Silverfin false 31/03/2023 01/04/2022 31/03/2023 Kevin Robert Cameron-Ross 11/10/2022 13/10/2015 Lorien Cameron-Ross 13/10/2015 07 November 2023 The principal activity of the Company during the financial year continued to be that of distilling and selling spirits. SC517793 2023-03-31 SC517793 bus:Director1 2023-03-31 SC517793 bus:Director2 2023-03-31 SC517793 2022-03-31 SC517793 core:CurrentFinancialInstruments 2023-03-31 SC517793 core:CurrentFinancialInstruments 2022-03-31 SC517793 core:ShareCapital 2023-03-31 SC517793 core:ShareCapital 2022-03-31 SC517793 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC517793 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC517793 core:ComputerSoftware 2022-03-31 SC517793 core:PatentsTrademarksLicencesConcessionsSimilar 2022-03-31 SC517793 core:OtherResidualIntangibleAssets 2022-03-31 SC517793 core:ComputerSoftware 2023-03-31 SC517793 core:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 SC517793 core:OtherResidualIntangibleAssets 2023-03-31 SC517793 core:LeaseholdImprovements 2022-03-31 SC517793 core:PlantMachinery 2022-03-31 SC517793 core:FurnitureFittings 2022-03-31 SC517793 core:LeaseholdImprovements 2023-03-31 SC517793 core:PlantMachinery 2023-03-31 SC517793 core:FurnitureFittings 2023-03-31 SC517793 bus:OrdinaryShareClass1 2023-03-31 SC517793 2022-04-01 2023-03-31 SC517793 bus:FullAccounts 2022-04-01 2023-03-31 SC517793 bus:SmallEntities 2022-04-01 2023-03-31 SC517793 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC517793 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC517793 bus:Director1 2022-04-01 2023-03-31 SC517793 bus:Director2 2022-04-01 2023-03-31 SC517793 core:ComputerSoftware core:TopRangeValue 2022-04-01 2023-03-31 SC517793 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2022-04-01 2023-03-31 SC517793 core:PatentsTrademarksLicencesConcessionsSimilar 2022-04-01 2023-03-31 SC517793 core:LeaseholdImprovements core:TopRangeValue 2022-04-01 2023-03-31 SC517793 core:PlantMachinery core:TopRangeValue 2022-04-01 2023-03-31 SC517793 core:FurnitureFittings core:TopRangeValue 2022-04-01 2023-03-31 SC517793 2021-04-01 2022-03-31 SC517793 core:ComputerSoftware 2022-04-01 2023-03-31 SC517793 core:OtherResidualIntangibleAssets 2022-04-01 2023-03-31 SC517793 core:LeaseholdImprovements 2022-04-01 2023-03-31 SC517793 core:PlantMachinery 2022-04-01 2023-03-31 SC517793 core:FurnitureFittings 2022-04-01 2023-03-31 SC517793 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC517793 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 SC517793 1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC517793 (Scotland)

LCR2015 LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH THE REGISTRAR

LCR2015 LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

LCR2015 LTD

BALANCE SHEET

AS AT 31 MARCH 2023
LCR2015 LTD

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 1,667 3,998
Tangible assets 4 23,771 29,533
25,438 33,531
Current assets
Stocks 36,839 38,586
Debtors 5 2,483 3,704
Cash at bank and in hand 873 14,436
40,195 56,726
Creditors: amounts falling due within one year 6 ( 193,705) ( 213,230)
Net current liabilities (153,510) (156,504)
Total assets less current liabilities (128,072) (122,973)
Net liabilities ( 128,072) ( 122,973)
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account ( 128,172 ) ( 123,073 )
Total shareholder's deficit ( 128,072) ( 122,973)

For the financial year ending 31 March 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 LCR2015 LTD (registered number: SC517793) were approved and authorised for issue by the Director on 07 November 2023. They were signed on its behalf by:

Lorien Cameron-Ross
Director
LCR2015 LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
LCR2015 LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 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

LCR2015 LTD (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 Kindrummond, Dores, Inverness, IV2 6TU, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, 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 has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due 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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods).

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 5 years straight line
Trademarks, patents and licences 5 years straight line
Other intangible assets not amortised
Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of 5 years which is their estimated useful economic life. Provision is made for any impairment.

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, other than investment property and freehold land, 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:

Leasehold improvements 20 years straight line
Plant and machinery 10 years straight line
Fixtures and fittings 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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

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 impairment loss in profit or loss. Reversals of impairment losses are also recognised in the profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, 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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 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 receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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 a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 2

3. Intangible assets

Computer software Trademarks, patents
and licences
Other intangible assets Total
£ £ £ £
Cost
At 01 April 2022 3,644 7,323 999 11,966
Disposals 0 0 ( 999) ( 999)
At 31 March 2023 3,644 7,323 0 10,967
Accumulated amortisation
At 01 April 2022 3,232 4,736 0 7,968
Charge for the financial year 412 920 0 1,332
At 31 March 2023 3,644 5,656 0 9,300
Net book value
At 31 March 2023 0 1,667 0 1,667
At 31 March 2022 412 2,587 999 3,998

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 April 2022 4,139 50,609 468 55,216
Additions 0 1,495 0 1,495
Disposals 0 ( 2,438) 0 ( 2,438)
At 31 March 2023 4,139 49,666 468 54,273
Accumulated depreciation
At 01 April 2022 966 24,325 392 25,683
Charge for the financial year 207 5,604 47 5,858
Disposals 0 ( 1,039) 0 ( 1,039)
At 31 March 2023 1,173 28,890 439 30,502
Net book value
At 31 March 2023 2,966 20,776 29 23,771
At 31 March 2022 3,173 26,284 76 29,533

5. Debtors

2023 2022
£ £
Trade debtors 0 1,701
Other debtors 2,483 2,003
2,483 3,704

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 0 236
Other taxation and social security 0 1,676
Other creditors 193,705 211,318
193,705 213,230

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 ordinary shares of £ 1.00 each 100 100

8. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Directors Loan Account 189,890 208,626

The above amounts are unsecured, interest free and have no fixed terms of repayment.

9. Events after the Balance Sheet date

Subsequent to the year end date the shareholders entered into an agreement to dispose of the trade and assets of the company to a third party.