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REGISTERED NUMBER: SC141689 (Scotland)













Unaudited Financial Statements

for the Year Ended 31 December 2023

for

The Island Whisky Company Limited

The Island Whisky Company Limited (Registered number: SC141689)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


The Island Whisky Company Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: A J A Lyddon
S C L Lyddon





SECRETARY: S C L Lyddon





REGISTERED OFFICE: 6 Logie Mill
Beaverbank Business Park
Edinburgh
Lothian
EH7 4HG





REGISTERED NUMBER: SC141689 (Scotland)





ACCOUNTANTS: A H & Co Ltd
Chartered Accountants
6 Logie Mill
Edinburgh
Lothian
EH7 4HG

The Island Whisky Company Limited (Registered number: SC141689)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 324 433
Tangible assets 5 1,235 2,041
1,559 2,474

CURRENT ASSETS
Debtors 6 15,900 35,951
Cash at bank 115,648 98,378
131,548 134,329
CREDITORS
Amounts falling due within one year 7 163,493 151,087
NET CURRENT LIABILITIES (31,945 ) (16,758 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(30,386

)

(14,284

)

PROVISIONS FOR LIABILITIES 8 233 385
NET LIABILITIES (30,619 ) (14,669 )

CAPITAL AND RESERVES
Called up share capital 9 200 200
Retained earnings (30,819 ) (14,869 )
SHAREHOLDERS' FUNDS (30,619 ) (14,669 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2024 and were signed on its behalf by:




A J A Lyddon - Director


The Island Whisky Company Limited (Registered number: SC141689)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

The Island Whisky Company Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
The accounts have been prepared on the going concern basis, the acceptability of which is dependent on the continuing support of the directors and creditors.

Turnover
Turnover is stated net of trade discounts and is recognised when significant risks and rewards are considered to have been transferred to the buyer. Turnover from th supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at fair value of consideration received or receivable. The company is not registered for value added tax.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of twenty years.

Tangible fixed assets
Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is
provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of
each asset on a straight line basis over its expected useful life, as follows:

Improvements to property - 25% on cost
Plant and machinery - 20% on cost
Fixtures & fittings - 25% on cost
Computer equipment - 25% on cost

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.

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


The Island Whisky Company Limited (Registered number: SC141689)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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 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 is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.

Deferred tax assets and liabilities are not discounted.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. As the exchange rate did not fluctuate significantly during the year, transactions in foreign currency are translated into sterling at the average exchange rate for the year. Exchange differences are taken into account in arriving at the operating result.

Provisions
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.

Exemption from preparing a cash flow statement
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Development
costs
£
COST
At 1 January 2023
and 31 December 2023 2,177
AMORTISATION
At 1 January 2023 1,744
Amortisation for year 109
At 31 December 2023 1,853
NET BOOK VALUE
At 31 December 2023 324
At 31 December 2022 433

The Island Whisky Company Limited (Registered number: SC141689)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Improvements Plant and and Computer
to property machinery fittings equipment Totals
£ £ £ £ £
COST
At 1 January 2023
and 31 December 2023 3,683 4,175 14,208 4,599 26,665
DEPRECIATION
At 1 January 2023 3,683 4,175 12,167 4,599 24,624
Charge for year - - 806 - 806
At 31 December 2023 3,683 4,175 12,973 4,599 25,430
NET BOOK VALUE
At 31 December 2023 - - 1,235 - 1,235
At 31 December 2022 - - 2,041 - 2,041

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£ £
Trade debtors 15,900 35,951

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£ £
Trade creditors - 457
Taxation and social security - 1,270
Other creditors 163,493 149,360
163,493 151,087

8. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£ £
Deferred tax 233 385

Deferred tax
£
Balance at 1 January 2023 385
Provided during year (152 )
Balance at 31 December 2023 233

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £ £
200 Ordinary £1 200 200

The Island Whisky Company Limited (Registered number: SC141689)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

As at 31 December 2023 the company owed the directors £161,753 (2022: £147,704).

11. RELATED PARTY DISCLOSURES

Transactions with related parties during the year and balances outstanding at the year end were as follows:



Related Party

Type of
Transaction

Amount
2023

Amount
2022
Balance receivable or
(payable) by related party
as at 31.12.23
Balance receivable or
(payable) by related
party as at 31.12.22

Directors Rent £16,364 £15,930 NIL NIL


12. ULTIMATE CONTROLLING PARTY

The controlling party is A J A Lyddon.