Big Time Soft Drinks Limited Filleted accounts for Companies House (small and micro)

BIG TIME SOFT DRINKS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02187576

Big Time Soft Drinks Limited

Filleted Unaudited Financial Statements

31 December 2018

Big Time Soft Drinks Limited

Statement of Financial Position

31 December 2018

	2018	2017
Note	£	£

Fixed assets

Tangible assets	5	2,533,782	2,579,894

Current assets

Stocks		523,326	569,758
Debtors	6	732,429	785,566
Cash at bank and in hand		10,893	12,430
		------------	------------
		1,266,648	1,367,754

Creditors: amounts falling due within one year	7	1,144,977	1,133,253
		------------	------------
Net current assets		121,671	234,501
		------------	------------
Total assets less current liabilities		2,655,453	2,814,395

Creditors: amounts falling due after more than one year	8	184,546	259,704

Provisions

Taxation including deferred tax	294,841	188,328
	------------	------------
Net assets	2,176,066	2,366,363
	------------	------------

Capital and reserves

Called up share capital	100	100
Revaluation reserve	941,499	1,051,423
Profit and loss account	1,234,467	1,314,840
	------------	------------
Shareholders funds	2,176,066	2,366,363
	------------	------------

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 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 statement of comprehensive income has not been delivered.

For the year ending 31st December 2018 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 .

Big Time Soft Drinks Limited

Statement of Financial Position (continued)

31 December 2018

These financial statements were approved by the board of directors and authorised for issue on 26 September 2019 , and are signed on behalf of the board by:

Mrs. R. K Kang

Director

Company registration number: 02187576

Big Time Soft Drinks Limited

Notes to the Financial Statements

Year ended 31st December 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 29 Waterloo Road, Wolverhampton, West Midlands, WV1 4DJ.

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 and investment properties 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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, 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

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Freehold Property	-	2% straight line
Plant and Equipment	-	15% reducing balance
Fixtures and Fittings	-	10% reducing balance
Motor Vehicles	-	20% reducing balance

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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position 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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its 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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 47 (2017: 48 ).

5. Tangible assets

	Freehold property	Plant and equipment	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1st January 2018	1,650,000	3,369,969	75,823	14,386	5,110,178
Additions	–	57,470	–	–	57,470
	------------	------------	---------	---------	------------
At 31st December 2018	1,650,000	3,427,439	75,823	14,386	5,167,648
	------------	------------	---------	---------	------------
Depreciation
At 1st January 2018	171,431	2,288,384	57,705	12,764	2,530,284
Charge for the year	8,332	92,510	1,118	1,622	103,582
	------------	------------	---------	---------	------------
At 31st December 2018	179,763	2,380,894	58,823	14,386	2,633,866
	------------	------------	---------	---------	------------
Carrying amount
At 31st December 2018	1,470,237	1,046,545	17,000	–	2,533,782
	------------	------------	---------	---------	------------
At 31st December 2017	1,478,569	1,081,585	18,118	1,622	2,579,894
	------------	------------	---------	---------	------------

Tangible assets held at valuation

The company's freehold premises were professionally valued by Price Drennan, Chartered Surveyors, on 29th June 2007. The fair market value was stated to be £1,650,000.

6. Debtors

	2018	2017
	£	£
Trade debtors	673,865	749,232
Prepayments and accrued income	58,564	34,924
Corporation tax repayable	–	1,410
	---------	---------
	732,429	785,566
	---------	---------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	43,828	43,329
Payments received on account	313,876	346,879
Trade creditors	590,644	567,303
Accruals and deferred income	44,158	43,702
Corporation tax	4,003	–
Social security and other taxes	52,807	63,653
Obligations under finance leases and hire purchase contracts	33,496	48,874
Director loan accounts	62,165	19,513
	------------	------------
	1,144,977	1,133,253
	------------	------------

Payments received on account falling due within one year from Barclays Bank Plc of £313,876 (2017: £346,879) are secured on the assets of the company.

Bank loans and overdrafts included in amounts due within one year of £43,828 (2017: £43,329) are secured by the company.

8. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	146,095	187,757
Obligations under finance leases and hire purchase contracts	38,451	71,947
	---------	---------
	184,546	259,704
	---------	---------

Bank borrowing included in amounts due after one year of £146,095 (2017: £187,757) are secured by the company.

Included within creditors: amounts falling due after more than one year is an amount of £Nil (2017: £14,443) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

9. Directors' advances, credits and guarantees

At the end of financial year the company owed the directors £62,165 (2017 £19,513).