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REGISTERED NUMBER: 01871974 (England and Wales)



















SWINKELS FAMILY BREWERS U.K. LTD

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






SWINKELS FAMILY BREWERS U.K. LTD (REGISTERED NUMBER: 01871974)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 6


SWINKELS FAMILY BREWERS U.K. LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr C A S Swinkels
Mr P J M Swinkels
Mr H J J In der Rieden



SECRETARY: Mr I Singh



REGISTERED OFFICE: Regus House
Herold Way
Pegasus Business Park
NOTTINGHAM
DE74 2TZ



REGISTERED NUMBER: 01871974 (England and Wales)



AUDITORS: Johnson Tidsall Limited
Chartered Accountants
& Statutory Auditor
81 Burton Road
Derby
Derbyshire
DE1 1TJ



BANKERS: BNP Paribas
10 Harewood Avenue
London
NW1 6AA

SWINKELS FAMILY BREWERS U.K. LTD (REGISTERED NUMBER: 01871974)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 48,494 23,746

CURRENT ASSETS
Stocks 5 584,196 215,785
Debtors 6 6,213,281 8,010,999
Cash at bank 25,243 8,726
6,822,720 8,235,510
CREDITORS
Amounts falling due within one year 7 4,081,084 5,536,446
NET CURRENT ASSETS 2,741,636 2,699,064
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,790,130

2,722,810

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 2,790,030 2,722,710
SHAREHOLDERS' FUNDS 2,790,130 2,722,810

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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 February 2024 and were signed on its behalf by:





Mr H J J In der Rieden - Director


SWINKELS FAMILY BREWERS U.K. LTD (REGISTERED NUMBER: 01871974)

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


1. STATUTORY INFORMATION

Swinkels Family Brewers U.K. Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Significant judgements and estimates
Agent versus principal

The Company is deemed as the agent for all private label sales.

Swinkels Family Brewers Holdings NV negotiate all sales contracts, provide all products and take on both the credit and stock risks associated with the sale.

Swinkels Family Brewers UK Limited provide UK based logistical and invoicing support only.

Debtor recoverability

The majority of the trade debtors outstanding at 31 December 2023 relate to its trading activities with its key partners and full recovery is expected, as in previous years. Not all balances outstanding at the date of approval of the financial statements were within the normal commercial terms, these amount to £945,802, however full recovery is expected based on the working relationships with these customers.

Transport accrual

Transport costs are now invoiced to the holding company and then recharged to Swinkels Family Brewers U.K. Limited. As at 31 December 2023, there were a significant number of transport costs that remain uncharged and so have been accrued for. These costs remained uninvoiced at the date of approval, but confirmation of the outstanding balance has been received from the holding company. These amount to £438,269.

Vat on Imports

Swinkels Family Brewers U.K Limited have started to incur vat and duty on imports. They have been paying having vat deducted from them, which they believe is recoverable, however no action has been taken at this time to reclaim the vat. The amount due at the balance sheet date is £95,629 and this is believed to be fully recoverable.

Turnover
The Company acts as Principal for the sale of branded products. Turnover for these products represents the invoiced amount of goods provided, exclusive of value added tax. Turnover is recognised based on confirmed deliveries to customers, when the risks and rewards associated with the underlying products have been substantially transferred.

Turnover is recognised net of customer rebates and discounts.

The Company also acts as sales agent for its parent company with regards to private label product sales. Turnover for these products represents the commission earned on amounts invoiced to customers in the ordinary course of business.

SWINKELS FAMILY BREWERS U.K. LTD (REGISTERED NUMBER: 01871974)

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


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost
Computer equipment - 20% on cost

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

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

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Foreign currencies
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Payments made under operating leases are recognised in the profit and loss account on a straight line basis over the term of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Trade debtors
Trade receivables are initially recognised at fair value and subsequently measured at amortised cost less allowances for situations where recovery is doubtful. Such allowances are based on an individual assessment of each receivable.

Trade creditors
The price that the company pays suppliers for goods is determined through negotiations with suppliers regarding both the list price and a variety of rebates and discounts.

SWINKELS FAMILY BREWERS U.K. LTD (REGISTERED NUMBER: 01871974)

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


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 11 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 65,070 21,799 60,376 147,245
Additions - - 31,197 31,197
At 31 December 2023 65,070 21,799 91,573 178,442
DEPRECIATION
At 1 January 2023 59,405 6,903 57,191 123,499
Charge for year 1,214 4,360 875 6,449
At 31 December 2023 60,619 11,263 58,066 129,948
NET BOOK VALUE
At 31 December 2023 4,451 10,536 33,507 48,494
At 31 December 2022 5,665 14,896 3,185 23,746

The computer equipment addition in the year had not been commissioned at the balance sheet date and so no depreciation has been charged.

5. STOCKS
2023 2022
£    £   
Finished goods 584,196 215,785

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 3,919,045 3,253,306
Amounts owed by group undertakings 2,164,192 4,563,156
Corporation tax 9,028 17,203
Prepayments and accrued income 121,016 177,334
6,213,281 8,010,999

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 73,276 91,910
Amounts owed to group undertakings 2,631,855 4,165,567
Social security and other taxes 26,994 89,257
VAT 506,394 425,629
Accruals and deferred income 842,565 764,083
4,081,084 5,536,446

SWINKELS FAMILY BREWERS U.K. LTD (REGISTERED NUMBER: 01871974)

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


8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 20,644 8,644
Between one and five years 48,000 68,644
68,644 77,288

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Richard Minns FCA (Senior Statutory Auditor)
for and on behalf of Johnson Tidsall Limited

11. RELATED PARTY DISCLOSURES

The company has not disclosed any transactions or balances with its holding company, Swinkels Family Brewers Holdings N.V, as they have all been conducted under normal commercial terms.

12. ULTIMATE CONTROLLING PARTY

The Company's immediate parent company is Swinkels Family Brewers Holdings N.V and the ultimate controlling party is Stichting Administratiekantoor Ambrig.

The largest group in which the results of the Company are consolidated is that headed by Swinkels Family Brewers Holdings N.V, incorporated in the Netherlands. No other group financial statements include the results of the Company. The consolidated financial statements of these groups are available to the public and may be obtained from the Chamber of Commerce, PO Box 426, 5600 AK, Eindhoven, The Netherlands.