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Company No: 04708789 (England and Wales)

TEIGNWORTHY BREWERY LIMITED

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

TEIGNWORTHY BREWERY LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

TEIGNWORTHY BREWERY LIMITED

COMPANY INFORMATION

For the financial year ended 31 January 2024
TEIGNWORTHY BREWERY LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 January 2024
DIRECTOR Mr J G Lawton
REGISTERED OFFICE Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
United Kingdom
COMPANY NUMBER 04708789 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
TEIGNWORTHY BREWERY LIMITED

BALANCE SHEET

As at 31 January 2024
TEIGNWORTHY BREWERY LIMITED

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 0 785
Tangible assets 4 32,531 42,036
32,531 42,821
Current assets
Stocks 25,772 24,924
Debtors 5 28,463 32,728
Cash at bank and in hand 27,148 25,637
81,383 83,289
Creditors: amounts falling due within one year 6 ( 200,267) ( 151,980)
Net current liabilities (118,884) (68,691)
Total assets less current liabilities (86,353) (25,870)
Creditors: amounts falling due after more than one year 7 ( 9,110) ( 13,971)
Provision for liabilities 8,136 ( 5,600)
Net liabilities ( 87,327) ( 45,441)
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account ( 87,427 ) ( 45,541 )
Total shareholders' deficit ( 87,327) ( 45,441)

For the financial year ending 31 January 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 Teignworthy Brewery Limited (registered number: 04708789) were approved and authorised for issue by the Director on 20 July 2024. They were signed on its behalf by:

Mr J G Lawton
Director
TEIGNWORTHY BREWERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
TEIGNWORTHY BREWERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 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

Teignworthy Brewery Limited (the Company) is a private company, limited by shares, incorporated in England and Wales.

The address of the Company's registered office is:
Sigma House
Oak View Close
Edginswell Park
Torquay
Devon
TQ2 7FF

The principal place of business is:
The Maltings
Teign Road
Newton Abbot
Devon
TQ12 4AA

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 £87,327. 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 represents the fair value of consideration receivable, excluding Value Added Tax, in the ordinary course of business for goods and services provided. Turnover is recognised when goods are supplies or when services are provided.

Employee benefits

Defined benefit schemes
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 the 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.

Taxation

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 corporation 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 on all timing differences at the balance sheet date unless indicated below. timing differences are differences between taxable profits and the results as stated in the profit and loss account and the other comprehensive income. deferred 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 are covered based in the current or future taxable profits.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 20 years straight line
Website costs 3 years straight line
Goodwill

Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Trademarks, patents and licences

Separately acquired trademarks, licences and software are shown at historical cost.
Trademarks, licences, software and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Tangible fixed 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.

Leasehold improvements 5 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 10 - 25 % reducing balance

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.

Leases

The Company as lessee
Leases in which substantially all the risk and rewards of ownership and retained by the lessor are classified as operating leases. Payments made under operating leases are charges to profit or loss on a straight line basis over the period of the lease.
Leases are classified as financial leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under financial 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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and net realisable value, after making due allowance for obselete and slow moving items.

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.

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.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Government grants

Grant income is accounted for using the accruals method. Revenue grants are recognised on a systematic basis over the periods to which the costs to which the grants relate are recognised. Capital grants are recognised over the useful life of the related asset on the same basis as depreciation is charged.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 3

3. Intangible assets

Goodwill Website costs Total
£ £ £
Cost
At 01 February 2023 63,000 4,545 67,545
At 31 January 2024 63,000 4,545 67,545
Accumulated amortisation
At 01 February 2023 62,215 4,545 66,760
Charge for the financial year 785 0 785
At 31 January 2024 63,000 4,545 67,545
Net book value
At 31 January 2024 0 0 0
At 31 January 2023 785 0 785

4. Tangible assets

Leasehold improve-
ments
Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 February 2023 18,798 40,275 183,389 242,462
Additions 0 0 160 160
At 31 January 2024 18,798 40,275 183,549 242,622
Accumulated depreciation
At 01 February 2023 18,798 10,667 170,961 200,426
Charge for the financial year 0 7,403 2,262 9,665
At 31 January 2024 18,798 18,070 173,223 210,091
Net book value
At 31 January 2024 0 22,205 10,326 32,531
At 31 January 2023 0 29,608 12,428 42,036

5. Debtors

2024 2023
£ £
Trade debtors 22,957 27,953
Prepayments 5,506 4,775
28,463 32,728

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 5,075 5,161
Trade creditors 5,376 6,166
Other taxation and social security 10,092 10,328
Other creditors 179,724 130,325
200,267 151,980

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

2024 2023
£ £
Other loans 9,110 13,971

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Financial commitments

Commitments

The total amount of financial commitments not included in the balance sheet relating to rent is £20,000 (2023 - £20,000).