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Registration number: 07437492

Yellow Hammer Brewing Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 November 2023

 

Yellow Hammer Brewing Limited

Contents

Abridged Statement of Financial Position

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 10

 

Yellow Hammer Brewing Limited

(Registration number: 07437492)
Abridged Statement of Financial Position as at 30 November 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Intangible assets

4

 

5,503

 

22,011

Tangible assets

5

 

259,708

 

285,713

   

265,211

 

307,724

Current assets

   

 

Inventories

6

125,793

 

119,732

 

Debtors

7

126,151

 

101,269

 

Cash at bank and in hand

 

3,442

 

18,436

 

 

255,386

 

239,437

 

Prepayments and accrued income

 

5,542

 

5,464

 

Creditors: Amounts falling due within one year

(353,611)

 

(335,931)

 

Net current liabilities

   

(92,683)

 

(91,030)

Total assets less current liabilities

   

172,528

 

216,694

Creditors: Amounts falling due after more than one year

 

(220,189)

 

(244,926)

Net liabilities

   

(47,661)

 

(28,232)

Capital and reserves

   

 

Called up share capital

11,539

 

11,539

 

Share premium reserve

203,471

 

203,471

 

Revaluation reserve

35,766

 

39,740

 

Profit and loss account

(298,437)

 

(282,982)

 

Shareholders funds

   

(47,661)

 

(28,232)

 

Yellow Hammer Brewing Limited

(Registration number: 07437492)
Abridged Statement of Financial Position 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.

Director's 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 director acknowledges his 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.

All of the company’s members have consented to the preparation of an Abridged Statement of Financial Position in accordance with Section 444(2A) 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 director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 29 August 2024
 

.........................................
Mr D J Taylor
Director

 

Yellow Hammer Brewing Limited

Notes to the Unaudited Abridged 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:
Hill Farm
Half Moon Village
Newton St. Cyres
Exeter
Devon
EX5 5AE
United Kingdom

These financial statements were authorised for issue by the director on 29 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 FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The presentation currency is (£) sterling.

Basis of preparation

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of tangible assets and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

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

Going concern

The company has net liabilities of £47,661 (2022: £28,232) at the year end. The director believes there is no reason that the company will have to cease trading as a result of inadequate financial resources, or any foreseeable event, within a period of at least 12 months. The director confirms that he will not seek any return or withdraw further against his loan until funds permit. The director will continue to introduce sufficient cash to fund the company's working capital in order that the company can continue to meet its liabilities as they fall due. The company has the continued support of its bank and is meeting its liabilities as they fall due.

On this basis, the director considers it appropriate to prepare the financial statements on the going concern basis.

 

Yellow Hammer Brewing Limited

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

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

During the year the company did not receive any government grant income.

Tax

The tax expense for the period comprises current 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.

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

Tangible assets

Tangible assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any 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

20% straight line

Equipment

10% reducing balance

Plant and machinery

10% reducing balance

Fixtures and fittings

20% straight line

Motor vehicles

20% reducing balance

Short leasehold

Straight line depreciation over the remainder of the lease term

 

Yellow Hammer Brewing Limited

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

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.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Trademark, patents and licenses

Straight line over 5 years

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.

Inventories

Inventories 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, inventories are assessed for impairment. If inventories 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

 

Yellow Hammer Brewing Limited

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

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 income statement 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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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.

 

Yellow Hammer Brewing Limited

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

Financial instruments


The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

3

Staff numbers

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

 

Yellow Hammer Brewing Limited

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

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 December 2022

84,736

84,736

At 30 November 2023

84,736

84,736

Amortisation

At 1 December 2022

62,725

62,725

Amortisation charge

16,508

16,508

At 30 November 2023

79,233

79,233

Carrying amount

At 30 November 2023

5,503

5,503

At 30 November 2022

22,011

22,011

 

Yellow Hammer Brewing Limited

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

5

Tangible assets

Short leasehold and equipment
£

Fixtures, fittings and office equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 December 2022

141,222

46,778

21,800

332,173

541,973

Additions

-

443

-

-

443

At 30 November 2023

141,222

47,221

21,800

332,173

542,416

Depreciation

At 1 December 2022

37,107

44,219

16,040

158,894

256,260

Charge for the year

6,669

1,299

1,152

17,328

26,448

At 30 November 2023

43,776

45,518

17,192

176,222

282,708

Carrying amount

At 30 November 2023

97,446

1,703

4,608

155,951

259,708

At 30 November 2022

104,115

2,559

5,760

173,279

285,713

 

Yellow Hammer Brewing Limited

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

6

Inventories

2023
£

2022
£

Other inventories

125,793

119,732

7

Debtors

2023
£

2022
£

Trade debtors

125,016

100,134

Other debtors

1,135

1,135

126,151

101,269

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

6,000

6,000

6,000

6,000

Ordinary B of £1 each

2,000

2,000

2,000

2,000

Ordinary C of £1 each

3,539

3,539

3,539

3,539

 

11,539

11,539

11,539

11,539