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Devon Distillery Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2022

Registration number: 08338383

 

Devon Distillery Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Devon Distillery Limited

Company Information

Director

Mr C E Caddy

Registered office

Sigma House
Oak View Close
Edginswell Park
Torquay
Devon
TQ2 7FF

Accountants

Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
Devon
TQ2 7FF

 

Devon Distillery Limited

Balance Sheet

31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

5

669

1,461

Tangible assets

6

141,125

160,670

 

141,794

162,131

Current assets

 

Stocks

56,258

70,428

Debtors

7

6,999

17,410

Cash at bank and in hand

 

2,672

4,931

 

65,929

92,769

Creditors: Amounts falling due within one year

8

(25,211)

(22,888)

Net current assets

 

40,718

69,881

Total assets less current liabilities

 

182,512

232,012

Creditors: Amounts falling due after more than one year

8

(490,556)

(498,095)

Net liabilities

 

(308,044)

(266,083)

Capital and reserves

 

Called up share capital

10

15,100

15,100

Profit and loss account

(323,144)

(281,183)

Shareholders' deficit

 

(308,044)

(266,083)

 

Devon Distillery Limited

Balance Sheet

31 March 2022

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 13 September 2022
 

.........................................
Mr C E Caddy
Director

Company Registration Number: 08338383

 

Devon Distillery Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Sigma House
Oak View Close
Edginswell Park
Torquay
Devon
TQ2 7FF

The principal place of business is:
Poole Farm Cottage
Torbryan
Devon
TQ12 5UP

These financial statements were authorised for issue by the director on 13 September 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006. There are no material departures from FRS102.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional and presentation currency is pounds sterling.

Going concern

The director has also considered the impact of COVID-19.

At 31 March 2022 the company accounts show a deficit of liabilities over assets amounting to £308,044. The company remains dependent upon the support of its director to meet its day to day liabilities. The director has confirmed this support will be forthcoming for the foreseeable future. The financial statements have therefore been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of goods in the ordinary course of the Company’s activities. Turnover is shown net of value added tax. The Company recognises revenue based on its value of the goods provided to date.

 

Devon Distillery Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2022

Government grants

Grant income is accounted for using the accruals method. Revenue grants are recognised on a systematic basis over the periods to which the costs to which the grants relate are recognised. Capital grants are recognised over the useful life of the related asset on the same basis as depreciation is charged.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property

4% Straight line

Office equipment

25% Straight line

Motor vehicles

25% Straight line

Plant and machinery

15% Reducing balance

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Trademarks

20% Straight line

 

Devon Distillery Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2022

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Hire purchase liabilities;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

Hire purchase

Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Devon Distillery Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2022

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2021 - 9).

4

Government grants

During the year the company received the following government grants:-

- £ 20,582 Coronavirus Job Retention Scheme
- £ 10,667 Coronavirus Council Support

The amount of all grants recognised in the financial statements was £38,257 (2020 - £94,635).

5

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 April 2021

4,320

4,320

At 31 March 2022

4,320

4,320

Amortisation

At 1 April 2021

2,859

2,859

Amortisation charge

792

792

At 31 March 2022

3,651

3,651

Carrying amount

At 31 March 2022

669

669

At 31 March 2021

1,461

1,461

 

Devon Distillery Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2022

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2021

68,522

24,273

84,238

168,255

345,288

Additions

-

532

2,625

4,100

7,257

At 31 March 2022

68,522

24,805

86,863

172,355

352,545

Depreciation

At 1 April 2021

21,246

12,678

57,350

93,344

184,618

Charge for the year

2,742

4,828

7,379

11,853

26,802

At 31 March 2022

23,988

17,506

64,729

105,197

211,420

Carrying amount

At 31 March 2022

44,534

7,299

22,134

67,158

141,125

At 31 March 2021

47,276

11,595

26,888

74,911

160,670

Included within the net book value of land and buildings above is £44,534 (2021 - £47,276) in respect of long leasehold land and buildings.
 

 

Devon Distillery Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2022

7

Debtors

Current

2022
£

2021
£

Trade debtors

6,999

9,114

Prepayments

-

124

Other debtors

-

8,172

 

6,999

17,410

8

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

9

13,706

12,873

Trade creditors

 

2,538

5,595

Taxation and social security

 

6,085

861

Other creditors

 

732

1,079

Accruals and deferred income

 

2,150

2,480

 

25,211

22,888

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

9

490,556

498,095

 

Devon Distillery Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2022

9

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Bank borrowings

9,706

8,873

Hire purchase liabilities

4,000

4,000

13,706

12,873

2022
£

2021
£

Loans and borrowings due after one year

Bank borrowings

32,387

41,126

Hire purchase liabilities

7,333

11,333

Other borrowings

450,836

445,636

490,556

498,095

Finance lease liabilities and Hire purchase agreements

Finance lease liabilities and hire purchase agreements are secured on assets to which they relate.

10

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

Redeemable Preference shares of £1 each

15,000

15,000

15,000

15,000

 

15,100

15,100

15,100

15,100