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COMPANY REGISTRATION NUMBER: NI612272
Rademon Estate Distillery Limited
Filleted Unaudited Financial Statements
31 December 2022
Rademon Estate Distillery Limited
Financial Statements
Year ended 31 December 2022
Contents
Page
Officers and professional advisers
1
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Rademon Estate Distillery Limited
Officers and Professional Advisers
The board of directors
Mrs F Boyd-Armstrong
Mr D Boyd-Armstrong
Registered office
The Distillery
Rademon Estate
65 Church Road
Crossgar
Downpatrick
BT30 9HR
Accountants
Maneely Mc Cann Chartered Accountants
Chartered Accountants
Aisling House
50 Stranmillis Embankment
Belfast
BT9 5FL
Bankers
Barclays Bank PLC
1 Churchill Place
London
E14 5HP
Rademon Estate Distillery Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Rademon Estate Distillery Limited
Year ended 31 December 2022
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 December 2022, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Maneely Mc Cann Chartered Accountants Chartered Accountants
Aisling House 50 Stranmillis Embankment Belfast BT9 5FL
29 September 2023
Rademon Estate Distillery Limited
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
Fixed assets
Intangible assets
5
61,974
72,095
Tangible assets
6
2,039,283
2,077,703
Investments
7
2
2
------------
------------
2,101,259
2,149,800
Current assets
Stocks
1,083,044
994,904
Debtors
8
204,814
139,389
Cash at bank and in hand
252,846
163,201
------------
------------
1,540,704
1,297,494
Creditors: amounts falling due within one year
9
3,268,946
3,268,006
------------
------------
Net current liabilities
1,728,242
1,970,512
------------
------------
Total assets less current liabilities
373,017
179,288
Creditors: amounts falling due after more than one year
10
403,086
106,816
Provisions
36,758
32,480
---------
---------
Net (liabilities)/assets
( 66,827)
39,992
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 66,829)
39,990
--------
--------
Shareholders (deficit)/funds
( 66,827)
39,992
--------
--------
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 income and retained earnings has not been delivered.
For the year ending 31 December 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 .
Rademon Estate Distillery Limited
Statement of Financial Position (continued)
31 December 2022
These financial statements were approved by the board of directors and authorised for issue on 29 September 2023 , and are signed on behalf of the board by:
Mrs F Boyd-Armstrong
Mr D Boyd-Armstrong
Director
Director
Company registration number: NI612272
Rademon Estate Distillery Limited
Notes to the Financial Statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is The Distillery, Rademon Estate, 65 Church Road, Crossgar, Downpatrick, BT30 9HR.
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.
Revenue recognition
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Patents, trademarks and licences
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Land and buildings
-
2% and 5% straight line
Plant and machinery and casks
-
10% and 5% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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. Stock of whiskey is valued at the lower of cost and net realisable value. Cost is defined as the production cost (including distillery overheads) or purchase price, as appropriate, plus carrying costs such as depreciation, warehousing rent and freight but excluding interest. Net realisable value is based on estimated selling price, less the estimated costs of completion and selling. Provision is made for obsolete and slow-moving items where appropriate.
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.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2021: 7 ).
5. Intangible assets
Patents, trademarks and licences
£
Cost
At 1 January 2022 and 31 December 2022
111,422
---------
Amortisation
At 1 January 2022
39,327
Charge for the year
10,121
---------
At 31 December 2022
49,448
---------
Carrying amount
At 31 December 2022
61,974
---------
At 31 December 2021
72,095
---------
6. Tangible assets
Land and buildings
Plant and machinery, etc
Total
£
£
£
Cost
At 1 January 2022
1,595,649
1,188,311
2,783,960
Additions
9,643
129,163
138,806
------------
------------
------------
At 31 December 2022
1,605,292
1,317,474
2,922,766
------------
------------
------------
Depreciation
At 1 January 2022
207,154
499,103
706,257
Charge for the year
45,976
131,250
177,226
------------
------------
------------
At 31 December 2022
253,130
630,353
883,483
------------
------------
------------
Carrying amount
At 31 December 2022
1,352,162
687,121
2,039,283
------------
------------
------------
At 31 December 2021
1,388,495
689,208
2,077,703
------------
------------
------------
7. Investments
Shares in group undertakings
£
Cost
At 1 January 2022 and 31 December 2022
2
----
Impairment
At 1 January 2022 and 31 December 2022
----
Carrying amount
At 31 December 2022
2
----
At 31 December 2021
2
----
8. Debtors
2022
2021
£
£
Trade debtors
168,901
63,395
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,657
Other debtors
35,913
74,337
---------
---------
204,814
139,389
---------
---------
9. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
162,723
177,816
Amounts owed to group undertakings
43,339
35,837
Amounts owed to undertakings in which the company has a participating interest
519
Accruals and deferred income
36,464
28,004
Social security and other taxes
20,085
21,075
Director loan accounts
3,000,000
3,000,000
Other creditors
6,335
4,755
------------
------------
3,268,946
3,268,006
------------
------------
10. Creditors: amounts falling due after more than one year
2022
2021
£
£
Accruals and deferred income
65,647
30,677
Other creditors
337,439
76,139
---------
---------
403,086
106,816
---------
---------
Interest is being charged at a market rate on these loans.
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2022
2021
£
£
Included in provisions
36,758
32,480
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2022
2021
£
£
Accelerated capital allowances
226,811
206,933
Unused tax losses
( 190,053)
( 174,453)
---------
---------
36,758
32,480
---------
---------
12. Financial commitments, guarantees and contingent liabilities
There exists a contingent liability to repay all payments of financial assistance received from Invest Northern Ireland under the terms and conditions of the Letters of Offer.
13. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mrs F Boyd-Armstrong
( 3,000,000)
( 3,000,000)
------------
----
------------
2021
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mrs F Boyd-Armstrong
( 3,000,000)
( 3,000,000)
----
------------
------------
14. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2022
2021
2022
2021
£
£
£
£
Entities with control, joint control or significant influence over the company
(261,306)
3,037,010
( 337,439)
( 76,133)
---------
------------
---------
--------
Interest is being charged at a market rate on the related party loans.