Silverfin false 31/03/2023 01/04/2022 31/03/2023 A Dutoy 01/08/2018 D C Gidwaney 22/03/2017 N Waters 01/08/2018 09 November 2023 The principal activity of the Company during the financial year was that of a whisky distillery. SC561174 2023-03-31 SC561174 bus:Director1 2023-03-31 SC561174 bus:Director2 2023-03-31 SC561174 bus:Director3 2023-03-31 SC561174 2022-03-31 SC561174 core:CurrentFinancialInstruments 2023-03-31 SC561174 core:CurrentFinancialInstruments 2022-03-31 SC561174 core:Non-currentFinancialInstruments 2023-03-31 SC561174 core:Non-currentFinancialInstruments 2022-03-31 SC561174 core:ShareCapital 2023-03-31 SC561174 core:ShareCapital 2022-03-31 SC561174 core:SharePremium 2023-03-31 SC561174 core:SharePremium 2022-03-31 SC561174 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC561174 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC561174 core:LandBuildings 2022-03-31 SC561174 core:OtherPropertyPlantEquipment 2022-03-31 SC561174 core:LandBuildings 2023-03-31 SC561174 core:OtherPropertyPlantEquipment 2023-03-31 SC561174 bus:OrdinaryShareClass1 2023-03-31 SC561174 2022-04-01 2023-03-31 SC561174 bus:FullAccounts 2022-04-01 2023-03-31 SC561174 bus:SmallEntities 2022-04-01 2023-03-31 SC561174 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC561174 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC561174 bus:Director1 2022-04-01 2023-03-31 SC561174 bus:Director2 2022-04-01 2023-03-31 SC561174 bus:Director3 2022-04-01 2023-03-31 SC561174 core:LandBuildings core:TopRangeValue 2022-04-01 2023-03-31 SC561174 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 SC561174 2021-04-01 2022-03-31 SC561174 core:LandBuildings 2022-04-01 2023-03-31 SC561174 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC561174 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC561174 (Scotland)

LOCH EWE SPIRITS LIMITED

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

LOCH EWE SPIRITS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

LOCH EWE SPIRITS LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023
LOCH EWE SPIRITS LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
Note 2023 2022
£ £
Restated - note 2
Fixed assets
Tangible assets 4 440,389 450,403
440,389 450,403
Current assets
Stocks 1,500 3,640
Debtors 5 131,037 86,544
Cash at bank and in hand 2,140 9,077
134,677 99,261
Creditors: amounts falling due within one year 6 ( 2,750) ( 6,873)
Net current assets 131,927 92,388
Total assets less current liabilities 572,316 542,791
Creditors: amounts falling due after more than one year 7 ( 771,844) ( 713,050)
Net liabilities ( 199,528) ( 170,259)
Capital and reserves
Called-up share capital 8 62,500 62,500
Share premium account 120,500 120,500
Profit and loss account ( 382,528 ) ( 353,259 )
Total shareholders' deficit ( 199,528) ( 170,259)

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 Loch Ewe Spirits Limited (registered number: SC561174) were approved and authorised for issue by the Director on 09 November 2023. They were signed on its behalf by:

A Dutoy
Director
LOCH EWE SPIRITS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
LOCH EWE SPIRITS 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

Loch Ewe Spirits 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 Building 1 9 Haymarket Square, Edinburgh, EH3 8RY, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 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 £199,528. 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.

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.

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:

Land and buildings 50 years straight line
Plant and machinery etc. 33 % reducing balance

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.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

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.

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 cost and replacement 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 deposits held at call with banks. 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.

Basic financial liabilities
Basic financial liabilities, including creditors, 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. Prior year adjustment

The accounts have been restated to incorporate the impact of a misclassification of share premium. The change has resulted in a decrease in net liabilities at 31 March 2022.

As previously reported Adjustment As restated
Year ended 31 March 2022 £ £ £
Share premium 0 120,500 120,500
Other loans 386,454 (120,500) 265,954

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 April 2022 499,095 300 499,395
At 31 March 2023 499,095 300 499,395
Accumulated depreciation
At 01 April 2022 48,786 206 48,992
Charge for the financial year 9,983 31 10,014
At 31 March 2023 58,769 237 59,006
Net book value
At 31 March 2023 440,326 63 440,389
At 31 March 2022 450,309 94 450,403

5. Debtors

2023 2022
£ £
Deferred tax asset 127,483 82,845
Other debtors 3,554 3,699
131,037 86,544

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 0 4,104
Other creditors 2,750 2,769
2,750 6,873

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

2023 2022
£ £
Other creditors 771,844 713,050

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
62,500 Class A ordinary shares of £ 1.00 each 62,500 62,500

9. Related party transactions

Other related party transactions

2023 2022
£ £
Amounts owed to key management personnel 505,890 506,205
Amounts owed to other related parties 265,954 206,954