The Big Beer Co Limited

Mr Bruce Gray Mr Jack Granger

SC441817 (Scotland)

140 West George Street Glasgow G2 2HG United Kingdom

Tangible assets

96,923 

69,455 

Inventories

18,021 

14,296 

Debtors

121,678 

102,079 

Cash at bank and in hand

98,638 

295,311 

(155,252)

(160,229)

(217,107)

(301,319)

Deferred tax

(15,253)

(13,197)

Called up share capital

4 

4 

Share premium

5,298 

5,298 

Profit and loss account

(57,654)

1,094 

For the year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The financial statements were approved by the Board of Directors and authorised for issue on 16 November 2021 and were signed on its behalf by

Mr Bruce Gray Director Company Registration No. SC441817

The Big Beer Co Limited is a private company, limited by shares, registered in Scotland, registration number SC441817. The registered office is 140 West George Street, Glasgow, G2 2HG, United Kingdom.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

These accounts have been prepared in accordance with section 1A of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the requirements of the Companies Act 2006. There were no material departures from that standard. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Turnover is recognised at the fair value of the consideration received or receivable for goods 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.

Land & buildings

Plant & machinery

Motor vehicles

Computer equipment

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

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. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks 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.

Cash and cash equivalents are basic financial instruments and include cash in hand and deposits held at call with banks.

Basic financial assets, which include trade and other 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies, 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 payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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. Equity instruments issued by the company are recorded at the fair value of 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.

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax is based on taxable profit for the year. Current and deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event to which it relates, and is also charged or credited to other comprehensive income or equity. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date. Current tax assets are recognised when tax paid exceeds the tax payable. Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously. Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date. Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

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.

For defined contribution schemes the amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.

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 statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss 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 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 leases asset are consumed.

At cost 

At cost 

At cost 

At cost 

At 1 July 2020

28,004 

76,099 

48,778 

1,119 

154,000 

Additions

48,623 

- 

- 

342 

48,965 

At 30 June 2021

At 1 July 2020

18,981 

51,217 

14,132 

215 

84,545 

Charge for the year

12,136 

5,806 

3,175 

380 

21,497 

At 30 June 2021

At 30 June 2021

At 30 June 2020

Trade debtors

4,758 

215 

Accrued income and prepayments

12,879 

12,240 

Other debtors

104,041 

89,624 

Bank loans and overdrafts

50,000 

8,333 

VAT

9,728 

22,108 

Trade creditors

34,858 

16,428 

Taxes and social security

14,727 

65,272 

Other creditors

38,860 

46,221 

Accruals

7,079 

1,867 

Bank loans

191,667 

241,667 

Other creditors

25,440 

59,652 

Allotted, called up and fully paid:

360 Ordinary of £0.01 each

3.60 

3.60 

22 A Ordinary of £0.01 each

0.22 

0.22 

11 B Ordinary of £0.01 each

0.11 

0.11 

31 C Ordinary of £0.01 each

0.31 

0.31 

1 D Ordinary of £0.01 each

0.01 

0.01 

15 E Ordinary of £0.01 each

0.15 

0.15 

At 30 June 2021 the company has total minimum future payment commitments under non-cancellable operating leases as follows:

Operating leases expiring:

Within one year

- 

38,000 

Within two to five years

- 

152,000 

More than five years

- 

313,500 

During the year the average number of employees was 16 (2020: 12).