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Unaudited Financial Statements |
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for the Year Ended 30 September 2020 |
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for |
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Greyhound Drinks Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 30 September 2020 |
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for |
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Greyhound Drinks Limited |
Greyhound Drinks Limited (Registered number: SC436690) |
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Contents of the Financial Statements |
for the Year Ended 30 September 2020 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Greyhound Drinks Limited |
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Company Information |
for the Year Ended 30 September 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
6 Logie Mill |
Edinburgh |
Lothian |
EH7 4HG |
Greyhound Drinks Limited (Registered number: SC436690) |
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Balance Sheet |
30 September 2020 |
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30.9.20 | 30.9.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES | 9 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Greyhound Drinks Limited (Registered number: SC436690) |
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Notes to the Financial Statements |
for the Year Ended 30 September 2020 |
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1. | STATUTORY INFORMATION |
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Greyhound Drinks Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The financial statements contain information about Greyhound Drinks Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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Turnover |
Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represent the value of services provided under contracts to the extent that there is a right to consideration and is recorded at fair value of the consideration received or receivable. |
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Intangible fixed assets |
Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable. |
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Patents and licences - 10% on cost and 33.33% on cost |
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Tangible fixed assets |
Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows: |
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Computer Equipment - 20% on cost and 33.33% on cost |
Fixture and Fittings - 20% on cost and 100% on cost |
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Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life. |
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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 the 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 profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
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Investments in subsidiaries |
Investments are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment. |
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Financial instruments |
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Greyhound Drinks Limited (Registered number: SC436690) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Provisions |
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. |
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The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. |
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Exemption from preparing a cash flow statement |
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
£ |
COST |
At 1 October 2019 |
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Additions |
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At 30 September 2020 |
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AMORTISATION |
At 1 October 2019 |
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Amortisation for year |
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At 30 September 2020 |
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NET BOOK VALUE |
At 30 September 2020 |
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At 30 September 2019 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 October 2019 |
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Additions |
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At 30 September 2020 |
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DEPRECIATION |
At 1 October 2019 |
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Charge for year |
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At 30 September 2020 |
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NET BOOK VALUE |
At 30 September 2020 |
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At 30 September 2019 |
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Greyhound Drinks Limited (Registered number: SC436690) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 October 2019 |
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Disposals | ( |
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At 30 September 2020 |
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NET BOOK VALUE |
At 30 September 2020 |
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At 30 September 2019 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.20 | 30.9.19 |
£ | £ |
Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.20 | 30.9.19 |
£ | £ |
Taxation and social security |
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Other creditors |
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9. | PROVISIONS FOR LIABILITIES |
30.9.20 | 30.9.19 |
£ | £ |
Deferred tax | 129 | 160 |
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Deferred |
tax |
£ |
Balance at 1 October 2019 |
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Provided during year | ( |
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Balance at 30 September 2020 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.20 | 30.9.19 |
value: | £ | £ |
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Ordinary | £1 | 20 | 20 |
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11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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A director was owed £7,784 by the company as at 30th September 2020 (2019: £7,784) |
Greyhound Drinks Limited (Registered number: SC436690) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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12. | RELATED PARTY DISCLOSURES |
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Transactions with related parties during the year and balances outstanding at the year end were as follows: |
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Related Party |
Type of transaction |
Amount (gross) 2020 |
Amount (gross) 2019 |
Balance
receivable by/ (payable) to related party as at 30.9.20 |
Balance
receivable by/ (payable) to related party as at 30.9.19 |
£ | £ | £ | £ |
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Greyhound Consulting
Limited |
Loan |
(400) |
400 |
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400 |
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Greyhound Nation Ltd | Loan | 523 | - | 523 | - |
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Broughton Ales Limited | Sales | 9,000 | 23,451 | - | - |
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Greyhound Consulting Limited is a former subsidiary of Greyhound Drinks Limited. |
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A director of Greyhound Drinks Limited is also a director of Broughton Ales Limited and Greyhound Nation Ltd. |
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13. | ULTIMATE CONTROLLING PARTY |
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The controlling party is J Hunt. |