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COMPANY REGISTRATION NUMBER: 08244509
Biercraft Limited
Filleted Unaudited Accounts
31 December 2023
Biercraft Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
136,307
94,148
Current assets
Stocks
135,715
148,419
Debtors
6
699,872
563,517
Cash at bank and in hand
32,115
---------
---------
867,702
711,936
Creditors: amounts falling due within one year
7
( 762,432)
( 494,460)
---------
---------
Net current assets
105,270
217,476
---------
---------
Total assets less current liabilities
241,577
311,624
Creditors: amounts falling due after more than one year
8
( 732,066)
( 341,162)
---------
---------
Net liabilities
( 490,489)
( 29,538)
---------
---------
Capital and reserves
Called up share capital
9
86
86
Capital redemption reserve
15
15
Profit and loss account
( 490,590)
( 29,639)
---------
--------
Shareholders deficit
( 490,489)
( 29,538)
---------
--------
These accounts 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 income and retained earnings has not been delivered.
For the 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.
Directors' 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts .
Biercraft Limited
Statement of Financial Position (continued)
31 December 2023
These accounts were approved by the board of directors and authorised for issue on 24 September 2024 , and are signed on behalf of the board by:
N J Trower
Director
Company registration number: 08244509
Biercraft Limited
Notes to the Accounts
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 53 Coopersale Road, Hackney, E9 6AU.
2. Statement of compliance
These accounts 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 accounts 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 accounts are prepared in sterling, which is the functional currency of the entity.
Going concern
In the opinion of the director the company is a going concern, despite the reported trading loss for the year, as it has sufficient financial resources from which to meet its ongoing obligations and the accounts are therefore prepared on the going concern basis. The company continues to invest in its plan for growth and development and the director expects to report an improvement in results over the next couple of years.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. 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.
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:
Warehouse fixtures and equipment
-
Straight line over the lease term (10 years)
-
20% straight line
Office equipment
-
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
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 14 (2022: 10 ).
5. Tangible assets
Warehouse fixtures and equipment
Motor vehicles
Office equipment
Total
£
£
£
£
Cost
At 1 January 2023
87,609
29,716
117,325
Additions
4,029
52,378
4,990
61,397
--------
--------
--------
---------
At 31 December 2023
91,638
52,378
34,706
178,722
--------
--------
--------
---------
Depreciation
At 1 January 2023
4,380
18,797
23,177
Charge for the year
9,002
4,956
5,280
19,238
--------
--------
--------
---------
At 31 December 2023
13,382
4,956
24,077
42,415
--------
--------
--------
---------
Carrying amount
At 31 December 2023
78,256
47,422
10,629
136,307
--------
--------
--------
---------
At 31 December 2022
83,229
10,919
94,148
--------
--------
--------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Warehouse fixtures and equipment
Motor vehicles
Total
£
£
£
At 31 December 2023
15,257
47,423
62,680
--------
--------
--------
At 31 December 2022
17,052
17,052
--------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
587,433
396,309
Other debtors
112,439
167,208
---------
---------
699,872
563,517
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
32,201
Trade creditors
669,076
385,997
Corporation tax
6,087
Social security and other taxes
18,516
11,359
Other creditors
58,753
64,903
---------
---------
762,432
494,460
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
14,167
27,391
Loan from third party
675,000
300,000
Other creditors
42,899
13,771
---------
---------
732,066
341,162
---------
---------
The company is indebted to HSBC plc in respect of a CBILS bank loan with annual interest charged at 2.5% and repayable by instalments that commenced in July 2021. The company is also indebted to a third party lender in respect of an advance of £675,000(2022: £300,000). There are no existing repayment terms although it is not expected that the debt will be required to be repaid within one year from the balance sheet date.
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A shares of £ 1 each
1
1
1
1
Ordinary B shares of £ 1 each
85
85
85
85
----
----
----
----
86
86
86
86
----
----
----
----
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
160,000
160,000
Later than 1 year and not later than 5 years
360,000
520,000
---------
---------
520,000
680,000
---------
---------
11. Directors' advances, credits and guarantees
During the year the company repaid in full the balance owed to the director of £8,766 and subsequently made a short term advance to the director with a balance owing at year-end of £18,037, inclusive of an interest charge of 2.5% per annum. The advance is presented within other debtors and is considered recoverable on demand.
12. Related party transactions
The company was under the control of Mr N J Trower throughout the year, by virtue of his majority shareholding in the company. No related party transactions or balances were noted for disclosure under the requirements of FRS 102 Section 1A.