Silverfin false 31/03/2023 01/04/2022 31/03/2023 Matthew D M Gammell 25/09/2013 David O Mullen 20/10/2014 Marcus G Pickering 25/09/2013 20 November 2023 no description of principal activity SC460003 2023-03-31 SC460003 bus:Director1 2023-03-31 SC460003 bus:Director2 2023-03-31 SC460003 bus:Director3 2023-03-31 SC460003 2022-03-31 SC460003 core:CurrentFinancialInstruments 2023-03-31 SC460003 core:CurrentFinancialInstruments 2022-03-31 SC460003 core:Non-currentFinancialInstruments 2023-03-31 SC460003 core:Non-currentFinancialInstruments 2022-03-31 SC460003 core:ShareCapital 2023-03-31 SC460003 core:ShareCapital 2022-03-31 SC460003 core:SharePremium 2023-03-31 SC460003 core:SharePremium 2022-03-31 SC460003 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC460003 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC460003 core:LeaseholdImprovements 2022-03-31 SC460003 core:PlantMachinery 2022-03-31 SC460003 core:Vehicles 2022-03-31 SC460003 core:FurnitureFittings 2022-03-31 SC460003 core:ComputerEquipment 2022-03-31 SC460003 core:LeaseholdImprovements 2023-03-31 SC460003 core:PlantMachinery 2023-03-31 SC460003 core:Vehicles 2023-03-31 SC460003 core:FurnitureFittings 2023-03-31 SC460003 core:ComputerEquipment 2023-03-31 SC460003 core:CurrentFinancialInstruments core:Secured 2023-03-31 SC460003 bus:OrdinaryShareClass1 2023-03-31 SC460003 2022-04-01 2023-03-31 SC460003 bus:FullAccounts 2022-04-01 2023-03-31 SC460003 bus:SmallEntities 2022-04-01 2023-03-31 SC460003 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC460003 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC460003 bus:Director1 2022-04-01 2023-03-31 SC460003 bus:Director2 2022-04-01 2023-03-31 SC460003 bus:Director3 2022-04-01 2023-03-31 SC460003 core:LeaseholdImprovements core:TopRangeValue 2022-04-01 2023-03-31 SC460003 core:PlantMachinery core:TopRangeValue 2022-04-01 2023-03-31 SC460003 core:Vehicles core:TopRangeValue 2022-04-01 2023-03-31 SC460003 core:FurnitureFittings core:TopRangeValue 2022-04-01 2023-03-31 SC460003 core:ComputerEquipment core:TopRangeValue 2022-04-01 2023-03-31 SC460003 2021-04-01 2022-03-31 SC460003 core:LeaseholdImprovements 2022-04-01 2023-03-31 SC460003 core:PlantMachinery 2022-04-01 2023-03-31 SC460003 core:Vehicles 2022-04-01 2023-03-31 SC460003 core:FurnitureFittings 2022-04-01 2023-03-31 SC460003 core:ComputerEquipment 2022-04-01 2023-03-31 SC460003 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 SC460003 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 SC460003 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC460003 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC460003 (Scotland)

SUMMERHALL DISTILLERY LIMITED

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

SUMMERHALL DISTILLERY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

SUMMERHALL DISTILLERY LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023
SUMMERHALL DISTILLERY LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 21,845 33,678
21,845 33,678
Current assets
Stocks 659,254 607,983
Debtors 4 101,494 179,843
Cash at bank and in hand 2,901 16,811
763,649 804,637
Creditors: amounts falling due within one year 5 ( 749,016) ( 852,967)
Net current assets/(liabilities) 14,633 (48,330)
Total assets less current liabilities 36,478 (14,652)
Creditors: amounts falling due after more than one year 6 ( 511,911) ( 245,800)
Provision for liabilities 0 ( 2,546)
Net liabilities ( 475,433) ( 262,998)
Capital and reserves
Called-up share capital 7 1 1
Share premium account 488,198 488,198
Profit and loss account ( 963,632 ) ( 751,197 )
Total shareholders' deficit ( 475,433) ( 262,998)

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.

Directors' responsibilities:

The financial statements of Summerhall Distillery Limited (registered number: SC460003) were approved and authorised for issue by the Director on 20 November 2023. They were signed on its behalf by:

Matthew D M Gammell
Director
SUMMERHALL DISTILLERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
SUMMERHALL DISTILLERY LIMITED

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

Summerhall Distillery 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 Summerhall Distillery, 1 Summerhall, Edinburgh, EH9 1PL, 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 note that the business has net liabilities of £475,433. The Company is supported through loans from the directors. The directors have 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 directors will continue to support the Company. Given the current position, the directors believe 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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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, 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 of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements 6.67 years straight line
Plant and machinery 5 years straight line
Vehicles 4 years straight line
Fixtures and fittings 3 years straight line
Computer equipment 3 years straight line

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell.

Stocks held for distribution at no or nominal consideration are measured at 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 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 cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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, are initially recognised at transaction price. 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.

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.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 14 13

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 April 2022 53,925 110,010 34,714 11,345 19,314 229,308
Additions 0 1,794 0 60 0 1,854
At 31 March 2023 53,925 111,804 34,714 11,405 19,314 231,162
Accumulated depreciation
At 01 April 2022 53,925 98,551 16,750 10,998 15,406 195,630
Charge for the financial year 0 5,472 5,928 354 1,933 13,687
At 31 March 2023 53,925 104,023 22,678 11,352 17,339 209,317
Net book value
At 31 March 2023 0 7,781 12,036 53 1,975 21,845
At 31 March 2022 0 11,459 17,964 347 3,908 33,678

4. Debtors

2023 2022
£ £
Trade debtors 90,543 136,185
Other debtors 10,951 43,658
101,494 179,843

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts (secured) 508,330 510,233
Trade creditors 139,512 140,657
Other taxation and social security 67,882 67,042
Obligations under finance leases and hire purchase contracts (secured) 2,488 2,165
Other creditors 30,804 132,870
749,016 852,967

The bank has a floating charge over the company’s assets to secure the bank loan and overdraft. The loan in respect of the hire purchase agreement is secured against the asset to which the agreement relates to.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 21,666 31,667
Obligations under finance leases and hire purchase contracts (secured) 7,345 9,833
Other creditors 482,900 204,300
511,911 245,800

The bank has a floating charge over the company’s assets to secure the bank loan and overdraft. The loan in respect of the hire purchase agreement is secured against the asset to which the agreement relates to.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
145,700 Ordinary A shares of £ 0.00001 each 1 1