Silverfin false 31/03/2023 01/04/2022 31/03/2023 J W Ferguson 16/03/2023 23/06/2022 B Iravani 26/03/2021 A J S Lawrence 25/11/2022 17/09/2021 C Masters 25/11/2022 A J R Porter 17/09/2021 J G Rennie 17/09/2021 26 February 2024 The principal activity of the Company during the financial year was the development and production of up market canned cocktails. SC693603 2023-03-31 SC693603 bus:Director1 2023-03-31 SC693603 bus:Director2 2023-03-31 SC693603 bus:Director3 2023-03-31 SC693603 bus:Director4 2023-03-31 SC693603 bus:Director5 2023-03-31 SC693603 bus:Director6 2023-03-31 SC693603 2022-03-31 SC693603 core:CurrentFinancialInstruments 2023-03-31 SC693603 core:CurrentFinancialInstruments 2022-03-31 SC693603 core:Non-currentFinancialInstruments 2023-03-31 SC693603 core:Non-currentFinancialInstruments 2022-03-31 SC693603 core:ShareCapital 2023-03-31 SC693603 core:ShareCapital 2022-03-31 SC693603 core:SharePremium 2023-03-31 SC693603 core:SharePremium 2022-03-31 SC693603 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC693603 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC693603 core:Goodwill 2022-03-31 SC693603 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-03-31 SC693603 core:PatentsTrademarksLicencesConcessionsSimilar 2022-03-31 SC693603 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2022-03-31 SC693603 core:Goodwill 2023-03-31 SC693603 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 SC693603 core:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 SC693603 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-03-31 SC693603 core:PlantMachinery 2022-03-31 SC693603 core:FurnitureFittings 2022-03-31 SC693603 core:ComputerEquipment 2022-03-31 SC693603 core:PlantMachinery 2023-03-31 SC693603 core:FurnitureFittings 2023-03-31 SC693603 core:ComputerEquipment 2023-03-31 SC693603 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-03-31 SC693603 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-03-31 SC693603 bus:OrdinaryShareClass1 2023-03-31 SC693603 bus:OrdinaryShareClass2 2023-03-31 SC693603 2022-04-01 2023-03-31 SC693603 bus:FullAccounts 2022-04-01 2023-03-31 SC693603 bus:SmallEntities 2022-04-01 2023-03-31 SC693603 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC693603 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC693603 bus:Director1 2022-04-01 2023-03-31 SC693603 bus:Director2 2022-04-01 2023-03-31 SC693603 bus:Director3 2022-04-01 2023-03-31 SC693603 bus:Director4 2022-04-01 2023-03-31 SC693603 bus:Director5 2022-04-01 2023-03-31 SC693603 bus:Director6 2022-04-01 2023-03-31 SC693603 core:Goodwill core:TopRangeValue 2022-04-01 2023-03-31 SC693603 core:DevelopmentCostsCapitalisedDevelopmentExpenditure core:TopRangeValue 2022-04-01 2023-03-31 SC693603 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2022-04-01 2023-03-31 SC693603 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2022-04-01 2023-03-31 SC693603 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-04-01 2023-03-31 SC693603 core:PlantMachinery core:TopRangeValue 2022-04-01 2023-03-31 SC693603 core:FurnitureFittings core:TopRangeValue 2022-04-01 2023-03-31 SC693603 core:ComputerEquipment core:TopRangeValue 2022-04-01 2023-03-31 SC693603 2021-03-26 2022-03-31 SC693603 core:Goodwill 2022-04-01 2023-03-31 SC693603 core:PatentsTrademarksLicencesConcessionsSimilar 2022-04-01 2023-03-31 SC693603 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2022-04-01 2023-03-31 SC693603 core:PlantMachinery 2022-04-01 2023-03-31 SC693603 core:FurnitureFittings 2022-04-01 2023-03-31 SC693603 core:ComputerEquipment 2022-04-01 2023-03-31 SC693603 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 SC693603 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 SC693603 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC693603 bus:OrdinaryShareClass1 2021-03-26 2022-03-31 SC693603 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 SC693603 bus:OrdinaryShareClass2 2021-03-26 2022-03-31 SC693603 1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC693603 (Scotland)

WHITEBOX DRINKS LIMITED

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

WHITEBOX DRINKS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

WHITEBOX DRINKS LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023
WHITEBOX DRINKS LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
Note 31.03.2023 31.03.2022
£ £
Fixed assets
Intangible assets 3 0 11,110
Tangible assets 4 26,172 22,061
26,172 33,171
Current assets
Stocks 181,327 259,609
Debtors 5 125,332 56,332
Cash at bank and in hand 16,483 41,486
323,142 357,427
Creditors: amounts falling due within one year 6 ( 298,962) ( 275,810)
Net current assets 24,180 81,617
Total assets less current liabilities 50,352 114,788
Creditors: amounts falling due after more than one year 7 ( 9,863) ( 66,813)
Net assets 40,489 47,975
Capital and reserves
Called-up share capital 8 279 249
Share premium account 1,037,578 387,374
Profit and loss account ( 997,368 ) ( 339,648 )
Total shareholders' funds 40,489 47,975

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 Whitebox Drinks Limited (registered number: SC693603) were approved and authorised for issue by the Board of Directors on 26 February 2024. They were signed on its behalf by:

B Iravani
Director
WHITEBOX DRINKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
WHITEBOX DRINKS 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 period, unless otherwise stated.

General information and basis of accounting

Whitebox Drinks 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 5-9 Bon Accord Crescent, Aberdeen, AB11 6DN, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 company has made a loss for the year which is in accordance with the company's plan to invest in the company's product and wider infrastructure to create future growth. The company experienced increasing levels of sales in the latter part of the financial year which will lead to increased revenue growth in FY2024.

The directors continually assess the funding needs of the business and work closely with existing shareholders who continue to support the company. The directors have also engaged with investors and have completed a growth fundraise in FY2024 with plans to continue seeking additional investment.

Based on the increased revenues expected for FY2024 and the continued support of the shareholders, the directors consider that the company will have adequate resources for the foreseeable future and the financial statements should be prepared on a going concern basis.

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 up market canned cocktails 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.

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.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Development costs 10 years straight line
Trademarks, patents and licences 10 years straight line
Website costs 5 years straight line
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

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 at rates calculated to write off the cost or valuation of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 5 years straight line
Fixtures and fittings 5 years straight line
Computer equipment 4 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
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.

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).

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

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.

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 and other loans are initially recognised at transaction price.

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.

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. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

Year ended
31.03.2023
Period from
26.03.2021 to
31.03.2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 12 11

3. Intangible assets

Goodwill Development costs Trademarks, patents
and licences
Website costs Total
£ £ £ £ £
Cost
At 01 April 2022 1 5,000 510 6,750 12,261
At 31 March 2023 1 5,000 510 6,750 12,261
Accumulated amortisation
At 01 April 2022 0 292 30 829 1,151
Charge for the financial year 1 4,708 480 5,921 11,110
At 31 March 2023 1 5,000 510 6,750 12,261
Net book value
At 31 March 2023 0 0 0 0 0
At 31 March 2022 1 4,708 480 5,921 11,110

The useful life of the intangible assets was assessed and it was decided to accelerate amortisation.

4. Tangible assets

Plant and machinery Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 01 April 2022 9,611 11,710 2,625 23,946
Additions 1,242 4,979 3,648 9,869
At 31 March 2023 10,853 16,689 6,273 33,815
Accumulated depreciation
At 01 April 2022 872 658 355 1,885
Charge for the financial year 2,134 2,501 1,123 5,758
At 31 March 2023 3,006 3,159 1,478 7,643
Net book value
At 31 March 2023 7,847 13,530 4,795 26,172
At 31 March 2022 8,739 11,052 2,270 22,061

5. Debtors

31.03.2023 31.03.2022
£ £
Trade debtors 98,931 0
Amounts owed by related parties 0 1,000
Other debtors 26,401 55,332
125,332 56,332

6. Creditors: amounts falling due within one year

31.03.2023 31.03.2022
£ £
Trade creditors 84,309 89,267
Amounts owed to related parties 0 22,727
Other taxation and social security 10,876 36,562
Other creditors 203,777 127,254
298,962 275,810

Within other creditors is a loan of £95,158 which is secured by a floating charge over the company's assets.

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

31.03.2023 31.03.2022
£ £
Other creditors 9,863 66,813

Within other creditors is a loan which is secured by a floating charge over the company's assets.

8. Called-up share capital

31.03.2023 31.03.2022
£ £
Allotted, called-up and fully-paid
26,421,543 A ordinary shares of £ 0.00001 each (31.03.2022: 23,350,550 shares of £ 0.00001 each) 264 234
1,500,000 B ordinary shares of £ 0.00001 each 15 15
279 249

In the financial year 2023, 3,070,993 A Ordinary shares were allotted with an aggregate nominal value of £30.70993 for a consideration of £650,234.25.

9. Financial commitments

Commitments

31.03.2023 31.03.2022
£ £
Total future minimum lease payments under non-cancellable operating lease 54,917 86,668

10. Related party transactions

Other related party transactions

31.03.2023 31.03.2022
£ £
Amounts owed to other related parties 0 22,727

The loans with related parties are repayable on demand and do not bear interest.

11. Events after the Balance Sheet date

The company issued 3,232,219 shares post year end at a consideration of £827,448.