6 false false false false false false false false false false true false false false false false false No description of principal activity 2023-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 76,207 1,376 3,810 5,186 71,021 74,831 xbrli:pure xbrli:shares iso4217:GBP SC553952 2023-02-01 2024-01-31 SC553952 2024-01-31 SC553952 2023-01-31 SC553952 2022-02-01 2023-01-31 SC553952 2023-01-31 SC553952 2022-01-31 SC553952 core:PlantMachinery 2023-02-01 2024-01-31 SC553952 core:MotorVehicles 2023-02-01 2024-01-31 SC553952 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 SC553952 bus:Director1 2023-02-01 2024-01-31 SC553952 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-31 SC553952 core:PlantMachinery 2023-01-31 SC553952 core:MotorVehicles 2023-01-31 SC553952 core:LandBuildings core:OwnedOrFreeholdAssets 2024-01-31 SC553952 core:PlantMachinery 2024-01-31 SC553952 core:MotorVehicles 2024-01-31 SC553952 core:WithinOneYear 2024-01-31 SC553952 core:WithinOneYear 2023-01-31 SC553952 core:AfterOneYear 2024-01-31 SC553952 core:AfterOneYear 2023-01-31 SC553952 core:ShareCapital 2024-01-31 SC553952 core:ShareCapital 2023-01-31 SC553952 core:RetainedEarningsAccumulatedLosses 2024-01-31 SC553952 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC553952 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-31 SC553952 core:PlantMachinery 2023-01-31 SC553952 core:MotorVehicles 2023-01-31 SC553952 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2024-01-31 SC553952 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2023-01-31 SC553952 bus:SmallEntities 2023-02-01 2024-01-31 SC553952 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 SC553952 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 SC553952 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 SC553952 bus:FullAccounts 2023-02-01 2024-01-31 SC553952 bus:OrdinaryShareClass1 2024-01-31 SC553952 bus:OrdinaryShareClass1 2023-01-31 SC553952 core:ComputerEquipment 2023-02-01 2024-01-31 SC553952 core:BrandNames 2024-01-31 SC553952 core:BrandNames 2023-01-31 SC553952 core:BrandNames 2023-02-01 2024-01-31 SC553952 core:ComputerEquipment 2023-01-31 SC553952 core:AssetsNotYetAvailableForUsePPE 2023-01-31 SC553952 core:AssetsNotYetAvailableForUsePPE 2023-02-01 2024-01-31 SC553952 core:ComputerEquipment 2024-01-31 SC553952 core:AssetsNotYetAvailableForUsePPE 2024-01-31 SC553952 core:CopyrightsPatentsTrademarksServiceOperatingRights 2023-02-01 2024-01-31 SC553952 core:AfterOneYear 2023-02-01 2024-01-31 SC553952 1 2023-02-01 2024-01-31 SC553952 bus:CompanySecretaryDirector2 2023-02-01 2024-01-31 SC553952 core:KeyManagementIndividualGroup1 2023-02-01 2024-01-31
COMPANY REGISTRATION NUMBER: SC553952
Isle of Barra Distillers Ltd
Filleted Unaudited Financial Statements
For the year ended
31 January 2024
Isle of Barra Distillers Ltd
Statement of Financial Position
31 January 2024
2024
2023
(restated)
Note
£
£
£
Fixed assets
Intangible assets
5
71,021
74,831
Tangible assets
6
556,991
608,408
---------
---------
628,012
683,239
Current assets
Stocks
163,418
103,172
Debtors
7
197,318
96,294
Cash at bank and in hand
2,647
6,665
---------
---------
363,383
206,131
Creditors: amounts falling due within one year
8
( 1,012,495)
( 678,825)
------------
---------
Net current liabilities
( 649,112)
( 472,694)
---------
---------
Total assets less current liabilities
( 21,100)
210,545
Creditors: amounts falling due after more than one year
9
( 354,016)
( 499,387)
---------
---------
Net liabilities
( 375,116)
( 288,842)
---------
---------
Capital and reserves
Called up share capital
12
100
100
Profit and loss account
( 375,216)
( 288,942)
---------
---------
Shareholders deficit
( 375,116)
( 288,842)
---------
---------
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 statement of income and retained earnings has not been delivered.
For the year ending 31 January 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 .
Isle of Barra Distillers Ltd
Statement of Financial Position (continued)
31 January 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:
M J Morrison
Director
Company registration number: SC553952
Isle of Barra Distillers Ltd
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Castlebay Business Estate, Castlebay, HS9 5XF, Isle of Barry.
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. Going Concern The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Following on from a positive turn in revenue and lowering the losses that occurred in the previous financial year, the company directors followed up on their positive talks regarding investment into the company has progressed well. This has resulted in assurances given that investment will follow in the following financial year 23/24. The company has also developed new key markets both domestically by doubling its footprint with its retail partner in Waitrose, they secured a new listing in Sainsbury's and also added Lidl to their UK multi-retail sales channel. Internationally, the company has excelled, opening up key markets in France, Italy and more notably India, where the company secured a six-figure three-year partnership. Other markets that are close to opening are Japan, South Africa and Singapore. It is also key to mention that the business raised £1.1m through its first equity share offer in August of 2024 - providing capital into the business. Thus the Company continues to adopt the going concern basis of accounting in preparing the financial statements.
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.
Taxation
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Design costs
-
20 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% straight line
Equipment
-
25% straight line
Assets under construction will not be depreciated until asset is ready for use.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Grants
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. Grants are recognised using the accrual model and the performance model. Under the accrual model, 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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade and other debtors, taxes receivable and cash at bank, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade and other creditors, bank and other loans and taxes due are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 5 ).
5. Intangible assets
Brand development
£
Cost
At 1 February 2023 (as restated) and 31 January 2024
76,207
--------
Amortisation
At 1 February 2023
1,376
Charge for the year
3,810
--------
At 31 January 2024
5,186
--------
Carrying amount
At 31 January 2024
71,021
--------
At 31 January 2023
74,831
--------
6. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Assets under construction
Total
£
£
£
£
£
£
Cost
At 1 Feb 2023 (as restated)
46,500
275,171
53,494
6,904
320,747
702,816
Additions
735
16,689
17,424
--------
---------
--------
-------
---------
---------
At 31 Jan 2024
46,500
275,171
53,494
7,639
337,436
720,240
--------
---------
--------
-------
---------
---------
Depreciation
At 1 Feb 2023
62,510
30,564
1,334
94,408
Charge for the year
53,166
13,374
2,301
68,841
--------
---------
--------
-------
---------
---------
At 31 Jan 2024
115,676
43,938
3,635
163,249
--------
---------
--------
-------
---------
---------
Carrying amount
At 31 Jan 2024
46,500
159,495
9,556
4,004
337,436
556,991
--------
---------
--------
-------
---------
---------
At 31 Jan 2023
46,500
212,661
22,930
5,570
320,747
608,408
--------
---------
--------
-------
---------
---------
The company was gifted land by a related party, this land is held at cost which is recognised as Nil.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 January 2024
2,265
-------
At 31 January 2023
9,388
-------
7. Debtors
2024
2023
(restated)
£
£
Trade debtors
179,795
62,084
Other debtors
17,523
34,210
---------
--------
197,318
96,294
---------
--------
8. Creditors: amounts falling due within one year
2024
2023
(restated)
£
£
Loans
61,818
64,203
Trade creditors
151,528
149,551
Social security and other taxes
180,612
238,827
Other creditors
618,537
226,244
------------
---------
1,012,495
678,825
------------
---------
Virgin Bank hold a floating charge dated 24 February 2017 and HSBC UK Bank Plc hold also hold floating charge dated 1 March 2022 over all assets and undertakings of the company.
9. Creditors: amounts falling due after more than one year
2024
2023
(restated)
£
£
Loans
127,791
174,680
Social security and other taxes
226,225
320,465
Other creditors
4,242
---------
---------
354,016
499,387
---------
---------
Virgin Bank hold a floating charge dated 24 February 2017 and HSBC UK Bank Plc hold also hold floating charge dated 1 March 2022 over all assets and undertakings of the company.
10. Deferred tax
The company has an unrecognised deferred tax asset of £76,727 (2023: £71,735) which has arisen from fixed asset timing differences and losses carried forward. Its recoverability is dependent upon future capital gains arising, the likelihood of which cannot at this stage be determined with reasonable certainty.
11. Prior period adjustment
The prior year figures have been restated to reclassify assets under construction as fixed assets in the prior years' accounts when they had been incorrectly classified as stock. The directors consider its recognition to be required to present a true and fair view of the company. Net liabilities originally stated as at 31 January 2023 were £288,842. There was an effect of correction, reducing stocks by £320,747 and increasing tangible assets by £320,747. The restated net liabilities remains as originally stated as a result of this adjustment. There is no impact on the Statement of Income and Retained Earnings.
12. Called up share capital
Issued, called up and fully paid
2024
2023
(restated)
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
13. Events after the end of the reporting period
After the year end the current shares of the Company, 100 ordinary shares at £1 each, were sub-divided into 1,000,000 ordinary shares at £0.0001. The company then allotted 328,463 further ordinary shares with a nominal value of £0.0001 for £3.65 per share.
14. Directors' advances, credits and guarantees
Included in creditors at year end is £16,613 due from one of the directors (2023 debtors: £5,123). When the loan was due to the company, interest has been charged on this loan at the official rate of interest set by HMRC.
15. Related party transactions
As at 31 January 2024 the company was owed £2,000 (2023: £2,000) from Morrison Shellfish, a related party. This loan is interest-free and repayable on demand.