Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| Investment property | 4 |
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| 1,043,692 | 1,022,125 | |||
| Current assets | ||||
| Stocks |
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| Debtors | 5 |
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| Cash at bank and in hand |
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| 454,243 | 571,579 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current assets | 239,150 | 334,667 | ||
| Total assets less current liabilities | 1,282,842 | 1,356,792 | ||
| Creditors: amounts falling due after more than one year | 7 | (
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| Provision for liabilities | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 8 |
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| Profit and loss account |
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| Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Bays Brewery Limited (registered number:
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Mr M S Salmon
Director |
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.
Bays 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
Devon
TQ2 7FF
United Kingdom
The principal place of business is:
Aspen Way
Paignton
Devon
TQ4 7QR
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 £.
The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. 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.
The company recognises revenue when goods are physically delivered to the customer.
Defined contribution schemes
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Current tax is provided at amounts expected to be paid 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.
The costs of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the costs of assets, other than land and properties under construction over their estimated useful lives, as follows:
| Land and buildings |
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| Plant and machinery |
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| Vehicles |
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| Fixtures and fittings |
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Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
The costs of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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.
Grant income is accounted for using the accruals method. Revenue grants are recognised on a systematic basis over the periods to which the costs to which the grants relate to are recognised. Capital grants are recognised over the useful life of the related asset on the same basis as depreciation is charged.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Land and buildings | Plant and machinery | Vehicles | Fixtures and fittings | Total | |||||
| £ | £ | £ | £ | £ | |||||
| Cost | |||||||||
| At 01 January 2024 |
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| Additions |
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| At 31 December 2024 |
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| Accumulated depreciation | |||||||||
| At 01 January 2024 |
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| Charge for the financial year |
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| At 31 December 2024 |
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| Net book value | |||||||||
| At 31 December 2024 | 283,441 | 282,516 | 70,013 | 57,722 | 693,692 | ||||
| At 31 December 2023 | 286,946 | 265,419 | 72,758 | 47,002 | 672,125 |
| Investment property | |
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| Valuation | |
| As at 01 January 2024 |
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| As at 31 December 2024 |
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There has been no valuation of investment property by an independent valuer.
| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
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| Amounts owed by directors |
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| Prepayments |
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| Other debtors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans |
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| Trade creditors |
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| Accruals and deferred income |
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| Corporation tax |
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| Other taxation and social security |
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| Obligations under finance leases and hire purchase contracts |
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| Other creditors |
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Bank loans are secured on the property owned by the company.
| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans |
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| Obligations under finance leases and hire purchase contracts |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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Transactions with the entity's directors
| 2024 | 2023 | ||
| £ | £ | ||
| Advances to the directors | 0 | 19,445 |
Interest has been charged at HMRC's official rate of interest.
Included in the profit and loss account balance carried forward are non-distributable reserves of £20,198 (2023 - £20,198). These reserves represent the cumulative revaluation gains, after provision for deferred tax, on the company's investment property.