Van Diest Beer Company Limited 31/12/2017 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 2017

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 R J Humphries
		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
		Hertfordshire
		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 2017

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 2017 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, 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 19 May 2017. 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 the 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

Hertfordshire

AL5 4EE

11 July 2018

Van Diest Beer Company Limited

Statement of financial position

31 December 2017

		2017		2016
	Note	£	£	£	£

Fixed assets
Tangible assets	5	82,896		107,392
		_________		_________
			82,896		107,392

Current assets
Stocks		40,000		60,000
Debtors	6	467,540		297,545
Cash at bank and in hand		401,894		297,698
		_________		_________
		909,434		655,243
Creditors: amounts falling due
within one year	7	( 422,296)		( 268,064)
		_________		_________
Net current assets			487,138		387,179
			_________		_________
Total assets less current liabilities			570,034		494,571


Provisions for liabilities			( 14,500)		( 18,800)

			_________		_________
Net assets			555,534		475,771
			_________		_________

Capital and reserves
Called up share capital			45,000		45,000
Share premium account			7,500		7,500
Reserve for own shares			7,500		7,500
Profit and loss account			495,534		415,771
			_________		_________
Shareholders funds			555,534		475,771
			_________		_________

For the year ending 31 December 2017 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 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 11 July 2018 , 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 2017

	Called up share capital	Share premium account	Reserve for own shares	Profit and loss account	Total
	£	£	£	£	£


At 1 January 2016	45,000	7,500	7,500	333,795	393,795

Profit for the year				81,976	81,976
	_________	_________	_________	_________	_________
Total comprehensive income for the year	-	-	-	81,976	81,976

	_________	_________	_________	_________	_________
At 31 December 2016 and 1 January 2017	45,000	7,500	7,500	415,771	475,771

Profit for the year				79,763	79,763
	_________	_________	_________	_________	_________
Total comprehensive income for the year	-	-	-	79,763	79,763

	_________	_________	_________	_________	_________
At 31 December 2017	45,000	7,500	7,500	495,534	555,534
	_________	_________	_________	_________	_________

Van Diest Beer Company Limited

Notes to the financial statements

Year ended 31 December 2017

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 3 (2016: 3 ).

5. Tangible assets

	Plant and machinery	Kegs	Total
	£	£	£
Cost
At 1 January 2017 and 31 December 2017	99,278	169,962	269,240
	_________	_________	_________
Depreciation
At 1 January 2017	76,778	85,070	161,848
Charge for the year	7,500	16,996	24,496
	_________	_________	_________
At 31 December 2017	84,278	102,066	186,344
	_________	_________	_________
Carrying amount
At 31 December 2017	15,000	67,896	82,896
	_________	_________	_________
At 31 December 2016	22,500	84,892	107,392
	_________	_________	_________

6. Debtors

	2017	2016
	£	£
Trade debtors	414,334	248,636
Other debtors	53,206	48,909
	_________	_________
	467,540	297,545
	_________	_________

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	207,025	102,387
Corporation tax	24,095	25,079
Social security and other taxes	60,494	41,494
Other creditors	130,682	99,104
	_________	_________
	422,296	268,064
	_________	_________