In The Welsh Wind Distillery Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11166962 (England and Wales)

IN THE WELSH WIND DISTILLERY LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2021

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

8

DIRECTORS:

Mr A P Jungmayr

Miss E C Wakelam

REGISTERED OFFICE:

Gogerddan Arms

Tanygroes

Cardigan

Ceredigion

SA43 2HP

REGISTERED NUMBER:

11166962 (England and Wales)

ACCOUNTANTS:

Gerald Thomas

Chartered Accountants

3 New Mill Court

Swansea Enterprise Park

Swansea

SA7 9FG

FIXED ASSETS

Intangible assets

4

20,072

5,090

Tangible assets

5

759,986

76,934

780,058

82,024

CURRENT ASSETS

Stocks

106,754

25,500

Debtors

6

403,262

120,709

Cash at bank and in hand

72,122

30,334

582,138

176,543

CREDITORS

Amounts falling due within one year

7

230,643

243,030

NET CURRENT ASSETS/(LIABILITIES)

351,495

(66,487

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,131,553

15,537

CREDITORS

Amounts falling due after more than one year

8

(1,005,589

)

-

PROVISIONS FOR LIABILITIES

(29,730

)

-

ACCRUALS AND DEFERRED INCOME

(17,747

)

-

NET ASSETS

78,487

15,537

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

78,387

15,437

78,487

15,537

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2021 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 8 April 2021 and were signed on its behalf by:

Miss E C Wakelam - Director

1.	STATUTORY INFORMATION

In The Welsh Wind Distillery Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

The balances presented in these financial statements are rounded to the nearest one Pound.

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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Brands are being amortised evenly over their estimated useful life of five years.

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

-

20% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Government grants

Government grants are recognised as assets at such time that there is reasonable assurance that the company will comply with the conditions attached to the grant and that the grant will be received.

Grants are measured at the fair value of the asset receivable.

Grants are recognised as income once any performance related conditions are met. Where grants are received in advance of the revenue recognition criteria being met, they are recognised as deferred income.

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

In preparing the financial statements, the directors have considered the current financial position and have also assessed the financial future of the business. The directors have concluded that it is appropriate to prepare the financial statements on a going concern basis. In forming this conclusion the directors have considered the company's net assets and the profit reported in the current financial year.

In considering Coronavirus (COVID-19), the directors understand the situation is still evolving and the full impact on the business is unclear. The directors have taken steps to mitigate the risk to the business and although there is uncertainty, the directors are confident that all reasonable measures which can be taken, have been, to safeguard the business, the staff and the customers.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and to meet its financial obligations as they fall due. Accordingly, the directors continues to adopt the going concern basis in preparing the annual report and accounts.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from bank and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Basic financial assets, which include other debtors, cash and bank balances, are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities, include trade and other creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Other loans

Other creditors include loans from third parties which entitle the lender to a return on the loan amount.

The return is recognised in full in prepayments on initial recognition of the loan and released to the profit or loss account on payment of the return in accordance with terms of the loan agreement.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2020 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Brands

£

COST

At 1 February 2020

5,090

Additions

20,000

At 31 January 2021

25,090

AMORTISATION

Amortisation for year

5,018

At 31 January 2021

5,018

NET BOOK VALUE

At 31 January 2021

20,072

At 31 January 2020

5,090

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 February 2020

-

20,774

79,948

Additions

584,969

71,748

23,355

At 31 January 2021

584,969

92,522

103,303

DEPRECIATION

At 1 February 2020

-

4,155

23,615

Charge for year

10,724

10,795

12,180

At 31 January 2021

10,724

14,950

35,795

NET BOOK VALUE

At 31 January 2021

574,245

77,572

67,508

At 31 January 2020

-

16,619

56,333

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 February 2020

-

5,389

106,111

Additions

36,990

4,437

721,499

At 31 January 2021

36,990

9,826

827,610

DEPRECIATION

At 1 February 2020

-

1,407

29,177

Charge for year

3,083

1,665

38,447

At 31 January 2021

3,083

3,072

67,624

NET BOOK VALUE

At 31 January 2021

33,907

6,754

759,986

At 31 January 2020

-

3,982

76,934

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

43,211

8,564

Other debtors

360,051

112,145

403,262

120,709

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

50,649

100,888

Hire purchase contracts

8,838

-

Trade creditors

11,521

8,564

Taxation and social security

6,055

-

Other creditors

153,580

133,578

230,643

243,030

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

360,225

-

Hire purchase contracts

61,523

-

Other creditors

583,841

-

1,005,589

-

9.	CAPITAL COMMITMENTS

The company has committed to purchase an asset with the value of £158,313 which is due to be delivered after the balance sheet date. The company has paid a deposit of £106,120 and is committed to make a final instalment of £52,193 upon delivery.