Registered number
NI650446
Baronscourt Brewing Company Ltd
Filleted Accounts
31 January 2023
Baronscourt Brewing Company Ltd
Registered number: NI650446
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 - 1,000
Tangible assets 4 23,432 26,983
23,432 27,983
Current assets
Stocks - 7,450
Debtors 5 7,012 7,012
Cash at bank and in hand 7,640 8,286
14,652 22,748
Creditors: amounts falling due within one year 6 (101,010) (83,946)
Net current liabilities (86,358) (61,198)
Total assets less current liabilities (62,926) (33,215)
Provisions for liabilities (2,841) (3,552)
Net liabilities (65,767) (36,767)
Capital and reserves
Called up share capital 100 100
Profit and loss account (65,867) (36,867)
Shareholder's funds (65,767) (36,767)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Matthew John Wauchob
Director
Approved by the board on 27 October 2023
Baronscourt Brewing Company Ltd
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Equipment, fixtures and fittings 20% reducing balance
Plant & machinery 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2022 5,000
At 31 January 2023 5,000
Amortisation
At 1 February 2022 4,000
Provided during the year 1,000
At 31 January 2023 5,000
Net book value
At 31 January 2023 -
At 31 January 2022 1,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 February 2022 9,224 28,138 37,362
At 31 January 2023 9,224 28,138 37,362
Depreciation
At 1 February 2022 - 10,379 10,379
Charge for the year - 3,551 3,551
At 31 January 2023 - 13,930 13,930
Net book value
At 31 January 2023 9,224 14,208 23,432
At 31 January 2022 9,224 17,759 26,983
5 Debtors 2023 2022
£ £
Trade debtors 7,012 7,012
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors - 2,467
Taxation and social security costs 1,425 1,064
Other creditors 99,585 80,415
101,010 83,946
7 Related party transactions
There were no transactions with related parties during the year other than those already disclosed in the notes.
8 Controlling party
The director is the controlling party.
9 Other information
Baronscourt Brewing Company Ltd is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
38 Baronscourt Road
Newtownstewart
Omagh
County Tyrone
BT78 4EY
10 Going concern
The balance sheet at the year end remains negative due to the loss returned for the year. The two largest creditors on the balance sheet are companies owned by the director. These companies will not seek repayment of outstanding balances until the company is making sustainable profits and can make some repayment towards the amount owed. The directors are not aware of any material concerns relating to the company's ability to continue as a going concern, as they believe the company can realise its assets and settle its liabilities, as they fall due, in the normal course of business.
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