Registration number:
Buxton Brewery Company Limited
for the Year Ended 31 March 2018
Buxton Brewery Company Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Buxton Brewery Company Limited
Company Information
Directors |
G Quinn D K Quinn |
Company secretary |
D K Quinn |
Registered office |
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Bankers |
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Accountants |
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Page 1 |
Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Buxton Brewery Company Limited
for the Year Ended 31 March 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Buxton Brewery Company Limited for the year ended 31 March 2018 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made solely to the Board of Directors of Buxton Brewery Company Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Buxton Brewery Company Limited and state those matters that we have agreed to state to the Board of Directors of Buxton Brewery Company Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Buxton Brewery Company Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Buxton Brewery Company Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Buxton Brewery Company Limited. You consider that Buxton Brewery Company Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Buxton Brewery Company Limited. 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 statutory accounts.
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Millennium Way
Pride Park
Derby
DE24 8HG
Page 2 |
Buxton Brewery Company Limited
(Registration number: 06562941)
Balance Sheet as at 31 March 2018
Note |
2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Investments |
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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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Creditors: Amounts falling due after more than one year |
( |
( |
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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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Page 3 |
Buxton Brewery Company Limited
(Registration number: 06562941)
Balance Sheet as at 31 March 2018
For the financial year ending 31 March 2018 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. |
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
G Quinn
Director
Page 4 |
Buxton Brewery Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
General information |
The company is a private limited company by share capital incorporated in England.
The address of the registered office is given in the company information on page 1 of the financial statements.
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 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 except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in Sterling (£) and are rounded to the nearest £1.
Going concern
The financial statements have been prepared on a going concern basis.
Tax
The tax expense for the period comprises current and deferred 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 income 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income 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.
Page 5 |
Buxton Brewery Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold improvements |
10 years straight line |
Plant and machinery |
15% reducing balance |
Fixture and fittings |
25% reducing balance |
Office equipment |
33% straight line |
Motor vehicles |
25% reducing balance |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 6 |
Buxton Brewery Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Tangible assets |
Leashold improvements |
Fixture fittings and office equipment |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 April 2017 |
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Additions |
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At 31 March 2018 |
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Depreciation |
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At 1 April 2017 |
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Charge for the year |
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At 31 March 2018 |
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Carrying amount |
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At 31 March 2018 |
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At 31 March 2017 |
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Page 7 |
Buxton Brewery Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Investments |
2018 |
2017 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 April 2017 |
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Provision |
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Carrying amount |
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At 31 March 2018 |
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At 31 March 2017 |
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Stocks |
2018 |
2017 |
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Other inventories |
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Debtors |
Note |
2018 |
2017 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
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Page 8 |
Buxton Brewery Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Creditors |
Note |
2018 |
2017 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Corporation tax |
48,874 |
88,119 |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Other non-current financial liabilities |
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333,491 |
243,435 |
Loans and borrowings |
2018 |
2017 |
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Non-current loans and borrowings |
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Bank borrowings |
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Finance lease liabilities |
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2018 |
2017 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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Finance lease liabilities |
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Other borrowings |
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Page 9 |
Buxton Brewery Company Limited
Notes to the Financial Statements for the Year Ended 31 March 2018
Bank borrowings
The loan is secured by a legal charge in favour of the Royal Bank of Scotland. |
The finance lease liabilities are secured against the assets to which they relate. The carrying amount at the year end is £270,968 ( 2017 - £101,198).
Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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50 |
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50 |
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50 |
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50 |
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Financial commitments, guarantees and contingencies |
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Transactions with directors |
2018 |
At 1 April 2017 |
Advances to directors |
Repayments by director |
At 31 March 2018 |
Interest free loans repayable on demand |
(2,989) |
( |
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( |
2017 |
At 1 April 2016 |
Advances to directors |
Repayments by director |
At 31 March 2017 |
Interest free loans repayable on demand |
(3,389) |
( |
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( |
Non adjusting events after the financial period |
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Page 10 |