Registered number
06909787
The Shotover Brewing Company Ltd
Filleted Accounts
31 March 2024
The Shotover Brewing Company Ltd
Registered number: 06909787
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 104,740 113,891
Current assets
Stocks 16,379 17,194
Debtors 4 280,478 264,987
Cash at bank and in hand 1,719 4,816
298,576 286,997
Creditors: amounts falling due within one year 5 (215,093) (215,312)
Net current assets 83,483 71,685
Total assets less current liabilities 188,223 185,576
Creditors: amounts falling due after more than one year 6 (300,584) (286,750)
Net liabilities (112,361) (101,174)
Capital and reserves
Called up share capital 12,500 12,048
Share premium 100,500 82,952
Profit and loss account (225,361) (196,174)
Shareholders' funds (112,361) (101,174)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A B Ross
Director
Approved by the board on 22 October 2024
The Shotover Brewing Company Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold improvements 10% on cost once brought into use
Plant and machinery 10% on cost
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 5
3 Tangible fixed assets
Leasehold improvements Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 58,457 179,234 237,691
At 31 March 2024 58,457 179,234 237,691
Depreciation
At 1 April 2023 - 123,800 123,800
Charge for the year - 9,151 9,151
At 31 March 2024 - 132,951 132,951
Net book value
At 31 March 2024 58,457 46,283 104,740
At 31 March 2023 58,457 55,434 113,891
4 Debtors 2024 2023
£ £
Trade debtors 25,838 21,535
Amounts owed by group undertakings and undertakings in which the company has a participating interest 240,016 240,016
Other debtors 14,624 3,436
280,478 264,987
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 5,333 6,180
Trade creditors 25,074 25,594
Taxation and social security costs 99,965 104,089
Other creditors 84,721 79,449
215,093 215,312
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 27,483 32,656
Directors' loan account 232,352 213,345
Other creditors 40,749 40,749
300,584 286,750
7 Going concern
At 31 March 2024, the company had net current assets of £83,483 (2023 - £71.685) and net liabilities of £112,361 (2023 - £101,174). At the time of approving the financial statements, the directors have confirmed their intention to continue to support the company for the forseeable future in order that it can meet its liabilities as they fall due. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. However, this statement is not a guarantee as to the company's ability to continue as a going concern due to the inherent uncertainty of future events.
8 Related party exemption
The company has taken advantage of the exemption, under the terms of FRS102, not to disclose related party transactions with wholly owned subsidiaries within the group
9 Related party transactions
As at 31 March 2024, the company owed £69,252 (2023- £51,246) to a company under common ownership.
As at 31 March 2024, the company owed the directors £232,352 (2023- £213,345) and this is included within creditors due in more than one year.
10 Controlling party
The ultimate controlling party is the Borthwick Group Ltd, by virtue of their majority shareholding.
11 Other information
The Shotover Brewing Company Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 1 Coopers Yard
Manor Farm Road
Horspath
Oxford
OX33 1SD
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