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Registration number: 09573225

Kettlesmith Brewing Company Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Kettlesmith Brewing Company Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Kettlesmith Brewing Company Limited

(Registration number: 09573225)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

22,062

15,488

Current assets

 

Stocks

15,000

15,000

Debtors

6

78,382

88,631

Cash at bank and in hand

 

5,673

6,797

 

99,055

110,428

Creditors: Amounts falling due within one year

7

(115,356)

(127,998)

Net current liabilities

 

(16,301)

(17,570)

Total assets less current liabilities

 

5,761

(2,082)

Creditors: Amounts falling due after more than one year

7

(91)

(10,294)

Provisions for liabilities

-

(2,964)

Net assets/(liabilities)

 

5,670

(15,340)

Capital and reserves

 

Called up share capital

8

200

200

Share premium reserve

69,960

69,960

Retained earnings

(64,490)

(85,500)

Shareholders' funds/(deficit)

 

5,670

(15,340)

 

Kettlesmith Brewing Company Limited

(Registration number: 09573225)
Balance Sheet as at 31 May 2024

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 February 2025 and signed on its behalf by:
 

.........................................
Mrs C J Field
Director

 

Kettlesmith Brewing Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
26 Palairet Close
Bradford on Avon
BA15 1US

These financial statements were authorised for issue by the Board on 13 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Kettlesmith Brewing Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% per annum reducing balance basis

Office equipment

33% per annum reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Kettlesmith Brewing Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Kettlesmith Brewing Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 June 2023

1,070

1,070

At 31 May 2024

1,070

1,070

Amortisation

At 1 June 2023

1,070

1,070

At 31 May 2024

1,070

1,070

Carrying amount

At 31 May 2024

-

-

5

Tangible assets

Plant and machinery
£

Office equipment
£

Other tangible assets
 £

Total
£

Cost or valuation

At 1 June 2023

112,907

4,491

-

117,398

Revaluations

-

-

4,205

4,205

At 31 May 2024

112,907

4,491

4,205

121,603

Depreciation

At 1 June 2023

97,651

4,259

-

101,910

Charge for the year

(2,601)

232

-

(2,369)

At 31 May 2024

95,050

4,491

-

99,541

Carrying amount

At 31 May 2024

17,857

-

4,205

22,062

At 31 May 2023

15,256

232

-

15,488

 

Kettlesmith Brewing Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

6,081

11,728

Amounts owed by related parties

60,563

59,105

Deferred tax assets

11,738

17,798

 

78,382

88,631

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

96,486

96,486

Trade creditors

 

8,331

-

Taxation and social security

 

9,539

29,200

Accruals and deferred income

 

1,000

2,312

 

115,356

127,998

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

200

200

200

200