Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31No description of principal activityfalsefalse2023-01-0133trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12071406 2023-01-01 2023-12-31 12071406 2022-01-01 2022-12-31 12071406 2023-12-31 12071406 2022-12-31 12071406 c:Director1 2023-01-01 2023-12-31 12071406 c:Director2 2023-01-01 2023-12-31 12071406 c:RegisteredOffice 2023-01-01 2023-12-31 12071406 d:PlantMachinery 2023-01-01 2023-12-31 12071406 d:PlantMachinery 2023-12-31 12071406 d:PlantMachinery 2022-12-31 12071406 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12071406 d:OfficeEquipment 2023-01-01 2023-12-31 12071406 d:OfficeEquipment 2023-12-31 12071406 d:OfficeEquipment 2022-12-31 12071406 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12071406 d:ComputerEquipment 2023-01-01 2023-12-31 12071406 d:ComputerEquipment 2023-12-31 12071406 d:ComputerEquipment 2022-12-31 12071406 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12071406 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12071406 d:CurrentFinancialInstruments 2023-12-31 12071406 d:CurrentFinancialInstruments 2022-12-31 12071406 d:Non-currentFinancialInstruments 2023-12-31 12071406 d:Non-currentFinancialInstruments 2022-12-31 12071406 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 12071406 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 12071406 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 12071406 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 12071406 d:ShareCapital 2023-12-31 12071406 d:ShareCapital 2022-12-31 12071406 d:RetainedEarningsAccumulatedLosses 2023-12-31 12071406 d:RetainedEarningsAccumulatedLosses 2022-12-31 12071406 c:FRS102 2023-01-01 2023-12-31 12071406 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 12071406 c:FullAccounts 2023-01-01 2023-12-31 12071406 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Company registration number: 12071406







UNAUDITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


V SPIRITS COMPANY LIMITED (FORMERLY KNOWN AS CJS DRINKS COMPANY LIMITED)






































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V SPIRITS COMPANY LIMITED (FORMERLY KNOWN AS CJS DRINKS COMPANY LIMITED)
 


 
COMPANY INFORMATION


Directors
C Churchill 
N E Churchill 




Registered number
12071406



Registered office
3000a Parkway

Whiteley

Hampshire

PO15 7FX




Trading Address
Unit 23
Parkham Drive

Eastleigh

Hampshire

SO50 4NU






Accountants
Menzies LLP
Chartered Accountants

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


V SPIRITS COMPANY LIMITED (FORMERLY KNOWN AS CJS DRINKS COMPANY LIMITED)
 



CONTENTS



Page
Directors' Report
1 - 2
Statement of Financial Position
3 - 4
Notes to the Financial Statements
5 - 9


 


V SPIRITS COMPANY LIMITED (FORMERLY KNOWN AS CJS DRINKS COMPANY LIMITED)
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Business review

The business is a HMRC licensed producer of rum holding a distillers license, compounding and rectification license, Excise Warehouse approval, Excise Warehouse keeper approval and registration under the Alcohol Wholesale Registration Scheme (AWRS).
During the period has re-branded as “V” written as a roman numeral 5. The rum will launch to the public in 2024, 5 years since its formation, once the final tweaks to the recipe for its rum have been completed that will be the 5th significant iteration of the rum before launch, there are 5 steps to the distillation process that have been refined since inception and 5 key ingredient variants that deliver the unique flavour of V. With all those taken into consideration, as the business considered a memorable brand in preparation for launch – V seemed incredibly apt.
Brand – the business will differentiate itself in a number of areas, in-particular being a British, Premium, Sustainable Rum that is focused on becoming a mainstream alternative to the global brands universally known. V will be a collaborative brand working with our on-trade and off-trade customers to grow brand awareness and ultimately sales growth representing a point of difference to some of the arrogance exhibited by other brand owners. Beyond the brand, V will be know for quality liquid – a drink that is enjoyed by the many and not the few.
Distillery – the business has secured new premises in Boyatt Wood, Southampton to house a much larger distillery and anticipates moving into those premises in February 2024. The new location will allow for significant growth and is some 7 x bigger than the “test” distillery created to support initial licensing process with HMRC. The business is refreshing and replacing its distillery equipment as part of this investment and to prepare for growth and has invested in 2000 litres of distillation capacity with Holstein across 2 x stills, 24,000 litres of fermentation capacity, a large steam boiler, mixing tank and other key components. This investment will allow the business to scale to 1 million bottles per year of production at the current site making it one of the largest rum distilleries in Europe.
Launch – it is likely V will be available to order by the public mid-2024 by which point certain elements of the new distillery will be operational although not yet at full capacity. The business intends on being able to produce at full capacity from the end of 2024. Until mid-2024 the business remains pre-revenue.
Product – V will launch with 2 expressions, a Premium rum at 40% ABV and an Overproof rum at 60% ABV both served in 70cl glass bottles. The business will invest significantly in its proposition to give it differentiation in the market and plans a Standard rum as an on-trade house pour at 37.5% ABV, a Spiced rum at 37.5% ABV as well as a range of 5cl miniatures. The business is keeping close to the growth areas of the market and will adapt its strategy to ensure it can capitalize on these.
Sustainability – the business has worked to build a focus on sustainability within its DNA. The new distillery will be one of the most technically advanced in the market using 100% renewable electricity, a component of its gas generated from grass and extensive heat and energy recovering during production processes. V has committed to consider every component of its process and packaging and work to put an action plan around improvements where they are needed. 
Results
The business continues to be pre-revenue and is building out its infrastructure and process to become a lead British, Premium, Sustainable rum. After various challenges building the team and refining the process this will be the last period where V is not available in the market. 2024 will be a significant year as the business completes its distillery build out and gets product in the hands of consumers.
 

Page 1

 


V SPIRITS COMPANY LIMITED (FORMERLY KNOWN AS CJS DRINKS COMPANY LIMITED)
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Directors

The directors who served during the year were:

C Churchill 
N E Churchill 

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





C Churchill
Director

Date: 7 October 2024

Page 2

 


V SPIRITS COMPANY LIMITED (FORMERLY KNOWN AS CJS DRINKS COMPANY LIMITED)
REGISTERED NUMBER:12071406



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
83,709
17,621

  
83,709
17,621

Current assets
  

Stocks
  
3,286
-

Debtors: amounts falling due within one year
 5 
27,445
7,577

Cash at bank and in hand
  
11,986
3,773

  
42,717
11,350

Creditors: amounts falling due within one year
 6 
(8,525)
(10,366)

Net current assets
  
 
 
34,192
 
 
984

Total assets less current liabilities
  
117,901
18,605

Creditors: amounts falling due after more than one year
 7 
(572,181)
(199,210)

  

Net liabilities
  
(454,280)
(180,605)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(454,380)
(180,705)

  
(454,280)
(180,605)


Page 3

 


V SPIRITS COMPANY LIMITED (FORMERLY KNOWN AS CJS DRINKS COMPANY LIMITED)
REGISTERED NUMBER:12071406


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




C Churchill
Director

Date: 7 October 2024

The notes on pages 5 to 9 form part of these financial statements.

Page 4

 


V SPIRITS COMPANY LIMITED (FORMERLY KNOWN AS CJS DRINKS COMPANY LIMITED)
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

CJS Drinks Company Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office and principle place of business are disclosed on the company information page.
The presentation currency is GBP rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the period end date, the company's liabilities exceed its assets, therefore the company is reliant on the continued support provided to it by the directors.
These individuals have confirmed that they will not withdraw the support until the company has sufficient means to repay them. The directors consider that the company is able to meet its obligations as they fall due for the foreseeable future. As a result the accounts have been prepared on a going concern basis.  

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 


V SPIRITS COMPANY LIMITED (FORMERLY KNOWN AS CJS DRINKS COMPANY LIMITED)
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance
Office equipment
-
25%
reducing balance
Computer equipment
-
33%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a SELECT OR ENTER METHOD basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 


V SPIRITS COMPANY LIMITED (FORMERLY KNOWN AS CJS DRINKS COMPANY LIMITED)
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 7

 


V SPIRITS COMPANY LIMITED (FORMERLY KNOWN AS CJS DRINKS COMPANY LIMITED)
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
16,675
2,998
11,464
31,137


Additions
90,863
2,377
1,619
94,859



At 31 December 2023

107,538
5,375
13,083
125,996



Depreciation


At 1 January 2023
7,407
1,107
5,001
13,515


Charge for the year on owned assets
25,038
1,069
2,665
28,772



At 31 December 2023

32,445
2,176
7,666
42,287



Net book value



At 31 December 2023
75,093
3,199
5,417
83,709



At 31 December 2022
9,268
1,891
6,462
17,621


5.


Debtors

2023
2022
£
£


Other debtors
20,770
5,185

Prepayments and accrued income
6,675
2,392

27,445
7,577


Page 8

 


V SPIRITS COMPANY LIMITED (FORMERLY KNOWN AS CJS DRINKS COMPANY LIMITED)
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,869
5,752

Other taxation and social security
2,704
895

Other creditors
452
219

Accruals and deferred income
3,500
3,500

8,525
10,366



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other creditors
572,181
199,210

572,181
199,210



8.


Transactions with directors

At the period end, included within creditors falling due after one year were amounts owed to the directorsfrom the company amounting to £572,181 (2022 - £199,210). The directors have a fixed and floating charge over the assets of the business.

 
Page 9