Abbreviated Company Accounts - KING BEER LIMITED

Abbreviated Company Accounts - KING BEER LIMITED

TWO TRIBES BREWING LTD - Company Information

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Registered Number 03860428

KING BEER LIMITED

Abbreviated Accounts

31 May 2015

KING BEER LIMITED Registered Number 03860428

Abbreviated Balance Sheet as at 31 May 2015

Notes 2015 2014
£ £
Fixed assets
Tangible assets 2 50,002 58,084
50,002 58,084
Current assets
Stocks 45,972 47,633
Debtors 114,397 88,129
Cash at bank and in hand 12,103 18,360
172,472 154,122
Creditors: amounts falling due within one year (196,897) (153,912)
Net current assets (liabilities) (24,425) 210
Total assets less current liabilities 25,577 58,294
Creditors: amounts falling due after more than one year (15,066) (25,156)
Provisions for liabilities (9,511) (11,020)
Total net assets (liabilities) 1,000 22,118
Capital and reserves
Called up share capital 3 1,000 1,000
Profit and loss account - 21,118
Shareholders' funds 1,000 22,118
  • For the year ending 31 May 2015 the company was entitled to exemption 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 24 February 2016

And signed on their behalf by:
MRS N R DEIGHTON, Director

KING BEER LIMITED Registered Number 03860428

Notes to the Abbreviated Accounts for the period ended 31 May 2015

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Tangible assets depreciation policy
Plant & Machinery - 15% reducing balance
Fixtures & Fittings - 15% reducing balance
Motor Vehicles - 25% reducing balance
Equipment - 25% reducing balance

Other accounting policies
All fixed assets are initially recorded at cost.
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
The financial statements have been prepared under the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends upon the continuing support of the company’s directors.
If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet values of the assets to their recoverable amounts and to provide for further liabilities that might arise. The directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.
The company is a 100% owned subsidiary of The Sussex Beer Company Ltd.

2Tangible fixed assets
£
Cost
At 1 June 2014 230,018
Additions 1,534
Disposals -
Revaluations -
Transfers -
At 31 May 2015 231,552
Depreciation
At 1 June 2014 171,934
Charge for the year 9,616
On disposals -
At 31 May 2015 181,550
Net book values
At 31 May 2015 50,002
At 31 May 2014 58,084
3Called Up Share Capital
Allotted, called up and fully paid:
2015
£		 2014
£
1,000 Ordinary shares of £1 each 1,000 1,000