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Registered number: 07213215









THE GREATER GOOD FRESH BREWING CO LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE 360 DAY PERIOD ENDED 26 DECEMBER 2021

 
THE GREATER GOOD FRESH BREWING CO LTD
 
 
COMPANY INFORMATION


Directors
R T Broadbent 
A P Dixon 
C Goodall (resigned 25 January 2022)
S M Haslam (appointed 13 January 2022)
A T Keary (appointed 13 January 2022)
A G J Robertson (appointed 13 January 2022)
T B Blomfield (appointed 13 January 2022)
H R Bishop (appointed 13 January 2022)




Registered number
07213215



Registered office
11a Uplands Business Park
Blackhorse Lane

London

England

E17 5QN




Accountants
Donald Reid Limited

Prince Albert House

20 King Street

Maidenhead

Berkshire

SL6 1DT





 
THE GREATER GOOD FRESH BREWING CO LTD
 

CONTENTS



Page
Balance sheet
1 - 2
Statement of changes in equity
3 - 4
Notes to the financial statements
5 - 14


 
THE GREATER GOOD FRESH BREWING CO LTD
REGISTERED NUMBER: 07213215

BALANCE SHEET
AS AT 26 DECEMBER 2021

26 December
31 December
2021
2020
Note
£
£

Fixed assets
  

Intangible assets
 4 
578,346
36,856

Tangible assets
 5 
1,296,297
238,329

  
1,874,643
275,185

Current assets
  

Stocks
 6 
2,228,273
989,825

Debtors: amounts falling due after more than one year
 7 
-
21,850

Debtors: amounts falling due within one year
 7 
772,288
452,887

Cash at bank and in hand
 8 
2,120,455
66,592

  
5,121,016
1,531,154

Creditors: amounts falling due within one year
 9 
(6,172,132)
(4,066,701)

Net current liabilities
  
 
 
(1,051,116)
 
 
(2,535,547)

Total assets less current liabilities
  
823,527
(2,260,362)

Provisions for liabilities
  

Other provisions
 10 
(38,533)
(16,960)

  
 
 
(38,533)
 
 
(16,960)

Net assets/(liabilities)
  
784,994
(2,277,322)


Capital and reserves
  

Called up share capital 
 11 
6
4

Share premium account
  
18,850,312
2,785,468

Other reserves
  
8,291
-

Profit and loss account
  
(18,073,615)
(5,062,794)

  
784,994
(2,277,322)


Page 1

 
THE GREATER GOOD FRESH BREWING CO LTD
REGISTERED NUMBER: 07213215
    
BALANCE SHEET (CONTINUED)
AS AT 26 DECEMBER 2021

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 March 2022.




R T Broadbent
Director

The notes on pages 5 to 14 form part of these financial statements.

Page 2

 
THE GREATER GOOD FRESH BREWING CO LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 26 DECEMBER 2021


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

£
£
£
£
£

At 1 January 2021
4
2,785,468
-
(5,062,794)
(2,277,322)


Comprehensive income for the period

Loss for the period

-
-
-
(13,010,821)
(13,010,821)

Share based payments
-
-
8,291
-
8,291


Other comprehensive income for the period
-
-
8,291
-
8,291


Total comprehensive income for the period
-
-
8,291
(13,010,821)
(13,002,530)

Shares issued during the period
2
16,064,844
-
-
16,064,846


Total transactions with owners
2
16,064,844
-
-
16,064,846


At 26 December 2021
6
18,850,312
8,291
(18,073,615)
784,994


The notes on pages 5 to 14 form part of these financial statements.

Page 3

 
THE GREATER GOOD FRESH BREWING CO LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2020


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

£
£
£
£

At 1 January 2020
3
1,212,481
(3,275,979)
(2,063,495)


Comprehensive income for the year

Loss for the year

-
-
(1,786,815)
(1,786,815)


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
(1,786,815)
(1,786,815)

Shares issued during the year
1
1,572,987
-
1,572,988


Total transactions with owners
1
1,572,987
-
1,572,988


At 31 December 2020
4
2,785,468
(5,062,794)
(2,277,322)


The notes on pages 5 to 14 form part of these financial statements.

Page 4

 
THE GREATER GOOD FRESH BREWING CO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 DECEMBER 2021

1.


General information

The Greater Good Fresh Brewing Co Ltd is a private company limited by shares. The company incorporated in the United Kingdom and is registered in England and Wales. The registration number is 07213215. The registered office address is 11a Uplands Business Park, Blackhorse Lane, London, England, E17 5QN.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company has net assets of £784,994 (2020: net liabilities of £2,277,322) at the year end. 
The directors continue to have confidence in excellent growth prospects for the company. Investor sentiment has remained strong and the directors are confident that more share capital could be issued to secure further funding if required. 
The directors therefore consider it appropriate to prepare the accounts on a going concern basis.     

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Foreign exchange gains and losses that relate to cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 5

 
THE GREATER GOOD FRESH BREWING CO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 DECEMBER 2021

2.Accounting policies (continued)

 
2.4

Revenue

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

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which is estimated to be 3 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Government grants

Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.8

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.

Page 6

 
THE GREATER GOOD FRESH BREWING CO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 DECEMBER 2021

2.Accounting policies (continued)

 
2.9

Borrowing costs

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

 
2.10

Share based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.11

Taxation

Tax is recognised in profit or loss except that a credit 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 credit 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 operates and generates income.

 
2.12

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:

Patents
-
20
years
Development expenditure
-
3
years

Page 7

 
THE GREATER GOOD FRESH BREWING CO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 DECEMBER 2021

2.Accounting policies (continued)

 
2.13

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, straight line or reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
10 years straight line or 25% reducing balance
Fixtures and fittings
-
5 years straight line or 25% reducing balance
Computer equipment
-
3 years straight line or 25% reducing balance
Other fixed assets
-
25% 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.

 
2.14

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.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.16

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.

 
2.17

Creditors

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

Page 8

 
THE GREATER GOOD FRESH BREWING CO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 DECEMBER 2021

2.Accounting policies (continued)

 
2.18

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company 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 Company 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.

 
2.19

Financial instruments

The Company 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 third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the period was 171 (2020 - 34).

Page 9

 
THE GREATER GOOD FRESH BREWING CO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 DECEMBER 2021

4.


Intangible assets






Patents
Development expenditure
Total

£
£
£



Cost


At 1 January 2021
26,295
10,561
36,856


Additions
8,000
-
8,000


Additions - internal
-
569,368
569,368



At 26 December 2021

34,295
579,929
614,224



Amortisation


Charge for the period on owned assets
-
35,878
35,878



At 26 December 2021

-
35,878
35,878



Net book value



At 26 December 2021
34,295
544,051
578,346



At 31 December 2020
26,295
10,561
36,856



Page 10

 
THE GREATER GOOD FRESH BREWING CO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 DECEMBER 2021

5.


Tangible fixed assets







Plant and machinery
Fixtures and fittings
Computer equipment
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 January 2021
128,944
26,185
22,670
160,539
338,338


Additions
343,890
131,276
85,190
793,504
1,353,860


Disposals
(12,174)
(1,676)
(8,571)
(142,027)
(164,448)



At 26 December 2021

460,660
155,785
99,289
812,016
1,527,750



Depreciation


At 1 January 2021
31,596
9,505
5,824
53,084
100,009


Charge for the period on owned assets
78,946
6,759
14,653
109,656
210,014


Disposals
(4,448)
(1,189)
(5,137)
(67,796)
(78,570)



At 26 December 2021

106,094
15,075
15,340
94,944
231,453



Net book value



At 26 December 2021
354,566
140,710
83,949
717,072
1,296,297



At 31 December 2020
97,348
16,680
16,846
107,455
238,329


6.


Stocks

26 December
31 December
2021
2020
£
£

Raw materials and consumables
-
64,384

Work in progress
94,555
53,009

Finished goods and goods for resale
2,133,718
872,432

2,228,273
989,825


Page 11

 
THE GREATER GOOD FRESH BREWING CO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 DECEMBER 2021

7.


Debtors

26 December
31 December
2021
2020
£
£

Due after more than one year

Other debtors
-
21,850

-
21,850


26 December
31 December
2021
2020
£
£

Due within one year

Trade debtors
-
231

Other debtors
159,635
174,600

Prepayments and accrued income
194,378
70,826

Tax recoverable
418,275
207,230

772,288
452,887



8.


Cash and cash equivalents

26 December
31 December
2021
2020
£
£

Cash at bank and in hand
2,120,455
66,592

2,120,455
66,592


Page 12

 
THE GREATER GOOD FRESH BREWING CO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 DECEMBER 2021

9.


Creditors: Amounts falling due within one year

26 December
31 December
2021
2020
£
£

Other loans
893,095
710,000

Trade creditors
2,569,477
1,061,422

Other taxation and social security
4,103
97,889

Obligations under finance lease and hire purchase contracts
-
41,596

Other creditors
2,052,584
1,955,416

Accruals and deferred income
652,873
200,378

6,172,132
4,066,701



10.


Provisions








Onerous lease provision
Provision for replacements
Total

£
£
£





At 1 January 2021
16,960
-
16,960


Charged to profit or loss
(16,960)
32,498
15,538


Reclassification from creditors
-
6,035
6,035



At 26 December 2021
-
38,533
38,533

Page 13

 
THE GREATER GOOD FRESH BREWING CO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 DECEMBER 2021

11.


Share capital

26 December
31 December
2021
2020
£
£
Allotted, called up and fully paid



3,171 Ordinary shares of £0.001- each
-
3.1710
122 B Ordinary shares of £0.001- each
-
0.1220
258 C Ordinary shares of £0.001- each
-
0.2580
350  D Ordinary shares of £0.001- each
-
0.3500
5,546,791 Ordinary shares of £0.000001- each
5.5470
-
122,000 B Ordinary shares of £0.000001- each
0.1220
-

5.6690

3.9010


During the period 4,540 issued ordinary shares of £0.001 each were redesignated as 4,540,000 issued ordinary shares of £0.000001 each, 122 issued B ordinary shares of £0.001 each were redesignated as 122,000 issued B ordinary shares of £0.000001 each, 258 issued C ordinary shares of £0.001 each were redesignated as 258,000 issued ordinary shares of £0.000001 each, and 350 issued D ordinary shares of £0.001 each were redesignated as 350,000 issued ordinary shares of £0.000001 each.
During the period additional share capital amounting to 1,764,620 ordinary shares of £0.000001 each were issued for an aggregate consideration of £16,064,846.


12.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £25,700 (2020: £755) were payable to the fund at the balance sheet date.


13.


Related party transactions

At 26 December 2021, the company owed £1,783,668 (2020: £1,895,876) to the directors. The amount is unsecured interest free and has no fixed repayment date.

 
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