1 June 2022 v2024.10.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP107721372022-06-012023-05-31107721372023-05-31107721372022-05-3110772137core:WithinOneYear2023-05-3110772137core:WithinOneYear2022-05-3110772137core:AfterOneYear2023-05-3110772137core:AfterOneYear2022-05-3110772137core:ShareCapital2023-05-3110772137core:ShareCapital2022-05-3110772137core:SharePremium2023-05-3110772137core:SharePremium2022-05-3110772137core:RevaluationReserve2023-05-3110772137core:RetainedEarningsAccumulatedLosses2023-05-3110772137core:RetainedEarningsAccumulatedLosses2022-05-3110772137bus:Director12022-06-012023-05-3110772137bus:RegisteredOffice2022-06-012023-05-3110772137core:OtherResidualIntangibleAssets2022-06-012023-05-3110772137core:LandBuildings2022-06-012023-05-3110772137core:PlantMachinery2022-06-012023-05-3110772137core:MotorVehicles2022-06-012023-05-31107721372021-06-012022-05-3110772137core:IntangibleAssetsOtherThanGoodwill2023-05-3110772137core:IntangibleAssetsOtherThanGoodwill2022-06-0110772137core:IntangibleAssetsOtherThanGoodwill2022-06-012023-05-3110772137core:IntangibleAssetsOtherThanGoodwill2022-05-3110772137core:LandBuildings2022-06-0110772137core:PlantMachinery2022-06-01107721372022-06-0110772137core:LandBuildings2023-05-3110772137core:PlantMachinery2023-05-3110772137core:LandBuildings2022-05-3110772137core:PlantMachinery2022-05-311077213712022-06-012023-05-3110772137countries:EnglandWales2022-06-012023-05-3110772137bus:AuditExemptWithAccountantsReport2022-06-012023-05-3110772137bus:PrivateLimitedCompanyLtd2022-06-012023-05-3110772137bus:SmallEntities2022-06-012023-05-3110772137bus:FullAccounts2022-06-012023-05-31
Company registration number:
10772137
Utopian Brewing Limited
Unaudited Filleted Financial Statements for the year ended
31 May 2023
Utopian Brewing Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of Utopian Brewing Limited
Year ended
31 May 2023
As described on the statement of financial position, the Board of Directors of
Utopian Brewing Limited
are responsible for the preparation of the
financial statements
for the year ended
31 May 2023
, which comprise the income statement, statement of total comprehensive income, statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
Lee Accounting (SW) Limited
Chartered Certified Accountants
19b Golvers Hill Road
Kingsteignton
Newton Abbot
Devon
TQ12 3BP
United Kingdom
Date:
8 April 2024
Utopian Brewing Limited
Statement of Financial Position
31 May 2023
20232022
Note££
Fixed assets    
Intangible assets 5
3,319
 
7,304
 
Tangible assets 6
540,740
 
424,702
 
544,059
 
432,006
 
Current assets    
Stocks
132,091
 
110,918
 
Debtors 7
277,727
 
217,496
 
Cash at bank and in hand
53,521
 
77,187
 
463,339
 
405,601
 
Creditors: amounts falling due within one year 8
(599,114
)
(404,894
)
Net current (liabilities)/assets
(135,775
)
707
 
Total assets less current liabilities 408,284   432,713  
Creditors: amounts falling due after more than one year 9
(504,169
)
(363,785
)
Net (liabilities)/assets
(95,885
)
68,928
 
Capital and reserves    
Called up share capital
2,065
 
2,025
 
Share premium
1,111,138
 
1,091,178
 
Revaluation reserve
95,560
  -  
Profit and loss account
(1,304,648
)
(1,024,275
)
Shareholders (deficit)/funds
(95,885
)
68,928
 
For the year ending
31 May 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 financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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 income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
8 April 2024
, and are signed on behalf of the board by:
R Archer
Director
Company registration number:
10772137
Utopian Brewing Limited
Notes to the Financial Statements
Year ended
31 May 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
10 Orange Street
,
London
,
WC2H 7DQ
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Other intangible assets
33% / 20% straight line

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildings
20% straight line
Plant and machinery
20% straight line and 10% on brewery equipment (implemented from 1 June 2022)
Motor vehicles
20% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
6
(2022:
6.00
).

5 Intangible assets

Other intangible assets
£
Cost  
At
1 June 2022
and
31 May 2023
23,272
 
Amortisation  
At
1 June 2022
15,968
 
Charge
3,985
 
At
31 May 2023
19,953
 
Carrying amount  
At
31 May 2023
3,319
 
At 31 May 2022
7,304
 

6 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 June 2022
75,200
 
991,900
 
1,067,100
 
Additions -  
411,197
 
411,197
 
Disposals -  
(593,513
)
(593,513
)
At
31 May 2023
75,200
 
809,584
 
884,784
 
Depreciation      
At
1 June 2022
48,825
 
593,573
 
642,398
 
Charge
14,220
 
123,518
 
137,738
 
Disposals -  
(436,092
)
(436,092
)
At
31 May 2023
63,045
 
280,999
 
344,044
 
Carrying amount      
At
31 May 2023
12,155
 
528,585
 
540,740
 
At 31 May 2022
26,375
 
398,327
 
424,702
 

7 Debtors

20232022
££
Trade debtors
146,779
 
139,062
 
Other debtors
130,948
 
78,434
 
277,727
 
217,496
 

8 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
78,495
  -  
Trade creditors
238,519
 
115,576
 
Taxation and social security
4,196
 
38,070
 
Other creditors
277,904
 
251,248
 
599,114
 
404,894
 

9 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
147,379
 
41,126
 
Other creditors
356,790
 
322,659
 
504,169
 
363,785