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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
Page
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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
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HEPWORTH & COMPANY BREWERS LIMITED Statement of financial position as at 31 January 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
4,619,412 
4,243,952 
Investments
1,000 
1,000 
4,620,412 
4,244,952 
Current assets
Inventories
545,160 
410,644 
Debtors
331,813 
417,393 
Cash at bank and in hand
25,841 
24,030 
902,814 
852,067 
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 
Capital and reserves
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
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HEPWORTH & COMPANY BREWERS LIMITED Notes to the Accounts for the year ended 31 January 2023
1
Statutory information
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.
2
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention.
Presentation currency
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
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.
Financial instruments
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.
Foreign exchange
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.
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HEPWORTH & COMPANY BREWERS LIMITED Notes to the Accounts for the year ended 31 January 2023
Leased assets
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.
Pension costs
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 taxation
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
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.
4
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 
Depreciation
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 
Net book value
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 
2023 
2022 
Carrying values included above held under finance leases and hire purchase contracts:
£ 
£ 
- Plant & machinery
377,995 
114,905 
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HEPWORTH & COMPANY BREWERS LIMITED Notes to the Accounts for the year ended 31 January 2023
5
Investments
Other investments 
£ 
Valuation at 1 February 2022
1,000 
Valuation at 31 January 2023
1,000 
6
Inventories
2023 
2022 
£ 
£ 
Raw materials
205,773 
192,716 
Work in progress
57,943 
46,251 
Finished goods
281,444 
171,677 
545,160 
410,644 
7
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
164,439 
296,730 
Accrued income and prepayments
163,575 
117,637 
Other debtors
3,799 
3,026 
331,813 
417,393 
8
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
281,759 
302,449 
VAT
86,825 
74,739 
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 
Accruals
50,625 
87,816 
911,447 
838,860 
9
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 
3,227,978 
2,696,680 
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).
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HEPWORTH & COMPANY BREWERS LIMITED Notes to the Accounts for the year ended 31 January 2023
10
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
52,188 Ordinary shares of £1 each
52,188 
52,188 
11
Pension commitments
The Company operates a defined contribution pension scheme. The pension cost charge represents contributions payable by the Company and amounted to £77553 (2022 - £86885).
12
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 
305,068 
104,231 
13
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).
14
Average number of employees
During the year the average number of employees was 30 (2022: 28).
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