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Registration number: 12166617

The Gotland Gin Company Ltd

Annual Report and Unaudited Financial Statements

for the year ended 30 November 2023

image-name
 

The Gotland Gin Company Ltd

Contents

Profit and Loss Account and Statement of Retained Earnings

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

The Gotland Gin Company Ltd

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 30 November 2023

Note

2023
£

2022
£

Turnover

 

102,568

97,112

Cost of sales

 

(59,377)

(55,015)

Gross profit

 

43,191

42,097

Administrative expenses

 

(55,287)

(51,001)

Other operating income

 

-

76

Operating loss

 

(12,096)

(8,828)

Interest payable and similar charges

 

(2,142)

(194)

 

(2,142)

(194)

Loss before tax

(14,238)

(9,022)

Taxation

 

(5,894)

(1,216)

Loss for the financial year

 

(20,132)

(10,238)

Retained earnings brought forward

 

6,722

20,960

Dividends paid

 

-

(4,000)

Retained earnings carried forward

 

(13,410)

6,722

 

The Gotland Gin Company Ltd

(Registration number: 12166617)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

81,649

46,569

Current assets

 

Stocks

5

1,836

3,395

Debtors

6

4,305

7,088

Cash at bank and in hand

 

3,293

4,484

 

9,434

14,967

Creditors: Amounts falling due within one year

7

(55,212)

(40,107)

Net current liabilities

 

(45,778)

(25,140)

Total assets less current liabilities

 

35,871

21,429

Creditors: Amounts falling due after more than one year

7

(36,736)

(8,056)

Provisions for liabilities

(12,543)

(6,649)

Net (liabilities)/assets

 

(13,408)

6,724

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

(13,410)

6,722

Shareholders' (deficit)/funds

 

(13,408)

6,724

For the financial year ending 30 November 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.

Approved and authorised by the Board on 16 April 2024 and signed on its behalf by:

Mr M J Rees
Director

Mrs D H Rees
Director

 
     
 

The Gotland Gin Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

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

The address of its registered office is:
3 Church Road
Highampton
BEAWORTHY
Devon
EX21 5LS

These financial statements were authorised for issue by the Board on 16 April 2024.

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 as the directors have confirmed on going support to the company.

 

The Gotland Gin Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Judgements

There are no judgements which management have made in the process of applying the accounting policies.

Key sources of estimation uncertainty

There are no key sources of estimation uncertainty that have a significant risk of causing a material adjustment to assets and liabilities to be disclosed..

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.

Government grants

Grants are recognised when the company meets all the criteria of the grant conditions and it is released against the same period of expenditure to which it relates.

Tax

The tax expense for the period comprises 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.

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 statement of financial position 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.

 

The Gotland Gin Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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% reducing balance basis

Office equipment

20% reducing balance basis

Motor vehicles

20% reducing balance 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.

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.

 

The Gotland Gin Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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 are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

The Gotland Gin Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Financial instruments

Classification
Basic financial assets include trade and other debtors, cash and bank balances. Basic financial liabilities include trade and other payables, bank loans and preference shares that are classified as debt.

 Recognition and measurement
Basic financial assets are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. Other debtors are classified as current assets if payment is due within one year or less and are initially recorded at transaction price and subsequently measured at the undiscounted amount of the cash expected to be received. Trade debtors are referred to above.

Basic financial liabilities are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Other creditors are classified as current liabilities if payment is due within one year or less and are recognised initially at transaction price and subsequently measured at the undiscounted amount of the cash expected to be paid. If not, they are presented as non-current liabilities and are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Trade creditors and leases are referred to above.

 Impairment
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including directors under service contract) during the year, was 0 (2022 - 0).

 

The Gotland Gin Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

15,631

17,177

2,126

21,044

55,978

Additions

-

1,144

-

48,745

49,889

At 30 November 2023

15,631

18,321

2,126

69,789

105,867

Depreciation

At 1 December 2022

-

5,199

701

3,508

9,408

Charge for the year

-

2,452

285

12,073

14,810

At 30 November 2023

-

7,651

986

15,581

24,218

Carrying amount

At 30 November 2023

15,631

10,670

1,140

54,208

81,649

At 30 November 2022

15,631

11,978

1,425

17,535

46,569

Included within the net book value of tenants improvements above is £15,631 (2022 - £15,631).
 

5

Stocks

2023
£

2022
£

Other inventories

1,836

3,395

6

Debtors

Current

2023
£

2022
£

Trade debtors

1,137

2,610

Prepayments

3,080

1,511

Other debtors

88

2,967

 

4,305

7,088

 

The Gotland Gin Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

50,868

37,634

Taxation and social security

 

2,149

762

Accruals and deferred income

 

1,592

1,652

Other creditors

 

603

59

 

55,212

40,107

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

36,736

8,056

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A share of £1 each

1

1

1

1

Ordinary B share of £1 each

1

1

1

1

 

2

2

2

2

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

5,674

8,056

Hire purchase contracts

31,062

-

36,736

8,056

 

The Gotland Gin Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

2,383

2,256

Hire purchase contracts

3,582

-

Loans from related parties

44,903

35,378

50,868

37,634

10

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £Nil (2022 - £2,000.00) per ordinary share

 

-

 

4,000