Two Tribes Brewing Ltd - Period Ending 2016-05-31

Registration number: 03860428

Two Tribes Brewing Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 May 2016
 

Two Tribes Brewing Ltd
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Two Tribes Brewing Ltd
(Registration number: 03860428)
Abbreviated Balance Sheet at 31 May 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					86,797			50,002
Current assets
Stocks					56,292			45,972
Debtors					289,122			114,396
Cash at bank and in hand					3,524			12,103
					348,938			172,471
Creditors: Amounts falling due within one year					(383,534)			(196,896)
Net current liabilities					(34,596)			(24,425)
Total assets less current liabilities					52,201			25,577
Creditors: Amounts falling due after more than one year					(24,592)			(15,066)
Provisions for liabilities					(16,959)			(9,511)
Net assets					10,650			1,000
Capital and reserves
Called up share capital		3			1,000			1,000
Profit and loss account					9,650			-
Shareholders' funds					10,650			1,000

For the year ending 31 May 2016 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 28 February 2017 and signed on its behalf by:

.........................................
Mrs Nicola Ruth Deighton
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Two Tribes Brewing Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Motor vehicles	25% reducing balance
Fixtures and fittings	15% reducing balance
Plant and machinery	15% reducing balance
Computer equipment	25% reducing balance

Stock and work in progress

Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Page 2

Two Tribes Brewing Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 June 2015		231,552			231,552
Additions		52,027			52,027
At 31 May 2016		283,579			283,579
Depreciation
At 1 June 2015		181,550			181,550
Charge for the year		15,232			15,232
At 31 May 2016		196,782			196,782
Net book value
At 31 May 2016		86,797			86,797
At 31 May 2015		50,002			50,002

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary of £1 each		1,000			1,000			1,000			1,000

4

Control

The company is controlled by Sussex Beer Company Limited. The ultimate controlling party is Justin Deighton and Nicola Deighton.

Page 3

Two Tribes Brewing Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

5	Going concern

The directors have reviewed the twelve months ahead and considered the company's financial position and note no material uncertainties that may cast significant doubt about the ability of it to continue as a going concern.

Page 4