Company Registration No. 02688934 (England and Wales)
WEETWOOD ALES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
WEETWOOD ALES LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
WEETWOOD ALES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Property, plant and equipment
3
875,022
795,836
Current assets
Inventories
106,275
79,571
Trade and other receivables
4
231,943
251,531
Cash and cash equivalents
28,691
73,446
366,909
404,548
Current liabilities
5
(314,269)
(276,181)
Net current assets
52,640
128,367
Total assets less current liabilities
927,662
924,203
Non-current liabilities
6
-
(9,366)
Provisions for liabilities
7
(70,885)
(52,484)
Net assets
856,777
862,353
Equity
Called up share capital
8
10,000
10,000
Retained earnings
846,777
852,353
Total equity
856,777
862,353

The directors of the company have elected not to include a copy of the income statement within the financial statements. true

For the financial year ended 31 March 2019 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 28 October 2019 and are signed on its behalf by:
Mrs L J Humby
Director
Company Registration No. 02688934
WEETWOOD ALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 2 -
1
Accounting policies
Company information

Weetwood Ales Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Brewery, Common Lane, Kelsall, Tarporley, Cheshire, CW6 0PY.

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.

1.2
Revenue

Revenue represents amounts receivable for good and services net of VAT.

 

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, 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
Straight line over 50 years
Plant and machinery
3-10 years straight line
Fixtures, fittings & equipment
3-5 years straight line
Motor vehicles
3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss .

1.4
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

WEETWOOD ALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 3 -

Recoverable amount is the higher of fair value less costs to sell and value in use.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Inventories

Inventories 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 inventories to their present location and condition.

 

Inventories 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 inventories 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.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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 statement of financial position 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.

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Trade receivables , loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

WEETWOOD ALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 4 -

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
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 income statement 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.

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.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 14 (2018 - 13).

WEETWOOD ALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 5 -
3
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2018
635,839
445,345
1,081,184
Additions
5,578
125,350
130,928
At 31 March 2019
641,417
570,695
1,212,112
Depreciation and impairment
At 1 April 2018
75,003
210,345
285,348
Depreciation charged in the year
12,810
38,932
51,742
At 31 March 2019
87,813
249,277
337,090
Carrying amount
At 31 March 2019
553,604
321,418
875,022
At 31 March 2018
560,836
235,000
795,836
4
Trade and other receivables
2019
2018
Amounts falling due within one year:
£
£
Trade receivables
190,494
177,418
Other receivables
41,449
74,113
231,943
251,531
5
Current liabilities
2019
2018
£
£
Bank loans
10,193
12,531
Trade payables
83,367
81,931
Taxation and social security
55,700
107,237
Other payables
165,009
74,482
314,269
276,181
WEETWOOD ALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 6 -
6
Non-current liabilities
2019
2018
£
£
Bank loans and overdrafts
-
9,366
7
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2019
2018
Balances:
£
£
Accelerated capital allowances
70,885
52,484
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
10,000 Ordinary shares of £1 each
10,000
10,000
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2019
2018
£
£
13,984
19,635
2019-03-31 2018-04-01 false 28 October 2019 CCH Software CCH Accounts Production 2019.301 No description of principal activity Mr R  McLaughlin Mrs L J Humby Mr P  McLaughlin 02688934 2018-04-01 2019-03-31 02688934 2019-03-31 02688934 2018-03-31 02688934 core:LandBuildings 2019-03-31 02688934 core:OtherPropertyPlantEquipment 2019-03-31 02688934 core:LandBuildings 2018-03-31 02688934 core:OtherPropertyPlantEquipment 2018-03-31 02688934 core:CurrentFinancialInstruments core:WithinOneYear 2019-03-31 02688934 core:CurrentFinancialInstruments core:WithinOneYear 2018-03-31 02688934 core:CurrentFinancialInstruments 2019-03-31 02688934 core:CurrentFinancialInstruments 2018-03-31 02688934 core:Non-currentFinancialInstruments 2018-03-31 02688934 core:ShareCapital 2019-03-31 02688934 core:ShareCapital 2018-03-31 02688934 core:RetainedEarningsAccumulatedLosses 2019-03-31 02688934 core:RetainedEarningsAccumulatedLosses 2018-03-31 02688934 bus:Director2 2018-04-01 2019-03-31 02688934 core:LandBuildings core:OwnedOrFreeholdAssets 2018-04-01 2019-03-31 02688934 core:PlantMachinery 2018-04-01 2019-03-31 02688934 core:FurnitureFittings 2018-04-01 2019-03-31 02688934 core:MotorVehicles 2018-04-01 2019-03-31 02688934 core:LandBuildings 2018-03-31 02688934 core:OtherPropertyPlantEquipment 2018-03-31 02688934 2018-03-31 02688934 core:LandBuildings 2018-04-01 2019-03-31 02688934 core:OtherPropertyPlantEquipment 2018-04-01 2019-03-31 02688934 core:WithinOneYear 2019-03-31 02688934 core:WithinOneYear 2018-03-31 02688934 bus:PrivateLimitedCompanyLtd 2018-04-01 2019-03-31 02688934 bus:SmallCompaniesRegimeForAccounts 2018-04-01 2019-03-31 02688934 bus:FRS102 2018-04-01 2019-03-31 02688934 bus:AuditExemptWithAccountantsReport 2018-04-01 2019-03-31 02688934 bus:Director1 2018-04-01 2019-03-31 02688934 bus:Director3 2018-04-01 2019-03-31 02688934 bus:FullAccounts 2018-04-01 2019-03-31 xbrli:pure xbrli:shares iso4217:GBP