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Company registration number: SC458479
Tempest Brewing Co Limited
Unaudited filleted abridged financial statements
29 February 2024
Tempest Brewing Co Limited
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Tempest Brewing Co Limited
Directors and other information
Directors Gavin Meiklejohn
Annika Meiklejohn
Company number SC458479
Registered office Unit 8a Tweedside Park
Tweedbank
Galashiels
Selkirkshire
TD1 3TE
Accountants Paterson Boyd & Co
Chartered Certified Accountants
8 Mitchell Street
Leven
Fife
KY8 4HJ
Bankers Bank of Scotland
8/9 The Square
Kelso
Scottish Borders
TD5 7HQ
Tempest Brewing Co Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Tempest Brewing Co Limited
Year ended 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Tempest Brewing Co Limited for the year ended 29 February 2024 which comprise the abridged statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of Tempest Brewing Co Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Tempest Brewing Co Limited and state those matters that we have agreed to state to the board of directors of Tempest Brewing Co Limited as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tempest Brewing Co Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Tempest Brewing Co 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 Tempest Brewing Co Limited. You consider that Tempest Brewing Co 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 Tempest Brewing Co 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.
Paterson Boyd & Co
Chartered Certified Accountants
8 Mitchell Street
Leven
Fife
KY8 4HJ
21 October 2024
Tempest Brewing Co Limited
Abridged statement of financial position
29 February 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 7 665,513 560,009
_______ _______
665,513 560,009
Current assets
Stocks 161,990 187,287
Debtors 158,437 98,699
Cash at bank and in hand 281,795 377,103
_______ _______
602,222 663,089
Creditors: amounts falling due
within one year ( 240,878) ( 203,698)
_______ _______
Net current assets 361,344 459,391
_______ _______
Total assets less current liabilities 1,026,857 1,019,400
Provisions for liabilities ( 110,959) ( 104,717)
_______ _______
Net assets 915,898 914,683
_______ _______
Capital and reserves
Called up share capital 8 4 2
Profit and loss account 915,894 914,681
_______ _______
Shareholders funds 915,898 914,683
_______ _______
For the year ending 29 February 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 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 abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 29 February 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 21 October 2024 , and are signed on behalf of the board by:
Annika Meiklejohn
Director
Company registration number: SC458479
Tempest Brewing Co Limited
Statement of changes in equity
Year ended 29 February 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 March 2022 2 799,082 799,084
Profit for the year 135,599 135,599
_______ _______ _______
Total comprehensive income for the year - 135,599 135,599
Dividends paid and payable ( 20,000) ( 20,000)
_______ _______ _______
Total investments by and distributions to owners - ( 20,000) ( 20,000)
_______ _______ _______
At 28 February 2023 and 1 March 2023 2 914,681 914,683
Profit for the year 23,213 23,213
_______ _______ _______
Total comprehensive income for the year - 23,213 23,213
Issue of shares 2 2
Dividends paid and payable ( 22,000) ( 22,000)
_______ _______ _______
Total investments by and distributions to owners 2 ( 22,000) ( 21,998)
_______ _______ _______
At 29 February 2024 4 915,894 915,898
_______ _______ _______
Tempest Brewing Co Limited
Notes to the financial statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Unit 8a Tweedside Park, Tweedbank, Galashiels, Selkirkshire, TD1 3TE.
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.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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation.
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 - 15% reducing balance
Fittings fixtures and equipment - 20% reducing balance
Motor vehicles - 25% reducing balance
Computer equipment - straight line over three years
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.
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attached to them and the grants will be received.Government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.
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.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Turnover
Overseas turnover amounted to 6% (28 February 2023: 7%) of the total turnover for the year
5. Staff costs
The average number of persons employed by the company during the year amounted to 23 (2023: 26 ).
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 387,276 372,018
Social security costs 28,287 27,162
Other pension costs 63,938 45,419
_______ _______
479,501 444,599
_______ _______
6. Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
2024 2023
£ £
Remuneration 70,000 69,417
Company contributions to pension schemes in respect of qualifying services 52,000 36,000
_______ _______
122,000 105,417
_______ _______
7. Tangible assets
£
Cost
At 1 March 2023 1,297,512
Additions 269,624
Disposals ( 102,275)
_______
At 29 February 2024 1,464,861
_______
Depreciation
At 1 March 2023 737,503
Charge for the year 127,163
Disposals ( 65,318)
_______
At 29 February 2024 799,348
_______
Carrying amount
At 29 February 2024 665,513
_______
At 28 February 2023 560,009
_______
8. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 0.01 each (2023: £ 1.00 ) 200 2 2 2
Ordinary A shares shares of £ 1.00 each 2 2 - -
_______ _______ _______ _______
202 4 2 2
_______ _______ _______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Gavin Meiklejohn 1,564 ( 1,995) ( 431)
Annika Meiklejohn 1,191 ( 1,622) ( 431)
_______ _______ _______
2,755 ( 3,617) ( 862)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Gavin Meiklejohn 635 929 1,564
Annika Meiklejohn 281 910 1,191
_______ _______ _______
916 1,839 2,755
_______ _______ _______
10. Related party transactions
Gavin and Annika Meiklejohn are also directors of Meiklejohn Hospitality Limited. At the balance sheet date Tempest Brewing Co Limited owed Meiklejohn Hospitality limited the sum of £43,260 (2023 : £48,293) in the form of an inter-company loan.A loan from Alan Meiklejohn, the father of Gavin Meiklejohn , of £Nil (2023 : £1,070) is still outstanding at the balance sheet date.