Company No: SC498560 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2022		2021
		£		£
Fixed assets
Tangible assets	3	362,252		402,882
		362,252		402,882
Current assets
Stocks		3,750		4,902
Debtors	4	6,777		5,723
Cash at bank and in hand		237		65
		10,764		10,690
Creditors
Amounts falling due within one year	5	( 88,339)		( 85,086)
Net current liabilities		(77,575)		(74,396)
Total assets less current liabilities		284,677		328,486
Creditors
Amounts falling due after more than one year	6	( 398,108)		( 430,909)
Net liabilities		( 113,431)		( 102,423)
Capital and reserves
Called-up share capital	7	100		100
Profit and loss account		( 113,531 )		( 102,523 )
Total shareholders' deficit		( 113,431)		( 102,423)

For the financial year ending 28 February 2022 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 financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Crafty Maltsters Ltd (registered number: SC498560) were approved and authorised for issue by the Director on 16 September 2022. They were signed on its behalf by:

Alison Anne Milne Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Crafty Maltsters Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Demperston Farm, Auchtermuchty, Cupar, KY14 7EA, United Kingdom.

The financial statements have been prepared under the historical cost convention in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The company has net liabilities of £113,432. The directors consider it appropriate to prepare the accounts on a going concern basis. In coming to this conclusion they confirm that they will not seek repayment of their loan account and will support the company for at least twelve months from the approval of these financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (Usually on dispatch of the goods), The amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	50 years straight line
Plant and machinery etc.	10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost includes direct materials and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including 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. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 March 2021	113,656		403,282		516,938
Additions	0		2,016		2,016
At 28 February 2022	113,656		405,298		518,954
Accumulated depreciation
At 01 March 2021	6,478		107,578		114,056
Charge for the financial year	2,273		40,373		42,646
At 28 February 2022	8,751		147,951		156,702
Net book value
At 28 February 2022	104,905		257,347		362,252
At 28 February 2021	107,178		295,704		402,882

4. Debtors

	2022		2021
	£		£
Trade debtors	4,880		4,418
Other debtors	1,897		1,305
	6,777		5,723

5. Creditors: amounts falling due within one year

	2022		2021
	£		£
Bank loans and overdrafts	34,169		26,943
Trade creditors	474		0
Other creditors	53,696		56,842
Other taxation and social security	0		1,301
	88,339		85,086

The bank loan and overdraft is secured over the assets of Mr D Milne namely the land and farmhouse at Dura Mains.

6. Creditors: amounts falling due after more than one year

	2022		2021
	£		£
Bank loans	312,215		333,386
Other creditors	85,893		97,523
	398,108		430,909

Tha bank loan and overdraft is secured over the assets of Mr D Milne namely the land and farmhouse at Dura Mains.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2022		2021
	£		£
Bank loans	171,380		195,078

7. Called-up share capital

	2022		2021
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

8. Related party transactions

Other related party transactions

	2022		2021
	£		£
Amounts due to key management personnel	39,012		39,012

The above loan is interest free and has no fixed terms of repayment.