Registered number:
FOR THE PERIOD ENDED 31 MARCH 2024
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BLACK SHEEP BREWING COMPANY LIMITED
COMPANY INFORMATION
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BLACK SHEEP BREWING COMPANY LIMITED
CONTENTS
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BLACK SHEEP BREWING COMPANY LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2024
The directors present their strategic report, which is followed by the directors' report, together with audited financial statements for the period ended 31 March 2024.
This is first period of results for Black Sheep Brewing Company within the Keystone Brewing Group. The company has benefited from investment in it brewing facilities in Masham (North Yorkshire), which will facilitate future growth. Equally, significant investment has been made in the Sales and Marketing teams providing a strong platform to enable the brand to be appropriately represented in the marketplace.
The investment will allow strategic partnerships to be developed creating further growth opportunities. We will continue to invest in the right retail establishments growing the existing presence, creating further opportunities to show case the brand.
The business continues to sell alcoholic drinks predominantly to the UK market thus the main challenges and risks for the business are a prolonged further softening of demand alongside the increased rates for inflation and interest costs. To the extent that demand exists in the sector the business has a comprehensive spread of customers ensuring volume.
The Company’s operations expose it to a variety of financial risks including the effects of changes in interest rates on debt, credit risk and liquidity risk. The Company’s principal financial instruments comprise bank and shareholder loans, trade debtors and trade creditors that arise from its operations. The main risk arising from the Company’s financial instruments can be analysed as follows: Interest risk The Company's interest rate exposure arises mainly from its interest-bearing borrowings. The Company monitors the financial risk of interest rate movements on a regular basis and the impact rises would have on profitability. Credit risk All debtors are subject to credit verification procedures by the Company. Debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary. Liquidity risk The Company actively manages its working capital requirement to ensure it has sufficient liquid resources to meet the operating needs of the business.
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BLACK SHEEP BREWING COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
The Company consider the following KPIs to be the key performance indicators:
Turnover and year and year on year growth will remain one of the main KPI’s for the group alongside maintaining a growing the gross margin. Whilst 40% gross margin was achieved in to the year ending 31st March 2024 the Company is aiming for gross margin above 40% moving forward. The success of these metrics will be evidenced in the next years accounts with this being the first year of submission. Operationally the business focuses on stock holding, debtor days as well as yields from the brewing process.
This report was approved by the board on 31 March 2025 and signed on its behalf.
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BLACK SHEEP BREWING COMPANY LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2024
The directors present their report and the financial statements for the period ended 31 March 2024.
The directors who served during the period were:
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the period, after taxation, amounted to £3,156,180.
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BLACK SHEEP BREWING COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
The directors have chosen to disclose information on the following, required by the Companies Act 2006, to be included in the Director's Report, within the Strategic Report;
∙information on financial risk management and policies;
∙information on suppliers, customers and other; and
∙information regarding future developments of the business and post balance sheet events.
The auditors.Sumer Auditco Limited will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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BLACK SHEEP BREWING COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLACK SHEEP BREWING COMPANY LIMITED
We have audited the financial statements of Black Sheep Brewing Company Limited (the 'Company') for the period ended 31 March 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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BLACK SHEEP BREWING COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLACK SHEEP BREWING COMPANY LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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BLACK SHEEP BREWING COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLACK SHEEP BREWING COMPANY LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In order to identify and assess the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements, we have considered:
∙the results of our enquiries of management and those charged with governance of their assessment of the
risks of fraud and irregularities;
∙the nature of the company, including its management structure and control systems (including the
opportunity for management to override such controls);
∙management’s incentives and opportunities for fraudulent manipulation of the financial statements including
the company’s remuneration and bonus policies and performance targets; and
∙the industry and environment in which it operates.
We also considered UK tax and pension legislation and laws and regulations relating to employment and the
preparation and presentation of the financial statements such as the Companies Act 2006. Based on this understanding we identified the following matters as being of significance to the entity:
∙Laws and regulations considered to have a direct effect on the financial statements including UK financial
reporting standards, Company Law, tax and pension legislation;
∙the timing of the recognition of commercial income;
∙compliance with legislation relating to health and safety and food safety;
∙management bias in selecting accounting policies and determining estimates;
∙inappropriate journal entries;
∙manipulation of specific performance measures to meet remuneration targets;
∙recoverability of debtors.
We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and
how fraud may occur in the entity, to all engagement team members.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and
non-compliance with laws and regulations) comprised:
∙enquiries of management and those charged with governance as to whether the entity complies with such
laws and regulations;
∙enquiries with the same concerning any actual or potential litigation or claims;
∙discussion with the same regarding any known or suspected instances of non-compliance with laws and
regulation and fraud;
∙inspection of relevant legal correspondence;
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BLACK SHEEP BREWING COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLACK SHEEP BREWING COMPANY LIMITED (CONTINUED)
∙assessment of matters reported to management and the result of the subsequent investigation;
∙obtaining an understanding of the relevant controls during the period;
∙obtaining an understanding of the policies and controls over the recognition of income and testing their
implementation during the year;
∙review documentation relating to compliance with the regulations;
∙challenging assumptions made by management in their specific accounting policies and estimates, in
particular relation to purchase accruals and depreciation;
∙identifying and testing journal entries, in particular any journal entries posted with unusual account
combinations or crediting revenue or cash;
∙accessing the recovery of debtors in the period since the balance sheet date and challenging assumptions
made by management regarding the recovery of balances which remain outstanding;
∙challenging key assumptions made by management;
∙reviewing the financial statements for compliance with the relevant disclosure requirements;
∙performing analytical procedures to identify any unusual or unexpected relationships or unexpected
movements in account balances which may be indicative of fraud;
∙reviewing correspondence with HMRC;
∙evaluating the underlying business reasons for any unusual transactions; and
∙considered the implementation of controls during the year.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities,
including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountant
Statutory Auditors
14th Floor
33 Cavendish Square
W1G 0PW
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BLACK SHEEP BREWING COMPANY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2024
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BLACK SHEEP BREWING COMPANY LIMITED
REGISTERED NUMBER: 14589919
BALANCE SHEET
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 28 form part of these financial statements.
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BLACK SHEEP BREWING COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024
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BLACK SHEEP BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
The company is a private company limited by shares and incorporated in England and Wales. The
address of its registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW and its trading address is Wellgarth House, Wellgarth Court, Crosshills, Masham, Ripon HG4 4EN.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Keystone Brewing Group Limited as at 31 March 2024 and these financial statements may be obtained from 14th Floor, 33 Cavendish Square, London, W1G 0PW .
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BLACK SHEEP BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
2.Accounting policies (continued)
The Company is party to funding arrangements covering various entities within the Keystone Brewing Group.
The Company has provided a cross-guarantee to this banking group and so is bound by the covenant requirements of the banking group as a whole. In assessing the going concern basis of preparation of the financial statements for the period ended 31 March 2024, the directors have taken into consideration detailed cash flow forecasts for the business within the wider banking group and the forecast compliance with bank covenants, which are set at a banking group level covering a period of at least 12 months from the date of approval of the financial statements. The forecasts for the banking group indicate that the group has sufficient liquidity to realise its assets and meet its liabilities as they fall due for a period of at least 12 months from the balance sheet date, and that the banking covenant (based on the consolidated EBITDA of the group) will be met for that period. The current trading performance of the group, provides comfort to the directors in their forecasts. As part of the assessment of the going concern principal, management have considered the risks to the liquidity of the group. Except in the most extreme circumstance such as a prolonged period of reduced sales, the group has means available to it to manage its cashflows, such that it has sufficient liquidity to meet its covenants, realise its assets and meet its liabilities as they fall due. Equally, based on discussions the directors have had with shareholders of the group and the recent commitment from the new investors, they are confident any short-term funding required would be made available. Based on the forecasts prepared and the downside scenarios modelled in the directors view the risk of default of bank facilities, and therefore inability to meet liabilities as they fall due, has not been considered a reasonably likely one and so the level of uncertainty is not considered material. Given the above and the current trading performance of the group, the directors are satisfied preparing the financial statements on a going concern basis is appropriate. Turnover is recognised at fair value of the consideration received or receivable for sale of goods and services to external customers in the ordinary course of business. The fair value of consideration takes into account discounts and volume rebates.
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BLACK SHEEP BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
2.Accounting policies (continued)
Negative goodwill is recognised in the profit and loss in the periods in which non-monetary assets acquired, are recovered through use or sale.
The estimated useful lives range as follows:
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BLACK SHEEP BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
2.Accounting policies (continued)
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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BLACK SHEEP BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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BLACK SHEEP BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
2.Accounting policies (continued)
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
The Company makes estimates and assumptions concerning the future. Actual results may differ from these estimates. 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. Management are also required to exercise judgement in the process of applying the company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations or future events that are believed to be reasonable under the circumstances.
The whole of the turnover is attributable to the company's principal activity.
Materially, all of turnover arose within the United Kingdom.
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BLACK SHEEP BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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BLACK SHEEP BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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BLACK SHEEP BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
9.Taxation (continued)
The company has estimated tax losses of £4,310,449 available to carry forward against future profits. These losses in part are offset against the deferred tax liability, arising from accelerated capital allowances. The balance of any losses available to offset against future trading profits are estimated at £3,449,441. No deferred tax asset has been recognised in respect of the losses arising due to the uncertainty as to when the asset will be recovered.
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BLACK SHEEP BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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