ACCOUNTS - Final Accounts preparation

CRAFTY MALTSTERS LTD - Company Information

Registered number: SC498560

CRAFTY MALTSTERS LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2019

CRAFTY MALTSTERS LTD

COMPANY INFORMATION

Directors	Alison Anne Milne
	Daniel Alexander Milne


Registered number	SC498560


Registered office	Demperston Farm
	Auchtermuchty
	Cupar
	Fife
	KY14 7EA


Accountants	EQ Accountants LLP
	Chartered Accountants
	58 Bonnygate
	Cupar
	Fife
	KY15 4LD

CRAFTY MALTSTERS LTD

REGISTERED NUMBER: SC498560

STATEMENT OF FINANCIAL POSITION

AS AT 28 FEBRUARY 2019

		2019		2018
		£		£

Fixed assets
Tangible assets	4		385,433		-
			385,433		-
Current assets
Stocks		708		-
Debtors: amounts falling due within one year	5	94,705		-
Cash at bank and in hand		100		100
		95,513		100
Creditors: amounts falling due within one year	6	(148,244)		-
Net current (liabilities)/assets			(52,731)		100
Total assets less current liabilities			332,702		100
Creditors: amounts falling due after more than one year			(370,785)		-

Net (liabilities)/assets			(38,083)		100

Capital and reserves
Called up share capital	100	100
Profit and loss account	(38,183)	-
	(38,083)	100

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CRAFTY MALTSTERS LTD

REGISTERED NUMBER: SC498560

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 28 FEBRUARY 2019

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 May 2019.

Alison Anne Milne

Director

The notes on pages 3 to 6 form part of these financial statements.

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CRAFTY MALTSTERS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2019

1.	General information

Crafty Maltsters Ltd is a private company, limited by shares and incorporated in Scotland under registration number SC498560. The registered office address is Demperston Farm, Auchtermuchty, Cupar, KY14 7EA.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The company is in a net liability position and made a loss in the year. The accounts are prepared on a going concern basis as the directors will continue to support the company for at least the next 12 months.

2.3

Finance costs

Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.4

Borrowing costs

All borrowing costs are recognised in the Statement of income and retained earnings in the year in which they are incurred.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Long-term leasehold property	-	2%
				Plant and machinery	-	10%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

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CRAFTY MALTSTERS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2019

2.Accounting policies (continued)

2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Employees

The average monthly number of employees, including directors, during the year was 2 (2018 - 2).

4.	Tangible fixed assets

	Long-term leasehold property	Plant and machinery	Total
	£	£	£
Cost or valuation
Additions	100,939	318,349	419,288
At 28 February 2019	100,939	318,349	419,288
Depreciation
Charge for the year on owned assets	2,019	31,836	33,855
At 28 February 2019	2,019	31,836	33,855
Net book value
At 28 February 2019	98,920	286,513	385,433
At 28 February 2018	-	-	-

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CRAFTY MALTSTERS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2019

Debtors

					2019	2018
					£	£


Other debtors	5,239	-
Grants receivable	89,466	-
	94,705	-

6.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Bank overdrafts	119,046	-
Trade creditors	6,500	-
Other creditors	9,162	-
Accruals and deferred income	13,536	-
	148,244	-

7.	Creditors: Amounts falling due after more than one year
		2019	2018
		£	£

Bank loans	250,000	-
Accruals and deferred income	120,785	-
	370,785	-

Secured liabilities
The bank loan is secured over the assets of Mr Milne namely the land and farmhouse of Dura Mains.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
	2019	2018
	£	£

	Repayable by instalments	201,275	-
		201,275	-

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CRAFTY MALTSTERS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2019

8.	Share capital
		2019	2018
		£	£

Allotted, called up and fully paid

100 (2018 - 100) Ordinary shares of £1.00 each	100	100

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