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Registration number: 04256351

The Beer Warehouse (Maidenhead) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

The Beer Warehouse (Maidenhead) Limited

Contents
for the Year Ended 31 December 2023

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

The Beer Warehouse (Maidenhead) Limited

Company Information
for the Year Ended 31 December 2023

Director

C McNulty

Company secretary

Windsor Accountancy Limited

Registered office

St Stephens House
Arthur Road
Windsor
Berkshire
SL4 1RU

Registered number

04256351 ( England and Wales )

Accountants

Windsor Accountancy Ltd
Chartered Certified Accountants
St. Stephens House
Arthur Road
Windsor
Berkshire
SL4 1RU

 

The Beer Warehouse (Maidenhead) Limited

(Registration number: 04256351)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

21,276

23,640

Tangible assets

5

366,565

282,046

 

387,841

305,686

Current assets

 

Stocks

6

553,096

536,171

Debtors

7

1,050,419

810,864

Cash at bank and in hand

 

392,416

362,006

 

1,995,931

1,709,041

Creditors: Amounts falling due within one year

8

(1,322,286)

(1,184,602)

Net current assets

 

673,645

524,439

Total assets less current liabilities

 

1,061,486

830,125

Creditors: Amounts falling due after more than one year

8

(89,656)

(131,279)

Provisions for liabilities

(84,486)

(62,222)

Net assets

 

887,344

636,624

Capital and reserves

 

Called up share capital

101

101

Retained earnings

887,243

636,523

Shareholders' funds

 

887,344

636,624

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 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 his 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.

 

The Beer Warehouse (Maidenhead) Limited

(Registration number: 04256351)
Balance Sheet as at 31 December 2023

Approved and authorised by the director on 28 August 2024
 

.........................................
C McNulty
Director

 

The Beer Warehouse (Maidenhead) 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:
St Stephens House
Arthur Road
Windsor
Berkshire
SL4 1RU

These financial statements were authorised for issue by the director on 28 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.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

The Beer Warehouse (Maidenhead) Limited

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

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.

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 and machinery

25% Reducing balance

Furniture and fittings

25% Reducing balance

Motor vehicles

25% Reducing balance

Computer equipment

33% Straight line

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

Computer software

10% Straight line

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.

 

The Beer Warehouse (Maidenhead) Limited

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

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. Amounts classified as receivable within one year are not amortised.

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. Amounts classified as payable within one year are not amortised.

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.

 

The Beer Warehouse (Maidenhead) Limited

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

Leases

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.

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 the director) during the year, was 27 (2022 - 25).

 

The Beer Warehouse (Maidenhead) Limited

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

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 January 2023

23,640

23,640

At 31 December 2023

23,640

23,640

Amortisation

Amortisation charge

2,364

2,364

At 31 December 2023

2,364

2,364

Carrying amount

At 31 December 2023

21,276

21,276

At 31 December 2022

23,640

23,640

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

100,000

180,647

334,082

614,729

Additions

78,232

2,563

51,634

132,429

At 31 December 2023

178,232

183,210

385,716

747,158

Depreciation

At 1 January 2023

-

140,220

192,463

332,683

Charge for the year

-

9,278

38,632

47,910

At 31 December 2023

-

149,498

231,095

380,593

Carrying amount

At 31 December 2023

178,232

33,712

154,621

366,565

At 31 December 2022

100,000

40,427

141,619

282,046

 

The Beer Warehouse (Maidenhead) Limited

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

Included within the net book value of land and buildings above is £178,232 (2022 - £100,000) in respect of long leasehold land and buildings.

Included within the net book value above is a total of £105,671 (2022: £76,352) in respect of assets subject to finance leases and hire purchase contracts. The depreciation charge to the financial statements in the year in respect of such assets amount to £22,315 (2022: £19,385).

6

Stocks

2023
£

2022
£

Other inventories

553,096

536,171

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

828,406

663,616

Amounts owed by related parties

9

164,243

81,330

Prepayments

 

18,388

16,515

Other debtors

 

39,382

49,403

   

1,050,419

810,864

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

86,397

101,785

Trade creditors

 

930,838

861,799

Taxation and social security

 

282,281

177,472

Accruals and deferred income

 

4,747

4,460

Other creditors

 

18,023

39,086

 

1,322,286

1,184,602

Current loans and borrowings

2023
£

2022
£

Bank borrowings

55,555

81,270

HP and finance lease liabilities

30,842

20,515

86,397

101,785

 

The Beer Warehouse (Maidenhead) Limited

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

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

89,656

131,279

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

23,170

83,003

HP and finance lease liabilities

66,486

48,276

89,656

131,279

9

Related party transactions

Transactions with the director

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Advances and credits

22,266

112,274

(113,982)

20,557

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Advances and credits

8,943

116,165

(102,843)

22,266

 

Other transactions with the director

The balance due from the director at the year end date was deemed repayable on demand. Interest was charged at 2% on the outstanding balance.

Summary of transactions with entities with joint control or significant interest

At the year end date the company was owed £86,243 (2022: £81,330) from New Wharf Brewing Company Limited, a company under common control by the director.

At the year end date the company was owed £78,000 (2022: £nil) from CMN Property Limited, a company under common control by the director.

 

 

The Beer Warehouse (Maidenhead) Limited

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

10

Off-balance sheet arrangements

Secured Debts
Barclays Security Trustee Limited holds a fixed and floating charge over the property and undertaking of the company. The charge contains a negative pledge.