The Beer Company Ltd 06717545 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Wholesale of alcoholic beverages Digita Accounts Production Advanced 6.30.9574.0 true true 06717545 2023-04-01 2024-03-31 06717545 2024-03-31 06717545 core:CurrentFinancialInstruments 2024-03-31 06717545 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 06717545 core:FurnitureFittingsToolsEquipment 2024-03-31 06717545 core:OtherPropertyPlantEquipment 2024-03-31 06717545 bus:SmallEntities 2023-04-01 2024-03-31 06717545 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06717545 bus:FullAccounts 2023-04-01 2024-03-31 06717545 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06717545 bus:RegisteredOffice 2023-04-01 2024-03-31 06717545 bus:Director1 2023-04-01 2024-03-31 06717545 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06717545 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 06717545 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 06717545 core:PlantMachinery 2023-04-01 2024-03-31 06717545 countries:AllCountries 2023-04-01 2024-03-31 06717545 2023-03-31 06717545 core:FurnitureFittingsToolsEquipment 2023-03-31 06717545 core:OtherPropertyPlantEquipment 2023-03-31 06717545 2022-04-01 2023-03-31 06717545 2023-03-31 06717545 core:CurrentFinancialInstruments 2023-03-31 06717545 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06717545 core:FurnitureFittingsToolsEquipment 2023-03-31 06717545 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 06717545

The Beer Company Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

The Beer Company Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

The Beer Company Ltd

Company Information

Director

Miss Joanne Taylor

Registered office

Unit 14, Halifax Court
Fernwood Business Park
Cross Lane
Newark
Notts
NG24 3JP

Accountants

AIMS Accountants
Fernwood Business Centre
Newark
Notts
NG24 3JP

 

The Beer Company Ltd

(Registration number: 06717545)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

18,360

21,600

Investment property

5

650,000

650,000

 

668,360

671,600

Current assets

 

Debtors

8

329,692

294,881

Cash at bank and in hand

 

153,546

444,999

 

483,238

739,880

Creditors: Amounts falling due within one year

9

(885,468)

(1,154,992)

Net current liabilities

 

(402,230)

(415,112)

Net assets

 

266,130

256,488

Capital and reserves

 

Called up share capital

10

99

99

Retained earnings

266,031

256,389

Shareholders' funds

 

266,130

256,488

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 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 her 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 August 2024
 

.........................................
Miss Joanne Taylor
Director

 

The Beer Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit 14, Halifax Court
Fernwood Business Park
Cross Lane
Newark
Notts
NG24 3JP

These financial statements were authorised for issue by the director on 23 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

The Beer Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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 & Machinery

33% on cost, 25% on reducing balance, 20% on cost and 15% on reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

The Beer Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

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 inventories 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.

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

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.

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.

 

The Beer Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

21,094

123,222

144,316

At 31 March 2024

21,094

123,222

144,316

Depreciation

At 1 April 2023

21,095

101,621

122,716

Charge for the year

-

3,240

3,240

At 31 March 2024

21,095

104,861

125,956

Carrying amount

At 31 March 2024

(1)

18,361

18,360

At 31 March 2023

(1)

21,601

21,600

5

Investment properties

2024
£

At 1 April

650,000

At 31 March

650,000

There has been no valuation of investment property by an independent valuer.

 

The Beer Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Investments

2024
£

2023
£

Associates

Cost

Provision

Carrying amount

At 31 March 2024

7

Stocks

2024
£

2023
£

8

Debtors

Current

2024
£

2023
£

Trade debtors

325,018

287,516

Other debtors

4,674

7,365

 

329,692

294,881

 

The Beer Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

394,695

421,796

Trade creditors

 

428,113

567,434

Taxation and social security

 

45,526

47,927

Accruals and deferred income

 

7,349

4,032

Other creditors

 

9,785

113,803

 

885,468

1,154,992

10

Share capital

11

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

394,695

421,796

12

Dividends

Final dividends paid

   

2024
£

 

2023
£

Final dividend of 140,904.00 (2023 - 127,350.00) per each Ordinary Shares

 

140,904

 

127,350

         

13

Related party transactions

The ultimate controlling party is Miss J Taylor who holds 100% of the issued share capital of The Beer Company Limited.

The Beer Company Direct Limited is a wholly owned subsidiary of the Beer Company Limited. The inter-company loan account balance owed to The Beer Company Direct Ltd at the 31st March 2024 was £5,878 (£3,335 31st March 2023).

 

The Beer Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

9,096

22,917