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Sheppy's Cider Limited

Annual Report and Unaudited Financial Statements
Period from 1 October 2022 to 31 March 2024

Registration number: 06426188

 

Sheppy's Cider Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Sheppy's Cider Limited

Balance Sheet

31 March 2024

Note

2024
£

2022
£

Fixed assets

 

Intangible assets

4

22,527

35,160

Tangible assets

5

1,867,362

1,846,240

 

1,889,889

1,881,400

Current assets

 

Stocks

6

681,693

392,442

Debtors

7

868,125

1,037,612

Cash at bank and in hand

 

979,646

812,505

 

2,529,464

2,242,559

Creditors: Amounts falling due within one year

8

(827,950)

(809,699)

Net current assets

 

1,701,514

1,432,860

Total assets less current liabilities

 

3,591,403

3,314,260

Provisions for liabilities

(118,096)

(107,217)

Net assets

 

3,473,307

3,207,043

Capital and reserves

 

Called up share capital

9

2

2

Profit and loss account

3,473,305

3,207,041

Shareholders' funds

 

3,473,307

3,207,043

 

Sheppy's Cider Limited

Balance Sheet

31 March 2024

For the financial period ending 31 March 2024 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 period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 13 September 2024 and signed on its behalf by:
 

.........................................
D J Sheppy
Director

Company Registration Number: 06426188

 

Sheppy's Cider Limited

Notes to the Unaudited Financial Statements

Period from 1 October 2022 to 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Three Bridges
Bradford on Tone
Taunton
Somerset
TA4 1ER
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

In light of the current economic situation, both in the UK and globally, impacted by rising energy costs, inflation and general cost of living increases, the directors have given consideration to the impact of these issues on the operations and financial position of the company, as well as upon customers and suppliers. The directors are satisfied that, having considered no less than 12 months from the date of approval of the financial statements, that the issues identified do not present a significant risk to the going concern basis of the company and, therefore, that the going concern basis of preparation remains appropriate.

 

Sheppy's Cider Limited

Notes to the Unaudited Financial Statements

Period from 1 October 2022 to 31 March 2024

Key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The key judgement that has a significant effect on the financial statements is in respect of going concern, as described in the accounting policy above.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key estimates that have a significant effect on the amounts recognised in the financial statements are described below:

Fixed assets are carried at cost, less accumulated depreciation and any subsequent accumulated impairment loss. This requires an estimation in the depreciation rates used as well as assessment of the ongoing economic contribution of the assets of the company as to whether an indicator of permanent impairment has occurred.

Intangible assets are carried at cost, less amortised charges and any subsequent accumulated impairment loss. This requires an estimation in the amortisation rates, as well as assessment of the ongoing economic contribution of the assets as to whether an indicator of impairment has occurred.

Stocks are held at the lower of cost and estimated selling price less cost to complete and sell. Stocks are assessed for impairment periodically and written down to realisable value where appropriate through the profit and loss.

Trade debtor balances are held at sales cost less any discounts or rebates directly attributable to those sales. The recoverability of debtor balances is reviewed regularly to ensure that all debts are receivable or there is a high probability of receiving payment. Once a debt is considered to no longer be receivable a provision is introduced against that debt.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of cider, food and soft drinks. Turnover is shown net of value added tax and is recognised at the point of dispatch.

Government grants

Government grants are recognised under the accruals model resulting in income being recognised on a systematic basis over the period in which the related costs are incurred for which the grant is compensating. The income from the scheme is recognised as other income in the profit and loss and timing differences presented as other debtors or deferred income within the balance sheet.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Sheppy's Cider Limited

Notes to the Unaudited Financial Statements

Period from 1 October 2022 to 31 March 2024

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Property improvements

0% straight line

Plant and machinery

15% straight line

Fixtures and fittings

15% straight line

Motor vehicles

20% straight line

Freehold property

25% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Brand name

10% straight line

Website

10% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Sheppy's Cider Limited

Notes to the Unaudited Financial Statements

Period from 1 October 2022 to 31 March 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 58 (2022 - 48).

 

Sheppy's Cider Limited

Notes to the Unaudited Financial Statements

Period from 1 October 2022 to 31 March 2024

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 October 2022

565,001

84,220

649,221

At 31 March 2024

565,001

84,220

649,221

Amortisation

At 1 October 2022

565,001

49,060

614,061

Amortisation charge

-

12,633

12,633

At 31 March 2024

565,001

61,693

626,694

Carrying amount

At 31 March 2024

-

22,527

22,527

At 30 September 2022

-

35,160

35,160

 

Sheppy's Cider Limited

Notes to the Unaudited Financial Statements

Period from 1 October 2022 to 31 March 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 October 2022

1,603,987

292,546

75,673

2,438,203

4,410,409

Additions

69,794

7,572

39,832

45,765

162,963

Disposals

-

-

(28,150)

(14,604)

(42,754)

At 31 March 2024

1,673,781

300,118

87,355

2,469,364

4,530,618

Depreciation

At 1 October 2022

-

268,253

66,643

2,229,273

2,564,169

Charge for the period

-

23,737

20,978

97,126

141,841

Eliminated on disposal

-

-

(28,150)

(14,604)

(42,754)

At 31 March 2024

-

291,990

59,471

2,311,795

2,663,256

Carrying amount

At 31 March 2024

1,673,781

8,128

27,884

157,569

1,867,362

At 30 September 2022

1,603,987

24,293

9,030

208,930

1,846,240

Included within the net book value of land and buildings above is £1,673,781 (2022 - £1,603,987) in respect of short leasehold land and buildings.
 

 

Sheppy's Cider Limited

Notes to the Unaudited Financial Statements

Period from 1 October 2022 to 31 March 2024

6

Stocks

2024
£

2022
£

Raw materials and consumables

681,693

392,442

7

Debtors

2024
£

2022
£

Trade debtors

420,872

400,149

Prepayments

39,684

39,507

Other debtors

407,569

597,956

868,125

1,037,612

 

Sheppy's Cider Limited

Notes to the Unaudited Financial Statements

Period from 1 October 2022 to 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2022
£

Due within one year

Trade creditors

155,364

204,289

Corporation tax

132,149

112,920

Taxation and social security

161,287

169,272

Other creditors

25,564

12,296

Accruals and deferred income

353,586

310,922

827,950

809,699

9

Share capital

Allotted, called up and fully paid shares

 

2024

2022

 

No.

£

No.

£

Ordinary A of £1 each

2

2

2

2

         

10

Related party transactions

Transactions with directors

2024

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

A Director

Director - the loan is charged at the HMRC approved rate

(587,953)

(451,538)

634,000

(405,491)

         
       

 

2022

At 1 October 2021
£

Advances to director
£

Repayments by director
£

At 30 September 2022
£

A Director

Director - the loan is charged at the HMRC approved rate

160,612

(777,915)

29,350

(587,953)