Company Registration No. SC414648 (Scotland)
SPEYSIDE CRAFT BREWERY LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2016
SPEYSIDE CRAFT BREWERY LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
SPEYSIDE CRAFT BREWERY LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 APRIL 2016
30 April 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
52,255
48,440
Current assets
Stocks
41,389
31,897
Debtors
18,615
21,647
Cash at bank and in hand
1,769
3,935
61,773
57,479
Creditors: amounts falling due within one year
3
(123,170)
(67,914)
Net current liabilities
(61,397)
(10,435)
Total assets less current liabilities
(9,142)
38,005
Creditors: amounts falling due after more than one year
4
(8,050)
(13,634)
(17,192)
24,371
Capital and reserves
Called up share capital
5
1,971
1,884
Share premium account
95,906
95,906
Profit and loss account
(115,069)
(73,419)
Shareholders' funds
(17,192)
24,371
For the financial year ended 30 April 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 27 October 2016
Mr Sebastian Jones
Director
Company Registration No. SC414648
SPEYSIDE CRAFT BREWERY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). Going Concern The balance sheet shows that liabilities exceed assets by £17,192 including a liability to the director of the company of £14,584. The director of the company has confirmed that he will maintain financial support for the foreseeable future to enable the company to continue normal trading operations. The financial statements are therefore drawn up on a going concern basis.
Going Concern
The balance sheet shows that liabilities exceed assets by £17,192 including a liability to the director of the company of £14,584. The director of the company has confirmed that he will maintain financial support for the foreseeable future to enable the company to continue normal trading operations. The financial statements are therefore drawn up on a going concern basis.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
1.3
Turnover
Turnover represents the value of sales to customers, net of discounts, allowances and promotional rebates and excludes VAT. Sales of goods are recognised when the company has delivered the goods to the customer , the customer has accepted the goods and collectability of the related receivable is reasonably assured.
, the customer has accepted the goods
and collectability of the related receivable is reasonably assured.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
5% straight line
Computer equipment
33% straight line
Fixtures, fittings and equipment
25% reducing balance
Motor vehicles
25% reducing balance
1.5
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
1.7
Deferred taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and the law enacted or substantially enacted at the balance sheet date.
SPEYSIDE CRAFT BREWERY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 May 2015
65,432
Additions
9,507
Disposals
(3,333)
At 30 April 2016
71,606
Depreciation
At 1 May 2015
16,992
On disposals
(1,927)
Charge for the year
4,286
At 30 April 2016
19,351
Net book value
At 30 April 2016
52,255
At 30 April 2015
48,440
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £8,293 (2015 - £7,968).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £8,050 (2015 - £13,634).
5
Share capital
2016
2015
£
£
Allotted, called up and fully paid
955 A Ordinary shares of £1 each
-
955
929 B Ordinary shares of £1 each
-
929
10,160 A Ordinary shares of 10p each
1,016
-
9,550 B Ordinary shares of 10p each
955
-
1,971
1,884
During the year the existing £1 shares were converted into shares of £0.10 each and 871 B ordinary shares of £0.10 each were issued at par.