Company Registration No. SC492519 (Scotland)
Bellfield Brewery Limited
Unaudited financial statements
for the year ended 31 December 2017
Pages for filing with Registrar
Bellfield Brewery Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
Bellfield Brewery Limited
Balance sheet
as at 31 December 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Intangible assets
2
114
128
Tangible assets
3
8,131
3,115
Current assets
Stocks
30,307
18,760
Debtors
4
53,059
28,796
Cash at bank and in hand
223,862
9,491
307,228
57,047
Creditors: amounts falling due within one year
5
(70,894)
(27,099)
Net current assets
236,334
29,948
Total assets less current liabilities
244,579
33,191
Creditors: amounts falling due after more than one year
6
(2,296)
-
Provisions for liabilities
(1,545)
(623)
Net assets
240,738
32,568
Capital and reserves
Called up share capital
7
12
11
Share premium account
596,575
178,802
Profit and loss reserves
(355,849)
(146,245)
Total equity
240,738
32,568
Bellfield Brewery Limited
Balance sheet (continued)
as at 31 December 2017
31 December 2017
- 2 -
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 December 2017 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 14 August 2018 and are signed on its behalf by:
M Brown
G Dye
Director
Director
Company Registration No. SC492519
Bellfield Brewery Limited
Notes to the financial statements
for the year ended 31 December 2017
- 3 -
1
Accounting policies
Company information
Bellfield Brewery Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
46 Stanley Place, Edinburgh, Midlothian, EH7 5TB.
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
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
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the cost or value of the asset can be measured reliably.
Bellfield Brewery Limited
Notes to the financial statements (continued)
for the year ended 31 December 2017
1
Accounting policies (continued)
- 4 -
Amortisation 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:
Patents & Licenses
10% on cost
1.5
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:
Improvements to Property
10% on cost
Plant and machinery
20% on cost
Fixtures, fittings & equipment
20% on cost
Computer equipment
33% on cost
Motor vehicles
33% on cost
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
.
1.6
Impairment of fixed 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.
1.7
Stocks
Stocks 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 stocks to their present location and condition.
Stocks 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.
1.8
Cash at bank and in hand
Cash at bank and in hand
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.
Bellfield Brewery Limited
Notes to the financial statements (continued)
for the year ended 31 December 2017
1
Accounting policies (continued)
- 5 -
1.9
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 balance sheet 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
Basic financial assets, which include debtors 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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
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. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Bellfield Brewery Limited
Notes to the financial statements (continued)
for the year ended 31 December 2017
1
Accounting policies (continued)
- 6 -
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.
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.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to income 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 asset are consumed.
1.13
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
Bellfield Brewery Limited
Notes to the financial statements (continued)
for the year ended 31 December 2017
- 7 -
2
Intangible fixed assets
Other
£
Cost
At 1 January 2017 and 31 December 2017
142
Amortisation and impairment
At 1 January 2017
14
Amortisation charged for the year
14
At 31 December 2017
28
Carrying amount
At 31 December 2017
114
At 31 December 2016
128
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2017
715
3,527
4,242
Additions
129
8,179
8,308
At 31 December 2017
844
11,706
12,550
Depreciation and impairment
At 1 January 2017
72
1,055
1,127
Depreciation charged in the year
84
3,208
3,292
At 31 December 2017
156
4,263
4,419
Carrying amount
At 31 December 2017
688
7,443
8,131
At 31 December 2016
643
2,472
3,115
Bellfield Brewery Limited
Notes to the financial statements (continued)
for the year ended 31 December 2017
- 8 -
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
16,990
8,330
Other debtors
36,069
20,466
53,059
28,796
5
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
42,292
13,534
Other creditors
28,602
13,565
70,894
27,099
6
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
2,296
-
Bellfield Brewery Limited
Notes to the financial statements (continued)
for the year ended 31 December 2017
- 9 -
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
858,681 Ordinary A shares of 0.001p each
9
9
126,283 Investment B shares of 0.001p each
1
1
222,950 Ordinary A of 0.001p each
2
1
12
11
During the year the following shares were issued:
5,281 Ordinary A shares were issued at a nominal value of 0.001p for consideration of £2.84 per share, this was satisfied by way of a conversion of a loan to share capital.
132,038 Ordinary A shares were issued at a nominal value of 0.001p for consideration of £2.84 per share
14,009 Investment B shares were issued at a nominal value of 0.001p for consideration of £2.84 per share.
8
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:
2017
2016
£
£
Within one year
20,000
20,000
Between two and five years
89,000
86,000
In over five years
-
23,000
109,000
129,000
9
Directors' transactions
During the year Marie Brown, one of the directors, was paid for consultancy services to the company to the value of £8,175 (2016: £nil). There is £nil due to Marie Brown at the year end.
2017-12-31
2017-01-01
false
CCH Software
CCH Accounts Production 2018.200
No description of principal activity
14 August 2018
A Brown (appointed 19/07/2017)
M Brown
G Dye
M Brown (appointed 16/11/2017)
2018-08-14
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