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Company No: 07041606 (England and Wales)

FLACK MANOR BREWERY LIMITED

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

FLACK MANOR BREWERY LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

FLACK MANOR BREWERY LIMITED

BALANCE SHEET

As at 31 March 2024
FLACK MANOR BREWERY LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 430,073 436,851
430,073 436,851
Current assets
Stocks 4 54,384 54,895
Debtors 5 121,901 91,332
Cash at bank and in hand 66,697 48,751
242,982 194,978
Creditors: amounts falling due within one year 6 ( 146,077) ( 122,411)
Net current assets 96,905 72,567
Total assets less current liabilities 526,978 509,418
Creditors: amounts falling due after more than one year 7 ( 28,064) ( 44,080)
Provision for liabilities ( 101,015) ( 105,544)
Net assets 397,899 359,794
Capital and reserves
Called-up share capital 8 370,000 330,000
Profit and loss account 27,899 29,794
Total shareholders' funds 397,899 359,794

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.

Directors' responsibilities:

The financial statements of Flack Manor Brewery Limited (registered number: 07041606) were approved and authorised for issue by the Board of Directors on 03 September 2024. They were signed on its behalf by:

N S Welsh
Director
FLACK MANOR BREWERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
FLACK MANOR BREWERY 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

Flack Manor Brewery 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 Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom. The principal place of business is Unit 8 Romsey Industrial Estate, Greatbridge Road, Romsey, Hampshire, SO51 0HR.

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 £.

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; and Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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 the following basis over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Plant and machinery 5 % reducing balance
Vehicles 15 - 20 % reducing balance
Fixtures and fittings 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
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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 Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

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.

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.

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 directors 11 11

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 April 2023 3,581 634,611 56,646 31,864 726,702
Additions 0 11,369 11,000 326 22,695
Disposals 0 0 ( 17,495) 0 ( 17,495)
At 31 March 2024 3,581 645,980 50,151 32,190 731,902
Accumulated depreciation
At 01 April 2023 3,581 231,839 32,216 22,215 289,851
Charge for the financial year 0 20,576 5,834 1,804 28,214
Disposals 0 0 ( 16,236) 0 ( 16,236)
At 31 March 2024 3,581 252,415 21,814 24,019 301,829
Net book value
At 31 March 2024 0 393,565 28,337 8,171 430,073
At 31 March 2023 0 402,772 24,430 9,649 436,851

4. Stocks

2024 2023
£ £
Stocks 54,384 54,895

5. Debtors

2024 2023
£ £
Trade debtors 100,799 74,005
Other debtors 21,102 17,327
121,901 91,332

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,000 10,000
Trade creditors 46,376 49,173
Taxation and social security 62,877 40,722
Obligations under finance leases and hire purchase contracts 6,116 6,116
Other creditors 20,708 16,400
146,077 122,411

The hire purchase contracts are secured by the assets to which they are related.

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

2024 2023
£ £
Bank loans 15,833 25,733
Obligations under finance leases and hire purchase contracts 12,231 18,347
28,064 44,080

The hire purchase contracts are secured by the assets to which they relate.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
110,000 A1 Ordinary shares of £ 1.00 each 110,000 110,000
50,000 A2 Ordinary shares of £ 1.00 each 50,000 50,000
10,000 A3 Ordinary shares of £ 1.00 each 10,000 10,000
160,000 B Ordinary shares of £ 1.00 each 160,000 160,000
40,000 C Ordinary shares of £ 1.00 each (2023: nil shares) 40,000 0
370,000 330,000

The company also has 71,000 £1 Ordinary 'D' shares. These shares have been allotted but no consideration has been paid and there is no formal timetable of the calling of this category of share capital. The £1 ordinary 'D' shares do not carry any voting rights or rights to dividends.