Caseware UK (AP4) 2023.0.135 2023.0.135 2023-08-312023-08-31vinification and selling of alchohol based products.152022-08-01false19truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07321008 2022-08-01 2023-08-31 07321008 2021-08-01 2022-07-31 07321008 2023-08-31 07321008 2022-07-31 07321008 2021-08-01 07321008 c:Director2 2022-08-01 2023-08-31 07321008 d:MotorVehicles 2022-08-01 2023-08-31 07321008 d:MotorVehicles 2023-08-31 07321008 d:MotorVehicles 2022-07-31 07321008 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-08-01 2023-08-31 07321008 d:FurnitureFittings 2022-08-01 2023-08-31 07321008 d:FurnitureFittings 2023-08-31 07321008 d:FurnitureFittings 2022-07-31 07321008 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-08-01 2023-08-31 07321008 d:OfficeEquipment 2022-08-01 2023-08-31 07321008 d:OfficeEquipment 2023-08-31 07321008 d:OfficeEquipment 2022-07-31 07321008 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-08-31 07321008 d:OwnedOrFreeholdAssets 2022-08-01 2023-08-31 07321008 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-08-31 07321008 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-07-31 07321008 d:Goodwill 2023-08-31 07321008 d:Goodwill 2022-07-31 07321008 d:ComputerSoftware 2023-08-31 07321008 d:ComputerSoftware 2022-07-31 07321008 d:CurrentFinancialInstruments 2023-08-31 07321008 d:CurrentFinancialInstruments 2022-07-31 07321008 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 07321008 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 07321008 d:ShareCapital 2023-08-31 07321008 d:ShareCapital 2022-07-31 07321008 d:RetainedEarningsAccumulatedLosses 2023-08-31 07321008 d:RetainedEarningsAccumulatedLosses 2022-07-31 07321008 c:FRS102 2022-08-01 2023-08-31 07321008 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-08-31 07321008 c:FullAccounts 2022-08-01 2023-08-31 07321008 c:PrivateLimitedCompanyLtd 2022-08-01 2023-08-31 07321008 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2022-08-01 2023-08-31 07321008 d:Goodwill d:ExternallyAcquiredIntangibleAssets 2022-08-01 2023-08-31 07321008 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2022-08-01 2023-08-31 07321008 d:ExternallyAcquiredIntangibleAssets 2022-08-01 2023-08-31 07321008 d:AcceleratedTaxDepreciationDeferredTax 2023-08-31 07321008 d:AcceleratedTaxDepreciationDeferredTax 2022-07-31 07321008 d:TaxLossesCarry-forwardsDeferredTax 2023-08-31 07321008 d:TaxLossesCarry-forwardsDeferredTax 2022-07-31 07321008 d:Goodwill d:OwnedIntangibleAssets 2022-08-01 2023-08-31 07321008 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2022-08-01 2023-08-31 07321008 d:ComputerSoftware d:OwnedIntangibleAssets 2022-08-01 2023-08-31 iso4217:GBP xbrli:pure

Registered number: 07321008










LOVE BREWING LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2023

 
LOVE BREWING LIMITED
REGISTERED NUMBER: 07321008

BALANCE SHEET
AS AT 31 AUGUST 2023

31 August
31 July
2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
199,158

Tangible assets
 5 
30,987
39,234

  
30,987
238,392

Current assets
  

Stocks
  
625,680
1,024,282

Debtors: amounts falling due within one year
 6 
91,061
59,965

Cash at bank and in hand
  
100,821
39,960

  
817,562
1,124,207

Creditors: amounts falling due within one year
 7 
(121,115)
(386,961)

Net current assets
  
 
 
696,447
 
 
737,246

Total assets less current liabilities
  
727,434
975,638

  

Net assets
  
727,434
975,638


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
727,334
975,538

  
727,434
975,638



 
LOVE BREWING LIMITED
REGISTERED NUMBER: 07321008
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 March 2024.




J D Wint
Director


The notes on page 3 form part of these financial statements.


 
LOVE BREWING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2023

1.


General information

Love Brewing Limited is a private company limited by shares, incorporated in England and Wales (registered number: 07321008). Its registered office is 292-294 Chatsworth Road, Chesterfield, Derbyshire, S40 2BY. The principal activity throughout the year continued to be that of vinification and selling of alchohol based products.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Companys functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.


 
LOVE BREWING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

Tax is recognised in the Statement of income and retained earnings.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

 
2.5

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Income and Retained Earnings over its useful economic life.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.


 
LOVE BREWING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

The Depreciation rates used are:

Motor vehicles
-
25%
reducing balance
Fixtures & fittings
-
15%
reducing balance
Office equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.


 
LOVE BREWING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.8

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction,  the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the period was 15 (2022 - 19).


 
LOVE BREWING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2023

4.


Intangible assets






Website costs
Computer software
Goodwill
Total

£
£
£
£



Cost


At 1 August 2022
69,332
82,284
300,000
451,616


Additions
10,184
-
-
10,184



At 31 August 2023

79,516
82,284
300,000
461,800



Amortisation


At 1 August 2022
17,034
55,424
180,000
252,458


Charge for the period on owned assets
62,482
26,860
120,000
209,342



At 31 August 2023

79,516
82,284
300,000
461,800



Net book value



At 31 August 2023
-
-
-
-



At 31 July 2022
52,298
26,860
120,000
199,158



Page 1

 
LOVE BREWING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2023

5.


Tangible fixed assets







Motor vehicles
Fixtures & fittings
Office equipment
Total

£
£
£
£



Cost 


At 1 August 2022
18,300
54,594
20,528
93,422


Additions
-
-
1,037
1,037



At 31 August 2023

18,300
54,594
21,565
94,459



Depreciation


At 1 August 2022
6,634
39,830
7,724
54,188


Charge for the period on owned assets
3,160
2,398
3,726
9,284



At 31 August 2023

9,794
42,228
11,450
63,472



Net book value



At 31 August 2023
8,506
12,366
10,115
30,987



At 31 July 2022
11,666
14,764
12,804
39,234


6.


Debtors

31 August
31 July
2023
2022
£
£


Other debtors
25,559
21,102

Prepayments and accrued income
19,402
27,654

Deferred taxation
46,100
11,209

91,061
59,965


Page 2

 
LOVE BREWING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2023

7.


Creditors: Amounts falling due within one year

31 August
31 July
2023
2022
£
£

Trade creditors
24,342
236,826

Other taxation and social security
24,133
38,426

Other creditors
59,350
56,058

Accruals and deferred income
13,290
55,651

121,115
386,961



8.


Deferred taxation






2023
2022


£

£






At beginning of year
11,209
(12,429)


Charged to profit or loss
34,891
23,638



At end of year
46,100
11,209

The deferred tax asset is made up as follows:

31 August
31 July
2023
2022
£
£


Accelerated capital allowances
(7,191)
(28,934)

Tax losses carried forward
53,291
40,143

46,100
11,209


9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £6,135 (2022 - £5,610).

 
Page 3