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Registration number: 04101517

Beers of Europe Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

Beers of Europe Limited

Contents

Company Information

1

Statement of financial position

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Beers of Europe Limited

Company Information

Directors

Mr J Clark

Mr D Clark

Mrs C Clark

Mr D Clark

Company secretary

Mr D Clark

Registered office

Beers of Europe Limited
Garage Lane,
Setchey
Kings Lynn
Norfolk
PE33 0BE

Accountants

Hayhow & Co
Chartered Certified Accountants & Business Advisers
19 King Street
King's Lynn
Norfolk
PE30 1HB

 

Beers of Europe Limited

(Registration number: 04101517)
Statement of financial position as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

14,880

5,690

Tangible assets

5

1,759,336

1,782,307

 

1,774,216

1,787,997

Current assets

 

Stocks

6

385,000

480,000

Debtors

7

73,515

8,848

Cash at bank and in hand

 

13,437

15,616

 

471,952

504,464

Creditors: Amounts falling due within one year

8

(705,679)

(651,353)

Net current liabilities

 

(233,727)

(146,889)

Total assets less current liabilities

 

1,540,489

1,641,108

Creditors: Amounts falling due after more than one year

8

(1,078,738)

(1,152,414)

Provisions for liabilities

(25,142)

(9,228)

Net assets

 

436,609

479,466

Capital and reserves

 

Called up share capital

9

100

100

Revaluation reserve

84,795

84,795

Retained earnings

351,714

394,571

Shareholders' funds

 

436,609

479,466

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of comprehensive income.

 

Beers of Europe Limited

(Registration number: 04101517)
Statement of financial position as at 30 April 2023

Approved and authorised by the Board on 21 November 2023 and signed on its behalf by:
 

.........................................
Mr D Clark
Company secretary and director

 

Beers of Europe Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Beers of Europe Limited
Garage Lane,
Setchey
Kings Lynn
Norfolk
PE33 0BE
United Kingdom

These financial statements were authorised for issue by the Board on 21 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The accounts have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Beers of Europe Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture & Equipment

25% Reducing Balance

Motor Vehicles

25% Reducing Balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% Straight Line

Website

33% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Beers of Europe Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Beers of Europe Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 42 (2022 - 34).

 

Beers of Europe Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 May 2022

18,000

45,013

63,013

Additions acquired separately

-

22,320

22,320

Disposals

-

(32,732)

(32,732)

At 30 April 2023

18,000

34,601

52,601

Amortisation

At 1 May 2022

18,000

39,323

57,323

Amortisation charge

-

11,534

11,534

Amortisation eliminated on disposals

-

(31,136)

(31,136)

At 30 April 2023

18,000

19,721

37,721

Carrying amount

At 30 April 2023

-

14,880

14,880

At 30 April 2022

-

5,690

5,690

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

1,681,487

232,384

26,076

1,939,947

Additions

-

3,199

-

3,199

Disposals

-

(729)

-

(729)

At 30 April 2023

1,681,487

234,854

26,076

1,942,417

Depreciation

At 1 May 2022

-

132,250

25,389

157,639

Charge for the year

-

25,722

172

25,894

Eliminated on disposal

-

(452)

-

(452)

At 30 April 2023

-

157,520

25,561

183,081

Carrying amount

At 30 April 2023

1,681,487

77,334

515

1,759,336

At 30 April 2022

1,681,487

100,133

687

1,782,307

 

Beers of Europe Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

The last valuation of the property by an independent valuer was on 02 January 2020. The director's still consider this a relevant valuation.

6

Stocks

2023
£

2022
£

Other inventories

385,000

480,000

7

Debtors

Current

2023
£

2022
£

Trade debtors

68,934

6,560

Prepayments

3,856

1,707

Other debtors

725

581

 

73,515

8,848

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

96,315

84,260

Trade creditors

 

250,291

216,304

Amounts due to related parties

231,306

250,889

Social security and other taxes

 

83,319

56,325

Other payables

 

31,016

26,029

Accruals

 

6,521

12,260

Tax liability

6,911

5,286

 

705,679

651,353

Due after one year

 

Loans and borrowings

1,078,738

1,152,414

Creditors due in one year include bank loans which are secured of £76,147 (2022 - £84,260).

Creditors: amounts falling due after more than one year

Creditors include bank loan net obligations under hire purchase contracts which are secured of £324,581 (2022 - £398,257).

Creditors include bank loans repayable by instalments of £112,208 (2022 - £158,058) due after more than five years.

 

Beers of Europe Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A Shares of £1 each

18

18

18

18

Ordinary B Shares of £1 each

34

34

34

34

Ordinary C Shares of £1 each

16

16

16

16

Ordinary D Shares of £1 each

16

16

16

16

Ordinary E Shares of £1 each

16

16

16

16

 

100

100

100

100

Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.