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Registration number: SC632756

The Distillers' Art Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

The Distillers' Art Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

The Distillers' Art Limited

Company Information

Directors

Mr E Cameron

Mr G Thomson

Registered office

The Studio
Blairnathort Farm
Milnathort
Kinross
KY13 0SE

Accountants

Ross McConnell
Chartered Accountant
3 High Street
Kinross
KY13 8AW

 

The Distillers' Art Limited

(Registration number: SC632756)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed Assets

 

Intangible assets

4

85,947

56,899

Tangible Assets

5

257

307

 

86,204

57,206

Current assets

 

Stocks

6

171,752

206,718

Debtors

7

27,566

21,073

Cash at bank and in hand

 

67,897

25,846

 

267,215

253,637

Creditors: Amounts falling due within one year

8

(23,476)

(11,076)

Net current assets

 

243,739

242,561

Total assets less current liabilities

 

329,943

299,767

Creditors: Amounts falling due after more than one year

8

(267,589)

(229,487)

Net assets

 

62,354

70,280

Capital and reserves

 

Called up share capital

9

1,991

1,991

Share premium reserve

309,557

309,557

Retained earnings

(249,194)

(241,268)

Shareholders' funds

 

62,354

70,280

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

The Distillers' Art Limited

(Registration number: SC632756)
Balance Sheet as at 30 June 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 9 February 2024 and signed on its behalf by:
 

.........................................
Mr E Cameron
Director

.........................................
Mr G Thomson
Director

 

The Distillers' Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
The Studio
Blairnathort Farm
Milnathort
Kinross
KY13 0SE

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

The Distillers' Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

20% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website design

10% straight line

Project Compass Development Costs

Depreciation charged once project commences

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

The Distillers' Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

The Distillers' Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Intangible assets

Project Compass Development Costs
£

Website design
 £

Total
£

Cost or valuation

At 1 July 2022

-

67,019

67,019

Additions

29,450

7,000

36,450

At 30 June 2023

29,450

74,019

103,469

Amortisation

At 1 July 2022

-

10,120

10,120

Amortisation charge

-

7,402

7,402

At 30 June 2023

-

17,522

17,522

Carrying amount

At 30 June 2023

29,450

56,497

85,947

At 30 June 2022

-

56,899

56,899

5

Tangible Assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

511

511

At 30 June 2023

511

511

Depreciation

At 1 July 2022

204

204

Charge for the year

50

50

At 30 June 2023

254

254

Carrying amount

At 30 June 2023

257

257

At 30 June 2022

307

307

 

The Distillers' Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Stocks

2023
£

2022
£

Other inventories

171,752

206,718

7

Debtors

Current

2023
£

2022
£

Trade debtors

17,208

10,917

Prepayments

500

-

Other debtors

9,858

10,156

 

27,566

21,073

 

The Distillers' Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

17,440

7,925

Taxation and social security

2,885

-

Accruals and deferred income

3,151

3,151

23,476

11,076

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

267,589

229,487

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,991

1,991

1,991

1,991