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
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
Salcombe Distilling Company Ltd
Statement of financial position
as at 29 February 2024
Intangible assets
91,191
148,527
Tangible assets
160,234
200,150
Inventories
610,444
802,326
Cash at bank and in hand
420,229
500,826
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
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
Salcombe Distilling Company Ltd
Notes to the Accounts
for the year ended 29 February 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in sterling.
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 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 (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Development costs - 33% Straight line
Intellectual Property - 10%-33% Straight line
Salcombe Distilling Company Ltd
Notes to the Accounts
for the year ended 29 February 2024
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.
Expenditure on research and development is written off in the year in which it is incurred.
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 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.
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 in shares are included at fair value.
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.
Salcombe Distilling Company Ltd
Notes to the Accounts
for the year ended 29 February 2024
4
Intangible fixed assets
Other
At 29 February 2024
318,194
Charge for the year
73,746
At 29 February 2024
227,003
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
At 29 February 2024
169,970
220,053
115,843
505,866
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
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
Salcombe Distilling Company Ltd
Notes to the Accounts
for the year ended 29 February 2024
Amounts falling due within one year
Trade debtors
167,090
107,250
Accrued income and prepayments
50,382
38,594
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
9
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
-
1,290
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
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).