Registration number:
The Bristol Distilling Company Limited
for the Year Ended 31 December 2022
The Bristol Distilling Company Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
The Bristol Distilling Company Limited
Company Information
Directors |
Mr Jake Black Mr Simon Edwards Mrs Emily Astley-Cooper Abigail Lise Buszard |
Registered office |
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Accountants |
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The Bristol Distilling Company Limited
(Registration number: 10638872)
Balance Sheet as at 31 December 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 (liabilities)/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 (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
1,798 |
1,798 |
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Share premium reserve |
570,367 |
570,367 |
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Retained earnings |
(664,318) |
(554,325) |
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Shareholders' (deficit)/funds |
(92,153) |
17,840 |
For the financial year ending 31 December 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
The Bristol Distilling Company Limited
(Registration number: 10638872)
Balance Sheet as at 31 December 2022
Approved and authorised by the
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The Bristol Distilling Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 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.
Going concern
The financial statements have been prepared on a going concern basis.
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 and discounts.
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.
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.
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:
The Bristol Distilling Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Asset class |
Depreciation method and rate |
Plant & Machinery |
10% straight line basis |
Office & Computer Equipment |
25% straight line basis |
Fixtures & Fittings |
10% straight line basis |
Whiskey Barrels |
100% straight line basis |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
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 |
Website development |
25% straight line basis |
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.
The Bristol Distilling Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
The Bristol Distilling Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Other intangible assets |
Total |
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Cost or valuation |
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Additions acquired separately |
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At 31 December 2022 |
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Amortisation |
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Amortisation charge |
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At 31 December 2022 |
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Carrying amount |
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At 31 December 2022 |
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At 31 December 2021 |
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The aggregate amount of research and development expenditure recognised as an expense during the period is £- (2021 - £
The Bristol Distilling Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Tangible assets |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
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Cost or valuation |
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At 1 January 2022 |
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Additions |
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- |
- |
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Disposals |
- |
( |
- |
( |
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At 31 December 2022 |
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Depreciation |
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At 1 January 2022 |
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Charge for the year |
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At 31 December 2022 |
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Carrying amount |
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At 31 December 2022 |
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At 31 December 2021 |
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Total |
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Cost or valuation |
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At 1 January 2022 |
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Additions |
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Disposals |
( |
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At 31 December 2022 |
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Depreciation |
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At 1 January 2022 |
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Charge for the year |
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At 31 December 2022 |
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Carrying amount |
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At 31 December 2022 |
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At 31 December 2021 |
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Investments |
2022 |
2021 |
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Investments in subsidiaries |
- |
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The Bristol Distilling Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Subsidiaries |
£ |
Cost or valuation |
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At 1 January 2022 |
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Disposals |
( |
At 31 December 2022 |
- |
Provision |
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Carrying amount |
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At 31 December 2022 |
- |
At 31 December 2021 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2022 |
2021 |
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Subsidiary undertakings |
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Orchard Street Business Centre 13-14 Orchard Street
England & Wales |
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Subsidiary undertakings |
Blue Teal Ltd The principal activity of Blue Teal Ltd is |
Stocks |
2022 |
2021 |
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Other inventories |
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The Bristol Distilling Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Debtors |
Current |
2022 |
2021 |
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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Due within one year |
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Bank loans and overdrafts |
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trade creditors |
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Amounts owed to related parties |
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Taxation and social security |
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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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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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The Bristol Distilling Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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1,798 |
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1,798 |
Loans and borrowings |
2022 |
2021 |
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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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Other borrowings |
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2022 |
2021 |
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Current loans and borrowings |
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Finance lease liabilities |
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Other borrowings |
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