2022-11-012023-10-312023-10-31falseSC580225THREE SPIRITS (SCOTLAND) 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THREE SPIRITS (SCOTLAND) LTD

Registered Number
SC580225
(Scotland)

Unaudited Financial Statements for the Year ended
31 October 2023

THREE SPIRITS (SCOTLAND) LTD
Company Information
for the year from 1 November 2022 to 31 October 2023

Director

HARLEY, Kenneth Neil

Registered Address

68 Strathblane Road
Milngavie
Glasgow
G62 8DH

Registered Number

SC580225 (Scotland)
THREE SPIRITS (SCOTLAND) LTD
Balance Sheet as at
31 October 2023

Notes

2023

2022

£

£

£

£

Current assets
Stocks3128,921113,967
Debtors2,5188,858
Cash at bank and on hand3,8586,257
135,297129,082
Creditors amounts falling due within one year5(41,248)(42,816)
Net current assets (liabilities)94,04986,266
Total assets less current liabilities94,04986,266
Creditors amounts falling due after one year6(10,303)(11,956)
Accruals and deferred income(600)(600)
Net assets83,14673,710
Capital and reserves
Called up share capital22
Profit and loss account83,14473,708
Shareholders' funds83,14673,710
The financial statements were approved and authorised for issue by the Director on 7 March 2024, and are signed on its behalf by:
HARLEY, Kenneth Neil
Director
Registered Company No. SC580225
THREE SPIRITS (SCOTLAND) LTD
Notes to the Financial Statements
for the year ended 31 October 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Interest income
Interest income is recognised using the effective interest rate method.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other 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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other 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.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20232022
Average number of employees during the year00
3.Stocks

2023

2022

££
Other stocks128,921113,967
Total128,921113,967
4.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables-58
Other debtors2,5188,800
Total2,5188,858
5.Creditors: amounts due within one year

2023

2022

££
Bank borrowings and overdrafts1,6671,684
Taxation and social security2,2129,230
Other creditors37,36931,902
Total41,24842,816
6.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts10,30311,956
Total10,30311,956