1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover represents the value of sales invoices during the year, excluding Value Added Tax, and is derived entirely form activities within the European Community.

Tangible assets depreciation policy
Provision is made for the depreciation of fixed assets in order to write off the cost of these assets over their expected useful lives. the following annual rates and methods are used:
Heritable property (excluding land) - 4% straight line
Motor vehicles - 25% reducing balance
Plant and machinery - 25% reducing balance and 25% straight line
No provision is made for the depreciation of land as the directors are of the opinion that the land owned by the company is increasing in value

Intangible assets amortisation policy
No provision is made for the amortisation of intangible assets as the directors are of the opinion that the brands owned by the company are increasing in value

Other accounting policies
Stock is valued at the lower of cost and net realisable value

Assets acquired under finance leases and hire purchase contracts are capitalised in the balance sheet and are depreciated over the shorter of the lease term or their useful lives. The interest element of the rental obligations is charged to the profit and loss accountover the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

The company operates a defined contribution scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the contributions paid in the year.

Corporation tax payable is provided on taxable profits at the current rate. Provision is made for deferred taxation to the extent to which liabilities are likely to arise in the foreseeable future

During the year the land owned by the company was valued by Baird Lumsden, Registered Valuers at £40,000 and the revalued amount has been incorporated in the financial statements. In addition the directors valued kegs owned by the company at £15,000. This revalued amount has also been incorporated in the financial statements