Registered number
NI655098
Titanic Distillers Limited
Filleted Accounts
31 December 2022
Titanic Distillers Limited
Registered number: NI655098
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Intangible assets 3 243,300 276,650
Tangible assets 4 3,798,182 773,149
4,041,482 1,049,799
Current assets
Stocks 388,904 186,678
Debtors 5 1,148,731 716,600
Cash at bank and in hand 73,571 868,747
1,611,206 1,772,025
Creditors: amounts falling due within one year 6 (1,585,743) (94,628)
Net current assets 25,463 1,677,397
Total assets less current liabilities 4,066,945 2,727,196
Creditors: amounts falling due after more than one year 7 (4,153,442) (2,370,000)
Net (liabilities)/assets (86,497) 357,196
Capital and reserves
Called up share capital 250 250
Share premium 949,856 949,856
Profit and loss account (1,036,603) (592,910)
Shareholders' funds (86,497) 357,196
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Stephen Symington
Director
Approved by the board on 13 March 2024
Titanic Distillers Limited
Notes to the Accounts
for the year ended 31 December 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 27 4
3 Intangible fixed assets £
Trademarks and Licences
Cost
At 1 January 2022 333,500
At 31 December 2022 333,500
Amortisation
At 1 January 2022 56,850
Provided during the year 33,350
At 31 December 2022 90,200
Net book value
At 31 December 2022 243,300
At 31 December 2021 276,650
Intangibles are being written off in equal annual instalments over an estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2022 727,282 47,000 774,282
Additions 3,027,628 11,500 3,039,128
At 31 December 2022 3,754,910 58,500 3,813,410
Depreciation
At 1 January 2022 741 392 1,133
Charge for the year 6,534 7,561 14,095
At 31 December 2022 7,275 7,953 15,228
Net book value
At 31 December 2022 3,747,635 50,547 3,798,182
At 31 December 2021 726,541 46,608 773,149
5 Debtors 2022 2021
£ £
Trade debtors 93,393 15,128
Amounts owed by group undertakings and undertakings in which the company has a participating interest 205,950 651,472
Other debtors 849,388 50,000
1,148,731 716,600
6 Creditors: amounts falling due within one year 2022 2021
£ £
Obligations under finance lease and hire purchase contracts 2,250 -
Trade creditors 223,452 107,576
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,322,059 -
Taxation and social security costs (19,861) (24,401)
Other creditors 57,843 11,453
1,585,743 94,628
7 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 1,870,817 250,000
Obligations under finance lease and hire purchase contracts 2,625 -
Other creditors 2,280,000 2,120,000
4,153,442 2,370,000
8 Other information
Titanic Distillers Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
Titanic Dock & Pumphouse
Queens Road
Belfast
BT3 9DT
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