Registration number:
Salcombe Distilling Company Ltd
for the Year Ended 28 February 2022
Salcombe Distilling Company Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Salcombe Distilling Company Ltd
Company Information
Directors |
Mr Charles Angus Hamilton Lugsdin Mrs Charlotte Ellen Davies Mr Nicholas Simon Marshall Mr Nicholas Bodo Blazquez Mr Howard Lawrence Davies |
Registered office |
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Accountants |
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Salcombe Distilling Company Ltd
(Registration number: 09140632)
Balance Sheet as at 28 February 2022
Note |
2022 |
2021 |
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Fixed assets |
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Intangible 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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Net assets |
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Capital and reserves |
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Called up share capital |
22,527 |
22,527 |
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Share premium reserve |
1,814,122 |
1,814,122 |
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Retained earnings |
(957,098) |
(479,377) |
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Shareholders' funds |
879,551 |
1,357,272 |
Salcombe Distilling Company Ltd
(Registration number: 09140632)
Balance Sheet as at 28 February 2022
For the financial year ending 28 February 2022 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been 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
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Salcombe Distilling Company Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.
Salcombe Distilling Company Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022
Adjusting events after the financial period
On 22nd March 2022 59,898 Ordinary C class shares of £0.01 each were allotted for a total consideration of £704,400. Subsequently, on 4th July 2022 a further 78,575 Ordinary C class shares of £0.01 each were allotted for a total consideration of £924,042. |
Judgements
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are reocgnised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates, discounts and excise duty.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Government grants
Government grants are recognised when there is reasonable assurance that the company will comply with the conditions attaching to the grant and that the grant will be received.
Government grants are receivable and recognised in the same period as the related expenditure.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current 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.
Salcombe Distilling Company Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Salcombe Distilling Company Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022
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 |
Plant and Machinery |
Straight line 7-20% |
Office Equipment |
Straight line 20-33% |
Leasehold improvements |
Straight line 7-20% |
Intangible assets
Intangible assets acquired are initially recognised at cost and are subsequently reviewed for impairment on an annual basis. Any impairment loss is included in the profit or loss.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Development costs |
33% straight line |
Intellectual Property |
10% - 33% straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Salcombe Distilling Company Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
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 inventories 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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Salcombe Distilling Company Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022
Loss before tax |
Arrived at after charging/(crediting)
2022 |
2021 |
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Depreciation expense |
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Amortisation expense |
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Intangible assets |
Intellectual Property |
Development costs |
Total |
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Cost or valuation |
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At 1 March 2021 |
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Additions acquired separately |
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At 28 February 2022 |
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Amortisation |
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At 1 March 2021 |
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Amortisation charge |
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At 28 February 2022 |
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Carrying amount |
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At 28 February 2022 |
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At 28 February 2021 |
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Salcombe Distilling Company Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022
Tangible assets |
Leasehold |
Office equipment |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 March 2021 |
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Additions |
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Disposals |
( |
( |
( |
( |
At 28 February 2022 |
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Depreciation |
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At 1 March 2021 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
( |
( |
At 28 February 2022 |
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Carrying amount |
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At 28 February 2022 |
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At 28 February 2021 |
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Salcombe Distilling Company Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022
Investments |
2022 |
2021 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 March 2021 |
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Carrying amount |
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At 28 February 2022 |
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At 28 February 2021 |
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Stocks |
2022 |
2021 |
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Stock |
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Debtors |
Current |
2022 |
2021 |
Trade debtors |
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Prepayments |
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Other debtors |
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Salcombe Distilling Company Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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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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Accruals and deferred income |
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Other creditors |
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2022 |
2021 |
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Current loans and borrowings |
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Bank overdrafts |
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- |
HP and finance lease liabilities |
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Other borrowings |
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Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
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Due after one year |
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Loans and borrowings |
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2022 |
2021 |
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Non-current loans and borrowings |
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HP and finance lease liabilities |
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Other borrowings |
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Non adjusting events after the financial period |
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Salcombe Distilling Company Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Loans and borrowings |
2022 |
2021 |
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Non-current loans and borrowings |
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Hire purchase contracts |
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Other borrowings |
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2022 |
2021 |
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Current loans and borrowings |
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Bank overdrafts |
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- |
Hire purchase contracts |
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Other borrowings |
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Salcombe Distilling Company Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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6,713 |
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6,713 |
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14,257 |
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14,257 |
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1,558 |
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1,558 |
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