Mondo Brewing Company Limited - Accounts to registrar (filleted) - small 22.3
Mondo Brewing Company Limited - Accounts to registrar (filleted) - small 22.3
| REGISTERED NUMBER: |
| Mondo Brewing Company Limited |
| Unaudited Financial Statements |
| for the Year Ended 31 December 2022 |
| Mondo Brewing Company Limited (Registered number: 09210166) |
| Contents of the Financial Statements |
| for the year ended 31 December 2022 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Mondo Brewing Company Limited |
| Company Information |
| for the year ended 31 December 2022 |
| Directors: |
| Registered office: |
| Registered number: |
| Accountants: |
| Chartered Accountants |
| New Derwent House |
| 69-73 Theobalds Road |
| London |
| WC1X 8TA |
| Mondo Brewing Company Limited (Registered number: 09210166) |
| Balance Sheet |
| 31 December 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Tangible assets | 4 |
| Investments | 5 |
| Current assets |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| Creditors |
| Amounts falling due within one year | 7 |
| Net current (liabilities)/assets | ( |
) |
| Total assets less current liabilities |
| Creditors |
| Amounts falling due after more than one year |
8 |
| Net (liabilities)/assets | ( |
) |
| Capital and reserves |
| Called up share capital | 11 |
| Share premium | 12 |
| Retained earnings | 12 | ( |
) | ( |
) |
| ( |
) |
| 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. |
| Mondo Brewing Company Limited (Registered number: 09210166) |
| Balance Sheet - continued |
| 31 December 2022 |
| 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 |
| Mondo Brewing Company Limited (Registered number: 09210166) |
| Notes to the Financial Statements |
| for the year ended 31 December 2022 |
| 1. | Statutory information |
| Mondo Brewing Company Limited is a |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| Going concern |
| The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover represents amounts receivable for goods provided in the year and is stated net of VAT. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Land and buildings - 10% on cost |
| Plant and machinery etc is made up of the below asset classes at the following annual rates: |
| Plant and machinery - 10% on cost |
| Brew Kit - 10% on cost |
| Bottling Line - 10% on cost |
| Furniture & Fittings - 25% on cost |
| Office equipment - 25% on cost |
| Motor Vehicles - 25% on cost |
| Kegs and casks - 10% 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. |
| Mondo Brewing Company Limited (Registered number: 09210166) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2022 |
| 2. | Accounting policies - continued |
| 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. |
| 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, creditors, loans from the bank and other third parties, loans to related parties, and investment in ordinary shares. |
| Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| 3. | Employees and directors |
| The average number of employees during the year was |
| 4. | Tangible fixed assets |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| Cost |
| At 1 January 2022 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2022 |
| Depreciation |
| At 1 January 2022 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2022 |
| Net book value |
| At 31 December 2022 |
| At 31 December 2021 |
| 5. | Fixed asset investments |
| Interest in |
| joint |
| venture |
| £ |
| Cost |
| At 1 January 2022 |
| and 31 December 2022 |
| Net book value |
| At 31 December 2022 |
| At 31 December 2021 |
| Mondo Brewing Company Limited (Registered number: 09210166) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2022 |
| 5. | Fixed asset investments - continued |
| The company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Joint ventures |
| Registered office: 86-92 Stewarts Road, London, England, SW8 4UG |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 86-92 Stewarts Road, London, England, SW8 4UG |
| Nature of business: |
| % |
| Class of shares: | holding |
| 6. | Debtors: amounts falling due within one year |
| 2022 | 2021 |
| £ | £ |
| Trade debtors |
| Amounts owed by participating interests | - | 6,000 |
| Other debtors |
| 7. | Creditors: amounts falling due within one year |
| 2022 | 2021 |
| £ | £ |
| Trade creditors |
| Amounts owed to participating interests | 11,000 | - |
| Taxation and social security |
| Other creditors |
| On 24 February 2017, James Keith Matteson placed a fixed and floating charge, and negative pledge over all of the properties and undertaking of the company. |
| On 21 July 2022, Optimum SME Finance Limited placed a fixed and floating charge, and negative pledge over all freehold and leasehold land and buildings of the company both present and future and all trade fixtures and fittings and all plant and machinery from time to time in or on any such land or buildings and all intellectual property now owned or at any time hereafter to be owned by the company. |
| Two charges placed by Lloyds Bank Commercial Finance LTD and Lloyds Bank PLC were satisfied during 2022, on 5 September 2022 and 3 October 2022, respectively. |
| 8. | Creditors: amounts falling due after more than one year |
| 2022 | 2021 |
| £ | £ |
| Other creditors |
| Mondo Brewing Company Limited (Registered number: 09210166) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2022 |
| 9. | Leasing agreements |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2022 | 2021 |
| £ | £ |
| Within one year |
| Between one and five years |
| 10. | Deferred tax |
| £ |
| Balance at 1 January 2022 | ( |
) |
| Prior period adjustment | 122,910 |
| Balance at 31 December 2022 |
| 11. | Called up share capital |
| 2022 | 2021 |
| No. | £ | No. | £ |
| Ordinary class A of £0.01 each | 87,536 | 875 | 87,536 | 875 |
| Ordinary class B of £0.01 each | 20,680 | 207 | 20,680 | 207 |
| Ordinary class C of £0.01 each | 344,010 | 3,440 | 344,010 | 3,440 |
| Ordinary class D of £0.01 each | 47,774 | 478 | 47,774 | 478 |
| Ordinary class E of £0.01 each | 15,464 | 155 | 15,464 | 155 |
| Ordinary class F of £0.01 each | 171,270 | 1,713 | 171,270 | 1,713 |
| 686,734 | 6,867 | 686,734 | 6,867 |
| 12. | Reserves |
| Retained | Share |
| earnings | premium | Totals |
| £ | £ | £ |
| At 1 January 2022 | ( |
) | 19,260 |
| Deficit for the year | ( |
) | ( |
) |
| At 31 December 2022 | ( |
) | (792,767 | ) |
| 13. | Pension commitments |
| At the end of the reporting period, the amount payable in respect of defined contribution pension schemes was £2,848 (2021 : £2,709). |
| Mondo Brewing Company Limited (Registered number: 09210166) |
| Notes to the Financial Statements - continued |
| for the year ended 31 December 2022 |
| 14. | Related party disclosures |
| As at the year end, the company owed £36,966 (2021 - £20,080) to T Matteson, a director and shareholder of the company. |
| As at the year end, the company owed £3,948 (2021 - £5,961) to T A Palmer III, a director and shareholder of the company. |
| As at the year end, the company owed £1,242,801 (2021 - £729,495) to J K Matteson, a director and shareholder of the company. |
| Interest is payable on the amounts advanced by J K Matteson. |
| The amounts advanced by T Matteson and T A Palmer III to the company are unsecured and is repayable on demand. |