1 June 2022 v2023.18.1 limited_company_frs_102_section_1a_v1_1_0 companies_houseSoftwarefalsetruetruetrueNo description of principal activitytruexbrli:purexbrli:sharesiso4217:GBPSC4096232022-06-012023-05-31SC4096232023-05-31SC4096232022-05-31SC409623core:WithinOneYear2023-05-31SC409623core:WithinOneYear2022-05-31SC409623core:ShareCapital2023-05-31SC409623core:ShareCapital2022-05-31SC409623core:SharePremium2023-05-31SC409623core:SharePremium2022-05-31SC409623core:RetainedEarningsAccumulatedLosses2023-05-31SC409623core:RetainedEarningsAccumulatedLosses2022-05-31SC409623bus:Director12022-06-012023-05-31SC409623bus:RegisteredOffice2022-06-012023-05-31SC409623core:PatentsTrademarksLicencesConcessionsSimilar2022-06-012023-05-31SC409623core:PlantMachinery2022-06-012023-05-31SC409623core:FurnitureFittings2022-06-012023-05-31SC409623core:MotorVehicles2022-06-012023-05-31SC409623core:OfficeEquipment2022-06-012023-05-31SC4096232021-06-012022-05-31SC409623core:IntangibleAssetsOtherThanGoodwill2022-06-01SC409623core:IntangibleAssetsOtherThanGoodwill2022-06-012023-05-31SC409623core:IntangibleAssetsOtherThanGoodwill2023-05-31SC409623core:IntangibleAssetsOtherThanGoodwill2022-05-31SC409623core:PlantMachinery2022-06-01SC409623core:PlantMachinery2023-05-31SC409623core:PlantMachinery2022-05-31SC40962312022-06-012023-05-31SC409623countries:Scotland2022-06-012023-05-31SC409623bus:AuditExemptWithAccountantsReport2022-06-012023-05-31SC409623bus:PrivateLimitedCompanyLtd2022-06-012023-05-31SC409623bus:SmallEntities2022-06-012023-05-31SC409623bus:FullAccounts2022-06-012023-05-31
Company registration number:
SC409623
Alechemy Brewing Ltd
Unaudited Filleted Financial Statements for the year ended
31 May 2023
Alechemy Brewing Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of Alechemy Brewing Ltd
Year ended
31 May 2023
As described on the statement of financial position, the Board of Directors of
Alechemy Brewing Ltd
are responsible for the preparation of the
financial statements
for the year ended
31 May 2023
, which comprise the income statement, statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
Thomson Financial Limited
Millars House
41a Gray Street
Dundee
Tayside
DD5 2BJ
United Kingdom
Alechemy Brewing Ltd
Statement of Financial Position
31 May 2023
20232022
Note££
Fixed assets    
Intangible assets 5
166,510
 
155,402
 
Tangible assets 6
202,151
 
187,357
 
368,661
 
342,759
 
Current assets    
Stocks
105,605
 
106,322
 
Debtors 7
126,252
 
81,665
 
Cash at bank and in hand
3,267
 
7,718
 
235,124
 
195,705
 
Creditors: amounts falling due within one year 8
(198,232
)
(218,202
)
Net current assets/(liabilities)
36,892
 
(22,497
)
Total assets less current liabilities 405,553   320,262  
Capital and reserves    
Called up share capital
856,602
 
598,602
 
Share premium
(10,148
)
(10,148
)
Profit and loss account
(440,901
)
(268,192
)
Shareholders funds
405,553
 
320,262
 
For the year ending
31 May 2023
, 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.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
21 September 2023
, and are signed on behalf of the board by:
Mr JDS Carnegie
Director
Company registration number:
SC409623
Alechemy Brewing Ltd
Notes to the Financial Statements
Year ended
31 May 2023

1 General information

The company is a private company limited by shares and is registered in Scotland. The address of the registered office is
Malcolmburn
,
Mulben
,
Keith
,
AB55 6YB
, Scotland.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Current tax

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.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, 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.
Any intangible assets carried at a revalued amount 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.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Patents, trademarks and licences
20% straight line

Research and development

Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when It is technically feasible to complete the intangible asset so that it will be available for use or sale; there is the intention to complete the intangible asset and use or sell it; there is the ability to use or sell the intangible asset; the use or sale of the intangible asset will generate probable future economic benefits; there are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and the expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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 capital and reserves. However, the increase is recognised in profit or loss to the extent that 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
25% reducing balance
Fixtures and fittings
33% straight line
Motor vehicles
25% reducing balance
Office equipment
25% reducing balance

Impairment

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.

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 stocks to their present location and condition.

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 entity 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 entity 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

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity 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.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
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.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or 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.

4 Average number of employees

The average number of persons employed by the company during the year was
5
(2022:
6.00
).

5 Intangible assets

Other intangible assets
£
Cost  
At
1 June 2022
176,296
 
Additions
27,979
 
At
31 May 2023
204,275
 
Amortisation  
At
1 June 2022
20,894
 
Charge
16,871
 
At
31 May 2023
37,765
 
Carrying amount  
At
31 May 2023
166,510
 
At 31 May 2022
155,402
 

6 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 June 2022
230,715
 
Additions
85,724
 
At
31 May 2023
316,439
 
Depreciation  
At
1 June 2022
43,358
 
Charge
70,930
 
At
31 May 2023
114,288
 
Carrying amount  
At
31 May 2023
202,151
 
At 31 May 2022
187,357
 

7 Debtors

20232022
££
Trade debtors
26,187
 
42,748
 
Other debtors
100,065
 
38,917
 
126,252
 
81,665
 

8 Creditors: amounts falling due within one year

20232022
££
Trade creditors
60,953
 
80,581
 
Amounts owed to group undertakings and undertakings in which the company has a participating interest
252
 
1,140
 
Taxation and social security
44,268
 
29,207
 
Other creditors
92,759
 
107,274
 
198,232
 
218,202