Company Registration No. 09140632 (England and Wales)
Salcombe Distilling Company Ltd
Unaudited accounts
for the year ended 28 February 2023
Salcombe Distilling Company Ltd
Unaudited accounts
Contents
Salcombe Distilling Company Ltd
Company Information
for the year ended 28 February 2023
Directors
Mr Charles Angus Hamilton Lugsdin
Mrs Charlotte Ellen Davies
Mr Nicholas Simon Marshall
Mr Nicholas Bodo Blazquez
Mr Howard Lawrence Davies
Company Number
09140632 (England and Wales)
Registered Office
The Boathouse
28 Island Street
Salcombe
TQ8 8DP
England
Accountants
Wessex Commercial Solutions
Yeovil Innovation Centre
Barracks Close
Yeovil
BA22 8RN
Salcombe Distilling Company Ltd
Statement of financial position
as at 28 February 2023
Intangible assets
148,527
73,302
Tangible assets
200,150
236,622
Inventories
802,326
890,959
Cash at bank and in hand
500,826
172,721
Creditors: amounts falling due within one year
(343,026)
(639,901)
Net current assets
1,113,715
732,271
Total assets less current liabilities
1,462,492
1,042,295
Creditors: amounts falling due after more than one year
(77,679)
(162,744)
Net assets
1,384,813
879,551
Called up share capital
23,997
22,527
Share premium
3,541,090
1,814,122
Profit and loss account
(2,180,274)
(957,098)
Shareholders' funds
1,384,813
879,551
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 19 November 2023 and were signed on its behalf by
Mr Charles Angus Hamilton Lugsdin
Director
Company Registration No. 09140632
Salcombe Distilling Company Ltd
Notes to the Accounts
for the year ended 28 February 2023
Salcombe Distilling Company Ltd is a private company, limited by shares, registered in England and Wales, registration number 09140632. The registered office is The Boathouse, 28 Island Street , Salcombe, TQ8 8DP, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
The financial statements have been prepared on the going concern basis. The Directors have considered the key risks affecting the Company's turnover, profit and cashflow for at least the next 12 months from the date of signing. Whilst wider economic and trading conditions have resulted in a reduction in turnover during 2022, a number of measures have already been taken to reduce the cost structure of the business, whilst still investing into growing the company's position in the market. This resulted in an improved gross margin and provides a strong operational foundation with increased agility to maximise opportunities and minimise risk. Budget projections for 2023 and beyond have been based on conservative but reasonable assumptions and demonstrate adequate resources to continue on this basis
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Straight line 7-20%
Plant & machinery
Straight line 7-20%
Computer equipment
Straight line 20-33%
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Development costs - 33% Straight line
Intellectual Property - 10%-33% Straight line
Salcombe Distilling Company Ltd
Notes to the Accounts
for the year ended 28 February 2023
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Expenditure on research and development is written off in the year in which it is incurred.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Investments in shares are included at fair value.
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Intangible fixed assets
Other
At 28 February 2023
301,784
Charge for the year
59,187
At 28 February 2023
153,257
At 28 February 2023
148,527
At 28 February 2022
73,302
Salcombe Distilling Company Ltd
Notes to the Accounts
for the year ended 28 February 2023
5
Tangible fixed assets
Land & buildings
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 March 2022
157,496
223,019
104,815
485,330
Additions
16,133
1,402
4,462
21,997
Disposals
(3,659)
(5,326)
(3,099)
(12,084)
At 28 February 2023
169,970
219,095
106,178
495,243
At 1 March 2022
89,213
103,869
55,626
248,708
Charge for the year
18,665
20,915
18,307
57,887
On disposals
(3,572)
(5,142)
(2,788)
(11,502)
At 28 February 2023
104,306
119,642
71,145
295,093
At 28 February 2023
65,664
99,453
35,033
200,150
At 28 February 2022
68,283
119,150
49,189
236,622
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Investments
Subsidiary undertakings
Valuation at 1 March 2022
100
Valuation at 28 February 2023
100
Amounts falling due within one year
Trade debtors
107,250
270,839
Accrued income and prepayments
38,594
36,019
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Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
83,333
297,311
Obligations under finance leases and hire purchase contracts
1,695
1,659
Trade creditors
124,225
147,240
Taxes and social security
49,767
114,261
Other creditors
9,559
7,472
Salcombe Distilling Company Ltd
Notes to the Accounts
for the year ended 28 February 2023
9
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
1,290
3,021
10
Average number of employees
During the year the average number of employees was 53 (2022: 59).