Company registration number 09642175 (England and Wales)
WYLAM BREWERY LIMITED
(FORMERLY NEWCASTLE GIN CO. LIMITED)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
WYLAM BREWERY LIMITED
(FORMERLY NEWCASTLE GIN CO. LIMITED)
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
WYLAM BREWERY LIMITED
(FORMERLY NEWCASTLE GIN CO. LIMITED)
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
31 December 2023
25 December 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
21,920
23,575
Current assets
Stocks
46,187
62,265
Debtors
6
136,449
165,781
Cash at bank and in hand
10,260
4,926
192,896
232,972
Creditors: amounts falling due within one year
7
(43,537)
(21,679)
Net current assets
149,359
211,293
Total assets less current liabilities
171,279
234,868
Creditors: amounts falling due after more than one year
8
(40,813)
(133,763)
Provisions for liabilities
9
(3,912)
(3,976)
Net assets
126,554
97,129
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
126,454
97,029
Total equity
126,554
97,129
The directors of the company have elected not to include a copy of the income statement 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 25 September 2024 and are signed on its behalf by:
O Vaulkhard
Director
Company Registration No. 09642175
WYLAM BREWERY LIMITED
(FORMERLY NEWCASTLE GIN CO. LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Wylam Brewery Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bealim House, 17 - 25 Gallowgate, Newcastle upon Tyne, NE1 4SG.
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.
The financial statements of the company are consolidated in the financial statements of Vaulkhard Group Limited. These consolidated financial statements are available from its registered office, Bealim House, 17-25 Gallowgate, Newcastle upon Tyne, NE1 4SG.
1.2
Reporting period
The prior reporting period was extended to 15 months ended 25 December 2022 for commercial reasons. Therefore the financial statements (including the related notes) are not entirely comparable to the current year ended 31 December 2023.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods 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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
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:
Plant and equipment
20 years straight line
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.
WYLAM BREWERY LIMITED
(FORMERLY NEWCASTLE GIN CO. LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
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 company after deducting all of its liabilities.
WYLAM BREWERY LIMITED
(FORMERLY NEWCASTLE GIN CO. LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
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 income statement 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 income statement, 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.
WYLAM BREWERY LIMITED
(FORMERLY NEWCASTLE GIN CO. LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
2,500
2,500
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
4
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
(64)
877
5
Tangible fixed assets
Plant and equipment
£
Cost
At 26 December 2022 and 31 December 2023
33,092
Depreciation and impairment
At 26 December 2022
9,517
Depreciation charged in the year
1,655
At 31 December 2023
11,172
Carrying amount
At 31 December 2023
21,920
At 25 December 2022
23,575
WYLAM BREWERY LIMITED
(FORMERLY NEWCASTLE GIN CO. LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
32,186
26,610
Other debtors
5,694
6,594
37,880
33,204
2023
2022
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
98,569
132,577
Total debtors
136,449
165,781
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
7,302
898
Taxation and social security
13,405
14,848
Other creditors
22,830
5,933
43,537
21,679
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
40,813
133,763
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
3,912
3,976
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
WYLAM BREWERY LIMITED
(FORMERLY NEWCASTLE GIN CO. LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Total commitments
99,854
119,166
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2023
2022
£
£
Total commitments
17,644
17,918
12
Financial commitments, guarantees and contingent liabilities
The Company's bank facilities, and those of certain other companies within the group headed by Vaulkhard Group Limited, are secured by a debenture over all assets of the Company, a first legal charge over certain freehold and short-term leasehold properties of the Group, and an unlimited multilateral guarantee given by all of the companies in the group.
As at the date the financial statements were signed the Company has not been called upon to provide funds in relation to these securities.
13
Related party transactions
The company is a wholly owned subsidiary and has taken advantage of the exemption permitted by Section 33 Related Party Disclosures not to provide disclosures of transactions entered into with other wholly owned members of the group.
14
Parent company
The company's parent undertaking is Newcastle Distillery Limited, a company incorporated in England & Wales.
The company's ultimate parent undertaking is Vaulkhard Group limited, a company incorporated in England & Wales and its registered office is Bealim House, 17-25 Gallowgate, Newcastle upon Tyne, NE1 4SG.
WYLAM BREWERY LIMITED
(FORMERLY NEWCASTLE GIN CO. LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
15
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:
Paul Gainford
Statutory Auditor:
Sumer Auditco Limited
Date of audit report:
26 September 2024