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Registered number: 06929953
Towcester Mill Brewery Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06929953
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 24,803 24,365
Investments 5 1 1
24,804 24,366
CURRENT ASSETS
Stocks 6 24,495 23,469
Debtors 7 25,627 68,040
Cash at bank and in hand 5,002 2,016
55,124 93,525
Creditors: Amounts Falling Due Within One Year 8 (132,819 ) (144,343 )
NET CURRENT ASSETS (LIABILITIES) (77,695 ) (50,818 )
TOTAL ASSETS LESS CURRENT LIABILITIES (52,891 ) (26,452 )
Creditors: Amounts Falling Due After More Than One Year 9 (59,824 ) (95,676 )
NET LIABILITIES (112,715 ) (122,128 )
CAPITAL AND RESERVES
Called up share capital 10 985 985
Share premium account 49,750 49,750
Capital redemption reserve 15 15
Profit and Loss Account (163,465 ) (172,878 )
SHAREHOLDERS' FUNDS (112,715) (122,128)
Page 1
Page 2
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr J L Evans
Director
24 October 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Towcester Mill Brewery Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06929953 . The registered office is The Mill Pury Hill Business Park, Alderton Road, Towcester, Northants, NN12 7LS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 23 (2023: 17)
23 17
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 May 2023 85,182 8,093 6,410 99,685
Additions 1,978 5,219 717 7,914
Disposals (1,574 ) - - (1,574 )
As at 30 April 2024 85,586 13,312 7,127 106,025
Depreciation
As at 1 May 2023 65,958 4,356 5,006 75,320
Provided during the period 5,134 1,148 530 6,812
Disposals (910 ) - - (910 )
As at 30 April 2024 70,182 5,504 5,536 81,222
Net Book Value
As at 30 April 2024 15,404 7,808 1,591 24,803
As at 1 May 2023 19,224 3,737 1,404 24,365
5. Investments
Unlisted
£
Cost
As at 1 May 2023 1
As at 30 April 2024 1
Provision
As at 1 May 2023 -
As at 30 April 2024 -
Net Book Value
As at 30 April 2024 1
As at 1 May 2023 1
6. Stocks
2024 2023
£ £
Stock 24,495 23,469
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7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 4,587 7,968
Other debtors 21,040 60,072
25,627 68,040
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 36,491 59,621
Bank loans and overdrafts 34,812 44,677
Other creditors 35,553 24,014
Taxation and social security 25,963 16,031
132,819 144,343
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 59,824 95,676
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 985 985
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