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COMPANY REGISTRATION NUMBER: 03863002
Martin Miller's Gin Limited
Filleted Financial Statements
31 December 2023
Martin Miller's Gin Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
3
Martin Miller's Gin Limited
Officers and Professional Advisers
The board of directors
Mr M D Rivas
Mr J P Marin
Company secretary
Bird & Bird Company Secretaries
Registered office
12 New Fetter Lane
London
EC4A 1JP
Auditor
Riverside Accountancy Lancaster Limited
Chartered accountants & statutory auditor
Second Floor, Riverside Offices
26 St George's Quay
Lancaster
LA1 1RD
Bankers
Santander UK plc
Bridle Road
Bootle
Merseyside
L30 4GB
Martin Miller's Gin Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
6
64,545
193,847
Current assets
Stocks
757,166
723,579
Debtors
8
2,871,188
3,093,574
Cash at bank and in hand
5,964,858
4,654,272
------------
------------
9,593,212
8,471,425
Creditors: amounts falling due within one year
9
2,084,767
2,295,266
------------
------------
Net current assets
7,508,445
6,176,159
------------
------------
Total assets less current liabilities
7,572,990
6,370,006
------------
------------
Net assets
7,572,990
6,370,006
------------
------------
Capital and reserves
Called up share capital
10
2,718
2,718
Share premium account
13,065,963
13,065,963
Profit and loss account
( 5,495,691)
( 6,698,675)
-------------
-------------
Shareholders funds
7,572,990
6,370,006
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 5 September 2024 , and are signed on behalf of the board by:
Mr M D Rivas
Director
Company registration number: 03863002
Martin Miller's Gin Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 12 New Fetter Lane, London, EC4A 1JP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
The financial statements are rounded to the nearest £1.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts, Value Added Tax and duty. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
33% straight line
Motor vehicles
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 11 ).
5. Consolidated accounts
The ultimate parent company that produces consolidated accounts is DZ Licores S.L.U, a company registered in Spain, whose registered office is Calle Sicilio 19 Cartenga. 30369 Spain.
6. Intangible assets
Goodwill
Patents, trademarks and licences
Total
£
£
£
Cost
At 1 January 2023
2,736,668
2,736,668
Additions
7,538
7,538
------------
-------
------------
At 31 December 2023
2,736,668
7,538
2,744,206
------------
-------
------------
Amortisation
At 1 January 2023
2,542,821
2,542,821
Charge for the year
136,840
136,840
------------
-------
------------
At 31 December 2023
2,679,661
2,679,661
------------
-------
------------
Carrying amount
At 31 December 2023
57,007
7,538
64,545
------------
-------
------------
At 31 December 2022
193,847
193,847
------------
-------
------------
7. Tangible assets
Plant and machinery
£
Cost
At 1 January 2023
183,196
Disposals
( 183,196)
---------
At 31 December 2023
---------
Depreciation
At 1 January 2023
183,196
Disposals
( 183,196)
---------
At 31 December 2023
---------
Carrying amount
At 31 December 2023
---------
At 31 December 2022
---------
8. Debtors
2023
2022
£
£
Trade debtors
190,157
699,753
Amounts owed by group undertakings and undertakings in which the company has a participating interest
2,667,829
1,089,519
Other debtors
13,202
1,304,302
------------
------------
2,871,188
3,093,574
------------
------------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
97,575
251,986
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,509,619
1,286,164
Social security and other taxes
420,765
655,127
Other creditors
56,808
101,989
------------
------------
2,084,767
2,295,266
------------
------------
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 0.01 each
271,768
2,718
271,768
2,718
---------
-------
---------
-------
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
11,603
24,692
Later than 1 year and not later than 5 years
5,355
6,248
--------
--------
16,958
30,940
--------
--------
12. Summary audit opinion
The auditor's report dated 5 September 2024 was unqualified .
The senior statutory auditor was Penelope Bowden ACA , for and on behalf of Riverside Accountancy Lancaster Limited .
13. Related party transactions
Included within trade debtors are amounts due from connected parties totalling £1,089,519 (2021 - £1,295,701). Included within trade creditors are amounts due to connected parties totalling £1,286,164 (2021 - £867,783).
14. Controlling party
At the year end the ultimate parent company is DZ Licores S.L.U , a company registered in Spain.