Silverfin false false 30/09/2023 01/07/2022 30/09/2023 E Maceachern 08/06/2021 F Maceachern 08/06/2021 G Wotherspoon 08/06/2021 11 April 2024 The principal activity of the Company during the financial period was that of a distillery. SC701027 2023-09-30 SC701027 bus:Director1 2023-09-30 SC701027 bus:Director2 2023-09-30 SC701027 bus:Director3 2023-09-30 SC701027 2022-06-30 SC701027 core:CurrentFinancialInstruments 2023-09-30 SC701027 core:CurrentFinancialInstruments 2022-06-30 SC701027 core:Non-currentFinancialInstruments 2023-09-30 SC701027 core:Non-currentFinancialInstruments 2022-06-30 SC701027 core:ShareCapital 2023-09-30 SC701027 core:ShareCapital 2022-06-30 SC701027 core:RetainedEarningsAccumulatedLosses 2023-09-30 SC701027 core:RetainedEarningsAccumulatedLosses 2022-06-30 SC701027 core:OtherResidualIntangibleAssets 2022-06-30 SC701027 core:OtherResidualIntangibleAssets 2023-09-30 SC701027 core:LandBuildings 2022-06-30 SC701027 core:LandBuildings 2023-09-30 SC701027 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-09-30 SC701027 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-06-30 SC701027 2021-06-07 SC701027 bus:OrdinaryShareClass1 2023-09-30 SC701027 2022-07-01 2023-09-30 SC701027 bus:FilletedAccounts 2022-07-01 2023-09-30 SC701027 bus:SmallEntities 2022-07-01 2023-09-30 SC701027 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-09-30 SC701027 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-09-30 SC701027 bus:Director1 2022-07-01 2023-09-30 SC701027 bus:Director2 2022-07-01 2023-09-30 SC701027 bus:Director3 2022-07-01 2023-09-30 SC701027 core:OtherResidualIntangibleAssets core:TopRangeValue 2022-07-01 2023-09-30 SC701027 2021-06-08 2022-06-30 SC701027 core:OtherResidualIntangibleAssets 2022-07-01 2023-09-30 SC701027 core:LandBuildings 2022-07-01 2023-09-30 SC701027 core:Non-currentFinancialInstruments 2022-07-01 2023-09-30 SC701027 bus:OrdinaryShareClass1 2022-07-01 2023-09-30 SC701027 bus:OrdinaryShareClass1 2021-06-08 2022-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC701027 (Scotland)

LEVENBANK DISTILLERY LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD FROM 01 JULY 2022 TO 30 SEPTEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

LEVENBANK DISTILLERY LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 JULY 2022 TO 30 SEPTEMBER 2023

Contents

LEVENBANK DISTILLERY LTD

BALANCE SHEET

AS AT 30 SEPTEMBER 2023
LEVENBANK DISTILLERY LTD

BALANCE SHEET (continued)

AS AT 30 SEPTEMBER 2023
Note 30.09.2023 30.06.2022
£ £
Fixed assets
Intangible assets 3 21,616 24,993
Tangible assets 4 6,894 0
28,510 24,993
Current assets
Debtors 5 0 15,420
Cash at bank and in hand 765 3,893
765 19,313
Creditors: amounts falling due within one year 6 ( 36,987) ( 68,967)
Net current liabilities (36,222) (49,654)
Total assets less current liabilities (7,712) (24,661)
Creditors: amounts falling due after more than one year 7 0 ( 21,501)
Net liabilities ( 7,712) ( 46,162)
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account ( 7,812 ) ( 46,262 )
Total shareholders' deficit ( 7,712) ( 46,162)

For the financial period ending 30 September 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 Levenbank Distillery Ltd (registered number: SC701027) were approved and authorised for issue by the Board of Directors on 11 April 2024. They were signed on its behalf by:

F Maceachern
Director
LEVENBANK DISTILLERY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 JULY 2022 TO 30 SEPTEMBER 2023
LEVENBANK DISTILLERY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 JULY 2022 TO 30 SEPTEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Levenbank Distillery Ltd (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 Unit 12 Block 2 Vale Of Leven Industrial Estate, Dumbarton, G82 3PD, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due 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.

Reporting period length

Reporting period length is from 1st July 2022 to 30th September 2023.

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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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:

Other intangible assets 10 years straight line
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, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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 and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

Period from
01.07.2022 to
30.09.2023
Period from
08.06.2021 to
30.06.2022
Number Number
Monthly average number of persons employed by the Company during the period, including directors 3 3

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 July 2022 27,010 27,010
At 30 September 2023 27,010 27,010
Accumulated amortisation
At 01 July 2022 2,017 2,017
Charge for the financial period 3,377 3,377
At 30 September 2023 5,394 5,394
Net book value
At 30 September 2023 21,616 21,616
At 30 June 2022 24,993 24,993

4. Tangible assets

Land and buildings Total
£ £
Cost
At 01 July 2022 0 0
Additions 6,894 6,894
At 30 September 2023 6,894 6,894
Accumulated depreciation
At 01 July 2022 0 0
At 30 September 2023 0 0
Net book value
At 30 September 2023 6,894 6,894
At 30 June 2022 0 0

5. Debtors

30.09.2023 30.06.2022
£ £
Deferred tax asset 0 15,420

6. Creditors: amounts falling due within one year

30.09.2023 30.06.2022
£ £
Amounts owed to related parties 36,987 66,267
Accruals 0 2,700
36,987 68,967

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

30.09.2023 30.06.2022
£ £
Deferred income 0 21,501

There are no amounts included above in respect of which any security has been given by the small entity.

8. Deferred tax

30.09.2023 30.06.2022
£ £
At the beginning of financial period 15,420 0
(Charged)/credited to the Profit and Loss Account ( 15,420) 15,420
At the end of financial period 0 15,420

9. Called-up share capital

30.09.2023 30.06.2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

10. Related party transactions

Other related party transactions

30.09.2023 30.06.2022
£ £
Amounts owed to related party 36,987 66,267