5 01/01/2023 31/12/2023 2023-12-31 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-01-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 06811729 2023-01-01 2023-12-31 06811729 2023-12-31 06811729 2022-12-31 06811729 2022-01-01 2022-12-31 06811729 2022-12-31 06811729 2021-12-31 06811729 core:LandBuildings core:ShortLeaseholdAssets 2023-01-01 2023-12-31 06811729 core:PlantMachinery 2023-01-01 2023-12-31 06811729 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 06811729 core:OnerousContractsExcludingVacantProperties 2023-01-01 2023-12-31 06811729 bus:Director1 2023-01-01 2023-12-31 06811729 core:IntangibleAssetsOtherThanGoodwill 2022-12-31 06811729 core:IntangibleAssetsOtherThanGoodwill 2023-12-31 06811729 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 06811729 core:PlantMachinery 2022-12-31 06811729 core:FurnitureFittingsToolsEquipment 2022-12-31 06811729 core:MotorVehicles 2022-12-31 06811729 core:LandBuildings core:ShortLeaseholdAssets 2023-12-31 06811729 core:PlantMachinery 2023-12-31 06811729 core:FurnitureFittingsToolsEquipment 2023-12-31 06811729 core:MotorVehicles 2023-12-31 06811729 core:WithinOneYear 2023-12-31 06811729 core:WithinOneYear 2022-12-31 06811729 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 06811729 core:ShareCapital 2023-01-01 2023-12-31 06811729 core:SharePremium 2023-01-01 2023-12-31 06811729 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 06811729 core:AfterOneYear 2023-12-31 06811729 core:AfterOneYear 2022-12-31 06811729 core:MotorVehicles 2023-01-01 2023-12-31 06811729 core:ShareCapital 2023-12-31 06811729 core:ShareCapital 2022-12-31 06811729 core:SharePremium 2023-12-31 06811729 core:SharePremium 2022-12-31 06811729 core:RetainedEarningsAccumulatedLosses 2023-12-31 06811729 core:RetainedEarningsAccumulatedLosses 2022-12-31 06811729 core:ShareCapital 2021-12-31 06811729 core:SharePremium 2021-12-31 06811729 core:RetainedEarningsAccumulatedLosses 2021-12-31 06811729 core:PreviouslyStatedAmount core:ShareCapital 2023-12-31 06811729 core:IntangibleAssetsOtherThanGoodwill 2023-01-01 2023-12-31 06811729 core:IntangibleAssetsOtherThanGoodwill 2022-12-31 06811729 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 06811729 core:PlantMachinery 2022-12-31 06811729 core:FurnitureFittingsToolsEquipment 2022-12-31 06811729 bus:SmallEntities 2023-01-01 2023-12-31 06811729 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 06811729 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 06811729 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06811729 bus:FullAccounts 2023-01-01 2023-12-31 06811729 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 06811729 core:OtherPropertyPlantEquipment 2022-12-31 06811729 core:OtherPropertyPlantEquipment 2023-12-31 06811729 1 2023-01-01 2023-12-31 06811729 2 2023-01-01 2023-12-31
Company registration number: 06811729
REDEMPTION BREWING COMPANY LIMITED
UNAUDITED FILLETED FINANCIAL STATEMENTS
31 December 2023
REDEMPTION BREWING COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - 120
Tangible assets 6 213,006 250,735
_______ _______
213,006 250,855
Current assets
Stocks 61,011 64,704
Debtors 7 72,801 70,132
Cash at bank and in hand 7,106 259
_______ _______
140,918 135,095
Creditors: amounts falling due
within one year 8 ( 517,373) ( 507,204)
_______ _______
Net current liabilities ( 376,455) ( 372,109)
_______ _______
Total assets less current liabilities ( 163,449) ( 121,254)
Creditors: amounts falling due
after more than one year 9 ( 468,702) ( 481,125)
_______ _______
Net liabilities ( 632,151) ( 602,379)
_______ _______
Capital and reserves
Called up share capital 209,742 193,171
Share premium account 386,981 317,867
Profit and loss account ( 1,228,874) ( 1,113,417)
_______ _______
Shareholders deficit ( 632,151) ( 602,379)
_______ _______
For the year ending 31 December 2023 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 04 April 2025 , and are signed on behalf of the board by:
Mr A Moffat
Director
Company registration number: 06811729
REDEMPTION BREWING COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31 DECEMBER 2023
Called up share capital Share premium account Profit and loss account Total
£ £ £ £
At 1 January 2022 193,171 317,867 ( 1,015,608) ( 504,570)
Loss for the year ( 97,809) ( 97,809)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 97,809) ( 97,809)
_______ _______ _______ _______
At 31 December 2022 and 1 January 2023 193,171 317,867 ( 1,113,417) ( 602,379)
Loss for the year ( 115,457) ( 115,457)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 115,457) ( 115,457)
Issue of shares 16,571 69,114 85,685
_______ _______ _______ _______
Total investments by and distributions to owners 16,571 69,114 - 85,685
_______ _______ _______ _______
At 31 December 2023 209,742 386,981 ( 1,228,874) ( 632,151)
_______ _______ _______ _______
REDEMPTION BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Redemption Brewing Company Limited, Unit 16 Compass West Industrial Estate, 33 West Road, Tottenham, London, N17 0XL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Short leasehold property - 10 % straight line
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Leased plant - 10 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets .
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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 in finance costs 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 5 (2022: 6 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 January 2023 and 31 December 2023 1,200 1,200
_______ _______
Amortisation
At 1 January 2023 1,080 1,080
Charge for the year 120 120
_______ _______
At 31 December 2023 1,200 1,200
_______ _______
Carrying amount
At 31 December 2023 - -
_______ _______
At 31 December 2022 120 120
_______ _______
6. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Leased plant Total
£ £ £ £ £ £
Cost
At 1 January 2023 256,170 372,515 36,011 16,160 33,930 714,786
Additions - 623 - 15,956 - 16,579
Disposals - - - ( 16,160) - ( 16,160)
_______ _______ _______ _______ _______ _______
At 31 December 2023 256,170 373,138 36,011 15,956 33,930 715,205
_______ _______ _______ _______ _______ _______
Depreciation
At 1 January 2023 199,800 222,536 21,786 16,160 3,770 464,052
Charge for the year 24,217 22,590 2,134 1,596 3,770 54,307
Disposals - - - ( 16,160) - ( 16,160)
_______ _______ _______ _______ _______ _______
At 31 December 2023 224,017 245,126 23,920 1,596 7,540 502,199
_______ _______ _______ _______ _______ _______
Carrying amount
At 31 December 2023 32,153 128,012 12,091 14,360 26,390 213,006
_______ _______ _______ _______ _______ _______
At 31 December 2022 56,370 149,979 14,225 - 30,160 250,734
_______ _______ _______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 72,801 54,997
Other debtors - 15,135
_______ _______
72,801 70,132
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts - 35,930
Trade creditors 207,989 240,270
Social security and other taxes 105,351 95,160
Other creditors 204,033 135,844
_______ _______
517,373 507,204
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Corporation tax 133,177 164,260
Other creditors 335,525 316,865
_______ _______
468,702 481,125
_______ _______
10. Controlling party
The company is under the joint control of two shareholders, Mr A Moffat and Mrs S Rigby .
11. Going Concern
The ongoing recovery from Covid and inflationary impact of utility costs has created challenges for the industry but loan creditors including the company's directors continue to support the company. The directors having considered the foregoing and made due enquiries, continue to adopt the going concern basis in preparing the financial statements which assume the company will continue in operation for the foreseeable future.