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COMPANY REGISTRATION NUMBER: 14191755
Mccanns Brewery Limited
Filleted Unaudited Financial Statements
30 June 2024
Mccanns Brewery Limited
Financial Statements
Year ended 30 June 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Mccanns Brewery Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
53,821
3,333
Current assets
Debtors
6
40,862
17,010
Cash at bank and in hand
28,905
4,088
--------
--------
69,767
21,098
Creditors: amounts falling due within one year
7
534,948
88,069
---------
--------
Net current liabilities
465,181
66,971
---------
--------
Total assets less current liabilities
( 411,360)
( 63,638)
Provisions
Taxation including deferred tax
563
563
---------
--------
Net liabilities
( 411,923)
( 64,201)
---------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 411,924)
( 64,202)
---------
--------
Shareholder deficit
( 411,923)
( 64,201)
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Mccanns Brewery Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 11 March 2025 , and are signed on behalf of the board by:
Mr K R Gorman
Director
Company registration number: 14191755
Mccanns Brewery Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Haffenden Farm Bugglesden Road, St. Michaels, Tenterden, TN30 6TG, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director has considered the basis of the preparation of the accounts and is satisfied that the accounts should be prepared on a going concern basis.
Revenue recognition
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.
Income tax
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 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 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% straight line
Motor vehicles
-
15% straight line
Equipment
-
15% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2023: 3 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 July 2023
550
2,967
3,517
Additions
7,475
7,875
39,680
55,030
-------
-------
--------
--------
At 30 June 2024
8,025
7,875
42,647
58,547
-------
-------
--------
--------
Depreciation
At 1 July 2023
34
150
184
Charge for the year
290
197
4,055
4,542
-------
-------
--------
--------
At 30 June 2024
324
197
4,205
4,726
-------
-------
--------
--------
Carrying amount
At 30 June 2024
7,701
7,678
38,442
53,821
-------
-------
--------
--------
At 30 June 2023
516
2,817
3,333
-------
-------
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
28,485
17,010
Other debtors
12,377
--------
--------
40,862
17,010
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
39,055
3,807
Amounts owed to group undertakings and undertakings in which the company has a participating interest
451,979
64,659
Social security and other taxes
5,909
9,922
Other creditors
38,005
9,681
---------
--------
534,948
88,069
---------
--------
8. Related party transactions
At the year end, the company owed £451,979 (2023: £64,659) to a group company.
9. Controlling party
The company's parent company is GGG Invest Limited , a company incorporated in England and Wales. GGG Invest Limited's registered address is Haffenden Farm, Bugglesden Road, St. Michaels, Tenterden, United Kingdom, TN30 6TG .