Company registration number 06795650 (England and Wales)
ON POINT BREW COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
ON POINT BREW COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ON POINT BREW COMPANY LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
FIXED ASSETS
Tangible assets
3
2,548
1,070
CURRENT ASSETS
Stocks
4
300
1,600
Debtors
5
4,553
621
Cash at bank and in hand
1,187
1,403
6,040
3,624
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
6
(11,850)
(6,502)
NET CURRENT LIABILITIES
(5,810)
(2,878)
TOTAL ASSETS LESS CURRENT LIABILITIES
(3,262)
(1,808)
PROVISIONS FOR LIABILITIES
Deferred tax liability
(686)
(203)
NET LIABILITIES
(3,948)
(2,011)
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss reserves
(4,048)
(2,111)
TOTAL EQUITY
(3,948)
(2,011)
ON POINT BREW COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
Keith Watts
Director
Company registration number 06795650 (England and Wales)
ON POINT BREW COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
ACCOUNTING POLICIES
Company information
On Point Brew Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is (Watts) Yew Tree Cottage, Mynyddbach, Shirenewton, Chepstow, NP16 6RN.
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.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
The accounts show that the company had net liabilities of £3,948 as at the balance sheet date. Atruet the time of approving the financial statements, 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 measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
1.4
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:
Plant and equipment
20% Straight Line
Computers
25% Straight Line
Motor vehicles
20% Reducing Balance
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.
ON POINT BREW COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
ACCOUNTING POLICIES
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
ON POINT BREW COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
ACCOUNTING POLICIES
(Continued)
- 5 -
1.8
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Current tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
1.9
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
EMPLOYEES
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
2
2
ON POINT BREW COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
3
TANGIBLE FIXED ASSETS
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2023
469
742
1,211
Additions
417
1,450
1,867
At 31 January 2024
886
742
1,450
3,078
Depreciation and impairment
At 1 February 2023
66
75
141
Depreciation charged in the year
156
185
48
389
At 31 January 2024
222
260
48
530
Carrying amount
At 31 January 2024
664
482
1,402
2,548
At 31 January 2023
403
667
1,070
4
STOCKS
2024
2023
£
£
Finished goods and goods for resale
300
1,600
5
DEBTORS
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,553
621
ON POINT BREW COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
6
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
Notes
£
£
Other borrowings
7,469
4,609
Trade creditors
56
176
Corporation tax
300
Other taxation and social security
2,723
415
Accruals and deferred income
1,602
1,002
11,850
6,502