REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2022 |
for |
DUNCAN TAYLOR & COMPANY HOLDINGS LIMITED |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2022 |
for |
DUNCAN TAYLOR & COMPANY HOLDINGS LIMITED |
DUNCAN TAYLOR & COMPANY HOLDINGS LIMITED (REGISTERED NUMBER: SC226358) |
Contents of the Financial Statements |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Statement of Changes in Equity | 3 |
Notes to the Financial Statements | 4 |
DUNCAN TAYLOR & COMPANY HOLDINGS LIMITED |
Company Information |
for the Year Ended 31 December 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITOR: |
Chartered Accountants |
Statutory Auditors |
37 Albyn Place |
Aberdeen |
AB10 1JB |
DUNCAN TAYLOR & COMPANY HOLDINGS LIMITED (REGISTERED NUMBER: SC226358) |
Balance Sheet |
31 December 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings |
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 |
DUNCAN TAYLOR & COMPANY HOLDINGS LIMITED (REGISTERED NUMBER: SC226358) |
Statement of Changes in Equity |
for the Year Ended 31 December 2022 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 January 2021 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31 December 2021 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31 December 2022 |
DUNCAN TAYLOR & COMPANY HOLDINGS LIMITED (REGISTERED NUMBER: SC226358) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Duncan Taylor & Company Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
The financial statements have been prepared under the historical cost conversion, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. |
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Investments in subsidiaries |
Interests in subsidiaries. associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. |
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. |
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. |
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities. |
DUNCAN TAYLOR & COMPANY HOLDINGS LIMITED (REGISTERED NUMBER: SC226358) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statement, when there is a legally 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. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at the transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivables within one year are not amortised. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised costs, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Going concern |
The financial statements have been prepared on the going concern basis, notwithstanding the fact that the company has net current liabilities of £3,480,632 as at 31 December 2022 (2021 - net current liabilities £3,528,117). Included within net current liabilities is a balance of £3,473,632 (2021 - £3,513,687) due to the subsidiary company. The Directors believe that the going concern assumption is appropriate for the following reasons. The Directors have indicated that for at least 12 months from the date of approval of these financial statements, the company's subsidiary will continue to make available such funds as are needed by the company and in particular will not seek repayment of amounts currently due to the subsidiary. |
Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Equity instruments |
Equity instruments issued by the company are recorded as the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
DUNCAN TAYLOR & COMPANY HOLDINGS LIMITED (REGISTERED NUMBER: SC226358) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: 28 Albyn Place, Aberdeen, AB10 1YL |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 28 Albyn Place, Aberdeen, AB10 1YL |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 28 Albyn Place, Aberdeen, AB10 1YL |
Nature of business: |
% |
Class of shares: | holding |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Amounts owed to group undertakings and participating interests are interest free, unsecured and repayable on demand. |
DUNCAN TAYLOR & COMPANY HOLDINGS LIMITED (REGISTERED NUMBER: SC226358) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006: |
The auditor's report was unqualified. |
The senior statutory auditor was Angus Cowie and the auditor was Azets Audit Services. |
7. | ULTIMATE PARENT ENTITY |
The company was under the control of S Smith by virtue of his ownership of Whisky Holdings LP which holds 60% of the ordinary share capital. |
8. | FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES |
The company has a cross guarantee in place covering borrowings of its subsidiary company, Duncan Taylor Scotch Whisky Limited. At 31 December 2022 the bank borrowings of Duncan Taylor Scotch Whisky Limited were £28,386,725 (2021 - £17,865,171). |