The Milton Brewery Cambridge Limited |
Registered number: |
03786790 |
Balance Sheet |
at 31 March 2024 |
|
Notes |
|
|
2024 |
|
|
2023 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
554,365 |
|
|
585,059 |
Investments |
4 |
|
|
60,000 |
|
|
60,000 |
|
|
|
|
614,365 |
|
|
645,059 |
|
Current assets |
Stocks |
|
|
35,063 |
|
|
33,439 |
Debtors |
5 |
|
57,827 |
|
|
68,825 |
Cash at bank and in hand |
|
|
29,838 |
|
|
50,914 |
|
|
|
122,728 |
|
|
153,178 |
|
Creditors: amounts falling due within one year |
6 |
|
(242,915) |
|
|
(262,575) |
|
Net current liabilities |
|
|
|
(120,187) |
|
|
(109,397) |
|
Total assets less current liabilities |
|
|
|
494,178 |
|
|
535,662 |
|
Creditors: amounts falling due after more than one year |
7 |
|
|
(280,380) |
|
|
(310,291) |
|
Provisions for liabilities |
|
|
|
(5,000) |
|
|
(11,000) |
|
|
Net assets |
|
|
|
208,798 |
|
|
214,371 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
|
|
100 |
Share premium |
|
|
|
45,000 |
|
|
45,000 |
Profit and loss account |
|
|
|
163,698 |
|
|
169,271 |
|
Shareholders' funds |
|
|
|
208,798 |
|
|
214,371 |
|
|
|
|
|
|
|
|
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. |
|
|
|
|
Richard Tom Naisby |
Director |
Approved by the board on 2 December 2024 |
|
The Milton Brewery Cambridge Limited |
Notes to the Financial Statements |
for the year ended 31 March 2024 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 – The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis and are presented in Sterling (£). |
|
|
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 rental of property and is recognised by reference to the date range the rent is for. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets over their expected useful lives, using the straight-line method. |
|
|
Plant and machinery |
20% to 25% per year |
|
|
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, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
|
|
Creditors |
|
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
|
|
Taxation |
|
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that that have been enacted or substantively enacted by the reporting date. Deferred tax is calculated using the tax rates and laws that that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference and is recognised in respect of all timing differences at the reporting date, except as otherwise indicated. Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed. |
|
|
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. |
|
|
Employee benefits |
|
Short-term employee benefits and contributions to defined contribution pension plans are recognised as an expense in the period in which they are incurred. The company operates stakeholder defined contribution pension schemes for the benefit of the employees and directors. The assets of the pension schemes are administered by an independent pensions provider. |
|
|
2 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the company |
4 |
|
4 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
Land and buildings |
|
Plant and machinery |
|
Motor vehicles |
|
Total |
£ |
£ |
£ |
£ |
|
Cost |
|
At 1 April 2023 |
837,918 |
|
280,587 |
|
40,405 |
|
1,158,910 |
|
Additions |
- |
|
501 |
|
- |
|
501 |
|
At 31 March 2024 |
837,918 |
|
281,088 |
|
40,405 |
|
1,159,411 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2023 |
268,510 |
|
266,973 |
|
38,368 |
|
573,851 |
|
Charge for the year |
18,833 |
|
11,398 |
|
964 |
|
31,195 |
|
At 31 March 2024 |
287,343 |
|
278,371 |
|
39,332 |
|
605,046 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2024 |
550,575 |
|
2,717 |
|
1,073 |
|
554,365 |
|
At 31 March 2023 |
569,408 |
|
13,614 |
|
2,037 |
|
585,059 |
|
The land and buildings represent 50% of the equity in various properties. |
|
|
4 |
Investments |
|
Other |
investments |
£ |
|
Cost |
|
At 1 April 2023 |
60,000 |
|
|
At 31 March 2024 |
60,000 |
|
The investment comprises 60,000 ordinary shares of £1 each in Individual Pubs Limited, a company incorporated in England, which is 15% of the issued share capital of that company. The company trades as retailers of alcoholic beverages. |
|
|
5 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Trade debtors |
30,528 |
|
50,276 |
|
Other debtors |
3,891 |
|
- |
|
Prepayments and accrued income |
23,408 |
|
18,549 |
|
|
|
|
|
|
57,827 |
|
68,825 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans and overdrafts |
29,878 |
|
28,550 |
|
Trade creditors |
58,093 |
|
46,657 |
|
Owed to connected company |
|
27,422 |
|
55,466 |
|
Taxation and social security costs |
49,217 |
|
47,462 |
|
Other creditors |
62,120 |
|
58,628 |
|
Accruals and deferred income |
16,185 |
|
25,812 |
|
|
|
|
|
|
242,915 |
|
262,575 |
|
|
|
|
|
|
|
|
|
|
7 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans |
280,380 |
|
310,291 |
|
|
|
|
|
|
|
|
|
|
8 |
Loans |
2024 |
|
2023 |
£ |
£ |
|
Creditors include: |
|
Instalments falling due for payment after more than five years |
168,627 |
|
197,022 |
|
|
|
|
|
|
|
|
|
|
|
Secured bank loans |
288,591 |
|
307,174 |
|
|
|
|
|
|
|
|
|
|
There are three loans secured against property all of which are repayable in monthly instalments of capital and interest. The interest charged ranges from 3.3% to 3.9% over base rate. The mortgage loans shown above are 50% of the total owed as the related properties are 50% owned by the company. The company is liable to repay the whole of the balances owed if the co-owner defaults. |
|
|
9 |
Contingent liabilities |
|
|
The mortgages referred to above are 50% of the mortgage balances as the company only owns 50% of the equity in the mortgaged properties. The remaining equity in the properties and the liability for the other 50% of the mortgage balances of £288,591 is held by a third party. Should that third party be unable to make his share of the repayments the company would be called on by the lenders to make all of the repayments. |
|
|
10 |
Other information |
|
|
The Milton Brewery Cambridge Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Pegasus House |
|
Pembroke Avenue |
|
Waterbeach |
|
Cambridge |
|
CB25 9PY |