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Registration number: 06002150

Hop Union Brewery Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Hop Union Brewery Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Hop Union Brewery Limited

(Registration number: 06002150)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

75,000

100,000

Tangible assets

5

760,123

734,806

 

835,123

834,806

Current assets

 

Stocks

6

46,805

47,461

Debtors

7

103,138

61,071

Cash at bank and in hand

 

117,932

89,257

 

267,875

197,789

Creditors: Amounts falling due within one year

8

(474,982)

(446,191)

Net current liabilities

 

(207,107)

(248,402)

Total assets less current liabilities

 

628,016

586,404

Creditors: Amounts falling due after more than one year

8

(317,354)

(311,906)

Provisions for liabilities

(61,290)

(55,976)

Net assets

 

249,372

218,522

Capital and reserves

 

Called up share capital

100

100

Retained earnings

249,272

218,422

Shareholders' funds

 

249,372

218,522

 

Hop Union Brewery Limited

(Registration number: 06002150)
Balance Sheet as at 30 November 2023

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 30 August 2024 and signed on its behalf by:
 

Mr K Stone
Director

   
     
 

Hop Union Brewery Limited

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 and Wales.

The address of its registered office is:
20 Bonville Road
Bristol
BS4 5QH

These financial statements were authorised for issue by the Board on 30 August 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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

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;
- the costs incurred or to be incurred in respect of the transaction can be reliably measured; and
- and specific criteria have been met for each of the company's activities.

Government grants

Grants are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

 

Hop Union Brewery Limited

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Plant and machinery

10% straight line

Fixtures and fittings

10% and 25% staight line

Motor vehicles

25% straight line

Buildings

1% straight line

Land

0%

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Hop Union Brewery Limited

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

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life. Upon transition to FRS102 the amortisation policy was reviewed and amended to 10 years straight line, based on the value of £250,000, being the value of the asset at the date of transition.

Asset class

Amortisation method and rate

Goodwill

10% straight line

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.

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 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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

 

Hop Union Brewery Limited

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.

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 33 (2022 - 25).

 

Hop Union Brewery Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

500,000

500,000

At 30 November 2023

500,000

500,000

Amortisation

At 1 December 2022

400,000

400,000

Amortisation charge

25,000

25,000

At 30 November 2023

425,000

425,000

Carrying amount

At 30 November 2023

75,000

75,000

At 30 November 2022

100,000

100,000

 

Hop Union Brewery Limited

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

5

Tangible assets

Freehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

438,543

173,257

630,085

29,740

1,271,625

Additions

-

6,153

57,898

65,913

129,964

Disposals

-

-

(65,969)

-

(65,969)

At 30 November 2023

438,543

179,410

622,014

95,653

1,335,620

Depreciation

At 1 December 2022

8,772

170,797

330,072

27,178

536,819

Charge for the year

2,192

3,180

48,532

17,759

71,663

Eliminated on disposal

-

-

(32,985)

-

(32,985)

At 30 November 2023

10,964

173,977

345,619

44,937

575,497

Carrying amount

At 30 November 2023

427,579

5,433

276,395

50,716

760,123

At 30 November 2022

429,771

2,460

300,013

2,562

734,806

Included within the net book value of land and buildings above is £427,579 (2022 - £429,771) in respect of freehold land and buildings.
 

 

Hop Union Brewery Limited

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

6

Stocks

2023
£

2022
£

Raw materials and consumables

46,805

47,461

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

96,084

55,681

Prepayments

 

7,054

4,379

Income tax asset

-

1,011

 

103,138

61,071

8

Creditors

Due within one year

Note

2023
£

2022
£

 

Loans and borrowings

9

28,857

18,277

Trade creditors

 

86,825

94,135

Amounts due to related parties

10

269,274

299,089

Social security and other taxes

 

61,603

31,065

Other creditors

 

12,190

(537)

Accruals

 

16,233

4,162

 

474,982

446,191

Due after one year

 

Loans and borrowings

9

317,354

311,906

2023
£

2022
£

Due after more than five years

After more than five years by instalments

257,965

234,056

-

-

The bank borrowings are secured against the freehold land and buildings.

The hire purchase contracts are secured against the assets concerned.

 

Hop Union Brewery Limited

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

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

297,559

311,906

Hire purchase contracts

19,795

-

317,354

311,906

Current loans and borrowings

2023
£

2022
£

Bank borrowings

15,421

18,064

Bank overdrafts

530

213

Hire purchase contracts

12,906

-

28,857

18,277

Included in the loans and borrowings are the following amounts due after more than five years:

Bank loans and overdrafts after five years

The amount of the bank borrowings due by instalments after five years is £257,965 (2022 - £234,056).

10

Related party transactions

Loans from related parties

2023

Key management
£

Total
£

At start of period

299,089

299,089

Repaid

(29,815)

(29,815)

At end of period

269,274

269,274

2022

Key management
£

Total
£

At start of period

346,224

346,224

Repaid

(47,135)

(47,135)

At end of period

299,089

299,089

The above loans are interest free and repayable on demand.