Company registration number SC376533 (Scotland)
JBW (77) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
JBW (77) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
JBW (77) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,510
1,510
Tangible assets
4
73,877
Investment properties
5
1,234,873
910,053
Investments
6
637,873
655,971
1,948,133
1,567,534
Current assets
Debtors
8
10,701,459
8,621,784
Cash at bank and in hand
63,155
86,287
10,764,614
8,708,071
Creditors: amounts falling due within one year
9
(13,277,057)
(10,499,524)
Net current liabilities
(2,512,443)
(1,791,453)
Total assets less current liabilities
(564,310)
(223,919)
Capital and reserves
Called up share capital
1,015
1,015
Share premium account
349,636
349,636
Profit and loss reserves
(914,961)
(574,570)
Total equity
(564,310)
(223,919)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
JBW (77) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 18 September 2024
J B WATT
J B Watt
Director
Company Registration No. SC376533
JBW (77) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
JBW (77) Limited is a private company limited by shares incorporated in Scotland. The registered office is BrewDog Balmacassie Drive, Balmacassie Commercial Park, Ellon, Aberdeenshire, AB41 8BX.
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.
1.2
Going concern
The company had net liabilities at the year end. Included within current liabilities are amounts due from related companies. The director has confirmed that the related company will continue to support the company and therefore, has made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the director has continued to adopt the going concern basis of accounting in preparing the annual financial statements.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Rental income
Rental income is recognised for the period to which it relates. Any rentals invoiced in advance are deferred accordingly over the year end.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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:
Fixtures and fittings
25% straight line
Motor vehicles
33% straight line
JBW (77) 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.
1.6
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.
1.7
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.8
Cash at bank and in hand
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.
1.9
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from group companies. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
1.10
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.
JBW (77) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.12
Interest income is recognised in the Statement of comprehensive income using the effective interest method.
1.13
Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
3
JBW (77) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Intangible fixed assets
Other
£
Cost
At 1 January 2023 and 31 December 2023
1,510
Amortisation and impairment
At 1 January 2023 and 31 December 2023
Carrying amount
At 31 December 2023
1,510
At 31 December 2022
1,510
4
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 January 2023
41,298
103,427
144,725
Additions
98,500
98,500
Disposals
(2,524)
(103,427)
(105,951)
At 31 December 2023
38,774
98,500
137,274
Depreciation and impairment
At 1 January 2023
41,298
103,427
144,725
Depreciation charged in the year
24,623
24,623
Eliminated in respect of disposals
(2,524)
(103,427)
(105,951)
At 31 December 2023
38,774
24,623
63,397
Carrying amount
At 31 December 2023
73,877
73,877
At 31 December 2022
5
Investment property
2023
£
Fair value
At 1 January 2023
910,053
Additions
324,820
At 31 December 2023
1,234,873
JBW (77) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Investment property
(Continued)
- 7 -
The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.
6
Fixed asset investments
2023
2022
£
£
Investments
637,873
655,971
Movements in fixed asset investments
Shares in group undertakings
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2023
565,053
90,918
655,971
Additions
-
11,723
11,723
Valuation changes
(29,821)
-
(29,821)
At 31 December 2023
535,232
102,641
637,873
Carrying amount
At 31 December 2023
535,232
102,641
637,873
At 31 December 2022
565,053
90,918
655,971
7
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered
Class of
% Held
office
shares held
Pie & Mouse Limited
UK
Ordinary
100.00
Westward 77 Limited
UK
Ordinary
100.00
Ten Tonne Mouse Inc
USA
Ordinary
100.00
63DCMH LLC (a subsidiary of Ten Tonne Mouse Inc)
USA
Ordinary
100.00
64BCMH LLC (a subsidiary of Ten Tonne Mouse Inc)
USA
Ordinary
100.00
Big Teeth Media Limited
UK
Ordinary
100.00
Simcoe Ventures LLC (a subsidiary of Ten Tonne Mouse Inc)
USA
Ordinary
100.00
Mouse House Franklinton LLC
USA
Ordinary
100.00
JBW (77) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
5,415,929
4,464,616
Other debtors
5,279,761
611,393
Prepayments and accrued income
5,769
3,545,775
10,701,459
8,621,784
9
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
15,553
Amounts owed to group undertakings
13,141,596
9,640,028
Other creditors
696,269
Accruals and deferred income
135,461
147,674
13,277,057
10,499,524
10
Related party transactions
The companytrue has taken advantage of the exemptions within FRS 102 section 1AC.35 (Related Party Disclosure) which allows exemption from the disclosure of related party transactions with other group companies.
11
Directors' transactions
During the year the movements on a loan from the director amounted to £5,370,785 resulting in a balance due by the director at the year end of £4,675,314 (2022 - £695,471 due to director).
12
Controlling party
During the year the company was controlled by the director.