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Company No: 04708789 (England and Wales)

TEIGNWORTHY BREWERY LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2025
Pages for filing with the registrar

TEIGNWORTHY BREWERY LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2025

Contents

TEIGNWORTHY BREWERY LIMITED

BALANCE SHEET

As at 31 January 2025
TEIGNWORTHY BREWERY LIMITED

BALANCE SHEET (continued)

As at 31 January 2025
Note 2025 2024
£ £
Fixed assets
Tangible assets 4 42,807 32,531
42,807 32,531
Current assets
Stocks 23,021 25,772
Debtors 5 27,788 28,463
Cash at bank and in hand 14,417 27,148
65,226 81,383
Creditors: amounts falling due within one year 6 ( 280,732) ( 199,999)
Net current liabilities (215,506) (118,616)
Total assets less current liabilities (172,699) (86,085)
Creditors: amounts falling due after more than one year 7 ( 4,112) ( 9,110)
Provision for liabilities 0 8,136
Net liabilities ( 176,811) ( 87,059)
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account ( 176,911 ) ( 87,159 )
Total shareholders' deficit ( 176,811) ( 87,059)

For the financial year ending 31 January 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Teignworthy Brewery Limited (registered number: 04708789) were approved and authorised for issue by the Director on 01 May 2025. They were signed on its behalf by:

Mr J G Lawton
Director
TEIGNWORTHY BREWERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2025
TEIGNWORTHY BREWERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2025
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Teignworthy Brewery Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales.
The address of the Company's registered office is:
Sigma House,
Oak View Close,
Edginswell Park,
Torquay,
TQ2 7FF.

The principal place of business is:
The Maltings
Teign Road
Newton Abbot
Devon
TQ12 4AA

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £176,811. The Company is supported through loans from the director. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 20 years straight line
Website costs 3 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is [number] years.

Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of [amount of years] years which is their estimated useful economic life. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line and reducing balance basis over its expected useful life, as follows:

Leasehold improvements 5 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 20 - 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
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 financing transaction it is measured at X.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2025 2024
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 2

3. Intangible assets

Goodwill Website costs Total
£ £ £
Cost
At 01 February 2024 63,000 4,545 67,545
At 31 January 2025 63,000 4,545 67,545
Accumulated amortisation
At 01 February 2024 63,000 4,545 67,545
At 31 January 2025 63,000 4,545 67,545
Net book value
At 31 January 2025 0 0 0
At 31 January 2024 0 0 0

4. Tangible assets

Leasehold improve-
ments
Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 February 2024 18,798 40,275 183,549 242,622
Additions 0 21,495 10,060 31,555
Disposals 0 ( 15,380) 0 ( 15,380)
At 31 January 2025 18,798 46,390 193,609 258,797
Accumulated depreciation
At 01 February 2024 18,798 18,070 173,223 210,091
Charge for the financial year 0 8,763 3,865 12,628
Disposals 0 ( 6,729) 0 ( 6,729)
At 31 January 2025 18,798 20,104 177,088 215,990
Net book value
At 31 January 2025 0 26,286 16,521 42,807
At 31 January 2024 0 22,205 10,326 32,531

5. Debtors

2025 2024
£ £
Trade debtors 22,708 22,957
Prepayments 4,902 5,506
Other debtors 178 0
27,788 28,463

6. Creditors: amounts falling due within one year

2025 2024
£ £
Bank loans 5,072 5,075
Trade creditors 4,689 5,054
Other taxation and social security 13,591 10,146
Other creditors 257,380 179,724
280,732 199,999

7. Creditors: amounts falling due after more than one year

2025 2024
£ £
Other loans 4,112 9,110

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2025 2024
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Financial commitments

Commitments

The total amount of financial commitments not included in the balance sheet relating to rent is £21,000 (2024 - £20,000).