Company Registration No. 03687964 (England and Wales)
OTTER BREWERY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2018
PAGES FOR FILING WITH REGISTRAR
OTTER BREWERY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
OTTER BREWERY LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2018
31 January 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,929,747
2,096,517
Current assets
Stocks
222,000
176,394
Debtors
5
979,374
960,574
Cash at bank and in hand
4,725
94,210
1,206,099
1,231,178
Creditors: amounts falling due within one year
6
(1,346,172)
(1,253,206)
Net current liabilities
(140,073)
(22,028)
Total assets less current liabilities
1,789,674
2,074,489
Creditors: amounts falling due after more than one year
7
(749,499)
(919,488)
Provisions for liabilities
(155,845)
(177,092)
Deferred income
(76,455)
(87,785)
Net assets
807,875
890,124
Capital and reserves
Called up share capital
9
1,300
1,300
Profit and loss reserves
806,575
888,824
Total equity
807,875
890,124
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 January 2018 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.
OTTER BREWERY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2018
31 January 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 October 2018 and are signed on its behalf by:
Mr D F A McCaig
Mr P J McCaig
Director
Director
Company Registration No. 03687964
OTTER BREWERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2018
- 3 -
1
Accounting policies
Company information
Otter Brewery Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Mathayes, Luppitt, Honiton, Devon, EX14 4SA.
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
.
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:
Leasehold land and buildings
Over the 25 year term of the ground lease
Plant and machinery
15% per annum on written down value
Fixtures, fittings & equipment
Computer equipment: 25% per annum on cost
Other: 15% per annum on written down value
Motor vehicles
25% per annum on written down value
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).
1.5
Stocks
Stock is valued at the lower of cost, including direct labour and attributable overheads, and net realisable value.
OTTER BREWERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
1
Accounting policies
(Continued)
- 4 -
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.
1.8
Employee benefits
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
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 the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.11
Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 36 (2017 - 36).
OTTER BREWERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2017 and 31 January 2018
80,000
Amortisation and impairment
At 1 February 2017 and 31 January 2018
80,000
Carrying amount
At 31 January 2018
-
At 31 January 2017
-
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2017
1,706,546
3,418,680
5,125,226
Additions
-
91,359
91,359
Disposals
-
(35,787)
(35,787)
At 31 January 2018
1,706,546
3,474,252
5,180,798
Depreciation and impairment
At 1 February 2017
685,696
2,343,013
3,028,709
Depreciation charged in the year
68,270
184,334
252,604
Eliminated in respect of disposals
-
(30,262)
(30,262)
At 31 January 2018
753,966
2,497,085
3,251,051
Carrying amount
At 31 January 2018
952,580
977,167
1,929,747
At 31 January 2017
1,020,850
1,075,667
2,096,517
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
640,782
628,726
Other debtors
338,592
331,848
979,374
960,574
OTTER BREWERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
- 6 -
6
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
505,821
451,690
Trade creditors
358,079
353,293
Other taxation and social security
346,050
260,124
Other creditors
136,222
188,099
1,346,172
1,253,206
The bank overdraft amounting to £359,988 (2017: £308,357) is secured upon the assets of the company.
The bank loans are secured upon the assets of the company.
Obligations under finance agreements are secured upon the assets to which they relate.
7
Creditors: amounts falling due after more than one year
2018
2017
Notes
£
£
Bank loans and overdrafts
668,109
783,990
Obligations under finance leases
50,834
71,609
Other borrowings
30,556
63,889
749,499
919,488
The bank loans totalling £780,609 (2017: £893,990) are secured upon the assets of the company.
Obligations under finance agreements totalling £125,172 (2017: £198,505) are secured upon the assets to which they relate.
Amounts included above which fall due after five years are as follows:
Payable by instalments
388,109
343,990
8
Provisions for liabilities
2018
2017
£
£
Deferred tax liabilities
155,845
177,092
OTTER BREWERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
- 7 -
9
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary Class A shares of £1 each
1,000
1,000
200 Ordinary Class B shares of £1 each
200
200
55 Ordinary Class C shares of £1 each
55
55
25 Ordinary Class D shares of £1 each
25
25
20 Ordinary Class E shares of £1 each
20
20
1,300
1,300
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
419,219
180,492
Included in operating lease commitments is £23,308 (2017: £3,863) expiring within one year, £295,111 (£68,629) expiring between two and five years inclusive and £100,800 (£108,000) expiring after five years.
11
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Three directors
2.50
162,563
187,137
3,863
(193,853)
159,710
162,563
187,137
3,863
(193,853)
159,710