Company Registration No. SC335515 (Scotland)
NOAH BEERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
NOAH BEERS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
NOAH BEERS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
3
5,983
6,723
Tangible assets
4
521,736
595,727
527,719
602,450
Current assets
Stocks
37,843
36,188
Debtors
5
756,069
765,877
Cash at bank and in hand
12,071
30,526
805,983
832,591
Creditors: amounts falling due within one year
6
(478,939)
(469,527)
Net current assets
327,044
363,064
Total assets less current liabilities
854,763
965,514
Creditors: amounts falling due after more than one year
7
(23,018)
(104,853)
Provisions for liabilities
(75,560)
(90,612)
Net assets
756,185
770,049
Capital and reserves
Called up share capital
9
200
200
Share premium account
49,970
49,970
Revaluation reserve
50,000
50,000
Profit and loss reserves
656,015
669,879
Total equity
756,185
770,049
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The 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.
NOAH BEERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2019
31 December 2019
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 2 November 2020
Ms P M Wetzel
Director
Company Registration No. SC335515
NOAH BEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 3 -
1
Accounting policies
Company information
Noah Beers Limited is a private company limited by shares incorporated in Scotland. The registered office is West Brewery, Templeton Building, Binnie Place, Glasgow, G40 1AW.
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 amounts 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
Going concern
In common with most businesses the company is facing potential issues in respect of the COVID-19 pandemic. This is an ongoing situation and the company is adopting a strategy to manage the ever-changing situation as effectively as possible.
The directors are satisfied that these events do not affect the company's ability to continue as a going concern and this basis is appropriate for the preparation of the accounts.
1.3
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.
1.4
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of twenty years.
The amortisation treatment of the 2010 goodwill is a departure from FRS 102 Section 1A which limits the period of goodwill amortisation to a maximum of ten years. The directors consider it appropriate to depart from the treatment in order to show a true and fair view, as they review the carrying value of goodwill each year for impairment based on their knowledge of the business sector in which the company operates.
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:
Plant and equipment
10% and 20% on cost
Fixtures and fittings
20% on cost
Computers
20% on cost
Motor vehicles
20% on cost
NOAH BEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 4 -
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).
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.
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
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 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.
NOAH BEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 5 -
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 fixed 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.
NOAH BEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
65
62
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2019 and 31 December 2019
14,805
Amortisation and impairment
At 1 January 2019
8,082
Amortisation charged for the year
740
At 31 December 2019
8,822
Carrying amount
At 31 December 2019
5,983
At 31 December 2018
6,723
NOAH BEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 7 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2019
1,089,095
353,238
56,995
16,830
1,516,158
Additions
20,903
67,181
1,690
-
89,774
At 31 December 2019
1,109,998
420,419
58,685
16,830
1,605,932
Depreciation and impairment
At 1 January 2019
665,783
190,671
47,147
16,830
920,431
Depreciation charged in the year
90,327
69,469
3,969
-
163,765
At 31 December 2019
756,110
260,140
51,116
16,830
1,084,196
Carrying amount
At 31 December 2019
353,888
160,279
7,569
-
521,736
At 31 December 2018
423,312
162,567
9,848
-
595,727
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
-
212
Amounts owed by group undertakings
687,591
605,421
Other debtors
68,478
160,244
756,069
765,877
6
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
153,861
71,462
Trade creditors
106,339
143,868
Corporation tax
19,808
78,499
Other taxation and social security
81,131
86,937
Other creditors
117,800
88,761
478,939
469,527
NOAH BEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 8 -
7
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
4,245
71,271
Other creditors
18,773
33,582
23,018
104,853
8
Security
Royal Bank of Scotland PLC holds a floating charge over all assets of the company in respect of amounts advanced now or in the future to the company.
9
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
20,000 Ordinary shares of 1p each
200
200
10
Operating lease commitments
At the year end the company had operating leases outstanding totalling £1,093,067 (2018 - £1,182,297).
11
Events after the reporting date
In common with most businesses the company is facing potential issues in respect of the COVID-19 pandemic. This is an ongoing situation and the company is adopting a strategy to manage the ever-changing situation as effectively as possible.
12
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
2019
2018
£
£
Amounts due from associated companies
687,591
605,421
The above loan is unsecured, interest free and repayable on demand.
NOAH BEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
12
Related party transactions
(Continued)
- 9 -
The following amounts were outstanding at the reporting end date:
2019
2018
Amounts due to related parties
£
£
Key management personnel
33,065
-
The above loan is unsecured, interest free and repayable on demand.
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