Company Registration No. 04070995 (England and Wales)
HEPWORTH & COMPANY BREWERS LIMITED
Unaudited accounts
for the year ended 31 January 2023
HEPWORTH & COMPANY BREWERS LIMITED
Unaudited accounts
Contents
HEPWORTH & COMPANY BREWERS LIMITED
Company Information
for the year ended 31 January 2023
Directors
A C Hepworth
Dr M C Price (left the board on the 31 January 2023)
R J Patterson
T A Goacher
L Murphy
Company Number
04070995 (England and Wales)
Registered Office
The New Brewery
Stane Street
Pulborough
West Sussex
RH20 1DJ
United Kingdom
Accountants
Worthweld PT Limited
5 Field End
Maresfield
Uckfield
East Sussex
TN22 2DJ
HEPWORTH & COMPANY BREWERS LIMITED
Statement of financial position
as at 31 January 2023
Tangible assets
4,619,412
4,243,952
Inventories
545,160
410,644
Cash at bank and in hand
25,841
24,030
Creditors: amounts falling due within one year
(911,447)
(838,860)
Net current (liabilities)/assets
(8,633)
13,207
Total assets less current liabilities
4,611,779
4,258,159
Creditors: amounts falling due after more than one year
(3,227,978)
(2,696,680)
Provisions for liabilities
Deferred tax
(121,503)
(153,104)
Net assets
1,262,298
1,408,375
Called up share capital
52,188
52,188
Share premium
396,749
396,749
Profit and loss account
813,361
959,438
Shareholders' funds
1,262,298
1,408,375
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2023 and were signed on its behalf by
A C Hepworth
Director
Company Registration No. 04070995
HEPWORTH & COMPANY BREWERS LIMITED
Notes to the Accounts
for the year ended 31 January 2023
HEPWORTH & COMPANY BREWERS LIMITED is a private company, limited by shares, registered in England and Wales, registration number 04070995. The registered office is The New Brewery, Stane Street, Pulborough, West Sussex, RH20 1DJ, United Kingdom.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Freehold property
The Directors' have adopted not to depreciate the freehold property. On completion of the extension to the brewery the
Directors' had the proprty professional valued and the value of the property amounted to £3,550,000.
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
8.5%, 33%, 50% straight line
Motor vehicles
25% straight line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
HEPWORTH & COMPANY BREWERS LIMITED
Notes to the Accounts
for the year ended 31 January 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
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Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At cost
At 1 February 2022
3,320,242
2,310,381
50,830
5,681,453
Additions
55,367
441,819
-
497,186
At 31 January 2023
3,375,609
2,752,200
50,830
6,178,639
At 1 February 2022
-
1,398,386
39,115
1,437,501
Charge for the year
-
118,798
2,928
121,726
At 31 January 2023
-
1,517,184
42,043
1,559,227
At 31 January 2023
3,375,609
1,235,016
8,787
4,619,412
At 31 January 2022
3,320,242
911,995
11,715
4,243,952
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
377,995
114,905
HEPWORTH & COMPANY BREWERS LIMITED
Notes to the Accounts
for the year ended 31 January 2023
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Investments
Other investments
Valuation at 1 February 2022
1,000
Valuation at 31 January 2023
1,000
Raw materials
205,773
192,716
Work in progress
57,943
46,251
Finished goods
281,444
171,677
Amounts falling due within one year
Trade debtors
164,439
296,730
Accrued income and prepayments
163,575
117,637
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Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
281,759
302,449
Obligations under finance leases and hire purchase contracts
58,150
14,627
Trade creditors
353,121
299,063
Taxes and social security
80,967
60,166
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Creditors: amounts falling due after more than one year
2023
2022
Bank loans
2,458,105
2,131,312
Obligations under finance leases and hire purchase contracts
242,873
38,368
Other creditors
527,000
527,000
Aggregate of amounts that fall due for payment after five years
1,916,345
1,298,826
Secured loans
Security has been given on the bank loans totalling £2425382 (2022 - £1974275), and the obligations under finance lease and hire purchase contracts totalling £301023 (2022 - £52994).
HEPWORTH & COMPANY BREWERS LIMITED
Notes to the Accounts
for the year ended 31 January 2023
Allotted, called up and fully paid:
52,188 Ordinary shares of £1 each
52,188
52,188
The Company operates a defined contribution pension scheme. The pension cost charge represents contributions payable by the Company and amounted to £77553 (2022 - £86885).
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Operating lease commitments
2023
2022
At 31 January 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
60,173
57,817
Later than one year and not later than five years
244,895
46,414
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Transactions with related parties
At the balance sheet date the company was controlled by the Directors.
G Lee (Shareholder)
During the year G Lee continued to provide a loan to the company. Interest is payable on the loans at rates of 5-10% per annum. At the balance sheet date the amount due to G Lee was £380,000 (2022 - £380,000) and was paid a dividend of £5851 (2022 - £0)
A C Hepworth (Director)
During the year A C Hepworth continued to provide a loan to the company. Interest is payable on the loan at a rates of 5% - 8% per annum. At the balance sheet date the amount due to A C Hepworth was £65,000 (2022 - £65000) and paid a dividend of £3033 (2022 £0).
Dr M C Price (Shareholder)
During the year Dr M C Price continued to provided a loan to the company. Interest is payable on the loan at a rates of 5% - 8% per annum. At the balance sheet date the amount due to Dr M C Price £65,000 (2022 - £65000) and paid a dividend of £3033 (2022 £0).
T A Goacher (Director).
During the year T A Goacher was paid a dividend of £1204 (2022 £0).
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Average number of employees
During the year the average number of employees was 30 (2022: 28).