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Sage Accounts Production 21.0 - FRS102_2021
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Company registration number:
SC458479
Tempest Brewing Co Limited
Unaudited filleted abridged financial statements
28 February 2022
Tempest Brewing Co Limited
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
Tempest Brewing Co Limited
Directors and other information
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Directors |
Gavin Meiklejohn |
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Annika Meiklejohn |
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Company number |
SC458479 |
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Registered office |
Block 11, Units 1 & 2 Tweedbank Industrial Estate |
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Tweedbank |
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Galashiels |
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Selkirkshire |
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TD1 3RS |
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Accountants |
Paterson Boyd & Co |
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Chartered Accountants |
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8 Mitchell Street |
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Leven |
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Fife |
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KY8 4HJ |
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Bankers |
Bank of Scotland |
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8/9 The Square |
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Kelso |
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Scottish Borders |
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TD5 7HQ |
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Tempest Brewing Co Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Tempest Brewing Co Limited
Year ended 28 February 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Tempest Brewing Co Limited for the year ended 28 February 2022 which comprise the abridged statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of Tempest Brewing Co Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Tempest Brewing Co Limited and state those matters that we have agreed to state to the board of directors of Tempest Brewing Co Limited as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tempest Brewing Co Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Tempest Brewing Co 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 loss of Tempest Brewing Co Limited. You consider that Tempest Brewing Co 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 Tempest Brewing Co 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.
Paterson Boyd & Co
Chartered Accountants
8 Mitchell Street
Leven
Fife
KY8 4HJ
31 August 2022
Tempest Brewing Co Limited
Abridged statement of financial position
28 February 2022
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2022 |
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2021 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Tangible assets |
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617,256 |
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657,214 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
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|
617,256 |
|
|
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657,214 |
|
|
|
|
|
|
|
|
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Current assets |
|
|
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|
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|
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Stocks |
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194,452 |
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173,457 |
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Debtors |
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135,294 |
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66,916 |
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|
Cash at bank and in hand |
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471,407 |
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337,339 |
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|
_______ |
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|
_______ |
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801,153 |
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577,712 |
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Creditors: amounts falling due |
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within one year |
|
8 |
(
504,498) |
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|
(
265,927) |
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|
_______ |
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|
_______ |
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Net current assets |
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296,655 |
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311,785 |
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_______ |
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_______ |
Total assets less current liabilities |
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913,911 |
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968,999 |
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Creditors: amounts falling due |
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after more than one year |
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- |
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(
46,667) |
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Provisions for liabilities |
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(
114,827) |
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(
122,303) |
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_______ |
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_______ |
Net assets |
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799,084 |
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800,029 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
|
9 |
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2 |
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|
2 |
Profit and loss account |
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|
799,082 |
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800,027 |
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_______ |
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_______ |
Shareholders funds |
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799,084 |
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800,029 |
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_______ |
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_______ |
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For the year ending 28 February 2022 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.
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 abridged statement of income and retained earnings has not been delivered.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the current year ending 28 February 2022 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the
board of directors
and authorised for issue on
31 August 2022
, and are signed on behalf of the board by:
Gavin Meiklejohn
Director
Company registration number:
SC458479
Tempest Brewing Co Limited
Notes to the financial statements
Year ended 28 February 2022
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Block 11, Units 1 & 2 Tweedbank Industrial Estate, Tweedbank, Galashiels, Selkirkshire, TD1 3RS.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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.
Exceptional items
Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation.
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:
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Plant and machinery |
- |
15% reducing balance |
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Fittings fixtures and equipment |
- |
20% reducing balance |
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Motor vehicles |
- |
25% reducing balance |
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Computer equipment |
- |
straight line over three years
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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.
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 stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attached to them and the grants will be received.Government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.
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.
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 with the exception of bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.
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.
Turnover
Overseas turnover amounted to 8% (28 February 2021: 9%) of the total turnover for the year
5.
Employee numbers
The average number of persons employed by the company during the year amounted to
19
(2021:
17
).
6.
Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
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2022 |
2021 |
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£ |
£ |
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Remuneration |
|
60,500 |
59,655 |
|
Company contributions to pension schemes in respect of qualifying services |
|
95,500 |
5,500 |
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|
|
_______ |
_______ |
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156,000 |
65,155 |
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_______ |
_______ |
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7.
Tangible assets
£
Cost
At 1 March 2021
1,217,673
Additions
214,097
Disposals
(
189,218
)
_______
|
At 28 February 2022
1,245,183
_______
|
Depreciation
At 1 March 2021
560,459
Charge for the year
129,924
Disposals
(
62,456
)
_______
|
At 28 February 2022
627,927
_______
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Carrying amount
At 28 February 2022
617,256
_______
|
At 28 February 2021
657,214
_______
|
8.
Creditors: amounts falling due within one year
The Bank of Scotland hold a bond and floating charge over the assets of the company. There is an existing guarantee and indemnity for £162,000 plus interest by Mrs A Meiklejohn and Mr G Meiklejohn. In addition there is also a guarantee and indemnity for £162,000 plus interest by Meiklejohn Hospitality Limited.
9.
Called up share capital
Issued, called up and fully paid
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares of £
1.00 each |
|
2 |
|
2 |
|
2 |
|
2 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
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10.
Directors advances, credits and guarantees
|
During the year the directors entered into the following advances and credits with the company: |
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2022 |
|
|
|
|
|
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Balance brought forward |
Advances /(credits) to the directors |
Balance o/standing |
|
|
|
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|
£ |
£ |
£ |
|
|
|
|
Gavin Meiklejohn |
(
314) |
949 |
635 |
|
|
|
|
Annika Meiklejohn |
(
1,018) |
1,299 |
281 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
(
1,332) |
2,248 |
916 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Balance o/standing |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Gavin Meiklejohn |
(
333) |
19 |
(
314) |
|
|
|
|
Annika Meiklejohn |
(
339) |
(
679) |
(
1,018) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
(
672) |
(
660) |
(
1,332) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
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11.
Related party transactions
Gavin and
Annika Meiklejohn
are also directors of Meiklejohn Hospitality Limited. At the balance sheet date Tempest Brewing Co Limited
owed Meiklejohn Hospitality limited the sum of £120,472 (2021: £130,716) in the form of an inter-company loan.A loan from Alan Meiklejohn, the father of Gavin Meiklejohn
, of £1,070 (2021: £1,268) is still outstanding at the balance sheet date.