Registered number
12671375
The Falmouth Distilling Co. Ltd
Filleted Accounts
30 June 2023
The Falmouth Distilling Co. Ltd
Registered number: 12671375
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 174 248
Tangible assets 4 16,597 14,674
16,771 14,922
Current assets
Stocks 54,493 24,061
Debtors 5 16,127 34,338
Cash at bank and in hand 11,472 16,188
82,092 74,587
Creditors: amounts falling due within one year 6 (67,221) (70,794)
Net current assets 14,871 3,793
Total assets less current liabilities 31,642 18,715
Creditors: amounts falling due after more than one year 7 (10,645) (2,627)
Provisions for liabilities (3,187) (2,788)
Net assets 17,810 13,300
Capital and reserves
Called up share capital 3 3
Profit and loss account 17,807 13,297
Shareholders' funds 17,810 13,300
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Chloe Gillatt
Director
Approved by the board on 24 January 2024
The Falmouth Distilling Co. Ltd
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Trademarks:
Cost
At 1 July 2022 370
At 30 June 2023 370
Amortisation
At 1 July 2022 122
Provided during the year 74
At 30 June 2023 196
Net book value
At 30 June 2023 174
At 30 June 2022 248
Trademarks are being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022 21,343
Additions 6,072
At 30 June 2023 27,415
Depreciation
At 1 July 2022 6,669
Charge for the year 4,149
At 30 June 2023 10,818
Net book value
At 30 June 2023 16,597
At 30 June 2022 14,674
5 Debtors 2023 2022
£ £
Trade debtors 14,035 17,490
Other debtors 2,092 16,848
16,127 34,338
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 15,177 9,584
Trade creditors 3 553
Taxation and social security costs 5,258 4,406
Other creditors 46,783 56,251
67,221 70,794
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 10,645 2,627
8 Related party transactions
At the period end, the company owed £42,070 (2022: £54,468) to Chloe Gillatt & Daisy Hillier, Directors. The loan is charged at an interest rate of 5% and repayable on demand.
9 Controlling party
The company is ultimately controlled by Chloe Gillat & Daisy Hillier, directors, who own 100% of the issued share capital.
10 Other information
The Falmouth Distilling Co. Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 9A
The Mill Yard
Penryn
Cornwall
TR10 8FN
The Falmouth Distilling Co. Ltd 12671375 false 2022-07-01 2023-06-30 2023-06-30 VT Final Accounts October 2023 release 2 Chloe Gillatt No description of principal activity 12671375 2021-07-01 2022-06-30 12671375 core:WithinOneYear 2022-06-30 12671375 core:AfterOneYear 2022-06-30 12671375 core:ShareCapital 2022-06-30 12671375 core:RetainedEarningsAccumulatedLosses 2022-06-30 12671375 2022-07-01 2023-06-30 12671375 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 12671375 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 12671375 bus:Director40 2022-07-01 2023-06-30 12671375 1 2022-07-01 2023-06-30 12671375 2 2022-07-01 2023-06-30 12671375 core:Goodwill 2022-07-01 2023-06-30 12671375 core:PlantMachinery 2022-07-01 2023-06-30 12671375 countries:England 2022-07-01 2023-06-30 12671375 bus:FRS102 2022-07-01 2023-06-30 12671375 bus:FullAccounts 2022-07-01 2023-06-30 12671375 2023-06-30 12671375 core:WithinOneYear 2023-06-30 12671375 core:AfterOneYear 2023-06-30 12671375 core:ShareCapital 2023-06-30 12671375 core:RetainedEarningsAccumulatedLosses 2023-06-30 12671375 core:Goodwill 2023-06-30 12671375 core:PlantMachinery 2023-06-30 12671375 2022-06-30 12671375 core:Goodwill 2022-06-30 12671375 core:PlantMachinery 2022-06-30 iso4217:GBP xbrli:pure