The Milton Brewery Cambridge Limited
Registered number: 03786790
Balance Sheet
at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 585,059 624,975
Investments 4 60,000 60,000
645,059 684,975
Current assets
Stocks 33,439 31,008
Debtors 5 68,825 75,663
Cash at bank and in hand 50,914 74,700
153,178 181,371
Creditors: amounts falling due within one year 6 (262,575) (280,022)
Net current liabilities (109,397) (98,651)
Total assets less current liabilities 535,662 586,324
Creditors: amounts falling due after more than one year 7 (310,291) (349,766)
Provisions for liabilities (11,000) (14,000)
Net assets 214,371 222,558
Capital and reserves
Called up share capital 100 100
Share premium 45,000 45,000
Profit and loss account 169,271 177,458
Shareholders' funds 214,371 222,558
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The financial statements have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Richard Tom Naisby
Director
The financial statements were approved by the board of directors on 1 October 2023
The Milton Brewery Cambridge Limited
Notes to the Financial statements
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 – The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis and are presented in Sterling (£).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services, which is recognised by reference to the stage of completion of the contract, and grant income, which is recognised as funds are expended as no profit or loss is expected to arise.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets over their expected useful lives, using the straight-line method.
Plant and machinery 20%-25% per year
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that that have been enacted or substantively enacted by the reporting date.
Deferred tax is calculated using the tax rates and laws that that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference and is recognised in respect of all timing differences at the reporting date, except as otherwise indicated. Deferred tax assets are only 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. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Employee benefits
Short-term employee benefits and contributions to defined contribution pension plans are recognised as an expense in the period in which they are incurred.
The company operates stakeholder defined contribution pension schemes for the benefit of the employees and directors. The assets of the pension schemes are administered by an independent pensions provider.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Land and buildings Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 837,918 277,750 40,405 1,156,073
Additions - 2,837 - 2,837
At 31 March 2023 837,918 280,587 40,405 1,158,910
Depreciation
At 1 April 2022 237,832 255,633 37,633 531,098
Charge for the year 30,678 11,340 735 42,753
At 31 March 2023 268,510 266,973 38,368 573,851
Net book value
At 31 March 2023 569,408 13,614 2,037 585,059
At 31 March 2022 600,086 22,117 2,772 624,975
The land and buildings represent 50% of the equity in various properties
4 Investments
Other
investments
£
Cost
At 1 April 2022 60,000
At 31 March 2023 60,000
The investment comprises 60,000 ordinary shares of £1 each in Individual Pubs Limited, a company incorporated in England, which is 15% of the issued share capital of that company. The company trades as retailers of alcoholic beverages.
5 Debtors 2023 2022
£ £
Trade debtors 50,276 62,368
Other debtors - 2,573
Other taxes and social security - 6,430
Prepayments and accrued income 18,549 4,292
68,825 75,663
6 Creditors: amounts falling due within one year 2023 2022
£ £
Other creditors 58,628 41,213
Bank loans and overdrafts 28,550 37,212
Trade creditors 46,657 78,047
Owed to connected company 55,466 64,618
Corporation tax 27,474 4,854
Other taxes and social security costs 19,988 4,108
Accruals and deferred income 25,812 49,970
262,575 280,022
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 310,291 349,766
8 Loans 2023 2022
£ £
Instalments falling due for payment after more than five years 197,022 205,991
There are three loans secured against property all of which are repayable in monthly instalments of capital and interest. The interest charged ranges from 3.3% to 3.9% over base rate.
The mortgage loans shown above are 50% of the total owed as the related properties are 50% owned by the company. The company is liable to repay the whole of the balances owed if the co-owner defaults.
Secured bank loans 307,174 345,311
9 Contingent liabilities
The mortgages referred to above are 50% of the mortgage balances as the company only owns 50% of the equity in the mortgaged properties. The remaining equity in the properties and the liability for the other 50% of the mortgage balances of £307,174 is held by a third party. Should that third party be unable to make his share of the repayments the company would be called on by the lenders to make all of the repayments.
10 Other information
The Milton Brewery Cambridge Limited is a private company limited by shares and incorporated in England. Its registered office is:
Pegasus House
Pembroke Avenue
Waterbeach
Cambridge
CB25 9PY
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