COMPANY REGISTRATION NO. 07582051 (England and Wales)
TINY REBEL BREWING COMPANY LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
PAGES FOR FILING WITH REGISTRAR
TINY REBEL BREWING COMPANY LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
TINY REBEL BREWING COMPANY LTD
BALANCE SHEET
AS AT
30 JUNE 2018
30 June 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
4
19,770
17,357
Tangible assets
3
4,963,441
2,990,226
4,983,211
3,007,583
Current assets
Stocks
601,066
101,426
Debtors
5
817,049
407,080
Cash at bank and in hand
323,169
225,192
1,741,284
733,698
Creditors: amounts falling due within one year
6
(1,639,958)
(591,974)
Net current assets
101,326
141,724
Total assets less current liabilities
5,084,537
3,149,307
Creditors: amounts falling due after more than one year
7
(3,367,937)
(2,133,177)
Provisions for liabilities
(208,988)
(129,982)
Net assets
1,507,612
886,148
Capital and reserves
Called up share capital
8
103
100
Profit and loss reserves
1,507,509
886,048
Total equity
1,507,612
886,148
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 30 June 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.
The financial statements were approved by the board of directors and authorised for issue on 20 December 2018 and are signed on its behalf by:
Miss H Williams
Director
Company Registration No. 07582051
TINY REBEL BREWING COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
- 2 -
1
Accounting policies
Company information
Tiny Rebel Brewing Company Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Sunnybank Church Road, St Brides Wentlooge, Newport, South Wales, United Kingdom, NP10 8SQ.
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.
These financial statements for the year ended 30 June 2018
are the
first
financial statements of Tiny Rebel Brewing Company Ltd prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 July 2016. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
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 production and supply of craft beers is recognised when, and to the extent that, the company obtains the right to consideration in exchange for goods and services provided.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably.
TINY REBEL BREWING COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
1
Accounting policies
(Continued)
- 3 -
Amortisation 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:
Trademark
10% straight line
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost, 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 Freehold
2% straight line
Plant and machinery
20% straight line
1.6
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 replacement cost and 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.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.8
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.
The company claims research and development tax credits against its corporation tax liability,
TINY REBEL BREWING COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
1
Accounting policies
(Continued)
- 4 -
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
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
.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 97 (2017 - 48).
TINY REBEL BREWING COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2017
1,258,350
1,814,174
3,072,524
Additions
322,488
1,891,354
2,213,842
Disposals
-
(2,000)
(2,000)
At 30 June 2018
1,580,838
3,703,528
5,284,366
Depreciation and impairment
At 1 July 2017
-
82,298
82,298
Depreciation charged in the year
21,484
217,143
238,627
At 30 June 2018
21,484
299,441
320,925
Carrying amount
At 30 June 2018
1,559,354
3,404,087
4,963,441
At 30 June 2017
1,258,350
1,731,876
2,990,226
4
Intangible fixed assets
Goodwill
Trademark
Total
£
£
£
Cost
At 1 July 2017
21,104
-
21,104
Additions
-
4,820
4,820
At 30 June 2018
21,104
4,820
25,924
Amortisation and impairment
At 1 July 2017
3,747
-
3,747
Amortisation charged for the year
2,110
297
2,407
At 30 June 2018
5,857
297
6,154
Carrying amount
At 30 June 2018
15,247
4,523
19,770
At 30 June 2017
17,357
-
17,357
TINY REBEL BREWING COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 6 -
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
434,790
368,303
Other debtors
382,259
38,777
817,049
407,080
6
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
37,713
20,000
Trade creditors
505,941
33,096
Corporation tax
-
10,335
Other taxation and social security
428,086
124,730
Other creditors
668,218
403,813
1,639,958
591,974
Included in creditors above is a bank loan of £37,713 (2017 : £20,000) and a hire purchase liability of £349,490 (2017 : £250,465) secured on the companies fixed assets.
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
973,065
328,458
Other creditors
2,394,872
1,804,719
3,367,937
2,133,177
Included in creditors above is a bank loan of £
9
7
3
,
065
(2017 : £
328
,
458
) and a hire purchase liability of £
202,970
(2017 : £
488
,
000
) secured on the companies fixed assets.
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
10,000 Ordinary of 1p each
100
100
256 Ordinary B of 1p each
3
-
103
100