Year Ended
Registration number:
Devon Distillery Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Devon Distillery Limited
Company Information
Director |
Mr C E Caddy |
Registered office |
|
Accountants |
|
Devon Distillery Limited
Balance Sheet
31 March 2022
Note |
2022 |
2021 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
( |
( |
|
Shareholders' deficit |
( |
( |
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 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
......................................... |
Company Registration Number: 08338383
Devon Distillery Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Poole Farm Cottage
Torbryan
Devon
TQ12 5UP
These financial statements were authorised for issue by the
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
• 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
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
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
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).
Intangible assets |
Trademarks, patents and licenses |
Total |
|
Cost or valuation |
||
At 1 April 2021 |
|
|
At 31 March 2022 |
|
|
Amortisation |
||
At 1 April 2021 |
|
|
Amortisation charge |
|
|
At 31 March 2022 |
|
|
Carrying amount |
||
At 31 March 2022 |
|
|
At 31 March 2021 |
|
|
Devon Distillery Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2022
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
|
Cost or valuation |
|||||
At 1 April 2021 |
|
|
|
|
|
Additions |
- |
|
|
|
|
At 31 March 2022 |
|
|
|
|
|
Depreciation |
|||||
At 1 April 2021 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
At 31 March 2022 |
|
|
|
|
|
Carrying amount |
|||||
At 31 March 2022 |
|
|
|
|
|
At 31 March 2021 |
|
|
|
|
|
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
Debtors |
Current |
2022 |
2021 |
Trade debtors |
|
|
Prepayments |
- |
|
Other debtors |
- |
|
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
Accruals and deferred income |
|
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
|
Due after one year |
|||
Loans and borrowings |
|
|
Devon Distillery Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2022
Loans and borrowings |
2022 |
2021 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Hire purchase liabilities |
|
|
|
|
2022 |
2021 |
|
Loans and borrowings due after one year |
||
Bank borrowings |
|
|
Hire purchase liabilities |
|
|
Other borrowings |
|
|
|
|
Finance lease liabilities and Hire purchase agreements
Finance lease liabilities and hire purchase agreements are secured on assets to which they relate.
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
|
|
15,000 |
|
15,000 |
|
|
|
|