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COMPANY REGISTRATION NUMBER: SC415555
Windswept Brewing Co. Ltd.
Filleted Unaudited Financial Statements
31 December 2021
Windswept Brewing Co. Ltd.
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Windswept Brewing Co. Ltd.
Year ended 31 December 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Windswept Brewing Co. Ltd. for the year ended 31 December 2021, which comprise the statement of financial position and the 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 www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Windswept Brewing Co. Ltd., as a body, in accordance with the terms of our engagement letter dated 5 July 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Windswept Brewing Co. Ltd. and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Windswept Brewing Co. Ltd. and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Windswept Brewing Co. Ltd. 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 profit of Windswept Brewing Co. Ltd.. You consider that Windswept Brewing Co. Ltd. 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 Windswept Brewing Co. Ltd.. 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.
RITSONS Chartered Accountants
103 High Street ELGIN Moray IV30 1EB
14 September 2022
Windswept Brewing Co. Ltd.
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
£
Fixed assets
Intangible assets
5
741
741
Tangible assets
6
173,068
179,267
---------
---------
173,809
180,008
Current assets
Stocks
83,115
53,175
Debtors
7
19,347
32,118
Cash at bank and in hand
53,464
92,882
---------
---------
155,926
178,175
Creditors: amounts falling due within one year
8
86,208
125,093
---------
---------
Net current assets
69,718
53,082
---------
---------
Total assets less current liabilities
243,527
233,090
Creditors: amounts falling due after more than one year
9
251,782
276,349
---------
---------
Net liabilities
( 8,255)
( 43,259)
---------
---------
Capital and reserves
Called up share capital
1,250
1,250
Share premium account
49,940
49,940
Capital Contribution - Equity
34,252
36,334
Profit and loss account
( 93,697)
( 130,783)
--------
---------
Shareholders deficit
( 8,255)
( 43,259)
--------
---------
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 statement of comprehensive income has not been delivered.
For the year ending 31 December 2021 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 .
Windswept Brewing Co. Ltd.
Statement of Financial Position (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 9 September 2022 , and are signed on behalf of the board by:
Mr N Tiddy
Mr A Read
Director
Director
Company registration number: SC415555
Windswept Brewing Co. Ltd.
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Unit B, 13 Coulardbank Industrial Estate, Lossiemouth, IV31 6NG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Included within their going concern review the directors have considered the ongoing impact of the COVID 19 pandemic and the change to customer buying habits as well as the current economic situation that have arisen from the energy crisis and the conflict in Ukraine. While the company is seeing an impact from these global events, investment to diversify channels the company sells through and development of the company brand through new labels and a new website is expected to create growth in sales. Along with solid export sales to North America for the year and developing new trade sales to the north of England, the directors expect the company to continue to consolidate its position. Thus, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Tenants' Improvements
-
10% reducing balance
Plant & Machinery
-
15 % reducing balance
Fixtures & Fittings
-
15% reducing balance
Motor Vehicles
-
20% reducing balance
Office Equipment
-
33% reducing balance
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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, 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. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand held on demand. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to a supplier, which is normally the invoiced price. Loans received from a bank at the market rate of interest are recognised at the amount of cash received from the bank, less separately incurred transition costs. Directors' loans to the company which are repayable on demand are measured at the undiscounted amount of the cash expected to be paid. Directors Loan accounts includes loans at both market rate and non-market rate. Loans from connected parties which are not at market rate are recognised in the accounts at present value.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2020: 12 ).
5. Intangible assets
Patents, trademarks and licences
£
Cost
At 1 January 2021 and 31 December 2021
741
----
Amortisation
At 1 January 2021 and 31 December 2021
----
Carrying amount
At 31 December 2021
741
----
At 31 December 2020
741
----
6. Tangible assets
Tenants Improvements
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jan 2021
84,972
256,254
2,813
15,695
14,490
374,224
Additions
1,708
17,816
1,845
21,369
Disposals
( 2,500)
( 2,500)
--------
---------
-------
--------
--------
---------
At 31 Dec 2021
86,680
271,570
2,813
15,695
16,335
393,093
--------
---------
-------
--------
--------
---------
Depreciation
At 1 Jan 2021
25,182
148,442
1,348
7,764
12,221
194,957
Charge for the year
6,064
17,729
220
1,549
1,102
26,664
Disposals
( 1,596)
( 1,596)
--------
---------
-------
--------
--------
---------
At 31 Dec 2021
31,246
164,575
1,568
9,313
13,323
220,025
--------
---------
-------
--------
--------
---------
Carrying amount
At 31 Dec 2021
55,434
106,995
1,245
6,382
3,012
173,068
--------
---------
-------
--------
--------
---------
At 31 Dec 2020
59,790
107,812
1,465
7,931
2,269
179,267
--------
---------
-------
--------
--------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 December 2021
4,481
-------
At 31 December 2020
5,755
-------
7. Debtors
2021
2020
£
£
Trade debtors
14,604
22,258
Other debtors
4,743
9,860
--------
--------
19,347
32,118
--------
--------
8. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
10,000
4,167
Trade creditors
24,431
34,550
Social security and other taxes
22,199
31,562
Pension Fund
1,573
682
Credit card
2,079
611
Other creditors
25,926
53,521
--------
---------
86,208
125,093
--------
---------
Included within creditors due within 1 year is an amount of £2,301 (2020 - £2,301) in respect of assets held under Hire Purchase/Finance Lease. These liabilities are secured over the assets to which they relate.
9. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
35,833
45,833
Other creditors
215,949
230,516
---------
---------
251,782
276,349
---------
---------
Included within creditors due after 1 year is an amount of £1,147 (2020 - £3,346) in respect of assets held under Hire Purchase/Finance Lease. These liabilities are secured over the assets to which they relate.
10. Events after the reporting period
The bank overdraft is secured by a floating charge over the assets. This was registered on 15 March 2022.
11. Related party transactions
Included within creditors falling due after more than one year is an amount of £71,484 (2020 - £69,402) in respect of loans advanced from the directors at a non-market rate.