Alchemy Distil Ltd 28/02/2020 iXBRL

Alchemy Distil Ltd 28/02/2020 iXBRL

ALCHEMY DISTIL LTD - Company Information

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Alchemy Distil Ltd
Company registration number: NI651130
Statement of consent to prepare abridged financial statements
All of the members of Alchemy Distil Ltd have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 28 February 2020 in accordance with Section 444(2A) of the Companies Act 2006.
Company registration number: NI651130
Alchemy Distil Ltd
Unaudited filleted abridged financial statements
28 February 2020
Alchemy Distil Ltd
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
Alchemy Distil Ltd
Directors and other information
Directors Laurie Moon
Thomas John Evans
Samuel John Ian Killen
Christopher Stephen Smith
Company number NI651130
Registered office 22 Great Victoria Street
Belfast
BT2 7BA
Accountants Hill Vellacott
22 Great Victoria Street
Belfast
BT2 7BA
Alchemy Distil Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Alchemy Distil Ltd
Year ended 28 February 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Alchemy Distil Ltd for the year ended 28 February 2020 which comprise the abridged statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of Alchemy Distil Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Alchemy Distil Ltd and state those matters that we have agreed to state to the board of directors of Alchemy Distil Ltd as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Alchemy Distil Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Alchemy Distil Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Alchemy Distil Ltd. You consider that Alchemy Distil Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Alchemy Distil Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hill Vellacott
Chartered Accountants
22 Great Victoria Street
Belfast
BT2 7BA
26 February 2021
Alchemy Distil Ltd
Abridged statement of financial position
28 February 2020
2020 2019
Note £ £ £ £
Fixed assets
Intangible assets 6 997 997
_______ _______
997 997
Current assets
Stocks 57,565 49,524
Debtors 7,511 48,731
Cash at bank and in hand 4,830 2,670
_______ _______
69,906 100,925
Creditors: amounts falling due
within one year ( 16,811) ( 8,779)
_______ _______
Net current assets 53,095 92,146
_______ _______
Total assets less current liabilities 54,092 93,143
_______ _______
Net assets 54,092 93,143
_______ _______
Capital and reserves
Called up share capital 500 500
Share premium account 99,800 99,800
Profit and loss account ( 46,208) ( 7,157)
_______ _______
Shareholders funds 54,092 93,143
_______ _______
For the year ending 28 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 February 2021 , and are signed on behalf of the board by:
Christopher Stephen Smith
Director
Company registration number: NI651130
Alchemy Distil Ltd
Notes to the financial statements
Year ended 28 February 2020
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Alchemy Distil Ltd, 22 Great Victoria Street, Belfast, BT2 7BA.The principal activity of the company is alcohol manufacture and distribution.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Staff costs
5. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2019: 4 ).
6. Intangible assets
£
Cost
At 1 March 2019 and 28 February 2020 997
_______
Amortisation
At 1 March 2019 and 28 February 2020 -
_______
Carrying amount
At 28 February 2020 997
_______
At 28 February 2019 997
_______
7. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2020
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Laurie Moon 4,693 - 4,693
Thomas John Evans 34,966 ( 37,918) ( 2,952)
_______ _______ _______
39,659 ( 37,918) 1,741
_______ _______ _______
2019
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Laurie Moon - 4,693 4,693
Thomas John Evans - 34,966 34,966
_______ _______ _______
- 39,659 39,659
_______ _______ _______