14 false false false false false false false false false true false false false false false false No description of principal activity 2022-01-31 Sage Accounts Production Advanced 2021 - FRS102_2021 10,000 10,000 1,000 1,000 9,000 xbrli:pure xbrli:shares iso4217:GBP SC721442 2022-01-31 2023-01-31 SC721442 2023-01-31 SC721442 core:NetGoodwill 2022-01-31 2023-01-31 SC721442 core:LandBuildings core:LongLeaseholdAssets 2022-01-31 2023-01-31 SC721442 core:MotorVehicles 2022-01-31 2023-01-31 SC721442 bus:RegisteredOffice 2022-01-31 2023-01-31 SC721442 bus:LeadAgentIfApplicable 2022-01-31 2023-01-31 SC721442 bus:Director1 2022-01-31 2023-01-31 SC721442 bus:Director2 2022-01-31 2023-01-31 SC721442 core:NetGoodwill 2023-01-31 SC721442 core:LandBuildings core:LongLeaseholdAssets 2023-01-31 SC721442 core:PlantMachinery 2023-01-31 SC721442 core:MotorVehicles 2023-01-31 SC721442 core:PlantMachinery 2022-01-31 2023-01-31 SC721442 core:WithinOneYear 2023-01-31 SC721442 core:AfterOneYear 2023-01-31 SC721442 core:ShareCapital 2023-01-31 SC721442 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC721442 bus:SmallEntities 2022-01-31 2023-01-31 SC721442 bus:AuditExemptWithAccountantsReport 2022-01-31 2023-01-31 SC721442 bus:FullAccounts 2022-01-31 2023-01-31 SC721442 bus:SmallCompaniesRegimeForAccounts 2022-01-31 2023-01-31 SC721442 bus:PrivateLimitedCompanyLtd 2022-01-31 2023-01-31 SC721442 core:OfficeEquipment 2022-01-31 2023-01-31 SC721442 core:OfficeEquipment 2023-01-31
COMPANY REGISTRATION NUMBER: SC721442
QUANTOCK ALES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 January 2023
QUANTOCK ALES LIMITED
FINANCIAL STATEMENTS
PERIOD ENDED 31 JANUARY 2023
Contents
Page
Officers and professional advisers
1
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
QUANTOCK ALES LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
Mrs K Urquhart
Mrs N Urquhart
Registered office
26-30 Marine Place
Buckie
United Kingdom
AB56 1UT
Accountants
Ritsons
Chartered Accountants
26-30 Marine Place
Buckie
Moray
AB56 1UT
QUANTOCK ALES LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF QUANTOCK ALES LIMITED
PERIOD ENDED 31 JANUARY 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Quantock Ales Limited for the period ended 31 January 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Quantock Ales Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Quantock Ales Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Quantock Ales Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Quantock Ales Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Quantock Ales Limited. You consider that Quantock Ales Limited is exempt from the statutory audit requirement for the period. We have not been instructed to carry out an audit or a review of the financial statements of Quantock Ales Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ritsons Chartered Accountants
26-30 Marine Place Buckie Moray AB56 1UT
26 October 2023
QUANTOCK ALES LIMITED
STATEMENT OF FINANCIAL POSITION
31 January 2023
2023
Note
£
FIXED ASSETS
Intangible assets
5
9,000
Tangible assets
6
675,735
---------
684,735
CURRENT ASSETS
Stocks
62,078
Debtors
7
47,736
Cash at bank and in hand
10,905
---------
120,719
CREDITORS: amounts falling due within one year
8
876,702
---------
NET CURRENT LIABILITIES
755,983
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 71,248)
CREDITORS: amounts falling due after more than one year
9
333,375
---------
NET LIABILITIES
( 404,623)
---------
CAPITAL AND RESERVES
Called up share capital
100
Profit and loss account
( 404,723)
---------
SHAREHOLDERS DEFICIT
( 404,623)
---------
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 income statement has not been delivered.
For the period ending 31 January 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 period 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 .
QUANTOCK ALES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 January 2023
These financial statements were approved by the board of directors and authorised for issue on 26 October 2023 , and are signed on behalf of the board by:
Mrs N Urquhart
Director
Company registration number: SC721442
QUANTOCK ALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD ENDED 31 JANUARY 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 26-30 Marine Place, Buckie, AB56 1UT, United Kingdom.
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.
Going concern
Despite the deficit position, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence in the foreseeable future.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
The turnover shown in the detailed income statement represents amounts invoiced during the year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements
-
10% straight line
Plant and machinery
-
6.67 - 33.33% straight line
Motor vehicles
-
33% straight line
Equipment
-
33% straight line
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand held on demand. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to a supplier, which is normally the invoiced price. Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of income and retained earnings.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 14 .
5. Intangible assets
Goodwill
£
Cost
Additions
10,000
--------
At 31 January 2023
10,000
--------
Amortisation
Charge for the period
1,000
--------
At 31 January 2023
1,000
--------
Carrying amount
At 31 January 2023
9,000
--------
6. Tangible assets
Long leasehold property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 31 January 2022
Additions
71,813
657,454
7,500
540
737,307
--------
---------
-------
----
---------
At 31 January 2023
71,813
657,454
7,500
540
737,307
--------
---------
-------
----
---------
Depreciation
At 31 January 2022
Charge for the period
6,594
52,550
2,292
136
61,572
--------
---------
-------
----
---------
At 31 January 2023
6,594
52,550
2,292
136
61,572
--------
---------
-------
----
---------
Carrying amount
At 31 January 2023
65,219
604,904
5,208
404
675,735
--------
---------
-------
----
---------
7. Debtors
2023
£
Trade debtors
45,192
Other debtors
2,544
--------
47,736
--------
8. Creditors: amounts falling due within one year
2023
£
Trade creditors
38,721
Amounts owed to group undertakings and undertakings in which the company has a participating interest
698,911
Social security and other taxes
21,974
Other creditors
117,096
---------
876,702
---------
9. Creditors: amounts falling due after more than one year
2023
£
Other creditors
333,375
---------
10. Related party transactions
During the year, the company made advances to the Parent Company of £683,649. Credits were received of £1,382,560 which resulted in amounts due from the company at the year end of £698,911. The loan is unsecured and interest free with no fixed repayment terms in place. During the year the company paid dividends of £nil to the directors.
11. Controlling party
Quantock Ales Limited is a subsidiary undertaking and is fully owned by Urquhart Brothers Limited whose registered office is 26-30 Marine Place, Buckie, AB56 1UT.