Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Mr S Dustow 20/11/2015 29 August 2024 The principal activity of the Company during the financial year is distilling and manufacturing of spirits. 09882249 2023-12-31 09882249 bus:Director1 2023-12-31 09882249 2022-12-31 09882249 core:CurrentFinancialInstruments 2023-12-31 09882249 core:CurrentFinancialInstruments 2022-12-31 09882249 core:Non-currentFinancialInstruments 2023-12-31 09882249 core:Non-currentFinancialInstruments 2022-12-31 09882249 core:ShareCapital 2023-12-31 09882249 core:ShareCapital 2022-12-31 09882249 core:RetainedEarningsAccumulatedLosses 2023-12-31 09882249 core:RetainedEarningsAccumulatedLosses 2022-12-31 09882249 core:LandBuildings 2022-12-31 09882249 core:PlantMachinery 2022-12-31 09882249 core:Vehicles 2022-12-31 09882249 core:LandBuildings 2023-12-31 09882249 core:PlantMachinery 2023-12-31 09882249 core:Vehicles 2023-12-31 09882249 bus:OrdinaryShareClass1 2023-12-31 09882249 2023-01-01 2023-12-31 09882249 bus:FilletedAccounts 2023-01-01 2023-12-31 09882249 bus:SmallEntities 2023-01-01 2023-12-31 09882249 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 09882249 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09882249 bus:Director1 2023-01-01 2023-12-31 09882249 core:PlantMachinery 2023-01-01 2023-12-31 09882249 core:PlantMachinery core:BottomRangeValue 2023-01-01 2023-12-31 09882249 core:PlantMachinery core:TopRangeValue 2023-01-01 2023-12-31 09882249 core:Vehicles 2023-01-01 2023-12-31 09882249 2022-01-01 2022-12-31 09882249 core:LandBuildings 2023-01-01 2023-12-31 09882249 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 09882249 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 09882249 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 09882249 (England and Wales)

COLWITH FARM DISTILLERY LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

COLWITH FARM DISTILLERY LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

COLWITH FARM DISTILLERY LIMITED

BALANCE SHEET

As at 31 December 2023
COLWITH FARM DISTILLERY LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 356,297 367,968
356,297 367,968
Current assets
Stocks 4 35,757 24,002
Debtors 5 84,836 51,953
Cash at bank and in hand 23,307 179,496
143,900 255,451
Creditors: amounts falling due within one year 6 ( 53,245) ( 144,268)
Net current assets 90,655 111,183
Total assets less current liabilities 446,952 479,151
Creditors: amounts falling due after more than one year 7 ( 36,973) ( 41,595)
Provision for liabilities ( 41,618) ( 43,836)
Net assets 368,361 393,720
Capital and reserves
Called-up share capital 8 1 1
Profit and loss account 368,360 393,719
Total shareholder's funds 368,361 393,720

For the financial year ending 31 December 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 financial statements of Colwith Farm Distillery Limited (registered number: 09882249) were approved and authorised for issue by the Director on 29 August 2024. They were signed on its behalf by:

Mr S Dustow
Director
COLWITH FARM DISTILLERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
COLWITH FARM DISTILLERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
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

Colwith Farm Distillery 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 Colwith Farm, Treesmill, Par, PL24 2TU, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due 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 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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
its is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) 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 a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 15 - 20 % reducing balance
3 - 10 years straight line
Vehicles 20 % 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.

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 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.

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

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 8 8

3. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 January 2023 137,254 337,643 3,800 478,697
Additions 0 21,966 0 21,966
At 31 December 2023 137,254 359,609 3,800 500,663
Accumulated depreciation
At 01 January 2023 0 108,131 2,598 110,729
Charge for the financial year 0 33,336 301 33,637
At 31 December 2023 0 141,467 2,899 144,366
Net book value
At 31 December 2023 137,254 218,142 901 356,297
At 31 December 2022 137,254 229,512 1,202 367,968

4. Stocks

2023 2022
£ £
Stocks 35,757 24,002

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

5. Debtors

2023 2022
£ £
Trade debtors 33,420 51,953
Other debtors 51,416 0
84,836 51,953

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 17,810 21,876
Taxation and social security 32,622 89,491
Other creditors 2,813 32,901
53,245 144,268

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

2023 2022
£ £
Other creditors 36,973 41,595

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

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

9. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Director Loan Account 51,083 (30,082)

During the year advances were made to the director of £153,765 and the director repaid 72,600. Interest was charged at 2.25% on the loan.