,069

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
7,000 Ordinary shares of £ 0.01 each 70 70

9. Related party transactions

Included within other creditors is a balance of £25,000 (2023 : £25,000) owed to Temple Wines (Cash & Carry) Limited, a company in which the father of a director is a director. This balance is unsecured and interest free, with no fixed repayment terms.

Also included within other creditors is a balance of £14,065 (2023: £12,427) owed to a director.