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REGISTERED NUMBER: 09989075 (England and Wales)















Financial Statements for the Year Ended 29 February 2024

for

Martin-Wells Distillery Ltd.

Martin-Wells Distillery Ltd. (Registered number: 09989075)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Martin-Wells Distillery Ltd.

Company Information
for the Year Ended 29 February 2024







DIRECTOR: T A Martin-Wells





REGISTERED OFFICE: 4 Wolstonbury Walk
Shoreham-by-Sea
West Sussex
BN43 5GU





REGISTERED NUMBER: 09989075 (England and Wales)





ACCOUNTANTS: Atkinsons
Chartered Accountants
Palmeira Avenue Mansions
19 Church Road
Hove
East Sussex
BN3 2FA

Martin-Wells Distillery Ltd. (Registered number: 09989075)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 236,531 245,343

CURRENT ASSETS
Stocks 30,332 31,532
Debtors 5 4,474 2,459
Cash at bank 18,627 17,233
53,433 51,224
CREDITORS
Amounts falling due within one year 6 163,606 154,772
NET CURRENT LIABILITIES (110,173 ) (103,548 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

126,358

141,795

CREDITORS
Amounts falling due after more than one
year

7

127,894

133,218
NET (LIABILITIES)/ASSETS (1,536 ) 8,577

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (1,636 ) 8,477
SHAREHOLDERS' FUNDS (1,536 ) 8,577

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Martin-Wells Distillery Ltd. (Registered number: 09989075)

Balance Sheet - continued
29 February 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 November 2024 and were signed by:





T A Martin-Wells - Director


Martin-Wells Distillery Ltd. (Registered number: 09989075)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Martin-Wells Distillery Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements have been prepared on the basis that the company will continue to be a going concern. At the year end the current liabilities exceeded current assets by £110,173. The validity of this basis depends upon the continued support of the company's director. The director confirms that they will give the required support.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Improvements to property - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - 25% on reducing balance
Plant and machinery - 25% on reducing balance
Equipment - 25% on reducing balance
Website development - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Martin-Wells Distillery Ltd. (Registered number: 09989075)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Motor Office
property property vehicles equipment
£    £    £    £   
COST
At 1 March 2023 203,336 51,975 15,825 4,932
Additions - 14,150 - -
Disposals - - (15,825 ) -
At 29 February 2024 203,336 66,125 - 4,932
DEPRECIATION
At 1 March 2023 11,958 22,511 10,818 2,602
Charge for year 3,827 9,703 1,147 583
Eliminated on disposal - - (11,965 ) -
At 29 February 2024 15,785 32,214 - 3,185
NET BOOK VALUE
At 29 February 2024 187,551 33,911 - 1,747
At 28 February 2023 191,378 29,464 5,007 2,330

Plant and Website Computer
machinery Equipment development equipment Totals
£    £    £    £    £   
COST
At 1 March 2023 10,697 20,807 7,849 6,548 321,969
Additions - - - 479 14,629
Disposals - - - - (15,825 )
At 29 February 2024 10,697 20,807 7,849 7,027 320,773
DEPRECIATION
At 1 March 2023 7,337 11,801 5,150 4,449 76,626
Charge for year 840 2,252 674 555 19,581
Eliminated on disposal - - - - (11,965 )
At 29 February 2024 8,177 14,053 5,824 5,004 84,242
NET BOOK VALUE
At 29 February 2024 2,520 6,754 2,025 2,023 236,531
At 28 February 2023 3,360 9,006 2,699 2,099 245,343

Martin-Wells Distillery Ltd. (Registered number: 09989075)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 4,474 2,067
Other debtors - 392
4,474 2,459

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 2,094 2,139
Trade creditors 326 559
Taxation and social security 947 1,836
Other creditors 160,239 150,238
163,606 154,772

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Bank loans 19,383 11,352
Other creditors 108,511 121,866
127,894 133,218

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,222 2,797
Other loans more 5yrs instal 79,161 85,293
80,383 88,090

8. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.