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Registration number: 10638872

The Bristol Distilling Company Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

The Bristol Distilling Company Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

The Bristol Distilling Company Limited

Company Information

Directors

Mr Jake Black

Mrs Emily Astley-Cooper

Mr David John Faulkner

Ms Amy Black

Registered office

The Bristol Distilling Co
Unit D Malago Vale Trading Estate
St Johns Lane
Bristol
BS3 5BQ

Accountants

Newsham Hanson Accountants Limited
Accountants and Business Advisors
Edinburgh House
1-5 Bellevue Road
Clevedon
North Somerset
BS21 7NP

 

The Bristol Distilling Company Limited

(Registration number: 10638872)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

25,782

32,588

Tangible assets

5

149,047

143,208

 

174,829

175,796

Current assets

 

Stocks

6

80,438

86,371

Debtors

7

73,427

36,494

Cash at bank and in hand

 

20,136

37,359

 

174,001

160,224

Creditors: Amounts falling due within one year

8

(107,575)

(210,980)

Net current assets/(liabilities)

 

66,426

(50,756)

Total assets less current liabilities

 

241,255

125,040

Creditors: Amounts falling due after more than one year

8

(43,882)

(217,193)

Net assets/(liabilities)

 

197,373

(92,153)

Capital and reserves

 

Called up share capital

9

2,377

1,798

Share premium reserve

920,086

570,367

Retained earnings

(725,090)

(664,318)

Shareholders' funds/(deficit)

 

197,373

(92,153)

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.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

The Bristol Distilling Company Limited

(Registration number: 10638872)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 4 September 2024 and signed on its behalf by:
 

.........................................
Mr Jake Black
Director

 

The Bristol Distilling Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
The Bristol Distilling Co
Unit D Malago Vale Trading Estate
St Johns Lane
Bristol
BS3 5BQ

These financial statements were authorised for issue by the Board on 4 September 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.

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:

 

The Bristol Distilling Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Asset class

Depreciation method and rate

Plant & Machinery

10% straight line basis

Office & Computer Equipment

25% straight line basis

Fixtures & Fittings

10% straight line basis

Whiskey Barrels

100% straight line basis

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.

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

Website development

25% straight line basis

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.

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.

 

The Bristol Distilling Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance 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.

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 Bristol Distilling Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 17).

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

Additions acquired separately

76,021

76,021

At 31 December 2023

76,021

76,021

Amortisation

Amortisation charge

50,239

50,239

At 31 December 2023

50,239

50,239

Carrying amount

At 31 December 2023

25,782

25,782

At 31 December 2022

32,588

32,588

 

The Bristol Distilling Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 January 2023

109,203

98,857

6,963

28,557

Additions

-

26,582

-

-

Disposals

-

-

-

(324)

At 31 December 2023

109,203

125,439

6,963

28,233

Depreciation

At 1 January 2023

33,567

47,860

3,421

15,524

Charge for the year

9,315

6,003

791

4,310

At 31 December 2023

42,882

53,863

4,212

19,834

Carrying amount

At 31 December 2023

66,321

71,576

2,751

8,399

At 31 December 2022

75,636

50,997

3,542

13,033

Total
£

Cost or valuation

At 1 January 2023

243,580

Additions

26,582

Disposals

(324)

At 31 December 2023

269,838

Depreciation

At 1 January 2023

100,372

Charge for the year

20,419

At 31 December 2023

120,791

Carrying amount

At 31 December 2023

149,047

At 31 December 2022

143,208

6

Stocks

2023
£

2022
£

Other inventories

80,438

86,371

 

The Bristol Distilling Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

46,380

13,581

Prepayments

16,497

12,763

Other debtors

10,550

10,150

 

73,427

36,494

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

-

41,578

Trade creditors

 

22,553

24,212

Amounts owed to related parties

46,381

147

Taxation and social security

 

31,082

27,595

Other creditors

 

7,559

117,448

 

107,575

210,980

Due after one year

 

Loans and borrowings

10

43,882

217,193

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

43,882

217,193

 

The Bristol Distilling Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £0.00 each

2,376,514

2,377

1,798,008

1,798

       

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

43,882

45,570

Other borrowings

-

171,623

43,882

217,193

Current loans and borrowings

2023
£

2022
£

Finance lease liabilities

-

12,904

Other borrowings

-

28,674

-

41,578

11

Control

The company is controlled by the director J Black who owns 56.3% of the called up share capital.