Company No: 07051605 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	H J Parente
	I Goodwin
	C E Roe

REGISTERED OFFICE	Portland Estate Office Cavendish House
	Welbeck
	Worksop
	S80 3LL
	England
	United Kingdom

COMPANY NUMBER

07051605 (England and Wales)

AUDITOR	Dixon Wilson Audit Services LLP
	22 Chancery Lane
	London
	WC2A 1LS

	Note	2022		2021
		£		£
Fixed assets
Tangible assets	4	113,731		58,494
		113,731		58,494
Current assets
Stocks		32,901		26,434
Debtors	5	51,578		15,387
Cash at bank and in hand		57,523		96,952
		142,002		138,773
Creditors
Amounts falling due within one year	6	( 121,358)		( 84,407)
Net current assets		20,644		54,366
Total assets less current liabilities		134,375		112,860
Provision for liabilities	7	( 22,631)		( 4,928)
Net assets		111,744		107,932
Capital and reserves
Called-up share capital		200		200
Profit and loss account		111,544		107,732
Total shareholders' funds		111,744		107,932

The 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 Welbeck Abbey Brewery Limited (registered number: 07051605) were approved and authorised for issue by the Board of Directors on 21 November 2022. They were signed on its behalf by:

I Goodwin 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

Welbeck Abbey Brewery Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Portland Estate Office Cavendish House, Welbeck, Worksop, S80 3LL, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and 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 financial statements are prepared on a going concern basis.

Turnover

Turnover represents amounts chargeable, net of sales discounts and value added tax, in respect of the sale of brewery products. Turnover is recognised when the products are delivered to customers.

Taxation

Current tax
Under an agreement between companies within the group, a company that surrenders tax losses for group relief is entitled to receive compensation from the claimant company equal to the amount of relief in terms of tax saving generated from the loss relief claim. The compensation is recognised in the year to which the loss relief claim relates and is recorded as a tax credit (in the case of the surrendering company) and a tax expense (in the case of the claimant company).

Deferred tax
Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but are not reversed by the balance sheet date, except as required by FRS 102.

Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and laws that have been enacted or substantively enacted by the reporting date.

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 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:

Leasehold improvements	2 - 20 years straight line
Plant and machinery	5 - 8 years straight line
Vehicles	5 years straight line
Office equipment	3 - 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.

Leases

The Company as lessee
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Stocks

Stock is stated at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Trade and other debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Dividends

Final dividend distributions to the company’s shareholders are recognised in the financial statements in the reporting period in which the dividends are approved. Interim dividend distributions to the company’s shareholders are recognised when they are paid.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	9		10

3. Dividends on equity shares

	2022		2021
	£		£
Amounts recognised as distributions to equity holders in the financial year:
Interim dividend for the financial year ended 31 March 2022 of £250 (2021: £Nil) per ordinary share	50,000		0

4. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Office equipment		Total
	£		£		£		£		£
Cost
At 01 April 2021	14,604		162,988		9,947		15,087		202,626
Additions	0		61,045		18,489		483		80,017
Disposals	0		( 13,275)		0		0		( 13,275)
At 31 March 2022	14,604		210,758		28,436		15,570		269,368
Accumulated depreciation
At 01 April 2021	8,577		115,587		6,760		13,208		144,132
Charge for the financial year	1,532		9,348		3,993		941		15,814
Disposals	0		( 4,309)		0		0		( 4,309)
At 31 March 2022	10,109		120,626		10,753		14,149		155,637
Net book value
At 31 March 2022	4,495		90,132		17,683		1,421		113,731
At 31 March 2021	6,027		47,401		3,187		1,879		58,494

5. Debtors

	2022		2021
	£		£
Trade debtors	50,284		9,614
Other debtors	1,294		5,773
	51,578		15,387

6. Creditors: amounts falling due within one year

	2022		2021
	£		£
Trade creditors	27,181		13,665
Amounts owed to Group undertakings (note 9)	5,337		18,741
Amounts owed in respect to Group relief	20,081		20,082
Other taxation and social security	22,800		6,754
Other creditors	45,959		25,165
	121,358		84,407

7. Provision for liabilities

	Deferred taxation		Total
	£		£
At 01 April 2021	4,928		4,928
Charged to the Profit and Loss Account	17,703		17,703
At 31 March 2022	22,631		22,631

Deferred tax

	2022		2021
	£		£
Other timing differences	22,631		4,928
Provision for deferred tax	22,631		4,928

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2022		2021
	£		£
- within one year	0		1,665

9. Related party transactions

Transactions with related parties or connected persons

Summary of transactions with parent

During the year the company made the following related party transactions:

The Welbeck Estates Company Limited owns 90% of the shares of the company. During the year the company reimbursed The Welbeck Estates Company Limited £5,337 (2021 - £18,741) for expenses paid on the company's behalf. At the balance sheet date the amount due to The Welbeck Estates Company Limited was £5,337 (2021 - £18,741).

10. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 March 2022 was unqualified.

The audit report was signed by Gregory Smye-Rumsby on behalf of Dixon Wilson Audit Services LLP.

11. Ultimate controlling party

Parent Company:

The Welbeck Estates Company Limited

Portland Estate Office Cavendish House Welbeck Worksop Nottinghamshire S80 3LL