Registration number:
The Little Giant Brewery Bristol Ltd
for the Year Ended 31 May 2024
The Little Giant Brewery Bristol Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
The Little Giant Brewery Bristol Ltd
Company Information
Directors |
Mr P R Mayer Mrs C J Mayer |
Registered office |
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Accountants |
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The Little Giant Brewery Bristol Ltd
(Registration number: 10682690)
Balance Sheet as at 31 May 2024
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2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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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:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
The Little Giant Brewery Bristol Ltd
(Registration number: 10682690)
Balance Sheet as at 31 May 2024
Approved and authorised by the
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The Little Giant Brewery Bristol Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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.
The presentational currency of the financial statements is British Pound £, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are round to the nearest £.
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 current and 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.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
The Little Giant Brewery Bristol Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount that is more likely than not to be recovered based on current or future taxable profits.
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 |
25% straight line 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 goods 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.
The Little Giant Brewery Bristol Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
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.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, they are otherwise classified as operating leases. Payments made under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Assets sold to customers under finance lease arrangements are derecognised by the company at the date of sale. The finance lease receivable is recognised initially at the fair value of the leased asset (that is the total consideration receivable under the lease arrangement) and included in the statement of financial position as a finance lease receivable. Receipts from such arrangements are apportioned between finance income and revenue in line with the terms agreed in the arrangement contract.
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.
The Little Giant Brewery Bristol Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Financial instruments
Classification
Recognition and measurement
Impairment
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ("CGUs") of which the goodwill is a part. Any impairment in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
The Little Giant Brewery Bristol Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 June 2023 |
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Additions |
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Disposals |
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At 31 May 2024 |
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Depreciation |
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At 1 June 2023 |
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Charge for the year |
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Eliminated on disposal |
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At 31 May 2024 |
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Carrying amount |
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At 31 May 2024 |
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At 31 May 2023 |
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Stocks |
2024 |
2023 |
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Stock |
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The Little Giant Brewery Bristol Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Debtors |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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- |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Other creditors |
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Obligations under leases and hire purchase contracts |
Finance leases - lessor
In 2020, the company entered an agreement to lease a fully functional self contained brewhouse to a company for a period of 39 months. This was extended to 49 months in the year to 31 May 2024 due to previous COVID holiday. There is an option at the end of the agreement for the lessee to purchase for £1.
The amount of the net investment in a finance lease is determined as shown in the following table:
2024 |
2023 |
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Minimum lease payments |
4,000 |
6,000 |
Unguaranteed residual value |
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Gross investment |
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The gross investment amount and the present value of payable minimum lease payments are shown in the following table:
2024 |
2023 |
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Gross investment in lease |
Present value of minimum lease payments |
Gross investment in lease |
Present value of minimum lease payments |
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Maturity |
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Not later than one year |
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The Little Giant Brewery Bristol Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Related party transactions |
At the balance sheet date, the company was owed £2,100 (2023: £Nil) from a company in which Mr & Mrs Mayer are directors, and shareholders. There are no repayment terms or interest on the outstanding amount. Also at the balance sheet date, the company owed £17,000 (2023: £17,000) to the directors Mr & Mrs Mayer. There are no repayment terms or interest on the outstanding amount.