Van Diest Beer Company Limited 31/12/2023 iXBRL

Van Diest Beer Company Limited 31/12/2023 iXBRL

VAN DIEST BEER COMPANY LTD - Company Information

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Company registration number: 04384958
Van Diest Beer Company Limited
Unaudited filleted financial statements
31 December 2023
Van Diest Beer Company Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Van Diest Beer Company Limited
Directors and other information
Directors Mr C Gilhespy
Mr C Williams
Company number 04384958
Registered office Unit B10A Larkfield Trading Estate
New Hythe Lane
Larkfield
Kent
ME20 6SW
Accountants Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
Van Diest Beer Company Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Van Diest Beer Company Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Van Diest Beer Company Limited for the year ended 31 December 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Van Diest Beer Company Limited, as a body, in accordance with the terms of our engagement letter dated 13 April 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Van Diest Beer Company Limited and state those matters that we have agreed to state to the board of directors of Van Diest Beer Company Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Van Diest Beer Company Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Van Diest Beer Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Van Diest Beer Company Limited. You consider that Van Diest Beer Company Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Van Diest Beer Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
21 May 2024
Van Diest Beer Company Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 2 1,935
_________ _________
2 1,935
Current assets
Stocks 22,887 33,388
Debtors 6 221,241 271,135
Cash at bank and in hand 605,747 763,261
_________ _________
849,875 1,067,784
Creditors: amounts falling due
within one year 7 ( 361,044) ( 603,381)
_________ _________
Net current assets 488,831 464,403
_________ _________
Total assets less current liabilities 488,833 466,338
Provisions for liabilities - ( 485)
_________ _________
Net assets 488,833 465,853
_________ _________
Capital and reserves
Called up share capital 30,000 30,000
Share premium account 7,500 7,500
Reserve for own shares 22,500 22,500
Profit and loss account 428,833 405,853
_________ _________
Shareholders funds 488,833 465,853
_________ _________
For the year ending 31 December 2023 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 year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 May 2024 , and are signed on behalf of the board by:
Mr C Williams
Director
Company registration number: 04384958
Van Diest Beer Company Limited
Statement of changes in equity
Year ended 31 December 2023
Called up share capital Share premium account Reserve for own shares Profit and loss account Total
£ £ £ £ £
At 1 January 2022 30,000 7,500 22,500 385,363 445,363
Profit for the year 470,490 470,490
_________ _________ _________ _________ _________
Total comprehensive income for the year - - - 470,490 470,490
Dividends paid and payable ( 450,000) ( 450,000)
_________ _________ _________ _________ _________
Total investments by and distributions to owners - - - ( 450,000) ( 450,000)
_________ _________ _________ _________ _________
At 31 December 2022 and 1 January 2023 30,000 7,500 22,500 405,853 465,853
Profit for the year 277,980 277,980
_________ _________ _________ _________ _________
Total comprehensive income for the year - - - 277,980 277,980
Dividends paid and payable ( 255,000) ( 255,000)
_________ _________ _________ _________ _________
Total investments by and distributions to owners - - - ( 255,000) ( 255,000)
_________ _________ _________ _________ _________
At 31 December 2023 30,000 7,500 22,500 428,833 488,833
_________ _________ _________ _________ _________
Van Diest Beer Company Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit B10A Larkfield Trading Estate, New Hythe Lane, Larkfield, Kent, ME20 6SW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - Straight line over 10 years
Kegs - Straight line over 10 years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Plant and machinery Kegs Total
£ £ £
Cost
At 1 January 2023 and 31 December 2023 99,278 169,962 269,240
_________ _________ _________
Depreciation
At 1 January 2023 99,277 168,028 267,305
Charge for the year - 1,933 1,933
_________ _________ _________
At 31 December 2023 99,277 169,961 269,238
_________ _________ _________
Carrying amount
At 31 December 2023 1 1 2
_________ _________ _________
At 31 December 2022 1 1,934 1,935
_________ _________ _________
6. Debtors
2023 2022
£ £
Trade debtors 221,241 271,135
_________ _________
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 97,868 306,453
Corporation tax 85,796 111,105
Social security and other taxes 60,891 51,591
Other creditors 116,489 134,232
_________ _________
361,044 603,381
_________ _________
8. Related party transactions
C Gilhespy is a director and shareholder of Cave Direct Ltd. During the year ended 31 December 2023, the company sold goods and services with a value of £269,280 (2022 - £192,294) to Cave Direct Ltd. At 31 December 2023, the balance due from Cave Direct Ltd to Van Diest Beer Company Ltd was £100,929 (2022 - £nil).The company also purchased goods and services with a value of £237,611 (2022 - £260,917) from Cave Direct Ltd. At 31 December 2023, the balance due to Cave Direct Ltd from Van Diest Beer Company Ltd was £70,440 (2022 - £nil).During the year ended 31 December 2023, the company purchased consultancy services and related costs with a value of £24,000 (2022 - £49,490) from BLG Consultancy Ltd, a company in which C Gilhespy is a director and shareholder. At 31 December 2023, the balance due from Van Diest Beer Company Ltd to BLG Consultancy Ltd was £nil (2022 - £30,490).During the year ended 31 December 2023, the company purchased consultancy services and related costs with a value of £24,000 (2022 - £49,000) from MCHD Investments Ltd, a company in which C Williams is a director and shareholder. At 31 December 2023, the balance due from Van Diest Beer Company Ltd to MCHD Investments Ltd was £nil (2022 - £30,000).During the year ended 31 December 2023, the company received commissions with a value of £412,991 (2022 - £971,162) from Brouwerij L Huyghe NV, a company registered in Belgium and a shareholder of Van Diest Beer Company Ltd. At 31 December 2023, the balance due from Brouwerij L Huyghe NV to Van Diest Beer Company Ltd was £nil (2022 - £169,842).The company also purchased goods and services with a value of £584,879 (2022 - £702,293) from Brouwerij L Huyghe NV. At 31 December 2023, the balance due to Brouwerij L Huyghe NV from Van Diest Beer Company Ltd was £nil (2022 - £212,613).