Company Registration No. SC303551 (Scotland)
COLONSAY BREWING COMPANY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
COLONSAY BREWING COMPANY LTD
COMPANY INFORMATION
Directors
Mr C W Nisbet
Mr D Johnston
Company number
SC303551
Registered office
The Brew House
Dun Oran Park
Scalasaig
Isle of Colonsay
Argyll
PA61 7YW
Accountants
Campbell Dallas Limited
5 Whitefriars Crescent
Perth
PH2 0PA
COLONSAY BREWING COMPANY LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
COLONSAY BREWING COMPANY LTD
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
224,400
Current assets
Debtors
4
900
22,753
Cash at bank and in hand
-
849
900
23,602
Creditors: amounts falling due within one year
5
(800)
(827)
Net current assets
100
22,775
Total assets less current liabilities
100
247,175
Capital and reserves
Called up share capital
6
100
30,100
Revaluation reserve
-
206,467
Profit and loss reserves
-
10,608
Total equity
100
247,175
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2018 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 member has 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 20 September 2018 and are signed on its behalf by:
Mr C W Nisbet
Director
Company Registration No. SC303551
COLONSAY BREWING COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 2 -
1
Accounting policies
Company information
Colonsay Brewing Company Ltd is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
The Brew House, Dun Oran Park, Scalasaig, Isle of Colonsay, Argyll, PA61 7YW.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Tangible fixed assets
Tangible fixed assets
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:
Freehold land and buildings
2% 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 subject to their reversal against the revaluation reserve
.
1.3
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 profit and loss account 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.
COLONSAY BREWING COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 3 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Exceptional costs
2018
2017
£
£
Profit/(loss) on disposal of fixed asset
124,400
-
Exceptional items relate to the sale of the Land and Buildings during the year to fellow group company, Colonsay Beverages Ltd.
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2017
240,000
Disposals
(240,000)
At 31 March 2018
-
Depreciation and impairment
At 1 April 2017
15,600
Eliminated in respect of disposals
(15,600)
At 31 March 2018
-
Carrying amount
At 31 March 2018
-
At 31 March 2017
224,400
COLONSAY BREWING COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 4 -
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
900
22,753
5
Creditors: amounts falling due within one year
2018
2017
£
£
Corporation tax
-
27
Other creditors
800
800
800
827
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
30,100
100
30,100
Colonsay Beverages Ltd acquired the entire share capital of Colonsay Brewing Company Ltd in October 2017. On 29 March 2018 the directors passed a special resolution reducing the share capital from 30,100 ordinary shares to 100 ordinary shares.