Locksley Distilling Company Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08443976 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 June 2020

for

Locksley Distilling Company Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J Cherry

D Watson

REGISTERED OFFICE:

Unit 20C, 1 Portland Works

Randall Street

Sheffield

South Yorkshire

S2 4SJ

REGISTERED NUMBER:

08443976 (England and Wales)

ACCOUNTANTS:

Susan Cottrill & Co

Redlands Business Centre

3/5 Tapton House Road

Broomhill

Sheffield

South Yorkshire

S10 5BY

FIXED ASSETS

Tangible assets

4

50,331

40,846

CURRENT ASSETS

Stocks

33,526

41,385

Debtors

5

21,523

33,867

Cash at bank and in hand

62,771

7,118

117,820

82,370

CREDITORS

Amounts falling due within one year

6

69,735

92,828

NET CURRENT ASSETS/(LIABILITIES)

48,085

(10,458

)

TOTAL ASSETS LESS CURRENT LIABILITIES

98,416

30,388

CREDITORS

Amounts falling due after more than one year

7

51,275

3,676

NET ASSETS

47,141

26,712

CAPITAL AND RESERVES

Called up share capital

90,618

90,618

Retained earnings

(43,477

)

(63,906

)

47,141

26,712

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 March 2021 and were signed on its behalf by:

J Cherry - Director

1.	STATUTORY INFORMATION

Locksley Distilling Company Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost, 25% on cost, 20% on cost, 10% on cost and at varying rates on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Going concern

The financial statements have been prepared on a going concern basis.

The Worldwide Covid 19 Pandemic has impacted this business and many others in the sector.

The Pandemic will have a significant effect on the 2021 results although the company is making use of

government support where available, and on the assumption that the company will continue to receive the

support of it's principle creditor , the director, for a period of at least twelve months after the balance sheet date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2019 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2019

63,321

Additions

13,902

At 30 June 2020

77,223

DEPRECIATION

At 1 July 2019

22,475

Charge for year

4,417

At 30 June 2020

26,892

NET BOOK VALUE

At 30 June 2020

50,331

At 30 June 2019

40,846

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.20

30.6.19

£

£

Trade debtors

20,961

30,092

Other debtors

562

3,775

21,523

33,867

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.20

30.6.19

£

£

Trade creditors

5,827

15,334

Taxation and social security

6,201

12,973

Other creditors

57,707

64,521

69,735

92,828

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.20

30.6.19

£

£

Bank loans

50,000

3,162

Hire purchase contracts

1,275

514

51,275

3,676

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

50,000

-

8.	RELATED PARTY DISCLOSURES

Within other creditors is the balance owed to the directors , being £39079 owed to J Cherry and £11611 owed to

D Watson.