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COMPANY REGISTRATION NUMBER: SC264588
Cuillin Brewery Limited
Filleted Unaudited Financial Statements
31 March 2024
Cuillin Brewery Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
26,256
38,689
Current assets
Stocks
3,588
50,789
Debtors
6
10,328
13,727
Cash at bank and in hand
24,787
5,169
--------
--------
38,703
69,685
Creditors: amounts falling due within one year
7
54,191
47,892
--------
--------
Net current (liabilities)/assets
( 15,488)
21,793
--------
--------
Total assets less current liabilities
10,768
60,482
Provisions
Taxation including deferred tax
5,829
7,351
--------
--------
Net assets
4,939
53,131
--------
--------
Capital and reserves
Called up share capital
4
4
Revaluation reserve
20,640
22,291
Profit and loss account
( 15,705)
30,836
--------
--------
Shareholders funds
4,939
53,131
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Cuillin Brewery Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 31 October 2024 , and are signed on behalf of the board by:
Miss R Coghill
Director
Company registration number: SC264588
Cuillin Brewery Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Forbes House, 36 Huntly Street, Inverness, IV3 5PR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Tenants improvements
-
20% reducing balance
Plant and machinery
-
Between 3-10 years straight line
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
The directors received no salary from the company.
5. Tangible assets
Tenants improvements
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
8,943
65,824
1,199
15,495
91,461
Additions
2,053
2,053
Disposals
( 9,689)
( 9,689)
-------
--------
-------
--------
--------
At 31 March 2024
8,943
58,188
1,199
15,495
83,825
-------
--------
-------
--------
--------
Depreciation
At 1 April 2023
8,814
29,875
1,199
12,884
52,772
Charge for the year
26
10,105
1,611
11,742
Disposals
( 6,945)
( 6,945)
-------
--------
-------
--------
--------
At 31 March 2024
8,840
33,035
1,199
14,495
57,569
-------
--------
-------
--------
--------
Carrying amount
At 31 March 2024
103
25,153
1,000
26,256
-------
--------
-------
--------
--------
At 31 March 2023
129
35,949
2,611
38,689
-------
--------
-------
--------
--------
Tangible assets held at valuation
The brewing equipment and vessels belonging to the company were revalued in January 2017 and these assets have been restated to their revalued amount in the financial statements.
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Plant and machinery
£
At 31 March 2024
Aggregate cost
35,000
Aggregate depreciation
(23,456)
--------
Carrying value
11,544
--------
At 31 March 2023
Aggregate cost
39,727
Aggregate depreciation
(28,376)
--------
Carrying value
11,351
--------
6. Debtors
2024
2023
£
£
Trade debtors
8,328
9,212
Amounts owed by group undertakings and undertakings in which the company has a participating interest
611
Other debtors
1,389
4,515
--------
--------
10,328
13,727
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
4,825
8,516
Amounts owed to group undertakings and undertakings in which the company has a participating interest
( 611)
Social security and other taxes
8,697
6,676
Other creditors
40,669
33,311
--------
--------
54,191
47,892
--------
--------
8. Related party transactions
At 31 March 2024 the company was due 2 (2023 - 1) directors £ 30,098 (2023 - £30,391). These loans are interest free and have no definite terms of repayment . During the year the company paid £3,000 (2023 - nil) to a director (2023 - nil) for marking and book-keeping work . The company has taken advantage of the exemption with FRS102 1AC.35 available to 100% group companies. Accordingly, no disclosure is made of any transactions with its parent company.
9. Controlling party
The company is a 100% subsidiary of Central Skye Hotels Ltd , a company registered in Scotland with the registration number SC027013 and registered office at Forbes House, 36 Huntly Street, Inverness, IV3 5PR .