Acorah Software Products - Accounts Production 15.0.600 false true false 1 August 2023 31 July 2024 31 July 2024 SC571416 Mr Darran Edmond iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SC571416 2023-07-31 SC571416 2024-07-31 SC571416 2023-08-01 2024-07-31 SC571416 frs-core:CurrentFinancialInstruments 2024-07-31 SC571416 frs-core:Non-currentFinancialInstruments 2024-07-31 SC571416 frs-core:ComputerEquipment 2024-07-31 SC571416 frs-core:ComputerEquipment 2023-08-01 2024-07-31 SC571416 frs-core:ComputerEquipment 2023-07-31 SC571416 frs-core:FurnitureFittings 2024-07-31 SC571416 frs-core:FurnitureFittings 2023-08-01 2024-07-31 SC571416 frs-core:FurnitureFittings 2023-07-31 SC571416 frs-core:PlantMachinery 2024-07-31 SC571416 frs-core:PlantMachinery 2023-08-01 2024-07-31 SC571416 frs-core:PlantMachinery 2023-07-31 SC571416 frs-core:ShareCapital 2024-07-31 SC571416 frs-core:RetainedEarningsAccumulatedLosses 2024-07-31 SC571416 frs-bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 SC571416 frs-bus:FilletedAccounts 2023-08-01 2024-07-31 SC571416 frs-bus:SmallEntities 2023-08-01 2024-07-31 SC571416 frs-bus:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 SC571416 frs-bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 SC571416 frs-bus:Director1 2023-08-01 2024-07-31 SC571416 frs-countries:Scotland 2023-08-01 2024-07-31
Registered number: SC571416
Illicit Spirits Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2024
TaxAssist Accountants
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: SC571416
2024
Notes £ £
FIXED ASSETS
Tangible Assets 4 5,177
5,177
CURRENT ASSETS
Stocks 5 34,560
Debtors 6 3,685
38,245
Creditors: Amounts Falling Due Within One Year 7 (26,997 )
NET CURRENT ASSETS (LIABILITIES) 11,248
TOTAL ASSETS LESS CURRENT LIABILITIES 16,425
Creditors: Amounts Falling Due After More Than One Year 8 (25,659 )
NET LIABILITIES (9,234 )
CAPITAL AND RESERVES
Called up share capital 9 1
Profit and Loss Account (9,235 )
SHAREHOLDERS' FUNDS (9,234)
Page 1
Page 2
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Darran Edmond
Director
05/11/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Illicit Spirits Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC571416 . The registered office is Unit 3 Bridge Court, 12 Cook Street, Glasgow, G5 8JN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery Reducing Balance
Fixtures & Fittings Reducing Balance
Computer Equipment Reducing Balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1
1
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 August 2023 15,371 1,216 1,638 18,225
As at 31 July 2024 15,371 1,216 1,638 18,225
Depreciation
As at 1 August 2023 9,713 532 1,077 11,322
Provided during the period 1,415 171 140 1,726
As at 31 July 2024 11,128 703 1,217 13,048
...CONTINUED
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Net Book Value
As at 31 July 2024 4,243 513 421 5,177
As at 1 August 2023 5,658 684 561 6,903
5. Stocks
2024
£
Stock 34,560
6. Debtors
2024
£
Due within one year
Trade debtors 3,685
3,685
7. Creditors: Amounts Falling Due Within One Year
2024
£
Trade creditors (1 )
Bank loans and overdrafts 6,712
VAT 1,372
Other creditors 5,515
Director's loan account 13,399
26,997
8. Creditors: Amounts Falling Due After More Than One Year
2024
£
Bank loans 25,659
25,659
9. Share Capital
2024
£
Allotted, Called up and fully paid 1
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