Turners Cider Limited 09180874 false 2022-09-01 2023-08-31 2023-08-31 The principal activity of the company is cider production and distribution. Digita Accounts Production Advanced 6.30.9574.0 true true 09180874 2022-09-01 2023-08-31 09180874 2023-08-31 09180874 core:RetainedEarningsAccumulatedLosses 2023-08-31 09180874 core:ShareCapital 2023-08-31 09180874 core:SharePremium 2023-08-31 09180874 core:CurrentFinancialInstruments 2023-08-31 09180874 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 09180874 core:Non-currentFinancialInstruments 2023-08-31 09180874 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 09180874 core:FurnitureFittingsToolsEquipment 2023-08-31 09180874 core:OtherPropertyPlantEquipment 2023-08-31 09180874 bus:SmallEntities 2022-09-01 2023-08-31 09180874 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 09180874 bus:FullAccounts 2022-09-01 2023-08-31 09180874 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 09180874 bus:RegisteredOffice 2022-09-01 2023-08-31 09180874 bus:Director1 2022-09-01 2023-08-31 09180874 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 09180874 core:ComputerEquipment 2022-09-01 2023-08-31 09180874 core:FurnitureFittingsToolsEquipment 2022-09-01 2023-08-31 09180874 core:OtherPropertyPlantEquipment 2022-09-01 2023-08-31 09180874 core:PlantMachinery 2022-09-01 2023-08-31 09180874 countries:EnglandWales 2022-09-01 2023-08-31 09180874 2022-08-31 09180874 core:FurnitureFittingsToolsEquipment 2022-08-31 09180874 core:OtherPropertyPlantEquipment 2022-08-31 09180874 2021-09-01 2022-08-31 09180874 2022-08-31 09180874 core:RetainedEarningsAccumulatedLosses 2022-08-31 09180874 core:ShareCapital 2022-08-31 09180874 core:SharePremium 2022-08-31 09180874 core:CurrentFinancialInstruments 2022-08-31 09180874 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 09180874 core:Non-currentFinancialInstruments 2022-08-31 09180874 core:Non-currentFinancialInstruments core:AfterOneYear 2022-08-31 09180874 core:FurnitureFittingsToolsEquipment 2022-08-31 09180874 core:OtherPropertyPlantEquipment 2022-08-31 iso4217:GBP xbrli:pure

Registration number: 09180874

Turners Cider Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Turners Cider Limited

(Registration number: 09180874)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

13,931

15,539

Current assets

 

Stocks

5

35,000

48,500

Debtors

6

27,287

39,742

Cash at bank and in hand

 

-

2,276

 

62,287

90,518

Creditors: Amounts falling due within one year

7

(33,689)

(31,833)

Net current assets

 

28,598

58,685

Total assets less current liabilities

 

42,529

74,224

Creditors: Amounts falling due after more than one year

7

(30,119)

(30,750)

Net assets

 

12,410

43,474

Capital and reserves

 

Called up share capital

100

100

Share premium reserve

149,980

149,980

Retained earnings

(137,670)

(106,606)

Shareholders' funds

 

12,410

43,474

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Turners Cider Limited

(Registration number: 09180874)
Balance Sheet as at 31 August 2023

Approved and authorised by the Board on 4 March 2024 and signed on its behalf by:
 

.........................................
Mr PI Turner
Director

 

Turners Cider Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Corner House
2 High Street
Aylesford
Kent
ME20 7BG
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

 

Turners Cider Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Judgements

The company may be required to make estimates and assumptions concerning the future. These estimates and judgements are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The resulting accounting estimates will, by definition, seldom equal the related actual results. The principal areas where judgement was exercised are as follows:

i) Recoverability of trade debtors: the directors annually assess whether a bad debt provision is required for any bad or doubtful debtor balances.

ii) Tangible fixed assets: the directors annually assess both the residual value of these assets and the expected useful life of such assets based on experience.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% on reducing balance

Computer equipment

33% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Turners Cider Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Turners Cider Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2022

2,015

81,107

83,122

Additions

-

1,876

1,876

At 31 August 2023

2,015

82,983

84,998

Depreciation

At 1 September 2022

1,316

66,267

67,583

Charge for the year

140

3,344

3,484

At 31 August 2023

1,456

69,611

71,067

Carrying amount

At 31 August 2023

559

13,372

13,931

At 31 August 2022

699

14,840

15,539

5

Stocks

2023
£

2022
£

Other inventories

35,000

48,500

6

Debtors

2023
£

2022
£

Trade debtors

27,287

39,742

27,287

39,742

 

Turners Cider Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

14,287

10,040

Trade creditors

 

-

31

Social security and other taxes

 

17,202

19,562

Accruals

 

2,200

2,200

 

33,689

31,833

Due after one year

 

Loans and borrowings

8

30,119

30,750

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

30,119

30,750

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,787

9,000

Other borrowings

8,500

1,040

14,287

10,040