Company No:
Contents
DIRECTORS | Mr Justin Hawke |
Mrs Maryann Hawke |
SECRETARY | Mrs Maryann Hawke |
REGISTERED OFFICE | Ground Floor Blackbrook Gate 1 |
Blackbrook Business Park | |
Taunton | |
TA1 2PX | |
United Kingdom |
BUSINESS ADDRESS | Days Road |
Bristol | |
BS2 0QS |
COMPANY NUMBER | 05634741 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Blackbrook Gate 1 | |
Blackbrook Business Park | |
Taunton | |
Somerset TA1 2PX |
Note | 2021 | 2020 | ||
£ | £ | |||
Restated - note 3 | ||||
Fixed assets | ||||
Tangible assets | 5 |
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382,205 | 384,991 | |||
Current assets | ||||
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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630,069 | 385,190 | |||
Creditors | ||||
Amounts falling due within one year | 8 | (
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Net current assets | 347,484 | 117,525 | ||
Total assets less current liabilities | 729,689 | 502,516 | ||
Creditors | ||||
Amounts falling due after more than one year | 9 | (
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Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 10 |
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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 Moor Beer Company Limited (registered number:
Mr Justin Hawke
Director |
Mrs Maryann Hawke
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.
Moor Beer Company 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 Ground Floor Blackbrook Gate 1, Blackbrook Business Park, Taunton, TA1 2PX, United Kingdom. The principal place of business is Days Road, Bristol, BS2 0QS.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.
In light of the current economic situation, both in the UK and globally, impacted by rising energy costs, inflation and general cost of living increases, the directors have given consideration to the impact of these issues on the operations and financial position of the company, as well as upon customers and suppliers. The directors are satisfied that, having considered no less than 12 months from the date of approval of the financial statements, that the issues identified do not present a significant risk to the going concern basis of the company and, therefore, that the going concern basis of preparation remains appropriate.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Current tax is provided at amounts expected to be paid (or recoverable) 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.
Grants are recognised only when there is reasonable assurance that the company will comply with any conditions attached to the grant and the grant will be received.
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.
Government grants received in the year in support for the Covid-19 pandemic had no performance obligations and were therefore recognised on receipt through the profit and loss.
Land and buildings |
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Plant and machinery |
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Office equipment |
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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.
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.
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.
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.
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 an employee benefit expense when they are due. if contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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 £382,205 (2020: £384,991).
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 £188,726 (2020: £131,620 - restated).
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 £145,473 (2020: £126,366).
In preparing these financial statements the directors have identified that the stock as at 31 December 2020 was incorrectly valued in the financial statements for that period. As a result the comparative information in this set of financial statements has been restated to correct the error. The impact has been to decrease the profit for the year ended 31 December 2020 by £118,567 and the net assets have decreased by the same value at 31 December 2020.
The opening stock at 1 January 2020 has not been restated and as a result the valuation errors are all recognised in the profit and loss account in the 31 December 2020 accounts, the result being that a gross profit percentage of 44.19% has been reported.
As previously reported | Adjustment | As restated | ||||
Year ended 31 December 2020 | £ | £ | £ | |||
Stock - balance sheet | 250,187 | (118,567) | 131,620 | |||
Closing stock - profit and loss account | (250,187) | 118,567 | (131,620) |
2021 | 2020 | ||
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 | Office equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 January 2021 |
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Additions |
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Disposals |
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At 31 December 2021 |
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Accumulated depreciation | |||||||
At 01 January 2021 |
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Charge for the financial year |
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Disposals |
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At 31 December 2021 |
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Net book value | |||||||
At 31 December 2021 |
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At 31 December 2020 |
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2021 | 2020 | ||
£ | £ | ||
Stocks |
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Finished goods |
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2021 | 2020 | ||
£ | £ | ||
Trade debtors |
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Corporation tax |
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Other debtors |
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2021 | 2020 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Other creditors |
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Other taxation and social security |
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2021 | 2020 | ||
£ | £ | ||
Bank loans |
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2021 | 2020 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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51,000 | 51,000 |
Other financial commitments
2021 | 2020 | ||
£ | £ | ||
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