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Registered number:  06661641














M & A BEER HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021


 
M & A BEER HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
Michael John Thomas Beer 
Alan James Beer 




Registered number
06661641



Registered office
Windrush
15 Links Hey Road

Caldy

Wirral

CH48 1NA




Independent auditors
Langtons Professional Services Limited
Chartered Accountants & Statutory Auditor

The Plaza

100 Old Hall Street

Liverpool

L3 9QJ





 
M & A BEER HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Consolidated statement of comprehensive income
8
Consolidated balance sheet
9 - 11
Company balance sheet
12 - 13
Consolidated statement of changes in equity
14 - 15
Company statement of changes in equity
16
Consolidated Statement of cash flows
17 - 18
Consolidated analysis of net debt
19
Notes to the financial statements
20 - 39


 
M & A BEER HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021

Business review
 
The results for the year and financial position of the group are shown in the annexed financial statements.
Annual turnover has increased by £3.9m in 2021 which represents a 19.5% increase on the previous year.
The group achieved a gross profit margin of 38.0% compared to that of 35.0% in 2020.
The group made a net profit before tax of £1,322,959 compared to £713,896 in 2020.

Principal risks and uncertainties
 
Principal risks to the group continue to be uncertainty within the building industry but despite this uncertainty the group anticipates further growth in turnover and profitability in the future.

Financial key performance indicators
 
The group uses a range of industry specific, tailored KPIs to monitor the company's profitability and working capital requirements.


This report was approved by the board on 1 September 2022 and signed on its behalf.



M J T Beer
Director

Page 1

 
M & A BEER HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021

The directors present their report and the financial statements for the year ended 31 December 2021.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £804,985 (2020 - £455,879).

The directors do not recommend that a dividend be paid for the year ended 31 December 2021.

Directors

The directors who served during the year were:

Michael John Thomas Beer 
Alan James Beer 

Future developments

The directors are satisfied with the result for the year and are positive for the future, based on the ongoing improvement initiatives within the group.

Page 2

 
M & A BEER HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsLangtons Professional Services Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 1 September 2022 and signed on its behalf.
 





M J T Beer
Director

Page 3

 
M & A BEER HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M & A BEER HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of M & A Beer Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2021, which comprise the Group Statement of comprehensive income, the Group and Company Balance sheets, the Group Statement of cash flows, the Group and Company Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2021 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude
Page 4

 
M & A BEER HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M & A BEER HOLDINGS LIMITED (CONTINUED)


that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
Page 5

 
M & A BEER HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M & A BEER HOLDINGS LIMITED (CONTINUED)


procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit, in respect to fraud, are: 
• to identify and assess the risks of material misstatement of the financial statements due to fraud; 
• to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due
 to fraud, through designing and implementing appropriate responses; and 
• to respond appropriately to fraud or suspected fraud identified during the audit. 
However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. 
Our approach was as follows: 
• We obtained an understanding of the legal and regulatory frameworks that are applicable to the     Company and determined that the most significant are those that relate to the reporting framework (FRS   102 and  the Companies Act 2006), the relevant tax compliance regulations in the UK and the EU     General Data Protection Regulation (GDPR). 
• We understood how the Company is complying with those frameworks by making enquiries of
  management. 
Through consideration of the results of our audit procedures we were able to either corroborate or provide contrary evidence which was then followed up.
Based on our understanding we designed our audit procedures to identify non-compliance with laws and regulations. Our procedures involved: 
• enquiries of management; and 
• journal entry testing, with a focus on journals indicating large or unusual transactions based on our
  understanding of the business. 
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it considered there was susceptibility to fraud. We also considered performance targets and their propensity to influence efforts made by management to manage revenue and earnings. Where the risk was considered to be higher, including areas impacting key performance indicators or management remuneration, we performed audit procedures to address each identified fraud risk or other risk of material misstatement. These procedures included those on revenue recognition detailed above, the assessment of items identified by management as non-recurring and testing manual journals and were designed to provide reasonable assurance that the financial statements were free from material fraud or error.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 6

 
M & A BEER HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M & A BEER HOLDINGS LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Mr Eifion Roberts (Senior statutory auditor)
  
for and on behalf of
Langtons Professional Services Limited
 
Chartered Accountants
Statutory Auditor
  
The Plaza
100 Old Hall Street
Liverpool
L3 9QJ

1 September 2022
Page 7

 
M & A BEER HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021

2021
2020
Note
£
£

  

Turnover
 4 
23,937,530
20,028,791

Cost of sales
  
(14,842,770)
(13,022,112)

Gross profit
  
9,094,760
7,006,679

Administrative expenses
  
(7,672,909)
(6,500,590)

Other operating income
 5 
-
302,625

Operating profit
  
1,421,851
808,714

Interest receivable and similar income
 8 
12,659
4,736

Interest payable and similar expenses
 9 
(111,551)
(99,555)

Profit before taxation
  
1,322,959
713,895

Tax on profit
 10 
(400,854)
(198,349)

Profit for the financial year
  
922,105
515,546

Profit for the year attributable to:
  

Non-controlling interests
  
117,120
59,667

Owners of the parent Company
  
804,985
455,879

  
922,105
515,546

There were no recognised gains and losses for 2021 or 2020 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2021 (2020:£NIL).

The notes on pages 20 to 39 form part of these financial statements.

Page 8

 
M & A BEER HOLDINGS LIMITED
REGISTERED NUMBER: 06661641

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Intangible assets
 11 
-
1,183

Tangible assets
 12 
3,315,773
3,710,986

Investments
 13 
2,610
2,610

Investment property
 14 
3,578,864
3,581,864

  
6,897,247
7,296,643

Current assets
  

Stocks
 15 
3,907,067
2,759,103

Debtors: amounts falling due after more than one year
 16 
107,795
-

Debtors: amounts falling due within one year
 16 
2,859,370
3,225,387

Cash at bank and in hand
 17 
2,257,903
2,267,507

  
9,132,135
8,251,997

Creditors: amounts falling due within one year
 18 
(6,310,882)
(6,113,166)

Net current assets
  
 
 
2,821,253
 
 
2,138,831

Total assets less current liabilities
  
9,718,500
9,435,474

Creditors: amounts falling due after more than one year
 19 
(3,518,952)
(4,236,332)

Provisions for liabilities
  

Deferred taxation
 23 
(603,300)
(525,000)

  
 
 
(603,300)
 
 
(525,000)

Net assets excluding pension asset
  
5,596,248
4,674,142

Net assets
  
5,596,248
4,674,142


Capital and reserves
  

Called up share capital 
 24 
200
200

Share premium account
 25 
1,467,971
1,467,971

Profit and loss account
 25 
3,203,171
2,398,186

Equity attributable to owners of the parent Company
  
4,671,342
3,866,357

Non-controlling interests
  
924,906
807,785

  
5,596,248
4,674,142

Page 9

 
M & A BEER HOLDINGS LIMITED
REGISTERED NUMBER: 06661641
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021


Page 10

 
M & A BEER HOLDINGS LIMITED
REGISTERED NUMBER: 06661641
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 September 2022.




M J T Beer
Director

The notes on pages 20 to 39 form part of these financial statements.

Page 11

 
M & A BEER HOLDINGS LIMITED
REGISTERED NUMBER: 06661641

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Tangible assets
 12 
129,228
140,755

Investments
 13 
1,774,071
1,774,071

Investment property
 14 
3,578,864
3,581,864

  
5,482,163
5,496,690

Current assets
  

Debtors: amounts falling due after more than one year
 16 
107,795
-

Debtors: amounts falling due within one year
 16 
14,046
75,600

Cash at bank and in hand
 17 
322,981
202,518

  
444,822
278,118

Creditors: amounts falling due within one year
 18 
(457,995)
(418,158)

Net current liabilities
  
 
 
(13,173)
 
 
(140,040)

Total assets less current liabilities
  
5,468,990
5,356,650

  

Creditors: amounts falling due after more than one year
 19 
(3,462,199)
(3,585,062)

Provisions for liabilities
  

Deferred taxation
 23 
(22,200)
(18,900)

  
 
 
(22,200)
 
 
(18,900)

Net assets excluding pension asset
  
1,984,591
1,752,688

Net assets
  
1,984,591
1,752,688


Capital and reserves
  

Called up share capital 
 24 
200
200

Share premium account
 25 
1,467,971
1,467,971

Profit and loss account
 25 
516,420
284,517

  
1,984,591
1,752,688


Page 12

 
M & A BEER HOLDINGS LIMITED
REGISTERED NUMBER: 06661641
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 September 2022.




M J T Beer
Director

The notes on pages 20 to 39 form part of these financial statements.

Page 13

 

 
M & A BEER HOLDINGS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021



Called up share capital
Share premium account
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£


At 1 January 2021
200
1,467,971
2,398,186
3,866,357
807,785
4,674,142





Profit for the year
-
-
804,985
804,985
117,120
922,105



At 31 December 2021
200
1,467,971
3,203,171
4,671,342
924,905
5,596,247



The notes on pages 20 to 39 form part of these financial statements.

Page 14

 

 
M & A BEER HOLDINGS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2020



Called up share capital
Share premium account
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£


At 1 January 2020
200
1,467,971
1,942,307
3,410,478
748,118
4,158,596





Profit for the year
-
-
455,879
455,879
59,667
515,546



At 31 December 2020
200
1,467,971
2,398,186
3,866,357
807,785
4,674,142



The notes on pages 20 to 39 form part of these financial statements.

Page 15

 
M & A BEER HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 January 2021
200
1,467,971
284,517
1,752,688


Comprehensive income for the year

Profit for the year
-
-
231,903
231,903


At 31 December 2021
200
1,467,971
516,420
1,984,591


The notes on pages 20 to 39 form part of these financial statements.


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2020


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 January 2020
200
1,467,971
104,641
1,572,812


Comprehensive income for the year

Profit for the year
-
-
179,876
179,876


At 31 December 2020
200
1,467,971
284,517
1,752,688


The notes on pages 20 to 39 form part of these financial statements.

Page 16

 
M & A BEER HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021

2021
2020
£
£

Cash flows from operating activities

Profit for the financial year
922,105
515,546

Adjustments for:

Depreciation of tangible assets
972,208
522,476

Loss on disposal of tangible assets
26,931
9,220

Interest paid
111,551
99,555

Interest received
(12,659)
(4,736)

Taxation charge
400,854
198,348

(Increase)/decrease in stocks
(1,147,964)
332,011

Decrease in debtors
24,950
102,998

Decrease in amounts owed by associates
199,061
21,046

(Decrease)/increase in creditors
(130,311)
268,306

Corporation tax (paid)/received
(146,449)
-

Net cash generated from operating activities

1,220,277
2,064,770


Cash flows from investing activities

Purchase of tangible fixed assets
(666,953)
(479,039)

Sale of tangible fixed assets
67,211
16,357

Interest received
12,659
4,736

HP interest paid
(37,029)
(32,403)

Net cash from investing activities

(624,112)
(490,349)
Page 17

 
M & A BEER HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021


2021
2020

£
£



Cash flows from financing activities

New secured loans
-
1,000,000

Repayment of loans
(322,433)
(117,936)

Repayment of/new finance leases
(208,814)
(80,110)

Interest paid
(74,522)
(67,152)

Net cash used in financing activities
(605,769)
734,802

Net (decrease)/increase in cash and cash equivalents
(9,604)
2,309,223

Cash and cash equivalents at beginning of year
2,267,507
(41,716)

Cash and cash equivalents at the end of year
2,257,903
2,267,507


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,257,903
2,267,507

2,257,903
2,267,507


The notes on pages 20 to 39 form part of these financial statements.

Page 18

 
M & A BEER HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2021




At 1 January 2021
Cash flows
At 31 December 2021
£

£

£

Cash at bank and in hand

2,267,507

(9,604)

2,257,903

Debt due after 1 year

(3,392,366)

528,928

(2,863,438)

Debt due within 1 year

(207,609)

(206,496)

(414,105)

Finance leases

(1,207,741)

208,814

(998,927)


(2,540,209)
521,642
(2,018,567)

The notes on pages 20 to 39 form part of these financial statements.

Page 19

 
M & A BEER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

M & A Beer Holdings Limited is a private limited company, limited by shares, incorporated in England and Wales.  Its registered office is Windrush, 15 Links Hey Road, Caldy, Wirral, CH48 1NA.  The company number is 06661641.
These financial statement present the consolidated results of M & A Beer Holdings Limited and Beers Timber & Building Supplies Limited.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2014.

Page 20

 
M & A BEER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 21

 
M & A BEER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 22

 
M & A BEER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years

 
2.11

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, at variable rates as deemed fit to each capital item..

Depreciation is provided on the following basis:

Freehold / leasehold Property
-
No depreciation charged and in accordance with the property
Over a 20 year lease period
Over a 50 year lease period
Improvements to property
-
10% straight line
Racking and machinery
-
10% straight line
4.75% straight line
Motor vehicles
-
15% reducing balance
Fixtures & fittings
-
20% reducing balance

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.

Page 23

 
M & A BEER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.12

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.13

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.15

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 balance sheet 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.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 24

 
M & A BEER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.17

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.20

Financial instruments

The Group only enters into basic financial instrument 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 related parties and investments in ordinary shares.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The directors have made judgements regarding the depreciation of fixed assets, the provision of obsolete & damaged stock and the provision of bad & doubtful debts.

Page 25

 
M & A BEER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

4.


Turnover

An analysis of turnover by class of business is as follows:


2021
2020
£
£

Sales
23,937,530
20,028,791

23,937,530
20,028,791


All turnover arose within the United Kingdom.


5.


Other operating income

2021
2020
£
£

Government grants receivable
-
302,625

-
302,625



6.


Auditors' remuneration

2021
2020
£
£


Fees payable to the Group's auditor and its associates for the audit of the Group's annual financial statements
21,575
17,500


Fees payable to the Group's auditor and its associates in respect of:


All other services
2,150
1,200

2,150
1,200

Page 26

 
M & A BEER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2021
2020
2021
2020
£
£
£
£


Wages and salaries
3,583,380
3,227,928
-
-

Social security costs
332,198
262,404
-
-

Cost of defined contribution scheme
88,009
89,481
-
-

4,003,587
3,579,813
-
-


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2021
        2020
        2021
        2020
            No.
            No.
            No.
            No.









Sales & administration
131
129
2
2


8.


Interest receivable

2021
2020
£
£


Other interest receivable
12,659
4,736

12,659
4,736


9.


Interest payable and similar expenses

2021
2020
£
£


Bank interest payable
74,522
67,152

Finance leases and hire purchase contracts
37,029
32,403

111,551
99,555

Page 27

 
M & A BEER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

10.


Taxation


2021
2020
£
£

Corporation tax


Current tax on profits for the year
322,554
146,449


Deferred tax


Origination and reversal of timing differences
78,300
51,900


Taxation on profit on ordinary activities
400,854
198,349

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2020 - the same as) the standard rate of corporation tax in the UK of 19% (2020 - 19%) as set out below:

2021
2020
£
£


Profit on ordinary activities before tax
1,322,959
713,896


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2020 - 19%)
251,362
135,640

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,472
5,103

Effect of a change in tax rate leading to an increase (decrease) in taxation
147,020
57,606

Total tax charge for the year
400,854
198,349


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 28

 
M & A BEER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

11.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 January 2021
345,528



At 31 December 2021

345,528



Amortisation


At 1 January 2021
344,345


Charge for the year on owned assets
1,183



At 31 December 2021

345,528



Net book value



At 31 December 2021
-



At 31 December 2020
1,183



Page 29

 
M & A BEER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

12.


Tangible fixed assets

Group






Freehold   Property
Plant & machinery
Motor vehicles
Fixtures & fittings
Total

£
£
£
£
£



Cost or valuation


At 1 January 2021
770,609
2,354,984
2,549,588
19,055
5,694,236


Additions
-
326,911
336,161
3,882
666,954


Disposals
-
(40,997)
(170,763)
-
(211,760)



At 31 December 2021

770,609
2,640,898
2,714,986
22,937
6,149,430



Depreciation


At 1 January 2021
196,857
947,535
830,164
8,695
1,983,251


Charge for the year on owned assets
63,773
177,432
301,693
6,710
549,608


Charge for the year on financed assets
-
76,634
341,782
-
418,416


Disposals
-
(16,552)
(101,066)
-
(117,618)



At 31 December 2021

260,630
1,185,049
1,372,573
15,405
2,833,657



Net book value



At 31 December 2021
509,979
1,455,849
1,342,413
7,532
3,315,773



At 31 December 2020
573,752
1,407,449
1,719,425
10,360
3,710,986




The net book value of land and buildings may be further analysed as follows:


2021
2020
£
£

Freehold property
509,979
573,752

509,979
573,752


Page 30

 
M & A BEER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

           12.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2021
2020
£
£



Plant and machinery
524,994
601,627

Motor vehicles
845,682
1,181,408

1,370,676
1,783,035


Company






Plant & machinery

£

Cost or valuation


At 1 January 2021
242,670



At 31 December 2021

242,670



Depreciation


At 1 January 2021
101,915


Charge for the year on owned assets
11,527



At 31 December 2021

113,442



Net book value



At 31 December 2021
129,228



At 31 December 2020
140,755






Page 31

 
M & A BEER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

13.


Fixed asset investments

Group





Trade investments

£





At 1 January 2021
2,610




Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2021
1,774,071



At 31 December 2021
1,774,071





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Beers Timber & Building Supplies Limited
Ordinary
83.06

The aggregate of the share capital and reserves as at 31 December 2021 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Beers Timber & Building Supplies Limited
5,459,887
691,383


Page 32

 
M & A BEER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

14.


Investment property

Group


Freehold investment property
Long term leasehold investment property
Total

£
£
£



Valuation


At 1 January 2021
3,150,467
431,397
3,581,864


Surplus on revaluation
-
(3,000)
(3,000)



At 31 December 2021
3,150,467
428,397
3,578,864

The 2021 valuations were made by the directors, on an open market value for existing use basis.
The directors confirm that this valuation is considered appropriate at 31 December 2020.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2021
2020
£
£


Historic cost
3,608,864
3,608,864

3,608,864
3,608,864

Company





Freehold investment property
Long term leasehold investment property
Total

£
£
£



Valuation


At 1 January 2021
3,150,467
431,397
3,581,864


Surplus on revaluation
-
(3,000)
(3,000)



At 31 December 2021
3,150,467
428,397
3,578,864

The 2021 valuations were made by the directors, on an open market value for existing use basis.
The directors confirm that this valuation is considered appropriate at 31 December 2020.

Page 33

 
M & A BEER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

15.


Stocks

Group
Group
2021
2020
£
£

Finished goods and goods for resale
3,907,067
2,759,103

3,907,067
2,759,103



16.


Debtors

Group
Group
Company
Company
2021
2020
2021
2020
£
£
£
£

Due after more than one year

Due from participating interests
107,795
-
107,795
-

107,795
-
107,795
-


Group
Group
Company
Company
2021
2020
2021
2020
£
£
£
£

Due within one year

Trade debtors
1,645,500
1,430,448
11,375
-

Amounts owed by joint ventures and associated undertakings
491,127
832,193
-
-

Other debtors
543,712
743,582
-
-

Prepayments and accrued income
179,031
219,164
2,671
75,600

2,859,370
3,225,387
14,046
75,600



17.


Cash and cash equivalents

Group
Group
Company
Company
2021
2020
2021
2020
£
£
£
£

Cash at bank and in hand
2,257,903
2,267,507
322,981
202,518

2,257,903
2,267,507
322,981
202,518


Page 34

 
M & A BEER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2021
2020
2021
2020
£
£
£
£

Bank loans
414,103
207,611
124,660
118,509

Trade creditors
2,714,790
3,073,283
-
-

Amounts owed to associates
1,585,025
1,619,235
175,149
185,149

Corporation tax
308,913
132,808
58,901
47,143

Other taxation and social security
404,725
352,930
14,032
13,255

Obligations under finance lease and hire purchase contracts
417,573
437,934
-
-

Accruals and deferred income
465,753
289,365
85,253
54,102

6,310,882
6,113,166
457,995
418,158


Bank loans and overdrafts are secured by way of a fixed and floating charge over all assets of the group.
Net obligations under finance leases and hire purchase contracts are secured on the assets concerned.
Other creditors include secured creditors amounting to £nil (2020: £nil).


19.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2021
2020
2021
2020
£
£
£
£

Bank loans
2,863,438
3,392,366
1,295,849
1,418,712

Net obligations under finance leases and hire purchase contracts
581,355
769,807
-
-

Amounts owed to group undertakings
-
-
2,166,350
2,166,350

Amounts owed to associates
74,159
74,159
-
-

3,518,952
4,236,332
3,462,199
3,585,062


Bank loans and overdrafts are secured by way of a fixed and floating charge over all assets of the group.
Net obligations under finance leases and hire purchase contracts are secured on the assets concerned.



Page 35

 
M & A BEER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

20.


Loans

Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2021
2020
2021
2020
£
£
£
£

Amounts falling due within one year

Bank loans
414,105
207,609
124,660
118,511

Amounts falling due 1-2 years

Bank loans
421,017
1,212,957
129,463
122,008

Amounts falling due 2-5 years

Bank loans
1,179,688
668,652
407,562
384,074

Amounts falling due after more than 5 years

Bank loans
1,262,733
1,510,757
758,825
912,630

3,277,543
3,599,975
1,420,510
1,537,223



21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2021
2020
£
£

Within one year
421,342
471,848

Between 1-5 years
615,022
789,725

1,036,364
1,261,573

Page 36

 
M & A BEER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

22.


Financial instruments

Group
Group
Company
Company
2021
2020
2021
2020
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
2,257,903
2,267,507
322,981
202,518

Financial assets that are debt instruments measured at amortised cost
2,244,422
2,374,140
119,170
-

4,502,325
4,641,647
442,151
202,518


Financial liabilities

Financial liabilities measured at amortised cost
(8,037,218)
(8,611,269)
(3,767,211)
(3,898,072)


Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.
Financial assets that are debt instruments measured at amortised cost comprise of trade debtors, other debtors and accrued income.
Financial liabilities are measured at amortised costs comprise of trade creditors, other creditors, bank overdrafts, loans and accruals.


23.


Deferred taxation


Group



2021


£






At beginning of year
(525,000)


Charged to profit or loss
(78,300)



At end of year
(603,300)

Page 37

 
M & A BEER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
 
23.Deferred taxation (continued)

Company


2021


£






At beginning of year
(18,900)


Charged to profit or loss
(3,300)



At end of year
(22,200)

Group
Group
Company
Company
2021
2020
2021
2020
£
£
£
£

Accelerated capital allowances
(603,300)
(525,000)
(22,200)
(18,900)

(603,300)
(525,000)
(22,200)
(18,900)


24.


Share capital

2021
2020
£
£
Allotted, called up and fully paid



200 (2020 - 200) Ordinary shares of £1.00 each
200
200



25.


Reserves

Profit & loss account

Includes all current and prior period retained profits and losses.


26.


Pension commitments

The Group operates a defined contribution pension scheme.  The assets of the scheme are held separately from those of the Group in an independently administered fund.  The pension cost charge represents contributions payable by the Group to the fund and amounted to £88,009 (2020: £89,481). 

Page 38

 
M & A BEER HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

27.


Commitments under operating leases

At 31 December 2021 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2021
2020
£
£

Not later than 1 year
22,000
22,000

Later than 1 year and not later than 5 years
61,000
61,000

Later than 5 years
123,100
123,100

206,100
206,100

28.


Related party transactions

Included within debtors is an amount of £599,233 (2020: £832,192) owed from related parties.
Included within creditors is an amount of £1,585,025 (2020: £1,609,235) owed to related parties.
During the year the group charged management fees of £177,830 (2020: £92,265) to related parties.
The group was charged a management fee of £470,015 (2020: £393,981) from related parties.
During the year the company received rent of £100,000 (2020: £100,000) from related parties.
All transactions were conducted at an arms length basis.


29.


Ultimate controlling party

The company is under the control of its directors.

 
Page 39