Company No: 02266063 (England and Wales)

Contents

• Company Information
• Statement of Financial Position
• Notes to the Unaudited Financial Statements

DIRECTORS	Mr R Price
	Mr J Price

SECRETARY

Mrs P J Price

REGISTERED OFFICE	Golden Hill Brewery
	Old Brewery Road
	Wiveliscombe
	Somerset
	TA4 2PW
	United Kingdom

COMPANY NUMBER

02266063 (England and Wales)

CHARTERED ACCOUNTANTS	Bishop Fleming LLP
	10 Temple Back
	Bristol
	BS1 6FL

	Note	2021		2020
		£		£
Fixed assets
Tangible assets	4	1,480,258		1,512,017
		1,480,258		1,512,017
Current assets
Stocks		113,716		134,473
Debtors
- due within one year	5	189,236		414,672
- due after more than one year	5	250,000		250,000
Cash at bank and in hand		102,738		7,898
		655,690		807,043
Creditors
Amounts falling due within one year	6	( 879,695)		( 978,503)
Net current liabilities		(224,005)		(171,460)
Total assets less current liabilities		1,256,253		1,340,557
Creditors
Amounts falling due after more than one year	7	( 1,138,767)		( 858,483)
Provisions for liabilities		( 40,640)		( 40,640)
Net assets		76,846		441,434
Capital and reserves
Called-up share capital	8	58,392		58,392
Capital redemption reserve		16,608		16,608
Profit and loss account		1,846		366,434
Total shareholder's funds		76,846		441,434

For the financial year ending 31 March 2021 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 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 Exmoor Ales Limited (registered number: 02266063) were approved and authorised for issue by the Board of Directors on 08 December 2021. They were signed on its behalf by:

Mr J Price 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.

General information and basis of accounting

Exmoor Ales 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 Golden Hill Brewery, Old Brewery Road, Wiveliscombe, Somerset, TA4 2PW, 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.

The functional currency of Exmoor Ales Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The directors note that the business has net current liabilities of £224,005 as at 31 March 2021. The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The Company's forecasts and projections, taking into account of the continued possible impact of COVID-19 in trading performance, show that the company should be able to operate within the level of its current facilities. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

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 and reducing balance basis over its expected useful life, as follows:

Freehold property - 4% and 0% straight line
Plant, machinery and pumps - 25,20 & 15 years straight line
Motor vehicles - 20% straight line
Casks - 5% reducing balance
Office equipment - 20% straight line
Computer equipment - 33% 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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

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 Statement of Financial Position 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

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	23		23

3. Intangible assets

	Trademarks, patents and licences		Total
	£		£
Cost
At 01 April 2020	1,985		1,985
At 31 March 2021	1,985		1,985
Accumulated amortisation
At 01 April 2020	1,985		1,985
At 31 March 2021	1,985		1,985
Net book value
At 31 March 2021	0		0
At 31 March 2020	0		0

4. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Office equipment		Computer equipment		Other property, plant and equipment		Total
	£		£		£		£		£		£		£
Cost
At 01 April 2020	807,913		653,666		57,680		5,925		20,727		505,601		2,051,512
Additions	0		0		20,210		0		0		10,830		31,040
At 31 March 2021	807,913		653,666		77,890		5,925		20,727		516,431		2,082,552
Accumulated depreciation
At 01 April 2020	95,934		164,010		13,561		5,713		20,714		239,563		539,495
Charge for the financial year	12,356		23,828		14,619		212		13		11,771		62,799
At 31 March 2021	108,290		187,838		28,180		5,925		20,727		251,334		602,294
Net book value
At 31 March 2021	699,623		465,828		49,710		0		0		265,097		1,480,258
At 31 March 2020	711,979		489,656		44,119		212		13		266,038		1,512,017

Included in Other property, plant and equipment are Casks at a cost of £467,292 with depreciation of £237,333

5. Debtors

	2021		2020
	£		£
Debtors: amounts falling due within one year
Trade debtors	88,522		317,682
Amounts owed by Parent undertakings	69,410		75,944
Other debtors	31,304		21,046
	189,236		414,672
Debtors: amounts falling due after more than one year
Amounts owed by Parent undertakings	250,000		250,000

6. Creditors: amounts falling due within one year

	2021		2020
	£		£
Bank loans and overdrafts (secured)	94,092		166,511
Trade creditors	192,125		253,377
Amounts owed to directors	19,354		19,354
Other creditors	295,464		356,580
Accruals and deferred income	52,812		49,077
Other taxation and social security	189,247		96,409
Obligations under finance leases and hire purchase contracts (secured)	36,601		37,195
	879,695		978,503

Bank loans and overdrafts plus amounts held in other creditors are secured by a fixed and floating charge over the assets of the company.

The Coronavirus Business Interruption Loan is 80% secured by the UK Government and 20% secured via the fixed and floating charge over the assets of the company.

Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

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

	2021		2020
	£		£
Bank loans (secured)	1,054,235		773,951
Obligations under finance leases and hire purchase contracts (secured)	84,532		84,532
	1,138,767		858,483

Bank loans are secured by a fixed and floating charge over the assets of the company.

The Coronavirus Business Interruption Loan is 80% secured by the UK Government and 20% secured via the fixed and floating charge over the assets of the company.

Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

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

	2021		2020
	£		£
Bank loans (secured / repayable by instalments)	677,867		615,361

Bank loans are secured by a fixed and floating charge over the assets of the company.

8. Called-up share capital

	2021		2020
	£		£
Allotted, called-up and fully-paid
58,392 Ordinary shares of £ 1.00 each	58,392		58,392

9. Financial commitments

Commitments

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

	2021		2020
	£		£
- within one year	22,910		28,821
- between one and five years	63,333		67,910
	86,243		96,731

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

	2021		2020
	£		£
Unpaid contributions due to the fund (inc. in other creditors)	1,744		2,088

10. Related party transactions

Transactions with the entity's directors

	2021		2020
	£		£
Directors loan	19,354		19,354

At the year end, the company owed a director £19,354. This loan is interest free and has no fixed date for repayment.

The company paid rent of £1,667 (2020: £16,435) to Jonathan Price's pension scheme in relation to a building purchased by the pension scheme and used by Exmoor Ales Limited.