Silverfin false 31/03/2023 01/04/2022 31/03/2023 B Iravani 16/06/2015 A J Porter 16/06/2016 J G Rennie 16/06/2015 06 March 2024 The principal activity of the Company during the financial year was that of distilling, rectifying and blending of spirits. SC508516 2023-03-31 SC508516 bus:Director1 2023-03-31 SC508516 bus:Director2 2023-03-31 SC508516 bus:Director3 2023-03-31 SC508516 2022-03-31 SC508516 core:CurrentFinancialInstruments 2023-03-31 SC508516 core:CurrentFinancialInstruments 2022-03-31 SC508516 core:Non-currentFinancialInstruments 2023-03-31 SC508516 core:Non-currentFinancialInstruments 2022-03-31 SC508516 core:ShareCapital 2023-03-31 SC508516 core:ShareCapital 2022-03-31 SC508516 core:SharePremium 2023-03-31 SC508516 core:SharePremium 2022-03-31 SC508516 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC508516 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC508516 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-03-31 SC508516 core:PatentsTrademarksLicencesConcessionsSimilar 2022-03-31 SC508516 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 SC508516 core:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 SC508516 core:LandBuildings 2022-03-31 SC508516 core:OtherPropertyPlantEquipment 2022-03-31 SC508516 core:LandBuildings 2023-03-31 SC508516 core:OtherPropertyPlantEquipment 2023-03-31 SC508516 core:RemainingRelatedParties core:Non-currentFinancialInstruments 2023-03-31 SC508516 core:RemainingRelatedParties core:Non-currentFinancialInstruments 2022-03-31 SC508516 bus:OrdinaryShareClass1 2023-03-31 SC508516 2022-04-01 2023-03-31 SC508516 bus:FullAccounts 2022-04-01 2023-03-31 SC508516 bus:SmallEntities 2022-04-01 2023-03-31 SC508516 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC508516 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC508516 bus:Director1 2022-04-01 2023-03-31 SC508516 bus:Director2 2022-04-01 2023-03-31 SC508516 bus:Director3 2022-04-01 2023-03-31 SC508516 core:DevelopmentCostsCapitalisedDevelopmentExpenditure core:TopRangeValue 2022-04-01 2023-03-31 SC508516 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2022-04-01 2023-03-31 SC508516 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-04-01 2023-03-31 SC508516 core:LandBuildings core:TopRangeValue 2022-04-01 2023-03-31 SC508516 core:OtherPropertyPlantEquipment core:BottomRangeValue 2022-04-01 2023-03-31 SC508516 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-04-01 2023-03-31 SC508516 2021-04-01 2022-03-31 SC508516 core:PatentsTrademarksLicencesConcessionsSimilar 2022-04-01 2023-03-31 SC508516 core:LandBuildings 2022-04-01 2023-03-31 SC508516 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 SC508516 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 SC508516 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 SC508516 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC508516 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC508516 (Scotland)

LANGSTANE LIQUOR COMPANY LIMITED

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

LANGSTANE LIQUOR COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

LANGSTANE LIQUOR COMPANY LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023
LANGSTANE LIQUOR COMPANY LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 37,325 51,064
Tangible assets 4 21,463 32,696
58,788 83,760
Current assets
Stocks 150,632 177,279
Debtors 5 105,144 114,497
Cash at bank and in hand 1,498 37
257,274 291,813
Creditors: amounts falling due within one year 6 ( 458,439) ( 405,221)
Net current liabilities (201,165) (113,408)
Total assets less current liabilities (142,377) (29,648)
Creditors: amounts falling due after more than one year 7 ( 149,165) ( 198,713)
Net liabilities ( 291,542) ( 228,361)
Capital and reserves
Called-up share capital 8 142 140
Share premium account 1,065,473 1,015,468
Profit and loss account ( 1,357,157 ) ( 1,243,969 )
Total shareholders' deficit ( 291,542) ( 228,361)

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 Langstane Liquor Company Limited (registered number: SC508516) were approved and authorised for issue by the Board of Directors on 06 March 2024. They were signed on its behalf by:

B Iravani
Director
LANGSTANE LIQUOR COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
LANGSTANE LIQUOR COMPANY 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

Langstane Liquor Company 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, 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 £291,542. The Company is supported through loans from the directors and related parties. 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 alcoholic beverages 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.

Revenue from the sale of alcoholic beverages is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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:

Development costs 5 years straight line
Trademarks, patents and licences 10 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.

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

Land and buildings 10 years straight line
Plant and machinery etc. 4 - 5 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. 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.

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 and bank 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.

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 5 6

3. Intangible assets

Development costs Trademarks, patents
and licences
Total
£ £ £
Cost
At 01 April 2022 44,035 49,315 93,350
At 31 March 2023 44,035 49,315 93,350
Accumulated amortisation
At 01 April 2022 25,882 16,404 42,286
Charge for the financial year 8,807 4,932 13,739
At 31 March 2023 34,689 21,336 56,025
Net book value
At 31 March 2023 9,346 27,979 37,325
At 31 March 2022 18,153 32,911 51,064

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 April 2022 40,878 41,390 82,268
At 31 March 2023 40,878 41,390 82,268
Accumulated depreciation
At 01 April 2022 20,994 28,578 49,572
Charge for the financial year 3,863 7,370 11,233
At 31 March 2023 24,857 35,948 60,805
Net book value
At 31 March 2023 16,021 5,442 21,463
At 31 March 2022 19,884 12,812 32,696

5. Debtors

2023 2022
£ £
Trade debtors 76,318 58,645
Other debtors 28,826 55,852
105,144 114,497

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 52,249 34,532
Trade creditors 102,250 162,752
Other taxation and social security 25,585 11,281
Other creditors 278,355 196,656
458,439 405,221

The bank loan is secured by a floating charge over the assets of the company.

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

2023 2022
£ £
Bank loans 31,829 53,966
Amounts owed to related parties 102,178 114,870
Other creditors 15,158 29,877
149,165 198,713

The bank loan is secured by a floating charge over the assets of the company.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,417,805 Ordinary shares of £ 0.0001 each (2022: 1,400,197 shares of £ 0.0001 each) 142 140

In the financial year 2023 17,608 Ordinary shares were allotted with a nominal value of £0.0001 and consideration of £50,006.72 was received.

9. Related party transactions

Other related party transactions

2023 2022
£ £
Amounts due to other related parties (102,178) (114,870)
Amounts due from other related parties 0 22,727

Loans due to related parties are repayable on demand and do not bear interest.