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Company No: 08338383 (England and Wales)

DEVON DISTILLERY LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

DEVON DISTILLERY LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

DEVON DISTILLERY LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
DEVON DISTILLERY LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTOR Mr C E Caddy
REGISTERED OFFICE Sigma House Oak View Close
Edginswell Park
Torquay
TQ2 7FF
United Kingdom
BUSINESS ADDRESS Unit 8 South Devon
Food Hub
Longcombe
Totnes
TQ9 6PW
COMPANY NUMBER 08338383 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
DEVON DISTILLERY LIMITED

BALANCE SHEET

As at 31 March 2024
DEVON DISTILLERY LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 0 203
Tangible assets 4 89,931 129,293
89,931 129,496
Current assets
Stocks 229,117 181,826
Debtors 5 7,659 4,588
Cash at bank and in hand 765 1,585
237,541 187,999
Creditors: amounts falling due within one year 6 ( 37,880) ( 16,825)
Net current assets 199,661 171,174
Total assets less current liabilities 289,592 300,670
Creditors: amounts falling due after more than one year 7 ( 699,389) ( 579,402)
Net liabilities ( 409,797) ( 278,732)
Capital and reserves
Called-up share capital 8 15,100 15,100
Profit and loss account ( 424,897 ) ( 293,832 )
Total shareholders' deficit ( 409,797) ( 278,732)

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Devon Distillery Limited (registered number: 08338383) were approved and authorised for issue by the Director on 14 August 2024. They were signed on its behalf by:

Mr C E Caddy
Director
DEVON DISTILLERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
DEVON DISTILLERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Devon Distillery Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is:

Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
United Kingdom.

The principle place of business is:

Unit 8 South Devon
Food Hub
Longcombe
Totnes
TQ9 6PW

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £409,797. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost. Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date. Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Other intangible assets 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on either a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 25 years straight line
Plant and machinery 15 % reducing balance
Vehicles 4 years straight line
Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 stocks 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Hire purchase liabilities;
• Cash and bank balances.

All financial instruments are classified as basic.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

Hire purchase

Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 6 9

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 April 2023 4,320 4,320
At 31 March 2024 4,320 4,320
Accumulated amortisation
At 01 April 2023 4,117 4,117
Charge for the financial year 203 203
At 31 March 2024 4,320 4,320
Net book value
At 31 March 2024 0 0
At 31 March 2023 203 203

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 April 2023 68,522 178,797 92,476 26,019 365,814
Additions 0 32,396 0 0 32,396
Disposals ( 68,522) ( 23,747) 0 ( 4,904) ( 97,173)
At 31 March 2024 0 187,446 92,476 21,115 301,037
Accumulated depreciation
At 01 April 2023 26,730 116,238 71,667 21,886 236,521
Charge for the financial year 0 13,001 5,203 3,107 21,311
Disposals ( 26,730) ( 15,442) 0 ( 4,554) ( 46,726)
At 31 March 2024 0 113,797 76,870 20,439 211,106
Net book value
At 31 March 2024 0 73,649 15,606 676 89,931
At 31 March 2023 41,792 62,559 20,809 4,133 129,293

5. Debtors

2024 2023
£ £
Trade debtors 6,965 3,894
Other debtors 694 694
7,659 4,588

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 17,382 13,952
Trade creditors 150 130
Other loans 7,500 0
Accruals 3,933 2,348
Other taxation and social security 7,729 277
Other creditors 1,186 118
37,880 16,825

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 12,231 22,435
Obligations under finance leases and hire purchase contracts (secured) 19,960 3,334
Other creditors 667,198 553,633
699,389 579,402

Finance lease liabilities and hire purchase agreements are secured on assets to which they relate.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100
Allotted, called-up and not yet paid
15,000 Redeemable preference shares of £ 1.00 each 15,000 15,000

9. Loans and borrowings

Current loans and borrowings

2024 2023
£ £
Bank Borrowings 13,537 9,952
Hire purchase liabilities 3,333 4,000
16,870 13,952

Loans and borrowings due after one year

2024 2023
£ £
Bank borrowings 12,231 22,435
Hire purchase liabilties 21,645 3,334
Other borrowings 667,198 553,633
701,074 579,402

Finance lease liabilties and Hire purchase agreements

Finance lease liabilities and hire purchase agreements are secured on assets to which they relate.