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Company No: 04550773 (England and Wales)

BUFFY'S BREWERY LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

BUFFY'S BREWERY LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

BUFFY'S BREWERY LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 September 2024
BUFFY'S BREWERY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 3,639 928
3,639 928
Current assets
Stocks 4,145 3,315
Cash at bank and in hand 33,958 22,953
38,103 26,268
Creditors: amounts falling due within one year 4 ( 307,105) ( 314,224)
Net current liabilities (269,002) (287,956)
Total assets less current liabilities (265,363) (287,028)
Net liabilities ( 265,363) ( 287,028)
Capital and reserves
Called-up share capital 2 2
Profit and loss account ( 265,365 ) ( 287,030 )
Total shareholders' deficit ( 265,363) ( 287,028)

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Buffy's Brewery Limited (registered number: 04550773) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

J Savory
Director

05 March 2025

BUFFY'S BREWERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
BUFFY'S BREWERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
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

Buffy's 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 The Cherry Tree 116 High Street, Wicklewood, Wymondham, NR18 9QA, United Kingdom.

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 Company meets its day to day working capital requirements through financial support from its Directors and continued support of its bankers.

The Directors have indicated their willingness to continue to support the Company and have confirmed that whilst the loans are repayable on demand, continued support is assured.

Based on this, the Directors have concluded that they have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future, and, based on the economic environment recovering within the time frame currently being widely anticipated, at least twelve months from the date of signing these financial statements, they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

The financial statements do not include any adjustments that would result from a withdrawal of the support of the Company's bankers.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 or reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Fixtures and fittings 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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

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 includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery Fixtures and fittings Total
£ £ £
Cost
At 01 October 2023 17,361 35,837 53,198
Additions 0 3,925 3,925
At 30 September 2024 17,361 39,762 57,123
Accumulated depreciation
At 01 October 2023 17,290 34,980 52,270
Charge for the financial year 18 1,196 1,214
At 30 September 2024 17,308 36,176 53,484
Net book value
At 30 September 2024 53 3,586 3,639
At 30 September 2023 71 857 928

4. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 0 2,133
Amounts owed to directors 301,513 309,183
Accruals 2,944 2,193
Other taxation and social security 2,648 715
307,105 314,224