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Company registration number: 11123761
Kernow Rum Company Limited
Trading as Kernow Rum Company Limited
Unaudited filleted financial statements
31 December 2023
Kernow Rum Company Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Kernow Rum Company Limited
Directors and other information
Directors Mr. Neythan Edward Hayes
Mrs Alison Dunne
Company number 11123761
Registered office 13 Church St
Helston
Cornwall
TR13 8TD
Business address The Old Custom House
Wharf Road
St Ives
Cornwall
TR26 1LF
Accountants Paul & Maundrell Limited
13 Church Street
Helston
Cornwall
TR13 8TD
Kernow Rum Company Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Kernow Rum Company Limited
Year ended 31st December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kernow Rum Company Limited for the year ended 31st December 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Kernow Rum Company Limited, as a body, in accordance with the terms of our engagement letter dated 14th February 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Kernow Rum Company Limited and state those matters that we have agreed to state to the board of directors of Kernow Rum Company Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kernow Rum Company Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Kernow Rum Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Kernow Rum Company Limited. You consider that Kernow Rum Company Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Kernow Rum Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Paul & Maundrell Limited
Chartered Accountants
13 Church Street
Helston
Cornwall
TR13 8TD
26th September 2024
Kernow Rum Company Limited
Statement of financial position
31st December 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 1,024 1,228
Tangible assets 6 1,570 2,871
_______ _______
2,594 4,099
Current assets
Stocks 7,796 21,887
Debtors 7 5,092 2,955
Cash at bank and in hand 18,273 10,839
_______ _______
31,161 35,681
Creditors: amounts falling due
within one year 8 ( 55,710) ( 65,527)
_______ _______
Net current liabilities ( 24,549) ( 29,846)
_______ _______
Total assets less current liabilities ( 21,955) ( 25,747)
Provisions for liabilities ( 298) ( 545)
_______ _______
Net liabilities ( 22,253) ( 26,292)
_______ _______
Capital and reserves
Called up share capital 674 674
Profit and loss account ( 22,927) ( 26,966)
_______ _______
Shareholders deficit ( 22,253) ( 26,292)
_______ _______
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 financial statements 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 financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 26 September 2024 , and are signed on behalf of the board by:
Mr. Neythan Edward Hayes Mrs Alison Dunne
Director Director
Company registration number: 11123761
Kernow Rum Company Limited
Notes to the financial statements
Year ended 31st December 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 13 Church St, Helston, Cornwall, TR13 8TD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
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 a revalued amount, 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:
Combined other intangible assets - Over 10 years
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.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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 - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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 or 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
Including Directors
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1st January 2023 and 31st December 2023 6,064 6,064
_______ _______
Amortisation
At 1st January 2023 4,836 4,836
Charge for the year 204 204
_______ _______
At 31st December 2023 5,040 5,040
_______ _______
Carrying amount
At 31st December 2023 1,024 1,024
_______ _______
At 31st December 2022 1,228 1,228
_______ _______
6. Tangible assets
Plant and machinery Total
£ £
Cost
At 1st January 2023 and 31st December 2023 6,517 6,517
_______ _______
Depreciation
At 1st January 2023 3,646 3,646
Charge for the year 1,301 1,301
_______ _______
At 31st December 2023 4,947 4,947
_______ _______
Carrying amount
At 31st December 2023 1,570 1,570
_______ _______
At 31st December 2022 2,871 2,871
_______ _______
7. Debtors
2023 2022
£ £
Trade debtors 3,833 1,696
Other debtors 1,259 1,259
_______ _______
5,092 2,955
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 567 567
Trade creditors 1,294 3,386
Other creditors 53,849 61,574
_______ _______
55,710 65,527
_______ _______
9. Directors advances, credits and guarantees
There were no Directors loans,credits or guarantees in the year.
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
The Cornwall Pub Company Ltd - - - -
Kankar Ltd 7,677 12,794 371 -
_______ _______ _______ _______
During the year the company continued to borrow monies from The Cornwall Pub Company Ltd. The outstanding balance at the year end was £29,908 (2022 £45,908). The Cornwall Pub Company Ltd owns all of the shares of Kernow Rum Ltd. During the year the company also sold goods to the value of £7,677 (2022 £12,794) to The Cornwall Pub Company Ltd. At the year end the company was owed £371 (py £371). One of the directors is also a director of Kankar Ltd. The company also loaned Kanker Ltd £259 during the year (pyr 259)
11. Controlling party
The controlling party is The Cornwall Pub Company Ltd. Reg. Office address: 13 Church St, Helston, Cornwall. TR13 8TD