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REGISTERED NUMBER: 11365084 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

DEVON COAST DISTILLERY LIMITED

DEVON COAST DISTILLERY LIMITED (REGISTERED NUMBER: 11365084)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DEVON COAST DISTILLERY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: Mr M S Collins
Mr A G Penrose



REGISTERED OFFICE: Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



REGISTERED NUMBER: 11365084 (England and Wales)



ACCOUNTANTS: Marsland Nash Associates
Chartered Tax Advisers, Accountants
and Business Consultants
Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



BANKERS: Lloyds Bank
Victoria Branch
PO Box
BX1 1LT

DEVON COAST DISTILLERY LIMITED (REGISTERED NUMBER: 11365084)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 320 380
Tangible assets 5 16,752 19,170
17,072 19,550

CURRENT ASSETS
Stocks 6 28,513 31,474
Debtors 7 9,174 10,082
Cash at bank and in hand 376 3,070
38,063 44,626
CREDITORS
Amounts falling due within one year 8 54,781 58,145
NET CURRENT LIABILITIES (16,718 ) (13,519 )
TOTAL ASSETS LESS CURRENT LIABILITIES 354 6,031

CREDITORS
Amounts falling due after more than one
year

9

4,171

6,167
NET LIABILITIES (3,817 ) (136 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (3,917 ) (236 )
SHAREHOLDERS' FUNDS (3,817 ) (136 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

DEVON COAST DISTILLERY LIMITED (REGISTERED NUMBER: 11365084)

BALANCE SHEET - continued
31 MAY 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2024 and were signed on its behalf by:




Mr M S Collins - Director



Mr A G Penrose - Director


DEVON COAST DISTILLERY LIMITED (REGISTERED NUMBER: 11365084)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023


1. STATUTORY INFORMATION

Devon Coast Distillery Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

DEVON COAST DISTILLERY LIMITED (REGISTERED NUMBER: 11365084)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


2. ACCOUNTING POLICIES - continued

Going concern
The company expects to meet it's day to day working capital requirements with the continued support of the Directors. The Directors are confident that the company will trade profitably once the business is established, and this is supported by representations by the company's Directors.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 June 2022
and 31 May 2023 600
AMORTISATION
At 1 June 2022 220
Amortisation for year 60
At 31 May 2023 280
NET BOOK VALUE
At 31 May 2023 320
At 31 May 2022 380

5. TANGIBLE FIXED ASSETS
Short Plant and Computer
leasehold machinery equipment Totals
£    £    £    £   
COST
At 1 June 2022 6,609 27,500 1,593 35,702
Additions - 196 - 196
At 31 May 2023 6,609 27,696 1,593 35,898
DEPRECIATION
At 1 June 2022 - 15,020 1,512 16,532
Charge for year - 2,535 79 2,614
At 31 May 2023 - 17,555 1,591 19,146
NET BOOK VALUE
At 31 May 2023 6,609 10,141 2 16,752
At 31 May 2022 6,609 12,480 81 19,170

6. STOCKS
2023 2022
£    £   
Stocks 28,513 31,474

DEVON COAST DISTILLERY LIMITED (REGISTERED NUMBER: 11365084)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 7,232 8,140
Other debtors 1,500 1,500
Prepayments 442 442
9,174 10,082

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 3,322 2,000
Other loans 116 5,250
VAT 169 922
Other creditors 4,114 -
Directors' current accounts 45,363 48,384
Accrued expenses 1,697 1,589
54,781 58,145

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 2-5 years 4,171 6,167

10. CAPITAL COMMITMENTS

At 31 May 2023, the company had total commitments under non-cancellable operating leases over the remaining life of the those leases of £1,250 (2022: £7,500).

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2023 and 31 May 2022:

2023 2022
£    £   
Mr M S Collins
Balance outstanding at start of year (14,120 ) (16,833 )
Amounts advanced 1,510 2,713
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (12,610 ) (14,120 )

Mr A G Penrose
Balance outstanding at start of year (34,264 ) (37,976 )
Amounts advanced 1,511 3,712
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (32,753 ) (34,264 )

DEVON COAST DISTILLERY LIMITED (REGISTERED NUMBER: 11365084)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Loans are unsecured, interest free and repayable on demand.

12. RELATED PARTY DISCLOSURES

Included in other creditors is a loan from a partnership run by the Directors, New Quay Inn. The balance owing at 31 May 2023 is £116 (2022: the company was owed £5,250)