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COMPANY REGISTRATION NUMBER: 11631519
Reformed Spirits Company Limited
Filleted Financial Statements
31 December 2022
Reformed Spirits Company Limited
Financial Statements
Year ended 31 December 2022
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
3
Reformed Spirits Company Limited
Officers and Professional Advisers
The board of directors
Mr A M Versteegh
Mr C J A Ehrenkrona
Mr C S G Magnusson
Registered office
Second Floor, Riverside Offices
26 St George's Quay
Lancaster
Lancashire
England
LA1 1RD
Auditor
Riverside Accountancy Lancaster Limited
Chartered accountants & statutory auditor
Second Floor, Riverside Offices
26 St George's Quay
Lancaster
LA1 1RD
Reformed Spirits Company Limited
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
Current assets
Stocks
144,691
101,535
Debtors
4
31,179
41,364
Cash at bank and in hand
3,898
8,255
---------
---------
179,768
151,154
Creditors: amounts falling due within one year
5
703,914
495,088
---------
---------
Net current liabilities
524,146
343,934
---------
---------
Total assets less current liabilities
( 524,146)
( 343,934)
---------
---------
Net liabilities
( 524,146)
( 343,934)
---------
---------
Capital and reserves
Called up share capital
6
100
100
Profit and loss account
( 524,246)
( 344,034)
---------
---------
Shareholders deficit
( 524,146)
( 343,934)
---------
---------
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 comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 12 October 2023 , and are signed on behalf of the board by:
Mr C S G Magnusson
Director
Company registration number: 11631519
Reformed Spirits Company 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 England and Wales. The address of the registered office is Second Floor, Riverside Offices, 26 St George's Quay, Lancaster, Lancashire, LA1 1RD, England.
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.
Employee numbers
The average number of employees for the year was 3.
Going concern
During the past couple of years the company has been developing its brand and enhancing its value. It is the intention of the company to continue these activities and accordingly will in a least the medium term, continue to be dependent upon the support of its parent company. Its parent company has undertaken not to seek repayment until at least 31 December 2023 unless the company is in a position to do so. The company's cash flow forecast for the period to 31 December 2023 suggests that the company will require additional support for at least that period. The company has received assurances from its parent that it anticipates being able to meet any funding requirements in that period. Based on these undertakings the directors consider its appropriate to prepare the financial statements on a going concern basis.
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. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
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.
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, 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. 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.
4. Debtors
2022
2021
£
£
Trade debtors
23,186
36,449
Amounts owed by group undertakings and undertakings in which the company has a participating interest
118
100
Other debtors
7,875
4,815
--------
--------
31,179
41,364
--------
--------
5. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
7,732
34,905
Amounts owed to group undertakings and undertakings in which the company has a participating interest
664,261
437,131
Other creditors
31,921
23,052
---------
---------
703,914
495,088
---------
---------
6. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
7. Summary audit opinion
The auditor's report dated 12 October 2023 was unqualified .
The senior statutory auditor was Penelope Bowden ACA , for and on behalf of Riverside Accountancy Lancaster Limited .
8. Related party transactions
Within Creditors there are loans from a related company of £641,277 (2021 - £427,371). There are also trade creditor amounts totalling £522 (2021 - £458) for a related company. During the year interest was charged on these loans of £22,580 (2021 - £7,230). Within Debtors there is a balance of £3,934 (2021 - £5,440) for trade debtors which relates to a connected company, and a balance of £100 (2021 - £100) in Other Debtors for a related company. During the year recharges were charged to a connected company of £21,604 (2021 - £14,964).
9. Controlling party
The immediate and ultimate parent company is Reformed Spirits Company Holdings Limited, a company incorporated in Malta. The ultimate controlling party is Andreas Versteegh, a national and resident of Sweden. The ultimate controlling party that produces consolidated accounts is Living Capital Group Limited whose registered office is Nouv, Triq MRO Frank Galea, Zebbug, ZBG 9019, Malta