SINCLAIR_BREWERIES_LIMITE - Accounts

SINCLAIR BREWERIES LIMITED - Company Information

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Company Registration No. SC302746 (Scotland)

SINCLAIR BREWERIES LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2015

SINCLAIR BREWERIES LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 5

SINCLAIR BREWERIES LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 APRIL 2015

- 1 -

2015

2014

Notes

Fixed assets

Intangible assets

97,922

94,794

Tangible assets

1,623,690

1,691,238

1,721,612

1,786,032

Current assets

Stocks

329,724

279,130

Debtors

423,113

335,863

Cash at bank and in hand

65,973

137,792

818,810

752,785

Creditors: amounts falling due within one year

(970,204)

(767,232)

Net current liabilities

(151,394)

(14,447)

Total assets less current liabilities

1,570,218

1,771,585

Creditors: amounts falling due after more than one year

(687,796)

(1,006,971)

Provisions for liabilities

(40,963)

(43,443)

Accruals and deferred income

(296,845)

(294,994)

544,614

426,177

Capital and reserves

Called up share capital

Profit and loss account

544,612

426,175

Shareholders' funds

544,614

426,177

SINCLAIR BREWERIES LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

30 APRIL 2015

- 2 -

For the financial year ended 30 April 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 2 December 2015

Norman Sinclair

Director

Company Registration No. SC302746

SINCLAIR BREWERIES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2015

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of ten years.

1.5

Trademarks

Trademark registration costs are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over the estimated useful lives of the trademarks.

1.6

Other intangible assets

Brand designs are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over the estimated useful lives of ten years.

The company's website is valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over the estimated useful life of three years. No amortisation is charged during the development phase.

1.7

Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Freehold

2% straight line

Land and buildings Leasehold

10% straight line

Plant and machinery

25% - 33% reducing balance

Fixtures, fittings & equipment

20% - 33% reducing balance

Motor vehicles

20% reducing balance

1.8

Leasing

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account on a straight line basis.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.9

Stock

Stock is valued at the lower of cost and net realisable value.

SINCLAIR BREWERIES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2015

Accounting policies

(Continued)

- 4 -

1.10

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.11

Deferred taxation

Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the director, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.

1.12

Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 May 2014

127,081

2,170,138

2,297,219

Additions

24,514

21,901

46,415

Disposals

(1,300)

At 30 April 2015

151,595

2,190,739

2,342,334

Depreciation

At 1 May 2014

32,285

478,900

511,185

On disposals

(829)

Charge for the year

21,388

88,978

110,366

At 30 April 2015

53,673

567,049

620,722

Net book value

At 30 April 2015

97,922

1,623,690

1,721,612

At 30 April 2014

94,794

1,691,238

1,786,032

SINCLAIR BREWERIES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2015

- 5 -

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £711,119 (2014 - £539,030).

The company has granted to The Royal Bank of Scotland PLC a standard security over land and buildings at Quoyloo, Orkney, and a bond and floating charge over all assets, as security for sums borrowed under overdraft and term loan facilities.

The company has acquired certain plant & machinery on finance lease terms.

Creditors: amounts falling due after more than one year

2015

2014

Analysis of loans repayable in more than five years

Total not repayable by instalments and due in more than five years

594,837

597,737

Total amounts repayable by instalments which are due in more than five years

1,721

The aggregate amount of creditors for which security has been given amounted to £92,959 (2014 - £409,234).

The company has granted to The Royal Bank of Scotland PLC a standard security over land and buildings at Quoyloo, Orkney, and a bond and floating charge over all assets, as security for sums borrowed under term loan facilities.

The company has acquired certain plant & machinery on finance lease terms.

Share capital

2015

2014

Allotted, called up and fully paid

2 Ordinary shares of £1 each