Company registration number 10770440 (England and Wales)
THE BARRELS HEREFORD LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
THE BARRELS HEREFORD LIMITED
COMPANY INFORMATION
Director
Mr P W Amor
Company number
10770440
Registered office
The Barrels No 69
69 St Owens St
Hereford
Herefordshire
HR1 2JQ
Auditor
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Natwest Bank Plc
12 Broad Street
Hereford
Herefordshire
HR4 9AH
THE BARRELS HEREFORD LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
THE BARRELS HEREFORD LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
5
-
0
1
Tangible assets
6
30,457
32,643
30,457
32,644
Current assets
Stocks
25,309
23,023
Debtors
7
32,296
45,416
Cash at bank and in hand
210,859
128,060
268,464
196,499
Creditors: amounts falling due within one year
8
(185,295)
(146,240)
Net current assets
83,169
50,259
Net assets
113,626
82,903
Capital and reserves
Called up share capital
9
200
200
Share premium account
-
0
19,800
Profit and loss reserves
113,426
62,903
Total equity
113,626
82,903

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 30 January 2025
Mr P W Amor
Director
Company registration number 10770440 (England and Wales)
THE BARRELS HEREFORD LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
200
-
0
52,339
52,539
Year ended 30 April 2023:
Profit and total comprehensive income
-
-
10,564
10,564
Issue of share capital
9
-
0
19,800
-
19,800
Balance at 30 April 2023
200
19,800
62,903
82,903
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
50,523
50,523
Other movements
-
(19,800)
-
(19,800)
Balance at 30 April 2024
200
-
0
113,426
113,626
THE BARRELS HEREFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

The Barrels Hereford Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Barrels No 69, 69 St Owens St, Hereford, Herefordshire, United Kingdom, HR1 2JQ.

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

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Wye Valley Brewery Holdings Limited. These consolidated financial statements are available from its registered office, The Brewery, Stoke Lacy, Herefordshire, HR7 4HG.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
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 impairment losses.

THE BARRELS HEREFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
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:

Freehold property
Not provided
Leasehold property
Not provided
Improvements to property
5% on cost
Plant and machinery
20% on cost
Fixtures and fittings
20% on 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.

No depreciation is provided on freehold property and leasehold property. This treatment may be a departure from the requirements of Companies Act 2006 concerning depreciation of fixed assets, however, the company follows a program of regular refurbishment and maintenance of its properties, which includes the reinstatement of the fabric of the buildings where necessary in order to maintain them to a high standard. Accordingly, in the opinion of the director, any element of depreciation would be immaterial and no provision has been made, as the residual value would be in excess of cost.

1.5
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.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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.

THE BARRELS HEREFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
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.

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.

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
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.10
Retirement benefits

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

THE BARRELS HEREFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2024
2023
Number
Number
Total
28
27
4
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
18,281
-
0
Adjustments in respect of prior periods
2,960
-
0
Total current tax
21,241
-
0
Deferred tax
Origination and reversal of timing differences
(59)
(486)
Total tax charge/(credit)
21,182
(486)
THE BARRELS HEREFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
5
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
1
Amortisation and impairment
At 1 May 2023
-
0
Amortisation charged for the year
1
At 30 April 2024
1
Carrying amount
At 30 April 2024
-
0
At 30 April 2023
1
6
Tangible fixed assets
Freehold property
Leasehold property
Improvements to property
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
£
£
Cost
At 1 May 2023 and 30 April 2024
12,000
1
17,878
3,999
24,914
58,792
Depreciation and impairment
At 1 May 2023
-
0
-
0
3,576
3,919
18,654
26,149
Depreciation charged in the year
-
0
-
0
894
40
1,252
2,186
At 30 April 2024
-
0
-
0
4,470
3,959
19,906
28,335
Carrying amount
At 30 April 2024
12,000
1
13,408
40
5,008
30,457
At 30 April 2023
12,000
1
14,302
80
6,260
32,643
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
-
0
20,000
Other debtors
30,864
24,043
30,864
44,043
Deferred tax asset
1,432
1,373
32,296
45,416
THE BARRELS HEREFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
29,352
20,210
Amounts owed to group undertakings
78,697
75,447
Taxation and social security
51,703
27,186
Other creditors
25,543
23,397
185,295
146,240
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
100
100
100
100
Ordinary B of £1 each
100
100
100
100
200
200
200
200
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Colm McGrory FCA
Statutory Auditor:
Ormerod Rutter Limited
Date of audit report:
31 January 2025
11
Related party transactions

As a wholly owned subsidiary company of a parent company which prepares consolidated financial statements, the company has taken advantage of the exemption not to disclose related party transactions with other wholly owned subsidiaries within the group or the ultimate parent company.

THE BARRELS HEREFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
12
Directors' transactions

Dividends totalling £0 (2023 - £0) were paid in the year in respect of shares held by the company's directors.

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan account
2.25
10,623
4,000
(14,623)
-
10,623
4,000
(14,623)
-

The director’s loan account was repaid within nine months of the year end.

13
Parent company

The immediate parent company of The Barrels Hereford Limited is Erasmus Inns Limited.

 

The ultimate parent company of The Barrels Hereford Limited is Wye Valley Brewery Holdings Limited.

 

The registered office of both Erasmus Inns Limited and Wye Valley Brewery Holdings Limited is The Brewery, Stoke Lacy, Herefordshire, HR7 4HG.

 

There is no ultimate controlling party.

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