Year Ended
Registration number:
Moor Beer Company Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Moor Beer Company Limited
Company Information
Directors |
Mr J Hawke Mrs M Hawke |
Registered office |
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Accountants |
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Moor Beer Company Limited
Balance Sheet
31 December 2019
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2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Moor Beer Company Limited
Balance Sheet
31 December 2019
For the financial year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Company Registration Number: 05634741
Moor Beer Company Limited
Notes to the Financial Statements
Year Ended 31 December 2019
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
The principal place of business is:
Days Road
Bristol
BS2 0QS
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 and Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
Going concern
The directors are satisfied, having considered the current financial position and performance of the company in light of the ongoing Covid-19 challenges that the going concern assessment remains appropriate. In making this assessment, the directors have taken account (from the date of approval of these financial statements) of possible changes in income levels, in order to determine when, and to what extent any further cost management measures may need to be implemented.
Moor Beer Company Limited
Notes to the Financial Statements
Year Ended 31 December 2019
Key accounting judgements and sources of estimation uncertainty
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The key judgement that has a significant effect on the financial statements is in respect of going concern, as described in the accounting policy above.
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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key estimates that have a significant effect on the amounts recognised in the financial statements are described below:
Fixed assets are carried at cost, less accumulated depreciation and any subsequent accumulated impairment loss. This requires an estimation in the depreciation rates used as well as assessment of the ongoing economic contribution of the assets of the group as to whether an indicator of permanent impairment has occurred. The carrying value at the year end is £364,707 (2018 - £433,302).
Stocks are held at the lower of cost and estimated selling price less cost to complete and sell. Stocks are assessed for impairment periodically and written down to realisable value where appropriate through the profit and loss. The carrying value at the year end is £310,541 (2018: £251,061)
Trade debtor balances are held at sales cost less any discounts or rebates directly attributable to those sales. The recoverability of debtor balances is reviewed regularly to ensure that all debts are receivable or there is a high probability of receiving payment. Once a debt is considered to no longer be receivable a provision is introduced against that debt. The carrying value at the year end is £135,917 (2018: £239,112)
Aside from the above, the directors do not consider that significant estimates or judgements have been made during the preparation of the financial statements impacting the results and position reported. The directors do, however, recognise the significant and potentially prolonged uncertainty that exists in the global economy and the alcoholic beverage industry within which Moor Beer operates in as a result of the Covid-19 pandemic. This has resulted in turnover falling since the pandemic was declared due to the closure of the hospitality and leisure sectors. Whilst the directors believe that the company is well prepared to deal with the potential impacts from both an operational and financial perspective they recognise that there can be no certainty in this respect although they remain optimistic.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and is recognised at the point at which the goods are provided or delivered net of any discounts.
Moor Beer Company Limited
Notes to the Financial Statements
Year Ended 31 December 2019
Other grants
Grants are recognised as income over the period necessary to match them with the related costs, for which they are intended to compensate, on a systematic basis.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets as follows:
Asset class |
Depreciation method and rate |
Leasehold property improvements |
2% straight line |
Motor vehicles |
20% reducing balance |
Plant and machinery |
20% reducing balance |
Equipment |
20% reducing balance |
Moor Beer Company Limited
Notes to the Financial Statements
Year Ended 31 December 2019
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost 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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. 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.
Defined contribution pension obligation
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.
Moor Beer Company Limited
Notes to the Financial Statements
Year Ended 31 December 2019
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Moor Beer Company Limited
Notes to the Financial Statements
Year Ended 31 December 2019
Tangible assets |
Leasehold property improvements |
Equipment |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 January 2019 |
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Additions |
- |
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- |
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Disposals |
- |
( |
( |
( |
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At 31 December 2019 |
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- |
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Depreciation |
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At 1 January 2019 |
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Charge for the year |
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- |
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Eliminated on disposal |
- |
( |
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( |
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At 31 December 2019 |
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- |
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Carrying amount |
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At 31 December 2019 |
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- |
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At 31 December 2018 |
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Moor Beer Company Limited
Notes to the Financial Statements
Year Ended 31 December 2019
Debtors |
2019 |
2018 |
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Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Loans and borrowings |
- |
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Trade creditors |
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Corporation tax |
6,001 |
19,438 |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
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Other creditors |
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Creditors amounts falling due within one year includes obligations under finance lease and hire purchase contracts 2019: £Nil (2018: £17,783) on which security has been given by the company.
Loans and borrowings |
2019 |
2018 |
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Current loans and borrowings |
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Finance lease liabilities |
- |
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Moor Beer Company Limited
Notes to the Financial Statements
Year Ended 31 December 2019
Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
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No. |
£ |
No. |
£ |
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25,500 |
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25,500 |
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25,500 |
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25,500 |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Non adjusting events after the financial period |
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