Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-3135falseManufacture of beer2023-02-01false27falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03860428 2023-02-01 2024-01-31 03860428 2024-01-31 03860428 2022-02-01 2023-01-31 03860428 2023-01-31 03860428 c:Director5 2023-02-01 2024-01-31 03860428 d:Buildings d:LongLeaseholdAssets 2023-02-01 2024-01-31 03860428 d:Buildings d:LongLeaseholdAssets 2024-01-31 03860428 d:Buildings d:LongLeaseholdAssets 2023-01-31 03860428 d:PlantMachinery 2023-02-01 2024-01-31 03860428 d:PlantMachinery 2024-01-31 03860428 d:PlantMachinery 2023-01-31 03860428 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 03860428 d:FurnitureFittings 2023-02-01 2024-01-31 03860428 d:FurnitureFittings 2024-01-31 03860428 d:FurnitureFittings 2023-01-31 03860428 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 03860428 d:ComputerEquipment 2023-02-01 2024-01-31 03860428 d:ComputerEquipment 2024-01-31 03860428 d:ComputerEquipment 2023-01-31 03860428 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 03860428 d:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 03860428 d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 03860428 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-02-01 2024-01-31 03860428 d:CopyrightsPatentsTrademarksServiceOperatingRights 2024-01-31 03860428 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-01-31 03860428 d:CurrentFinancialInstruments 2024-01-31 03860428 d:CurrentFinancialInstruments 2023-01-31 03860428 d:Non-currentFinancialInstruments 2024-01-31 03860428 d:Non-currentFinancialInstruments 2023-01-31 03860428 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 03860428 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 03860428 d:Non-currentFinancialInstruments d:AfterOneYear 2024-01-31 03860428 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 03860428 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-01-31 03860428 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-01-31 03860428 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-01-31 03860428 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-01-31 03860428 d:ShareCapital 2024-01-31 03860428 d:ShareCapital 2023-01-31 03860428 d:SharePremium 2024-01-31 03860428 d:SharePremium 2023-01-31 03860428 d:RetainedEarningsAccumulatedLosses 2024-01-31 03860428 d:RetainedEarningsAccumulatedLosses 2023-01-31 03860428 c:FRS102 2023-02-01 2024-01-31 03860428 c:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 03860428 c:FullAccounts 2023-02-01 2024-01-31 03860428 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 03860428 6 2023-02-01 2024-01-31 03860428 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2023-02-01 2024-01-31 03860428 e:PoundSterling 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure
Registered number: 03860428


TWO TRIBES BREWING LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

 
TWO TRIBES BREWING LTD
REGISTERED NUMBER: 03860428

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
19,030
21,675

Tangible assets
 5 
426,112
476,506

Investments
  
1
-

  
445,143
498,181

Current assets
  

Stocks
  
243,562
188,296

Debtors: amounts falling due after more than one year
 7 
49,368
95,801

Debtors: amounts falling due within one year
 7 
67,634
106,305

Cash at bank and in hand
 8 
41,908
3,660

  
402,472
394,062

Creditors: amounts falling due within one year
 9 
(939,727)
(1,199,845)

Net current liabilities
  
 
 
(537,255)
 
 
(805,783)

Total assets less current liabilities
  
(92,112)
(307,602)

Creditors: amounts falling due after more than one year
 10 
(620,909)
(3,499,824)

  

Net liabilities
  
(713,021)
(3,807,426)


Capital and reserves
  

Called up share capital 
  
1,350
1,000

Share premium account
  
5,097,875
-

Profit and loss account
  
(5,812,246)
(3,808,426)

  
(713,021)
(3,807,426)


Page 1

 
TWO TRIBES BREWING LTD
REGISTERED NUMBER: 03860428
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

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: 




................................................
H Yechiel
Director

Date: 29 October 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
TWO TRIBES BREWING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Two Tribes Brewing Ltd is a limited company incorporated in England and Wales and domiciled in the United Kingdom. The registered office address is 1 Vincent Square, London, England SW1P 2PN.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 3

 
TWO TRIBES BREWING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Trademarks
-
10%
straight-line method

 
2.8

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 4

 
TWO TRIBES BREWING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
20%
straight-line method
Plant and machinery
-
15%
straight-line method
Fixtures and fittings
-
15%
straight-line method
Computer equipment
-
25%
straight-line method
Other fixed assets
-
33%
straight-line method

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.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

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 weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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.

 
2.11

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.

 
2.12

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.

 
2.13

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 5

 
TWO TRIBES BREWING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Average number of employees
35
27


4.


Intangible assets




Trademarks

£



Cost


At 1 February 2023
26,451



At 31 January 2024

26,451



Amortisation


At 1 February 2023
4,776


Charge for the year on owned assets
2,645



At 31 January 2024

7,421



Net book value



At 31 January 2024
19,030



At 31 January 2023
21,675



Page 6

 
TWO TRIBES BREWING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Tangible fixed assets





 Leasehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 February 2023
78,567
664,400
311,525
37,656
1,092,148


Additions
-
29,864
77,138
5,446
112,448



At 31 January 2024

78,567
694,264
388,663
43,102
1,204,596



Depreciation


At 1 February 2023
43,828
423,125
118,148
30,541
615,642


Charge for the year on owned assets
13,021
102,311
43,943
3,567
162,842



At 31 January 2024

56,849
525,436
162,091
34,108
778,484



Net book value



At 31 January 2024
21,718
168,828
226,572
8,994
426,112



At 31 January 2023
34,739
241,275
193,377
7,115
476,506


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


Additions
1



At 31 January 2024
1




Page 7

 
TWO TRIBES BREWING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

7.


Debtors

2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
49,368
-

Other debtors
-
95,801

49,368
95,801


2024
2023
£
£

Due within one year

Trade debtors
6,744
(1,826)

Other debtors
7,861
8,797

Prepayments and accrued income
53,029
99,334

67,634
106,305



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
41,908
3,660

Less: bank overdrafts
(12,077)
(23,112)

29,831
(19,452)


Page 8

 
TWO TRIBES BREWING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
12,077
23,112

Other loans
10,000
10,000

Trade creditors
518,918
512,641

Other taxation and social security
91,450
207,899

Obligations under finance lease and hire purchase contracts
16,234
30,438

Other creditors
213,336
338,104

Accruals and deferred income
77,712
77,651

939,727
1,199,845



10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
13,332
23,332

Net obligations under finance leases and hire purchase contracts
9,986
26,221

Amounts owed to group undertakings
-
1,041,120

Other creditors
597,591
2,409,151

620,909
3,499,824


Page 9

 
TWO TRIBES BREWING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Other loans
10,000
10,000


10,000
10,000

Amounts falling due 1-2 years

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 2-5 years

Bank loans
3,331
13,332


3,331
13,332


23,331
33,332



12.


Related party transactions

As at the balance sheet date, included within creditors due after 1 year is a balance of £nil (2023: £1,839,122) due to P Kempe, one of the directors of the company. 
As at the balance sheet date, included within debtors due after 1 year is a balance of £49,368 (2023: £Nil) due from Two Tribes Holdings Limited, the parent company of Two Twibes Brewing Ltd. 
In the prior year, as at the balance sheet date, included within creditors due after 1 year is a balance of £nil (2023: £1,041,120) due to Two Tribes Holdings Limited, the parent company of Two Twibes Brewing Ltd. 
As at the balance sheet date, included within creditors due between 1-2 years is a balance of £91,708 (2023: £nil) due to Design to Drink Ltd, a company with the same directors as Two Tribes Brewing Ltd. 
In the prior year, as at the balance sheet date, included within debtors due after 1 year is a balance of £nil (2023: £95,801) due from Design to Drink Ltd, a company with the same directors as Two Tribes Brewing Ltd.
Interest is not being charged on these balances and there are no fixed repayment terms in place.

 
Page 10