1 March 2022 false No description of principal activity Taxfiler 2023.10 true 09140632business:PrivateLimitedCompanyLtd2022-03-012023-02-28 091406322022-02-28 091406322022-03-012023-02-28 09140632business:AuditExempt-NoAccountantsReport2022-03-012023-02-28 09140632business:FilletedAccounts2022-03-012023-02-28 091406322023-02-28 09140632business:Director12022-03-012023-02-28 09140632business:Director22022-03-012023-02-28 09140632business:Director32022-03-012023-02-28 09140632business:Director42022-03-012023-02-28 09140632business:Director52022-03-012023-02-28 09140632business:RegisteredOffice2022-03-012023-02-28 091406322022-02-28 09140632core:WithinOneYear2023-02-28 09140632core:WithinOneYear2022-02-28 09140632core:AfterOneYear2023-02-28 09140632core:AfterOneYear2022-02-28 09140632core:ShareCapitalcore:PreviouslyStatedAmount2023-02-28 09140632core:ShareCapitalcore:PreviouslyStatedAmount2022-02-28 09140632core:SharePremiumcore:PreviouslyStatedAmount2023-02-28 09140632core:SharePremiumcore:PreviouslyStatedAmount2022-02-28 09140632core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-02-28 09140632core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2022-02-28 09140632core:PreviouslyStatedAmount2023-02-28 09140632core:PreviouslyStatedAmount2022-02-28 09140632business:SmallEntities2022-03-012023-02-28 09140632countries:EnglandWales2022-03-012023-02-28 09140632core:LandBuildings2022-03-012023-02-28 09140632core:PlantMachinery2022-03-012023-02-28 09140632core:ComputerEquipment2022-03-012023-02-28 09140632core:IntangibleAssetsOtherThanGoodwill2022-02-28 09140632core:IntangibleAssetsOtherThanGoodwill2022-03-012023-02-28 09140632core:IntangibleAssetsOtherThanGoodwill2023-02-28 09140632core:LandBuildings2022-02-28 09140632core:PlantMachinery2022-02-28 09140632core:ComputerEquipment2022-02-28 09140632core:LandBuildings2023-02-28 09140632core:PlantMachinery2023-02-28 09140632core:ComputerEquipment2023-02-28 091406322021-03-012022-02-28 iso4217:GBP xbrli:pure
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
Page
- 2 -
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
- 3 -
Salcombe Distilling Company Ltd Statement of financial position as at 28 February 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
148,527 
73,302 
Tangible assets
200,150 
236,622 
Investments
100 
100 
348,777 
310,024 
Current assets
Inventories
802,326 
890,959 
Debtors
153,589 
308,492 
Cash at bank and in hand
500,826 
172,721 
1,456,741 
1,372,172 
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 
Capital and reserves
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
- 4 -
Salcombe Distilling Company Ltd Notes to the Accounts for the year ended 28 February 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Going concern
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
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
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
- 5 -
Salcombe Distilling Company Ltd Notes to the Accounts for the year ended 28 February 2023
Inventories
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.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Foreign exchange
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
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.
Leased assets
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
Investments in shares are included at fair value.
4
Intangible fixed assets
Other 
£ 
Cost
At 1 March 2022
167,372 
Additions
134,412 
At 28 February 2023
301,784 
Amortisation
At 1 March 2022
94,070 
Charge for the year
59,187 
At 28 February 2023
153,257 
Net book value
At 28 February 2023
148,527 
At 28 February 2022
73,302 
- 6 -
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 
Depreciation
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 
Net book value
At 28 February 2023
65,664 
99,453 
35,033 
200,150 
At 28 February 2022
68,283 
119,150 
49,189 
236,622 
6
Investments
Subsidiary undertakings 
£ 
Valuation at 1 March 2022
100 
Valuation at 28 February 2023
100 
7
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
107,250 
270,839 
Accrued income and prepayments
38,594 
36,019 
Other debtors
7,745 
1,634 
153,589 
308,492 
8
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 
Accruals
74,447 
71,958 
343,026 
639,901 
- 7 -
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 
£ 
£ 
Bank loans
76,389 
159,723 
Obligations under finance leases and hire purchase contracts
1,290 
3,021 
77,679 
162,744 
10
Average number of employees
During the year the average number of employees was 53 (2022: 59).
- 8 -