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Company Registration No. 09140632 (England and Wales)
Salcombe Distilling Company Ltd Unaudited accounts for the year ended 29 February 2024
Salcombe Distilling Company Ltd Unaudited accounts Contents
Page
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Salcombe Distilling Company Ltd Company Information for the year ended 29 February 2024
Directors
Mr Charles Angus Hamilton Lugsdin Mr Nicholas Simon Marshall Mr Nicholas Bodo Blazquez Mr Howard Lawrence Davies
Company Number
09140632 (England and Wales)
Registered Office
The Boathouse 28 Island Street Salcombe TQ8 8DP England
Accountants
Wessex Commercial Solutions Limited Yeovil Innovation Centre Barracks Close Yeovil BA22 8RN
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Salcombe Distilling Company Ltd Statement of financial position as at 29 February 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Intangible assets
91,191 
148,527 
Tangible assets
160,234 
200,150 
Investments
100 
100 
251,525 
348,777 
Current assets
Inventories
610,444 
802,326 
Debtors
218,774 
153,589 
Cash at bank and in hand
420,229 
500,826 
1,249,447 
1,456,741 
Creditors: amounts falling due within one year
(363,785)
(343,026)
Net current assets
885,662 
1,113,715 
Total assets less current liabilities
1,137,187 
1,462,492 
Creditors: amounts falling due after more than one year
- 
(77,679)
Net assets
1,137,187 
1,384,813 
Capital and reserves
Called up share capital
24,438 
23,997 
Share premium
3,921,265 
3,541,090 
Profit and loss account
(2,808,516)
(2,180,274)
Shareholders' funds
1,137,187 
1,384,813 
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 20 November 2024 and were signed on its behalf by
Mr Howard Lawrence Davies Director Company Registration No. 09140632
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Salcombe Distilling Company Ltd Notes to the Accounts for the year ended 29 February 2024
1
Statutory information
Salcombe Distilling Company Ltd is a private company, limited by shares, registered in England and Wales, registration number 09140632. The registered office is The Boathouse, 28 Island Street , Salcombe, TQ8 8DP, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in sterling.
Going concern
The financial statements have been prepared on the going concern basis. The Directors have considered the key risks affecting the Company's turnover, profit and cashflow for at least the next 12 months from the date of signing. Whilst wider economic and trading conditions have resulted in a slight reduction in turnover during 2023/24, a number of measures have already been taken to increase sales opportunities whilst reducing the cost structure of the business, allowing continued investment in growing the company's position in the market. This resulted in a reduction in losses going forward and provides a strong operational foundation with increased agility to maximise opportunities and minimise risk in future years. Budget projections for 2024/25 and beyond have been based on conservative but reasonable assumptions and demonstrate adequate resources to continue on this basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Straight line 7-20%
Plant & machinery
Straight line 7-20%
Computer equipment
Straight line 20-33%
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation. Development costs - 33% Straight line Intellectual Property - 10%-33% Straight line
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Salcombe Distilling Company Ltd Notes to the Accounts for the year ended 29 February 2024
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Investments
Investments in shares are included at fair value.
Directors
After the year-end but prior to the approval of these financial statements, Charlotte Davies, a director of the company, resigned from their position on 6th August 2024. The resignation does not have any impact on the financial position or performance of the company as at the balance sheet date, and there are no further adjustments required to these financial statements as a result of this event.
Disclosure of share options issued
During the financial year, the company granted share options totaling 169238 shares at an exercise price of GBP 0.01 per share. The options were granted to certain employees and directors as part of the company's incentive plan, aimed at aligning their interests with those of shareholders. The share options vest after three years of service and are exercisable over a three-year period at an exercise price of GBP 0.01 per share. If staff leave within 3 years of the issue of the share options, they lose the share options. These share options are not considered material to the company's financial position or results for the reporting period and therefore do not have a significant impact on the earnings per share calculation for the year.
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Salcombe Distilling Company Ltd Notes to the Accounts for the year ended 29 February 2024
4
Intangible fixed assets
Other 
£ 
Cost
At 1 March 2023
301,784 
Additions
16,410 
At 29 February 2024
318,194 
Amortisation
At 1 March 2023
153,257 
Charge for the year
73,746 
At 29 February 2024
227,003 
Net book value
At 29 February 2024
91,191 
At 28 February 2023
148,527 
5
Tangible fixed assets
Land & buildings 
Plant & machinery 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 March 2023
169,970 
219,095 
106,178 
495,243 
Additions
- 
958 
10,518 
11,476 
Disposals
- 
- 
(853)
(853)
At 29 February 2024
169,970 
220,053 
115,843 
505,866 
Depreciation
At 1 March 2023
104,306 
119,642 
71,145 
295,093 
Charge for the year
14,283 
19,989 
17,120 
51,392 
On disposals
- 
- 
(853)
(853)
At 29 February 2024
118,589 
139,631 
87,412 
345,632 
Net book value
At 29 February 2024
51,381 
80,422 
28,431 
160,234 
At 28 February 2023
65,664 
99,453 
35,033 
200,150 
6
Investments
Subsidiary undertakings 
£ 
Valuation at 1 March 2023
100 
Valuation at 29 February 2024
100 
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Salcombe Distilling Company Ltd Notes to the Accounts for the year ended 29 February 2024
7
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
1,302 
- 
Trade debtors
167,090 
107,250 
Accrued income and prepayments
50,382 
38,594 
Other debtors
- 
7,745 
218,774 
153,589 
8
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
87,524 
83,333 
Obligations under finance leases and hire purchase contracts
1,290 
1,695 
Trade creditors
116,610 
124,225 
Taxes and social security
24,806 
49,767 
Other creditors
11,029 
9,559 
Accruals
122,526 
74,447 
363,785 
343,026 
9
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
- 
76,389 
Obligations under finance leases and hire purchase contracts
- 
1,290 
- 
77,679 
10
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
671,250 Ordinary A shares of £0.01 each
6,712.50 
6,712.50 
1,425,680 Ordinary B shares of £0.01 each
14,256.80 
14,256.80 
346,880 Ordinary C shares of £0.01 each
3,468.80 
3,027.75 
24,438.10 
23,997.05 
Shares issued during the period:
44,105 Ordinary C shares of £0.01 each
441.05 
11
Post balance sheet events
After the year-end but prior to the approval of these financial statements, Charlotte Davies, a director of the company, resigned from her position on 6th August 2024. The resignation does not have any impact on the financial position or performance of the company as at the balance sheet date, and there are no further adjustments required to these financial statements as a result of this event.
12
Average number of employees
During the year the average number of employees was 33 (2023: 53).
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