Silverfin false 28/02/2023 01/03/2022 28/02/2023 Mrs G Sneddon 13/02/2018 30 October 2023 The principal activity of the Company during the financial year is the production and sale of gin. SC588556 2023-02-28 SC588556 bus:Director1 2023-02-28 SC588556 2022-02-28 SC588556 core:CurrentFinancialInstruments 2023-02-28 SC588556 core:CurrentFinancialInstruments 2022-02-28 SC588556 core:ShareCapital 2023-02-28 SC588556 core:ShareCapital 2022-02-28 SC588556 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC588556 core:RetainedEarningsAccumulatedLosses 2022-02-28 SC588556 core:OtherPropertyPlantEquipment 2022-02-28 SC588556 core:OtherPropertyPlantEquipment 2023-02-28 SC588556 bus:OrdinaryShareClass1 2023-02-28 SC588556 core:KeyManagementPersonnel 2023-02-28 SC588556 core:KeyManagementPersonnel 2022-02-28 SC588556 2022-03-01 2023-02-28 SC588556 bus:FullAccounts 2022-03-01 2023-02-28 SC588556 bus:SmallEntities 2022-03-01 2023-02-28 SC588556 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 SC588556 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 SC588556 bus:Director1 2022-03-01 2023-02-28 SC588556 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-03-01 2023-02-28 SC588556 2021-03-01 2022-02-28 SC588556 core:OtherPropertyPlantEquipment 2022-03-01 2023-02-28 SC588556 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 SC588556 bus:OrdinaryShareClass1 2021-03-01 2022-02-28 SC588556 core:KeyManagementPersonnel 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC588556 (Scotland)

GORGEOUS GIN LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH THE REGISTRAR

GORGEOUS GIN LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2023

Contents

GORGEOUS GIN LIMITED

BALANCE SHEET

AS AT 28 FEBRUARY 2023
GORGEOUS GIN LIMITED

BALANCE SHEET (continued)

AS AT 28 FEBRUARY 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 2,520 3,360
2,520 3,360
Current assets
Stocks 3,500 0
Debtors 4 1,167 8,381
Cash at bank and in hand 1,208 367
5,875 8,748
Creditors: amounts falling due within one year 5 ( 12,258) ( 10,779)
Net current liabilities (6,383) (2,031)
Total assets less current liabilities (3,863) 1,329
Provision for liabilities 0 ( 840)
Net (liabilities)/assets ( 3,863) 489
Capital and reserves
Called-up share capital 6 1 1
Profit and loss account ( 3,864 ) 488
Total shareholder's (deficit)/funds ( 3,863) 489

For the financial year ending 28 February 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Gorgeous Gin Limited (registered number: SC588556) were approved and authorised for issue by the Director on 30 October 2023. They were signed on its behalf by:

Mrs G Sneddon
Director
GORGEOUS GIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2023
GORGEOUS GIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Gorgeous Gin Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 18 Tayview Terrace, Newport-On-Tay, Scotland, DD6 8AT, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £3,863. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts received for sales of gin.

Revenue is recognised when the company has entitlement to income in exchange for the provision of goods.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 March 2022 4,200 4,200
At 28 February 2023 4,200 4,200
Accumulated depreciation
At 01 March 2022 840 840
Charge for the financial year 840 840
At 28 February 2023 1,680 1,680
Net book value
At 28 February 2023 2,520 2,520
At 28 February 2022 3,360 3,360

4. Debtors

2023 2022
£ £
Trade debtors 162 0
Corporation tax 1,005 363
Other debtors 0 8,018
1,167 8,381

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 1,950 7,703
Other creditors 10,308 3,076
12,258 10,779

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

7. Related party transactions

Transactions with the entity’s director (or members of its governing body)

Amounts owed by director

2023 2022
£ £
Director's loan account 0 8,018

Amounts owed to director

2023 2022
£ £
Director's loan account 7,968 0

Advances totalling £1,150 were made to the director in this period and £17,136 was repaid. This loan is unsecured, interest free and repayable on demand.