Company Registration No. SC697926 (Scotland)
Inverness Whisky Ltd
Unaudited accounts
for the period from 1 March 2023 to 28 February 2024
Inverness Whisky Ltd
Unaudited accounts
Contents
Inverness Whisky Ltd
Company Information
for the period from 1 March 2023 to 28 February 2024
Directors
D Ireland
M MacPherson
J Donaldson
K MacPherson
Company Number
SC697926 (Scotland)
Registered Office
Market Close
Inverness
IV1 1EX
Accountants
CMM Accountancy (Inverness) Limited
The Green House
Beechwood Business Park North
Inverness
IV2 3BL
Inverness Whisky Ltd
Statement of financial position
as at 28 February 2024
Called up share capital not paid
-
100
Cash at bank and in hand
20,035
-
Creditors: amounts falling due within one year
(92,458)
-
Net current liabilities
(32,767)
-
Total assets less current liabilities
5,365
100
Provisions for liabilities
Called up share capital
100
100
Profit and loss account
4,457
-
Shareholders' funds
4,557
100
For the period ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the period in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 23 August 2024 and were signed on its behalf by
D Ireland
Director
Company Registration No. SC697926
Inverness Whisky Ltd
Notes to the Accounts
for the period from 1 March 2023 to 28 February 2024
Inverness Whisky Ltd is a private company, limited by shares, registered in Scotland, registration number SC697926. The registered office is Market Close, Inverness, IV1 1EX.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the period from 1 March 2023 to 28 February 2024 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 June 2022
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% straight line
Fixtures & fittings
20% straight line
Computer equipment
25% straight line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
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 accounts. 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 company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Inverness Whisky Ltd
Notes to the Accounts
for the period from 1 March 2023 to 28 February 2024
4
Tangible fixed assets
Total
At 28 February 2024
41,436
Charge for the period
3,304
At 28 February 2024
38,132
5
Operating lease commitments
2024
2023
At 28 February 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Later than five years
66,000
-
6
Average number of employees
During the period the average number of employees was 2 (2023: 0).