Company registration number SC137129 (Scotland)
VINTAGE MALT WHISKY COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
VINTAGE MALT WHISKY COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
VINTAGE MALT WHISKY COMPANY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
890,086
885,333
Investments
4
425
425
890,511
885,758
Current assets
Stocks
7,566,181
5,937,194
Debtors
6
2,487,345
2,461,272
Cash at bank and in hand
1,510,585
1,517,863
11,564,111
9,916,329
Creditors: amounts falling due within one year
7
(1,476,875)
(788,613)
Net current assets
10,087,236
9,127,716
Total assets less current liabilities
10,977,747
10,013,474
Creditors: amounts falling due after more than one year
8
(20,000)
(20,000)
Provisions for liabilities
(121,797)
(114,795)
Net assets
10,835,950
9,878,679
Capital and reserves
Called up share capital
12,000
12,000
Capital redemption reserve
3,000
3,000
Profit and loss reserves
10,820,950
9,863,679
Total equity
10,835,950
9,878,679

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

VINTAGE MALT WHISKY COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 October 2024 and are signed on its behalf by:
H B Crook
Director
Company Registration No. SC137129
VINTAGE MALT WHISKY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Vintage Malt Whisky Company Limited is a private company limited by shares incorporated in Scotland. The registered office is Vintage House, 21 Park Road, Milngavie, Glasgow, G62 6PJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Fixtures and fittings
25% - 33% straight line
Motor vehicles
33% straight line
Casks
10% - 20% straight line

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.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

VINTAGE MALT WHISKY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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).

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

VINTAGE MALT WHISKY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
12
12
3
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Motor vehicles
Casks
Total
£
£
£
£
£
Cost
At 1 April 2023
547,837
44,174
185,461
422,599
1,200,071
Additions
-
0
1,737
-
0
98,433
100,170
Disposals
-
0
-
0
(33,495)
(10,275)
(43,770)
At 31 March 2024
547,837
45,911
151,966
510,757
1,256,471
Depreciation and impairment
At 1 April 2023
30,722
38,320
120,485
125,211
314,738
Depreciation charged in the year
10,957
3,980
32,127
42,188
89,252
Eliminated in respect of disposals
-
0
-
0
(33,495)
(4,110)
(37,605)
At 31 March 2024
41,679
42,300
119,117
163,289
366,385
Carrying amount
At 31 March 2024
506,158
3,611
32,849
347,468
890,086
At 31 March 2023
517,115
5,854
64,976
297,388
885,333
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
425
425
5
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Islay Spirits (No2) Limited
Vintage House, 21 Park Road, Milngavie, Glasgow, Scotland, G62 6PJ
Ordinary
85.00
VINTAGE MALT WHISKY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,226,604
1,030,714
Other debtors
1,260,741
1,430,558
2,487,345
2,461,272
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
861,342
338,021
Taxation and social security
284,057
149,238
Other creditors
331,476
301,354
1,476,875
788,613
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other borrowings
20,000
20,000
9
Securities

Clydesdale Bank PLC holds a floating charge over all assets of the company for funds due or becoming due to the bank.

10
Related party transactions

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Other related parties
1,104,233
1,328,106

The above loan is unsecured, interest free and has no fixed terms of repayment.

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