Totnes Brewing Co Limited 09647504 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is brewing beer and a public house. Digita Accounts Production Advanced 6.30.9574.0 true 09647504 2022-04-01 2023-03-31 09647504 2023-03-31 09647504 core:RetainedEarningsAccumulatedLosses 2023-03-31 09647504 core:ShareCapital 2023-03-31 09647504 core:CurrentFinancialInstruments 2023-03-31 09647504 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09647504 core:Non-currentFinancialInstruments 2023-03-31 09647504 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 09647504 core:FurnitureFittingsToolsEquipment 2023-03-31 09647504 core:OtherPropertyPlantEquipment 2023-03-31 09647504 bus:SmallEntities 2022-04-01 2023-03-31 09647504 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 09647504 bus:FullAccounts 2022-04-01 2023-03-31 09647504 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 09647504 bus:RegisteredOffice 2022-04-01 2023-03-31 09647504 bus:Director1 2022-04-01 2023-03-31 09647504 bus:Director2 2022-04-01 2023-03-31 09647504 bus:Director3 2022-04-01 2023-03-31 09647504 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 09647504 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 09647504 core:OfficeEquipment 2022-04-01 2023-03-31 09647504 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 09647504 core:PlantMachinery 2022-04-01 2023-03-31 09647504 6 2022-04-01 2023-03-31 09647504 countries:EnglandWales 2022-04-01 2023-03-31 09647504 2022-03-31 09647504 core:FurnitureFittingsToolsEquipment 2022-03-31 09647504 core:OtherPropertyPlantEquipment 2022-03-31 09647504 2021-04-01 2022-03-31 09647504 2022-03-31 09647504 core:RetainedEarningsAccumulatedLosses 2022-03-31 09647504 core:ShareCapital 2022-03-31 09647504 core:CurrentFinancialInstruments 2022-03-31 09647504 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 09647504 core:Non-currentFinancialInstruments 2022-03-31 09647504 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 09647504 core:FurnitureFittingsToolsEquipment 2022-03-31 09647504 core:OtherPropertyPlantEquipment 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 09647504

Totnes Brewing Co Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Totnes Brewing Co Limited
(Registration number: 09647504)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Totnes Brewing Co Limited
(Registration number: 09647504)

Company Information

Directors

Mr R J Kidd

Mrs B A Everatt

Mrs S L Kidd

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Totnes Brewing Co Limited
(Registration number: 09647504)

Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

67,290

74,145

Current assets

 

Stocks

5

17,447

15,000

Debtors

6

113,722

74,760

Cash at bank and in hand

 

23,327

102,745

 

154,496

192,505

Creditors: Amounts falling due within one year

7

(116,347)

(114,852)

Net current assets

 

38,149

77,653

Total assets less current liabilities

 

105,439

151,798

Creditors: Amounts falling due after more than one year

7

(62,806)

(88,304)

Provisions for liabilities

(9,897)

(10,565)

Net assets

 

32,736

52,929

Capital and reserves

 

Called up share capital

10

10

Profit and loss account

32,726

52,919

Total equity

 

32,736

52,929

For the financial year ending 31 March 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.

Approved and authorised by the Board on 5 March 2024 and signed on its behalf by:
 

 

Totnes Brewing Co Limited
(Registration number: 09647504)

Balance Sheet as at 31 March 2023

.........................................
Mr R J Kidd
Director

 

Totnes Brewing Co Limited
(Registration number: 09647504)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

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.

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.

Other grants

The Arts Council grant is recognised under the accrual model.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Totnes Brewing Co Limited
(Registration number: 09647504)

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Office equipment

25% straight line basis

Plant and machinery

10% straight line basis

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.

 

Totnes Brewing Co Limited
(Registration number: 09647504)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Totnes Brewing Co Limited
(Registration number: 09647504)

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 18 (2022 - 12).

 

Totnes Brewing Co Limited
(Registration number: 09647504)

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

4

Tangible assets

Office Equipment
 £

Plant and Machinery
 £

Total
£

Cost or valuation

At 1 April 2022

47,342

70,081

117,423

Additions

5,644

-

5,644

At 31 March 2023

52,986

70,081

123,067

Depreciation

At 1 April 2022

8,994

34,284

43,278

Charge for the year

5,492

7,007

12,499

At 31 March 2023

14,486

41,291

55,777

Carrying amount

At 31 March 2023

38,500

28,790

67,290

At 31 March 2022

38,348

35,797

74,145

5

Stocks

2023
£

2022
£

Other stocks

17,447

15,000

6

Debtors

2023
£

2022
£

Trade debtors

1,349

486

Other debtors

112,373

74,274

Total current trade and other debtors

113,722

74,760

 

Totnes Brewing Co Limited
(Registration number: 09647504)

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

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

38,108

26,756

Trade creditors

 

4,963

4,855

Taxation and social security

 

21,870

18,903

Other creditors

 

47,221

50,305

Accrued expenses

 

4,185

14,033

 

116,347

114,852

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

62,806

88,304

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

21,556

21,556

Bank overdrafts

11,352

-

Other borrowings

5,200

5,200

38,108

26,756

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

54,700

77,009

Other borrowings

8,106

11,295

62,806

88,304