2022-04-012023-03-312023-03-31falseSC492588INVERURIE WHISKY SHOP 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INVERURIE WHISKY SHOP LTD

Registered Number
SC492588
(Scotland)

Unaudited Financial Statements for the Year ended
31 March 2023

INVERURIE WHISKY SHOP LTD
Company Information
for the year from 1 April 2022 to 31 March 2023

Directors

HAWKINS, Claire Isobel
STUART, Michael Greg

Registered Address

52 North Street
Inverurie
AB51 4RS

Registered Number

SC492588 (Scotland)
INVERURIE WHISKY SHOP LTD
Balance Sheet as at
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets315,78717,280
15,78717,280
Current assets
Stocks486,444132,163
Debtors96,96444,102
Cash at bank and on hand8,35616,621
191,764192,886
Creditors amounts falling due within one year5(329,855)(312,227)
Net current assets (liabilities)(138,091)(119,341)
Total assets less current liabilities(122,304)(102,061)
Creditors amounts falling due after one year6(28,593)(35,260)
Provisions for liabilities7(3,283)(3,283)
Net assets(154,180)(140,604)
Capital and reserves
Called up share capital11
Profit and loss account(154,181)(140,605)
Shareholders' funds(154,180)(140,604)
The financial statements were approved and authorised for issue by the Board of Directors on 1 April 2024, and are signed on its behalf by:
STUART, Michael Greg
Director
Registered Company No. SC492588
INVERURIE WHISKY SHOP LTD
Notes to the Financial Statements
for the year ended 31 March 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.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
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.
Turnover policy
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.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
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.
Deferred tax
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.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Plant and machinery-5
Fixtures and fittings20-
Office Equipment-3
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.
2.Average number of employees

20232022
Average number of employees during the year55
3.Tangible fixed assets

Plant & machinery

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 April 2217,33839,3879,95366,678
Additions-3,122-3,122
At 31 March 2317,33842,5099,95369,800
Depreciation and impairment
At 01 April 2217,33825,2376,82349,398
Charge for year-3,1801,4354,615
At 31 March 2317,33828,4178,25854,013
Net book value
At 31 March 23-14,0921,69515,787
At 31 March 22-14,1503,13017,280
4.Stocks

2023

2022

££
Other stocks86,444132,163
Total86,444132,163
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables142,588106,724
Bank borrowings and overdrafts114,302130,665
Taxation and social security39,77343,301
Accrued liabilities and deferred income33,19231,537
Total329,855312,227
6.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts28,59335,260
Total28,59335,260
7.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)3,2833,283
Total3,2833,283