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COMPANY REGISTRATION NUMBER: 08704401
Drinki Limited
Filleted Unaudited Financial Statements
30 September 2024
Drinki Limited
Financial Statements
Year ended 30 September 2024
Contents
Pages
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
1
Balance sheet
2 to 3
Notes to the financial statements
4 to 7
Drinki Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Drinki Limited
Year ended 30 September 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Drinki Limited for the year ended 30 September 2024, which comprise the balance sheet and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Drinki Limited, as a body, in accordance with the terms of our engagement letter dated 28 April 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Drinki Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Drinki Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Drinki Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Drinki Limited. You consider that Drinki Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Drinki Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MILLER DAVIES LLP Chartered accountants
A3 Broomsleigh Business Park Worsley Bridge Road London SE26 5BN
17 March 2025
Drinki Limited
Balance Sheet
30 September 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1,993
3,803
Current assets
Debtors
6
44,783
31,233
Cash at bank and in hand
124,362
82,401
---------
---------
169,145
113,634
Creditors: amounts falling due within one year
7
816,342
772,036
---------
---------
Net current liabilities
647,197
658,402
---------
---------
Total assets less current liabilities
( 645,204)
( 654,599)
Creditors: amounts falling due after more than one year
8
24,511
29,280
---------
---------
Net liabilities
( 669,715)
( 683,879)
---------
---------
Capital and reserves
Called up share capital
488,442
488,442
Share premium account
319,558
319,558
Profit and loss account
( 1,477,715)
( 1,491,879)
------------
------------
Shareholders deficit
( 669,715)
( 683,879)
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 30 September 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Drinki Limited
Balance Sheet (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 17 March 2025 , and are signed on behalf of the board by:
Mr T. Aris
Director
Company registration number: 08704401
Drinki Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is A3 Broomsleigh Business Park, Worsley Bridge Road, London, SE26 5BN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Furniture, fixtures & fittings
-
25% straight line
Office equipment
-
33% straight line
Leasehold improvements
-
25 % straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
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 entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
5. Tangible assets
Furniture, fixtures & fittings
Office equipment
Leasehold improvements
Total
£
£
£
£
Cost
At 1 October 2023
1,140
12,040
726
13,906
Additions
916
916
-------
--------
----
--------
At 30 September 2024
1,140
12,956
726
14,822
-------
--------
----
--------
Depreciation
At 1 October 2023
1,140
8,237
726
10,103
Charge for the year
2,726
2,726
-------
--------
----
--------
At 30 September 2024
1,140
10,963
726
12,829
-------
--------
----
--------
Carrying amount
At 30 September 2024
1,993
1,993
-------
--------
----
--------
At 30 September 2023
3,803
3,803
-------
--------
----
--------
6. Debtors
2024
2023
£
£
Trade debtors
44,783
31,103
Other debtors
130
--------
--------
44,783
31,233
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
4,325
4,325
Trade creditors
81,411
55,109
Social security and other taxes
49,399
16,702
Other creditors
681,207
695,900
---------
---------
816,342
772,036
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
24,511
28,836
Other creditors
444
--------
--------
24,511
29,280
--------
--------
9. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2024
2023
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
169,145
113,633
---------
---------
Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss
1,605,362
1,593,722
------------
------------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
6,197
1,002
Later than 1 year and not later than 5 years
17,043
--------
-------
23,240
1,002
--------
-------
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Miss S. R. Abrahamovitch
4,846
1,062
5,908
Mr T. Aris
( 443,011)
( 443,011)
---------
-------
---------
( 438,165)
1,062
( 437,103)
---------
-------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Miss S. R. Abrahamovitch
186
4,660
4,846
Mr T. Aris
( 467,869)
24,858
( 443,011)
---------
--------
---------
( 467,683)
29,518
( 438,165)
---------
--------
---------
12. Related party transactions
The company was under the control of Mr Aris throughout the current and previous period. Mr Aris is one of the directors and majority shareholder in the company. During the previous year Mr Aris has had part of his loan repaid by the business. Mr Aris' loan is outstanding and is included within other creditors, and is shown as per the previous note.