Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-312023-06-01false2116truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08369145 2023-06-01 2024-05-31 08369145 2022-06-01 2023-05-31 08369145 2024-05-31 08369145 2023-05-31 08369145 c:Director1 2023-06-01 2024-05-31 08369145 d:Buildings d:ShortLeaseholdAssets 2023-06-01 2024-05-31 08369145 d:Buildings d:ShortLeaseholdAssets 2024-05-31 08369145 d:Buildings d:ShortLeaseholdAssets 2023-05-31 08369145 d:PlantMachinery 2023-06-01 2024-05-31 08369145 d:PlantMachinery 2024-05-31 08369145 d:PlantMachinery 2023-05-31 08369145 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 08369145 d:MotorVehicles 2023-06-01 2024-05-31 08369145 d:MotorVehicles 2024-05-31 08369145 d:MotorVehicles 2023-05-31 08369145 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 08369145 d:FurnitureFittings 2023-06-01 2024-05-31 08369145 d:FurnitureFittings 2024-05-31 08369145 d:FurnitureFittings 2023-05-31 08369145 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 08369145 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 08369145 d:CurrentFinancialInstruments 2024-05-31 08369145 d:CurrentFinancialInstruments 2023-05-31 08369145 d:Non-currentFinancialInstruments 2024-05-31 08369145 d:Non-currentFinancialInstruments 2023-05-31 08369145 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 08369145 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 08369145 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 08369145 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 08369145 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-05-31 08369145 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-05-31 08369145 d:ShareCapital 2024-05-31 08369145 d:ShareCapital 2023-05-31 08369145 d:RetainedEarningsAccumulatedLosses 2024-05-31 08369145 d:RetainedEarningsAccumulatedLosses 2023-05-31 08369145 c:FRS102 2023-06-01 2024-05-31 08369145 c:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 08369145 c:FullAccounts 2023-06-01 2024-05-31 08369145 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 08369145 6 2023-06-01 2024-05-31 08369145 d:AcceleratedTaxDepreciationDeferredTax 2024-05-31 08369145 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 08369145 d:TaxLossesCarry-forwardsDeferredTax 2024-05-31 08369145 d:TaxLossesCarry-forwardsDeferredTax 2023-05-31 08369145 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure

Registered number: 08369145










Firebird Brewing Company Ltd








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 May 2024

 
Firebird Brewing Company Ltd
 
  
Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Financial Statements of Firebird Brewing Company Ltd for the Year Ended 31 May 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Firebird Brewing Company Ltd for the year ended 31 May 2024 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Firebird Brewing Company Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Firebird Brewing Company Ltd and state those matters that we have agreed to state to the Board of Directors of Firebird Brewing Company Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Firebird Brewing Company Ltd and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Firebird Brewing Company Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Firebird Brewing Company Ltd. You consider that Firebird Brewing Company Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Firebird Brewing Company Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
9 Donnington Park
85 Birdham Road
Chichester
West Sussex
PO20 7AJ
10 September 2024
Page 1

 
Firebird Brewing Company Ltd
Registered number: 08369145

Balance Sheet
As at 31 May 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
287,925
282,281

Investments
 5 
500
500

  
288,425
282,781

Current assets
  

Stocks
  
62,183
56,064

Debtors: amounts falling due within one year
 6 
96,269
69,670

Bank and cash balances
  
94,819
81,257

  
253,271
206,991

Creditors: amounts falling due within one year
 7 
(267,929)
(286,327)

Net current liabilities
  
 
 
(14,658)
 
 
(79,336)

Total assets less current liabilities
  
273,767
203,445

Creditors: amounts falling due after more than one year
 8 
(31,947)
(52,318)

Provisions for liabilities
  

Deferred tax
 10 
(51,345)
(45,186)

  
 
 
(51,345)
 
 
(45,186)

Net assets
  
190,475
105,941


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
189,475
104,941

  
190,475
105,941


Page 2

 
Firebird Brewing Company Ltd
Registered number: 08369145

Balance Sheet (continued)
As at 31 May 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
W J King
Director
Date: 27 August 2024

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
Firebird Brewing Company Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2024

1.


General information

The Company is a private company limited by share capital incorporated in England and Wales.
The address of the registered office is:
Rudgwick Brickworks
Lynwick Street
Horsham
West Sussex
RH12 3UW
The Company number is 08369145.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
Firebird Brewing Company Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 5

 
Firebird Brewing Company Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2024

2.Accounting policies (continued)

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
20%
Plant and machinery
-
10%
Motor vehicles
-
20%
Fixtures and fittings
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 6

 
Firebird Brewing Company Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2024

2.Accounting policies (continued)

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 21 (2023 - 16).

Page 7

 
Firebird Brewing Company Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2024

4.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost 


At 1 June 2023
60,281
521,795
18,460
24,852
625,388


Additions
10,997
35,193
16,720
5,967
68,877


Disposals
-
-
(500)
-
(500)



At 31 May 2024

71,278
556,988
34,680
30,819
693,765



Depreciation


At 1 June 2023
38,597
273,956
11,667
18,887
343,107


Charge for the year on owned assets
8,619
43,766
6,928
3,920
63,233


Disposals
-
-
(500)
-
(500)



At 31 May 2024

47,216
317,722
18,095
22,807
405,840



Net book value



At 31 May 2024
24,062
239,266
16,585
8,012
287,925



At 31 May 2023
21,684
247,839
6,793
5,965
282,281


5.


Fixed asset investments





Unlisted investments

£



Cost 


At 1 June 2023
500



At 31 May 2024
500




Page 8

 
Firebird Brewing Company Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2024

6.


Debtors

2024
2023
£
£


Trade debtors
90,098
63,633

Other debtors
2,227
2,227

Prepayments and accrued income
3,944
3,810

96,269
69,670



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
20,371
19,629

Trade creditors
31,118
31,389

Corporation tax
4,423
-

Other taxation and social security
30,590
24,792

Other creditors
161,867
193,328

Accruals and deferred income
19,560
17,189

267,929
286,327



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
31,947
52,318



9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
20,371
19,629


Amounts falling due 2-5 years

Bank loans
31,947
52,318


52,318
71,947


Page 9

 
Firebird Brewing Company Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2024

10.


Deferred taxation




2024


£






At beginning of year
(45,186)


Charged to profit or loss
(6,159)



At end of year
(51,345)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(51,345)
(61,984)

Tax losses
-
16,798

(51,345)
(45,186)


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £3,802 (2023 - £3,135). Contributions totalling £850 (2023 - £679) were payable to the fund at the balance sheet date.


12.


Related party transactions

During the year W J King provided the Company with a loan. At the balance sheet date the amount due to W J King was £78,750 (2023 - £94,250).
During the year R D Peters provided the Company with a loan.  At the balance sheet date the amount due to R D Peters was £80,750 (2023 - £96,250).


Page 10