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COMPANY REGISTRATION NUMBER: 10037294
Archangel Distilleries Ltd
Filleted Unaudited Financial Statements
29 February 2024
Archangel Distilleries Ltd
Financial Statements
Year ended 29 February 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Archangel Distilleries Ltd
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
56,005
60,114
Current assets
Stocks
108,103
138,580
Debtors
6
10,474
8,879
Cash at bank and in hand
12,476
12,671
---------
---------
131,053
160,130
Creditors: amounts falling due within one year
7
116,304
107,007
---------
---------
Net current assets
14,749
53,123
--------
---------
Total assets less current liabilities
70,754
113,237
Creditors: amounts falling due after more than one year
8
80,001
98,001
--------
---------
Net (liabilities)/assets
( 9,247)
15,236
--------
---------
Capital and reserves
Called up share capital
200
200
Profit and loss account
( 9,447)
15,036
-------
--------
Shareholders (deficit)/funds
( 9,247)
15,236
-------
--------
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 statement of comprehensive income has not been delivered.
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 .
Archangel Distilleries Ltd
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 25 November 2024 , and are signed on behalf of the board by:
Mr P D De Grey Allingham
Director
Company registration number: 10037294
Archangel Distilleries Ltd
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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:
Long leasehold property
-
5% straight line
Plant and machinery
-
25% straight line
Fixtures and fittings
-
25% straight line
Equipment
-
25% straight line
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 stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Long leasehold property
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 March 2023
87,114
46,904
4,515
7,554
146,087
Additions
60
259
319
--------
--------
-------
-------
---------
At 29 February 2024
87,114
46,904
4,575
7,813
146,406
--------
--------
-------
-------
---------
Depreciation
At 1 March 2023
26,501
47,233
4,686
7,432
85,852
Charge for the year
4,356
( 159)
352
4,549
--------
--------
-------
-------
---------
At 29 February 2024
30,857
47,233
4,527
7,784
90,401
--------
--------
-------
-------
---------
Carrying amount
At 29 February 2024
56,257
( 329)
48
29
56,005
--------
--------
-------
-------
---------
At 28 February 2023
60,613
( 329)
( 171)
122
60,235
--------
--------
-------
-------
---------
6. Debtors
2024
2023
£
£
Trade debtors
8,292
6,801
Other debtors
2,182
2,078
--------
-------
10,474
8,879
--------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
8,220
6,876
Corporation tax
3,360
Social security and other taxes
84,752
66,439
Other creditors
23,332
30,332
---------
---------
116,304
107,007
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
80,001
98,001
--------
--------
9. Related party transactions
At the balance sheet date, the company owed the directors £1,582 (2023: £1,582).