Silverfin 03 November 2023 03 November 2023 Alastair Stewart BA(Hons) CA Gillespie & Anderson 137,106 0 false true 31/03/2023 01/04/2022 31/03/2023 Dharmendra Kumar Batra 23/09/2021 Richard Hargroves 30/04/2021 Robert Walter 20/07/2021 03 November 2023 The principal activity of the Company during the financial year continued to be that of a distillery. SC697433 2023-03-31 SC697433 bus:Director1 2023-03-31 SC697433 bus:Director2 2023-03-31 SC697433 bus:Director3 2023-03-31 SC697433 2022-03-31 SC697433 core:CurrentFinancialInstruments 2023-03-31 SC697433 core:CurrentFinancialInstruments 2022-03-31 SC697433 core:ShareCapital 2023-03-31 SC697433 core:ShareCapital 2022-03-31 SC697433 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC697433 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC697433 core:ConstructionInProgressAssetsUnderConstruction 2022-03-31 SC697433 core:ConstructionInProgressAssetsUnderConstruction 2023-03-31 SC697433 core:ImmediateParent core:CurrentFinancialInstruments 2023-03-31 SC697433 core:ImmediateParent core:CurrentFinancialInstruments 2022-03-31 SC697433 bus:OrdinaryShareClass1 2023-03-31 SC697433 2022-04-01 2023-03-31 SC697433 bus:FullAccounts 2022-04-01 2023-03-31 SC697433 bus:SmallEntities 2022-04-01 2023-03-31 SC697433 bus:Audited 2022-04-01 2023-03-31 SC697433 2021-04-01 2022-03-31 SC697433 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC697433 bus:Director1 2022-04-01 2023-03-31 SC697433 bus:Director2 2022-04-01 2023-03-31 SC697433 bus:Director3 2022-04-01 2023-03-31 SC697433 core:ConstructionInProgressAssetsUnderConstruction 2022-04-01 2023-03-31 SC697433 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 SC697433 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC697433 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 SC697433 1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC697433 (Scotland)

PORTAVADIE DISTILLERS AND BLENDERS LTD

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

PORTAVADIE DISTILLERS AND BLENDERS LTD

FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

PORTAVADIE DISTILLERS AND BLENDERS LTD

BALANCE SHEET

AS AT 31 MARCH 2023
PORTAVADIE DISTILLERS AND BLENDERS LTD

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 1,151,613 838,918
1,151,613 838,918
Current assets
Debtors 5 10,000 8,823
Cash at bank and in hand 8,372 53,255
18,372 62,078
Creditors: amounts falling due within one year 6 ( 285,090) ( 815,995)
Net current liabilities (266,718) (753,917)
Total assets less current liabilities 884,895 85,001
Net assets 884,895 85,001
Capital and reserves
Called-up share capital 7 1,022,001 85,001
Profit and loss account ( 137,106 ) 0
Total shareholder's funds 884,895 85,001

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Portavadie Distillers and Blenders Ltd (registered number: SC697433) were approved and authorised for issue by the Director on 03 November 2023. They were signed on its behalf by:

Robert Walter
Director
PORTAVADIE DISTILLERS AND BLENDERS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
PORTAVADIE DISTILLERS AND BLENDERS 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

Portavadie Distillers and Blenders 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 C/O Johnston Carmichael, 227 West George Street, Glasgow, G2 2ND, Scotland, 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 directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have 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.

The directors note that the company is reliant on funding from parent company Piccadily Agro Industries Ltd.

Reporting period length

The comparative period covers the period from 30 April 2021 to 31 March 2022. The current reporting period covers the year to 31 March 2023, therefore the comparative period isn't entirely comparable.

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.

A deferred tax asset has not been recognised in the financial statements due to the uncertainty of the recoverability of the amount.

Tangible fixed assets

Assets under construction are stated at cost and after any provision for impairment. Depreciation is not provided on assets under construction until the assets are operational.

Assets under construction not depreciated

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 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.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Cash and cash equivalents

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

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, 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.

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. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors have not been required to make any critical judgements that have a significant impact on the amounts recognised.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

4. Tangible assets

Assets under construc-
tion
Total
£ £
Cost
At 01 April 2022 838,918 838,918
Additions 312,695 312,695
At 31 March 2023 1,151,613 1,151,613
Accumulated depreciation
At 01 April 2022 0 0
At 31 March 2023 0 0
Net book value
At 31 March 2023 1,151,613 1,151,613
At 31 March 2022 838,918 838,918

5. Debtors

2023 2022
£ £
Other debtors 10,000 8,823

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 93,719 0
Amounts owed to Parent undertakings 100,000 815,000
Other taxation and social security 15,431 0
Other creditors 75,940 995
285,090 815,995

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,022,001 Ordinary shares of £ 1.00 each (2022: 85,001 shares of £ 1.00 each) 1,022,001 85,001

During the year, loans from the parent company totalling £937,000 were converted to Ordinary share capital.

8. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts owed to key management personnel 65,785 0

Other related party transactions

2023 2022
£ £
Amounts owed to parent company 100,000 0

9. Events after the Balance Sheet date

The loan from the parent company, Piccadily Agro Industries Ltd, of £100,000 was converted to share capital after the year end.

10. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 March 2023 was unqualified.

The audit report was signed by Alastair Stewart BA(Hons) CA on behalf of Gillespie & Anderson, Chartered Accountants.

11. Ultimate controlling party

Parent Company:

The parent company of Portavadie Distillery and Blenders Ltd is Piccadily Agro Industries Ltd, an Indian company that trades on the Indian stock exchange. The parent company owns 100% of the share capital.
The registered address of Piccadily Agro Industries Ltd is Village Bhadson, Umri - Indri Road, Teh.Indri, Distt. Karnal, Haryana-134109, India