Company registration number 11251296 (England and Wales)
THE CAINS BREWING COMPANY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
THE CAINS BREWING COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 7
THE CAINS BREWING COMPANY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
172,541
177,625
Current assets
Debtors
4
93,028
72,845
Cash at bank and in hand
56,620
11,080
149,648
83,925
Creditors: amounts falling due within one year
5
(389,264)
(303,155)
Net current liabilities
(239,616)
(219,230)
Net liabilities
(67,075)
(41,605)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
6
(67,175)
(41,705)
Total equity
(67,075)
(41,605)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 24 May 2024 and are signed on its behalf by:
R Ashcroft
Director
Company registration number 11251296 (England and Wales)
THE CAINS BREWING COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
100
63,356
63,456
Year ended 31 December 2022:
Loss and total comprehensive income
-
(105,061)
(105,061)
Balance at 31 December 2022
100
(41,705)
(41,605)
Year ended 31 December 2023:
Loss and total comprehensive income
-
(25,470)
(25,470)
Balance at 31 December 2023
100
(67,175)
(67,075)
THE CAINS BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
The Cains Brewing Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1 Brewery Works, Cains Brewery Village, Stanhope Street, Liverpool, Merseyside, L8 5XJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Mikhail Hotels & Leisure Holdings Limited. These consolidated financial statements are available from its registered office, 583 The Bold Hotel, Lord Street, Southport, PR9 0BE.
1.2
Going concern
At the year end the company had a net current liabilities position.true At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Over the period of the lease (25 years)
Plant and equipment
25% straight line
THE CAINS BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
THE CAINS BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
185,000
185,000
Additions
2,316
2,316
At 31 December 2023
185,000
2,316
187,316
Depreciation and impairment
At 1 January 2023
7,375
7,375
Depreciation charged in the year
7,400
7,400
At 31 December 2023
14,775
14,775
Carrying amount
At 31 December 2023
170,225
2,316
172,541
At 31 December 2022
177,625
177,625
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,404
29,752
Amounts owed by group undertakings
55,601
Other debtors
6,228
Prepayments and accrued income
29,795
43,093
93,028
72,845
THE CAINS BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
190,221
39,359
Amounts owed to group undertakings
180,000
180,000
Corporation tax
14,206
Other taxation and social security
1,887
Other creditors
1,570
2,120
Accruals and deferred income
17,473
65,583
389,264
303,155
6
Profit and loss reserves
Profit and loss reserve represents earnings net of distributions to owners.
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Stephen Grayson ACA FCCA
Statutory Auditor:
UHY Hacker Young Manchester LLP
Date of audit report:
24 May 2024
8
Financial commitments, guarantees and contingent liabilities
The company has two charges in favour of Lloyds Bank PLC. The charges contained a fixed and floating charge over all the property or undertaking of the company.
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
1,359,117
1,463,167
10
Related party transactions
THE CAINS BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Related party transactions
(Continued)
- 7 -
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Mikhail Hotels and Leisure Holdings Limited and its subsidiary undertakings are related parties by virtue of their common control.
Debtors and creditors due within one year include the amounts owed to other group companies.
11
Parent company
The immediate and ultimate parent company is Mikhail Hotels and Leisure Holdings Limited, a company registered in England and Wales. Copies of the financial statements of the immediate parent undertaking can be obtained from Mikhail Hotels and Leisure Holdings Limited, 583 The Bold Hotel, Lord Street, Southport, PR9 6HY.