Company Registration No. 07066302 (England and Wales)
The Purbeck Cider Company Limited
Unaudited financial statements
for the year ended 31 March 2023
Pages for filing with the registrar
The Purbeck Cider Company Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
The Purbeck Cider Company Limited
Balance sheet
As at 31 March 2023
31 March 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
840
1,008
Tangible assets
4
261,982
138,981
262,822
139,989
Current assets
Stocks
273,253
181,470
Debtors
6
42,466
35,956
Cash at bank and in hand
134
442
315,853
217,868
Creditors: amounts falling due within one year
7
(150,091)
(114,706)
Net current assets
165,762
103,162
Total assets less current liabilities
428,584
243,151
Creditors: amounts falling due after more than one year
8
(433,884)
(297,803)
Net liabilities
(5,300)
(54,652)
Capital and reserves
Called up share capital
9
3
3
Revaluation reserve
25,748
27,905
Profit and loss reserves
(31,051)
(82,560)
Total equity
(5,300)
(54,652)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Purbeck Cider Company Limited
Balance sheet (continued)
As at 31 March 2023
31 March 2023
Page 2
The financial statements were approved and signed by the director and authorised for issue on 2 August 2023
Joseph Hartle
Director
Company Registration No. 07066302 (England and Wales)
The Purbeck Cider Company Limited
Notes to the financial statements
For the year ended 31 March 2023
Page 3
1
Accounting policies
Company information

The Purbeck Cider Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Midland House, 2 Poole Road, Bournemouth, Dorset, BH2 5QY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

In accordance with his responsibility, the director has considered the appropriateness of the going concern basis in the preparation of the accounts. After due consideration, the director has a reasonable expectation, because of the continued support of the director, that the company will have adequate resources to continue in operational existence for the foreseeable future. For this reason, the director continues to adopt the going concern basis in preparing the accounts.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the sale of cider and related proucts, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five years.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
10% straight line
Patents & licences
10% straight line
The Purbeck Cider Company Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
Page 4
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
15% on reducing balance
Fixtures and fittings
15% on reducing balance
Computers
25% on reducing balance
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Biological assets

Biological assets held by the company relate to apple trees. The apple trees are measured at cost less accumulated depreciation and accumulated impairment losses. The apple trees are depreciated from the point at which they produce apples and are depreciated over an estimated useful life of 70 years.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.

The Purbeck Cider Company Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
Page 5

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.12
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The Purbeck Cider Company Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
Page 6
1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.16
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

The Purbeck Cider Company Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
Page 7
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
8
6
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 April 2022 and 31 March 2023
40,000
1,680
41,680
Amortisation and impairment
At 1 April 2022
40,000
672
40,672
Amortisation charged for the year
-
0
168
168
At 31 March 2023
40,000
840
40,840
Carrying amount
At 31 March 2023
-
0
840
840
At 31 March 2022
-
0
1,008
1,008
The Purbeck Cider Company Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
Page 8
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
386,987
Additions
182,725
Disposals
(16,150)
At 31 March 2023
553,562
Depreciation and impairment
At 1 April 2022
248,006
Depreciation charged in the year
54,614
Eliminated in respect of disposals
(11,040)
At 31 March 2023
291,580
Carrying amount
At 31 March 2023
261,982
At 31 March 2022
138,981
5
Biological assets
Apple trees
£
Cost
At 1 April 2022
22,455
Additions - planting
-
Disposals - harvest
-
Impairment losses
-
Depreciation
(335)
At 31 March 2023
22,120
Shown as:
Fixed assets
22,120
Current assets
-
22,120
The Purbeck Cider Company Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
Page 9
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
41,244
35,208
Other debtors
1,222
748
42,466
35,956
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
40,997
45,726
Trade creditors
33,291
27,404
Taxation and social security
19,845
7,225
Other creditors
55,958
34,351
150,091
114,706

 

 

8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
22,597
32,326
Other creditors
411,287
265,477
433,884
297,803
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3
3
3
3
The Purbeck Cider Company Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
Page 10
10
Related party transactions

A business which the director has an interest, owes to the company £39,015 as at 31 March 2023 (2022: £26,197).

 

The balance owing to companies in which the directors' parents have an interest amounted to £324,932 as at 31 March 2023 (2022: £198,110).

 

Director transactions

At the year end a balance of £86,355 (2022: £67,367) was owed to the director. This balance is included within other creditors. No interest was charged on this balance.

 

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