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COMPANY REGISTRATION NUMBER
SC415555
WINDSWEPT BREWING CO. LTD.
UNAUDITED ABBREVIATED ACCOUNTS
FOR
31 March 2016
RITSONS
Chartered Accountants
103 High Street
ELGIN
Moray
IV30 1EB
WINDSWEPT BREWING CO. LTD.
ABBREVIATED BALANCE SHEET
31 March 2016
|
2016
|
2015
|
Note
|
£
|
£
|
£
|
FIXED ASSETS
|
3
|
|
|
|
Intangible assets
|
|
741
|
741
|
Tangible assets
|
|
205,723
|
126,231
|
|
|
----------
|
----------
|
|
|
206,464
|
126,972
|
|
|
----------
|
----------
|
|
|
|
|
|
CURRENT ASSETS
Stocks
|
20,453
|
|
17,830
|
Debtors
|
51,033
|
|
31,004
|
Cash at bank and in hand
|
32,648
|
|
5,888
|
|
----------
|
|
---------
|
|
104,134
|
|
54,722
|
CREDITORS: Amounts falling due within one year
|
248,259
|
|
175,753
|
|
----------
|
|
----------
|
NET CURRENT LIABILITIES
|
|
(
144,125)
|
(
121,031)
|
|
|
----------
|
----------
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
|
62,339
|
5,941
|
|
|
|
|
CREDITORS: Amounts falling due after more than one year
|
|
63,729
|
20,396
|
|
|
---------
|
---------
|
|
|
(
1,390)
|
(
14,455)
|
|
|
---------
|
---------
|
|
|
|
|
CAPITAL AND RESERVES
Called up equity share capital
|
4
|
|
1,230
|
1,000
|
Share premium account
|
|
49,940
|
-
|
Profit and loss account
|
|
(
52,560)
|
(
15,455)
|
|
|
---------
|
---------
|
DEFICIT
|
|
(
1,390)
|
(
14,455)
|
|
|
---------
|
---------
|
|
|
|
|
|
For the year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.
These abbreviated accounts were approved by the directors and authorised for issue on
27 August 2016
, and are signed on their behalf by:
Mr N Tiddy
Mr A Read
Company Registration Number:
SC415555
WINDSWEPT BREWING CO. LTD.
NOTES TO THE ABBREVIATED ACCOUNTS
YEAR ENDED 31 MARCH 2016
1.
GOING CONCERN
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they have prepared the financial statements on a going concern basis.
2.
ACCOUNTING POLICIES
Basis of accounting
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Fixed assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant & Machinery15% Reducing Balance
Fixtures & Fittings15% Reducing Balance
Motor Vehicles20% Reducing Balance
Equipment33.33% Reducing Balance
Tenants Improvements10% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Hire purchase agreements
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.
Finance lease agreements
Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. The asset is recorded in the balance sheet as a tangible fixed asset and is depreciated in accordance with the above depreciation policies. Future instalments under such leases, net of finance charges, are included within creditors. Rentals payable are apportioned between the finance element, which is charged to the profit and loss account on a straight line basis, and the capital element which reduces the outstanding obligation for future instalments.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.
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 the underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
3.
FIXED ASSETS
|
Intangible Assets
|
Tangible Assets
|
Total
|
|
£
|
£
|
£
|
|
|
|
|
COST
At 1 April 2015
|
741
|
156,070
|
156,811
|
Additions
|
–
|
112,872
|
112,872
|
Disposals
|
–
|
(
7,540)
|
(
7,540)
|
|
----
|
----------
|
----------
|
At 31 March 2016
|
741
|
261,402
|
262,143
|
|
----
|
----------
|
----------
|
|
|
|
|
DEPRECIATION
At 1 April 2015
|
–
|
29,839
|
29,839
|
Charge for year
|
–
|
25,840
|
25,840
|
|
----
|
---------
|
---------
|
At 31 March 2016
|
–
|
55,679
|
55,679
|
|
----
|
---------
|
---------
|
|
|
|
|
NET BOOK VALUE
At 31 March 2016
|
741
|
205,723
|
206,464
|
|
----
|
----------
|
----------
|
|
|
|
|
At 31 March 2015
|
741
|
126,231
|
126,972
|
|
----
|
----------
|
----------
|
|
|
|
|
4.
SHARE CAPITAL
Allotted, called up and fully paid:
|
2016
|
2015
|
|
No.
|
£
|
No.
|
£
|
|
Ordinary shares (2015 - 1,000) of £ 1 each
|
1,200
|
1,200
|
1,000
|
1,000
|
|
Ordinary Class 2 shares of £ 1 each
|
30
|
30
|
-
|
-
|
|
|
-------
|
-------
|
-------
|
-------
|
|
|
1,230
|
|
1,000
|
|
|
|
-------
|
-------
|
-------
|
-------
|
|
|
|
|
|
|
WINDSWEPT BREWING CO. LTD.
ACCOUNTANTS' REPORT TO THE DIRECTORS OF WINDSWEPT
BREWING CO. LTD.
YEAR ENDED 31 MARCH 2016
In accordance with our terms of engagement, and in order to assist you to fulfil your duties under the Companies Act 2006, we have prepared the financial statements of the company on pages 1 to 5 from the accounting records and information and explanations supplied to us.
This report is made to the Company's Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken to enable us to prepare the financial statements on behalf of the Company's Directors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's Directors, as a body, for our work or for this report.
We have carried out this engagement in accordance with best practice guidance issued by the Institute of Chartered Accountants of Scotland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the preparation of financial statements.
You have acknowledged on the balance sheet as at 31 March 2016 your duty to ensure that the company has kept adequate accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
RITSONS
Chartered Accountants
103 High Street
ELGIN
Moray
IV30 1EB
29 August 2016