Company registration number 08477326 (England and Wales)
THE MEON SPIRIT COMPANY LTD
Unaudited Financial Statements
For The Year Ended 30 April 2024
Pages For Filing With Registrar
The Meon Spirit Company Ltd
THE MEON SPIRIT COMPANY LTD
Contents
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
The Meon Spirit Company Ltd
THE MEON SPIRIT COMPANY LTD
Accountants' Report To The Director On The Preparation Of The Unaudited Statutory Financial Statements Of The Meon Spirit Company Ltd For The Year Ended 30 April 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Meon Spirit Company Ltd for the year ended 30 April 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of The Meon Spirit Company Ltd, as a body, in accordance with the terms of our engagement letter dated 1 February 2022. Our work has been undertaken solely to prepare for your approval the financial statements of The Meon Spirit Company Ltd and state those matters that we have agreed to state to the board of directors of The Meon Spirit Company Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Meon Spirit Company Ltd and its board of directors as a body, for our work or for this report.

It is your duty to ensure that The Meon Spirit Company Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of The Meon Spirit Company Ltd. You consider that The Meon Spirit Company Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of The Meon Spirit Company Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Chavereys Limited
29 January 2025
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
The Meon Spirit Company Ltd
THE MEON SPIRIT COMPANY LTD
Balance Sheet
As At 30 April 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
13,403
16,802
Tangible assets
4
203,639
234,726
217,042
251,528
Current assets
Stocks
13,687
59,422
Debtors
5
85,614
89,357
Cash at bank and in hand
39,047
1,352
138,348
150,131
Creditors: amounts falling due within one year
6
(43,392)
(44,835)
Net current assets
94,956
105,296
Total assets less current liabilities
311,998
356,824
Creditors: amounts falling due after more than one year
7
(450,303)
(484,420)
Net liabilities
(138,305)
(127,596)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(138,306)
(127,597)
Total equity
(138,305)
(127,596)
The Meon Spirit Company Ltd
THE MEON SPIRIT COMPANY LTD
Balance Sheet (Continued)
As At 30 April 2024
30 April 2024
- 3 -

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 29 January 2025
DWS Dobson
Director
Company registration number 08477326 (England and Wales)
The Meon Spirit Company Ltd
THE MEON SPIRIT COMPANY LTD
Notes To The Financial Statements
For The Year Ended 30 April 2024
- 4 -
1
Accounting policies
Company information

The Meon Spirit Company Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Hall Place Eldon Lane, Braishfield, Romsey, England, S051 0PT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has confirmed that the terms of the Director's loan account include giving 12 months written notice before calling for any repayment of any element of the loan. The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 15 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

The Meon Spirit Company Ltd
THE MEON SPIRIT COMPANY LTD
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2024
1
Accounting policies
(Continued)
- 5 -

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Trademarks
10 years
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tenant's improvements
10% straight line
Plant and equipment
10% - 25% straight line
Office equipment
10% - 33% straight line
Motor vehicles
20% - 25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

The Meon Spirit Company Ltd
THE MEON SPIRIT COMPANY LTD
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
5
5
3
Intangible fixed assets
Goodwill
Trademarks
Total
£
£
£
Cost
At 1 May 2023 and 30 April 2024
50,000
660
50,660
Amortisation and impairment
At 1 May 2023
33,330
528
33,858
Amortisation charged for the year
3,333
66
3,399
At 30 April 2024
36,663
594
37,257
Carrying amount
At 30 April 2024
13,337
66
13,403
At 30 April 2023
16,670
132
16,802
The Meon Spirit Company Ltd
THE MEON SPIRIT COMPANY LTD
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2024
- 7 -
4
Tangible fixed assets
Tenant's improvements
Plant and equipment
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
10,995
360,527
10,050
22,944
404,516
Additions
-
0
8,490
566
-
0
9,056
Disposals
-
0
(3,237)
(1,752)
(5,950)
(10,939)
At 30 April 2024
10,995
365,780
8,864
16,994
402,633
Depreciation and impairment
At 1 May 2023
3,470
144,454
9,117
12,749
169,790
Depreciation charged in the year
1,030
35,141
573
3,399
40,143
Eliminated in respect of disposals
-
0
(3,237)
(1,752)
(5,950)
(10,939)
At 30 April 2024
4,500
176,358
7,938
10,198
198,994
Carrying amount
At 30 April 2024
6,495
189,422
926
6,796
203,639
At 30 April 2023
7,525
216,073
933
10,195
234,726
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
29,478
59,874
Prepayments and accrued income
26,860
1,669
56,338
61,543
Deferred tax asset (note 8)
29,276
27,814
85,614
89,357
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,185
9,934
Trade creditors
1,080
3,948
Taxation and social security
9,617
9,265
Other creditors
16,135
18,563
Accruals and deferred income
6,375
3,125
43,392
44,835
The Meon Spirit Company Ltd
THE MEON SPIRIT COMPANY LTD
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2024
- 8 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,172
22,349
Other creditors
438,131
462,071
450,303
484,420
8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2024
2023
Balances:
£
£
Accelerated capital allowances
(37,457)
(43,168)
Tax losses
66,733
70,982
29,276
27,814
2024
Movements in the year:
£
Asset at 1 May 2023
(27,814)
Credit to profit or loss
(1,462)
Asset at 30 April 2024
(29,276)
9
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
5,141
5,734

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The pension cost charge represents contributions payable by the company to the fund. Contributions totalling £269 (2023 - £162) were payable to the fund at the balance sheet date.

10
Controlling party

The controlling party is the director by virtue of his shareholding.

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