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REGISTERED NUMBER: 06450631 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

The Loose Cannon Brewing Company Limited

The Loose Cannon Brewing Company Limited (Registered number: 06450631)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Loose Cannon Brewing Company Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr W W Laithwaite
Mrs B A Laithwaite





SECRETARY: Mrs B A Laithwaite





REGISTERED OFFICE: Unit 6
Suffolk Way
Abingdon
Oxfordshire
OX14 5JX





REGISTERED NUMBER: 06450631 (England and Wales)





ACCOUNTANTS: Wilson Partners Limited
Chartered Accountants
TOR
Saint-Cloud Way
Maidenhead
Berkshire
SL6 8BN

The Loose Cannon Brewing Company Limited (Registered number: 06450631)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Intangible assets 4 2,548 3,185
Tangible assets 5 317,113 343,283
319,661 346,468

CURRENT ASSETS
Stocks 57,857 66,997
Debtors 6 213,903 222,185
Cash at bank 3,316 5,323
275,076 294,505
CREDITORS
Amounts falling due within one year 7 (1,592,204 ) (1,543,633 )
NET CURRENT LIABILITIES (1,317,128 ) (1,249,128 )
TOTAL ASSETS LESS CURRENT LIABILITIES (997,467 ) (902,660 )

CREDITORS
Amounts falling due after more than one year 8 (40,592 ) (46,524 )
NET LIABILITIES (1,038,059 ) (949,184 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (1,038,060 ) (949,185 )
SHAREHOLDERS' FUNDS (1,038,059 ) (949,184 )

The Loose Cannon Brewing Company Limited (Registered number: 06450631)

Balance Sheet - continued
31 March 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Board of Directors and authorised for issue on 2 December 2024 and were signed on its behalf by:





Mr W W Laithwaite - Director


The Loose Cannon Brewing Company Limited (Registered number: 06450631)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

The Loose Cannon Brewing Company Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The accounts are prepared on a going concern basis as in the opinion of the directors the company has sufficient finance available to it to meet its obligations as they fall due for the foreseeable future, that is at least 12 months from the date of approval of the accounts.

Significant judgements and estimates
In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The company does not make significant estimates and assumptions concerning the future.

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

Income is recognised once title of goods has been transferred to the customer.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold Property - 20% on cost
Plant and machinery - 10% on cost
Fixtures and fittings - 33% on cost and 25% on cost
Motor vehicles - 33% on cost
Computer equipment - 33% on cost

Tangible fixed assets are included at cost less depreciation and impairment.

Stocks
Stock and work in progress are valued at the lower of cost and net realisable value. Net realisable value is based upon estimated selling price less further costs expected to be incurred to completion and disposal. Provision is made for obsolete and slow-moving items.

The Loose Cannon Brewing Company Limited (Registered number: 06450631)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial instruments are recognised at amortised cost using the effective interest method, except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with changes recognised in profit and loss.

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.

Foreign currencies
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 25 (2023 - 24 ) .

The Loose Cannon Brewing Company Limited (Registered number: 06450631)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2023
and 31 March 2024 6,370
AMORTISATION
At 1 April 2023 3,185
Charge for year 637
At 31 March 2024 3,822
NET BOOK VALUE
At 31 March 2024 2,548
At 31 March 2023 3,185

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 135,121 565,323 700,444
Additions 6,069 41,437 47,506
Disposals - (57,502 ) (57,502 )
At 31 March 2024 141,190 549,258 690,448
DEPRECIATION
At 1 April 2023 56,846 300,315 357,161
Charge for year 12,016 51,331 63,347
Eliminated on disposal - (47,173 ) (47,173 )
At 31 March 2024 68,862 304,473 373,335
NET BOOK VALUE
At 31 March 2024 72,328 244,785 317,113
At 31 March 2023 78,275 265,008 343,283

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 62,641 55,269
Other debtors 151,262 166,916
213,903 222,185

The Loose Cannon Brewing Company Limited (Registered number: 06450631)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 70,412 15,076
Trade creditors 110,489 120,956
Taxation and social security 50,103 36,079
Other creditors 1,361,200 1,371,522
1,592,204 1,543,633

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans 40,592 46,524

9. RELATED PARTY DISCLOSURES

As at the period end £1,357,022 (2023: £1,367,023) was owed by the company to Mr W W Laithwaite.

The Red Lion Peppard Ltd, of which Mr W W Laithwaite is a director, owed £1,832.43 (2023: £2,359.05) at the year end. During the year £18,056.79 (2023: £20,454.49) of sales were made to The Red Lion Peppard Ltd.

Direct Wines Ltd, of which Mr W W Laithwaite is a director, owed £7,833.60 (2023: £Nil) at the year end. During the year £61,577.80 (2023: £63,716.81) of sales were made to Direct Wines Ltd.

10. ULTIMATE CONTROLLING PARTY

The controlling party is Mr W W Laithwaite.