Company registration number 02991592 (England and Wales)
BLACK MOUNTAIN MINERAL WATER COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
BLACK MOUNTAIN MINERAL WATER COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BLACK MOUNTAIN MINERAL WATER COMPANY LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
5
552,131
622,037
Current assets
Stocks
6
261,366
227,440
Debtors
7
169,645
99,555
Cash at bank and in hand
17
17
431,028
327,012
Creditors: amounts falling due within one year
8
(573,787)
(455,940)
Net current liabilities
(142,759)
(128,928)
Total assets less current liabilities
409,372
493,109
Creditors: amounts falling due after more than one year
9
(264,421)
(329,948)
Net assets
144,951
163,161
Capital and reserves
Called up share capital
10
205
205
Profit and loss reserves
11
144,746
162,956
Total equity
144,951
163,161
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BLACK MOUNTAIN MINERAL WATER COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021
31 December 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 June 2022 and are signed on its behalf by:
Mrs D J Watkins
Director
BLACK MOUNTAIN MINERAL WATER COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
Black Mountain Mineral Water Company Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Springvale, Longtown, Hereford, Herefordshire, United Kingdom, HR2 0PB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings
2% straight line
Plant and machinery etc
10% straight line
Motor vehicles
20% reducing balance
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
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
BLACK MOUNTAIN MINERAL WATER COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.8
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. 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.
BLACK MOUNTAIN MINERAL WATER COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
15
16
4
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2021 and 31 December 2021
20,100
Amortisation and impairment
At 1 January 2021 and 31 December 2021
20,100
Carrying amount
At 31 December 2021
At 31 December 2020
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2021
253,153
1,081,899
181,725
1,516,777
Additions
689
3,570
4,259
At 31 December 2021
253,153
1,082,588
185,295
1,521,036
Depreciation and impairment
At 1 January 2021
86,288
660,004
148,448
894,740
Depreciation charged in the year
5,064
61,730
7,371
74,165
At 31 December 2021
91,352
721,734
155,819
968,905
Carrying amount
At 31 December 2021
161,801
360,854
29,476
552,131
At 31 December 2020
166,865
421,895
33,277
622,037
BLACK MOUNTAIN MINERAL WATER COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
6
Stocks
2021
2020
£
£
Empty bottles, caps, labels and filled bottles for resale
234,066
198,190
Bottles out on hire
27,300
29,250
261,366
227,440
7
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
167,288
90,234
Prepayments
2,357
9,321
169,645
99,555
8
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
88,282
46,906
Obligations under Hire Purchase
73,723
68,931
Other borrowings
100,000
100,000
Payments received on account
35,000
39,000
Trade creditors
159,591
63,273
Other taxation and social security
9,830
16,983
Directors' loan
96,581
112,201
Accruals and deferred income
10,780
8,646
573,787
455,940
9
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
112,393
121,996
Obligations under Hire Purchase
152,028
207,952
264,421
329,948
BLACK MOUNTAIN MINERAL WATER COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
10
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
205 Ordinary shares of £1 each
205
205
205
205
11
Profit and loss reserves
2021
2020
£
£
At the beginning of the year
162,956
259,586
Loss for the year
(18,210)
(96,630)
At the end of the year
144,746
162,956