Period from 1 October 2022 to
Registration number:
Sheppy's Cider Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Sheppy's Cider Limited
Balance Sheet
31 March 2024
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2024 |
2022 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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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:
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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
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Company Registration Number: 06426188
Sheppy's Cider Limited
Notes to the Unaudited Financial Statements
Period from 1 October 2022 to 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
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
• 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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Sheppy's Cider Limited
Notes to the Unaudited Financial Statements
Period from 1 October 2022 to 31 March 2024
Intangible assets |
Goodwill |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 October 2022 |
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At 31 March 2024 |
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Amortisation |
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At 1 October 2022 |
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Amortisation charge |
- |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
- |
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At 30 September 2022 |
- |
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Sheppy's Cider Limited
Notes to the Unaudited Financial Statements
Period from 1 October 2022 to 31 March 2024
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 October 2022 |
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Additions |
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Disposals |
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- |
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( |
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At 31 March 2024 |
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Depreciation |
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At 1 October 2022 |
- |
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Charge for the period |
- |
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Eliminated on disposal |
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- |
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At 31 March 2024 |
- |
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Carrying amount |
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At 31 March 2024 |
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At 30 September 2022 |
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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
Stocks |
2024 |
2022 |
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Raw materials and consumables |
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Debtors |
2024 |
2022 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Sheppy's Cider Limited
Notes to the Unaudited Financial Statements
Period from 1 October 2022 to 31 March 2024
Creditors |
Creditors: amounts falling due within one year
2024 |
2022 |
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Due within one year |
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Trade creditors |
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Corporation tax |
132,149 |
112,920 |
Taxation and social security |
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Other creditors |
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Accruals and deferred income |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2022 |
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No. |
£ |
No. |
£ |
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2 |
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2 |
Related party transactions |
Transactions with directors |
2024 |
At 1 October 2022 |
Advances to director |
Repayments by director |
At 31 March 2024 |
A Director |
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Director - the loan is charged at the HMRC approved rate |
( |
( |
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( |
2022 |
At 1 October 2021 |
Advances to director |
Repayments by director |
At 30 September 2022 |
A Director |
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Director - the loan is charged at the HMRC approved rate |
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( |
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( |