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REGISTERED NUMBER: SC531754 (Scotland)










Unaudited Financial Statements

for the Year Ended 30 April 2023

for

Deerness Distillery Limited

Deerness Distillery Limited (Registered number: SC531754)






Contents of the Financial Statements
for the Year Ended 30 April 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Deerness Distillery Limited

Company Information
for the Year Ended 30 April 2023







DIRECTORS: S W Brown
Mrs A Z Brown



REGISTERED OFFICE: Newhall
Deerness
Orkney
KW17 2QJ



REGISTERED NUMBER: SC531754 (Scotland)



ACCOUNTANTS: Orcadia
Chartered Accountants
1 - 3 East Road
Kirkwall
Orkney
KW15 1HZ



BANKERS: The Royal Bank of Scotland
1 Victoria Street
Kirkwall
Orkney
KW15 1DP

Deerness Distillery Limited (Registered number: SC531754)

Abridged Balance Sheet
30 April 2023

2022 2023
£    £    Notes £    £   
FIXED ASSETS
4,930 Intangible assets 4 4,930
93,922 Tangible assets 5 85,656
98,852 90,586

CURRENT ASSETS
50,062 Stocks 69,617
26,251 Debtors 26,421
1,767 Cash at bank and in hand 13,637
78,080 109,675
CREDITORS
96,410 Amounts falling due within one year 119,804
(18,330 ) NET CURRENT LIABILITIES (10,129 )
80,522 TOTAL ASSETS LESS CURRENT
LIABILITIES

80,457

CREDITORS
(64,097 ) Amounts falling due after more than one year (61,520 )

(17,513 ) ACCRUALS AND DEFERRED INCOME (16,920 )
(1,088 ) NET ASSETS/(LIABILITIES) 2,017

CAPITAL AND RESERVES
20 Called up share capital 20
(1,108 ) Retained earnings 1,997
(1,088 ) SHAREHOLDERS' FUNDS 2,017

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Deerness Distillery Limited (Registered number: SC531754)

Abridged Balance Sheet - continued
30 April 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 April 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 November 2023 and were signed on its behalf by:





S W Brown - Director


Deerness Distillery Limited (Registered number: SC531754)

Notes to the Financial Statements
for the Year Ended 30 April 2023

1. STATUTORY INFORMATION

Deerness Distillery Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents net invoiced sales of spirits, excluding value added tax.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are not being amortised, but are tested annually for any impairment.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - not provided
Plant and machinery etc - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Deerness Distillery Limited (Registered number: SC531754)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' 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 statements, 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 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 future receipts discounted at a market rate of interest. Financial assets classified as receivable 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 re 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Deerness Distillery Limited (Registered number: SC531754)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 May 2022
and 30 April 2023 4,930
NET BOOK VALUE

At 30 April 2023 4,930
At 30 April 2022 4,930

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 May 2022 117,105
Additions 2,995
At 30 April 2023 120,100
DEPRECIATION
At 1 May 2022 23,183
Charge for year 11,261
At 30 April 2023 34,444
NET BOOK VALUE
At 30 April 2023 85,656
At 30 April 2022 93,922