Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Matthew D M Gammell 25/09/2013 David O Mullen 20/10/2014 Marcus G Pickering 25/09/2013 31 October 2024 The principal activity of the Company during the financial year continued to be that of producing branded and non branded spirits for sale into domestic and international markets. SC460003 2024-03-31 SC460003 bus:Director1 2024-03-31 SC460003 bus:Director2 2024-03-31 SC460003 bus:Director3 2024-03-31 SC460003 2023-03-31 SC460003 core:CurrentFinancialInstruments 2024-03-31 SC460003 core:CurrentFinancialInstruments 2023-03-31 SC460003 core:Non-currentFinancialInstruments 2024-03-31 SC460003 core:Non-currentFinancialInstruments 2023-03-31 SC460003 core:ShareCapital 2024-03-31 SC460003 core:ShareCapital 2023-03-31 SC460003 core:SharePremium 2024-03-31 SC460003 core:SharePremium 2023-03-31 SC460003 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC460003 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC460003 core:LeaseholdImprovements 2023-03-31 SC460003 core:PlantMachinery 2023-03-31 SC460003 core:Vehicles 2023-03-31 SC460003 core:FurnitureFittings 2023-03-31 SC460003 core:ComputerEquipment 2023-03-31 SC460003 core:LeaseholdImprovements 2024-03-31 SC460003 core:PlantMachinery 2024-03-31 SC460003 core:Vehicles 2024-03-31 SC460003 core:FurnitureFittings 2024-03-31 SC460003 core:ComputerEquipment 2024-03-31 SC460003 bus:OrdinaryShareClass1 2024-03-31 SC460003 2023-04-01 2024-03-31 SC460003 bus:FilletedAccounts 2023-04-01 2024-03-31 SC460003 bus:SmallEntities 2023-04-01 2024-03-31 SC460003 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC460003 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC460003 bus:Director1 2023-04-01 2024-03-31 SC460003 bus:Director2 2023-04-01 2024-03-31 SC460003 bus:Director3 2023-04-01 2024-03-31 SC460003 core:LeaseholdImprovements core:TopRangeValue 2023-04-01 2024-03-31 SC460003 core:PlantMachinery core:TopRangeValue 2023-04-01 2024-03-31 SC460003 core:Vehicles core:TopRangeValue 2023-04-01 2024-03-31 SC460003 core:FurnitureFittings core:TopRangeValue 2023-04-01 2024-03-31 SC460003 core:ComputerEquipment core:TopRangeValue 2023-04-01 2024-03-31 SC460003 2022-04-01 2023-03-31 SC460003 core:LeaseholdImprovements 2023-04-01 2024-03-31 SC460003 core:PlantMachinery 2023-04-01 2024-03-31 SC460003 core:Vehicles 2023-04-01 2024-03-31 SC460003 core:FurnitureFittings 2023-04-01 2024-03-31 SC460003 core:ComputerEquipment 2023-04-01 2024-03-31 SC460003 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 SC460003 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 SC460003 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC460003 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC460003 (Scotland)

SUMMERHALL DISTILLERY LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

SUMMERHALL DISTILLERY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

SUMMERHALL DISTILLERY LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
SUMMERHALL DISTILLERY LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 15,904 21,845
15,904 21,845
Current assets
Stocks 774,470 659,254
Debtors 4 214,629 101,494
Cash at bank and in hand 8,852 2,901
997,951 763,649
Creditors: amounts falling due within one year 5 ( 815,845) ( 749,016)
Net current assets 182,106 14,633
Total assets less current liabilities 198,010 36,478
Creditors: amounts falling due after more than one year 6 ( 672,919) ( 511,911)
Net liabilities ( 474,909) ( 475,433)
Capital and reserves
Called-up share capital 7 1 1
Share premium account 488,198 488,198
Profit and loss account ( 963,108 ) ( 963,632 )
Total shareholders' deficit ( 474,909) ( 475,433)

For the financial 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 financial statements of Summerhall Distillery Limited (registered number: SC460003) were approved and authorised for issue by the Board of Directors on 31 October 2024. They were signed on its behalf by:

Matthew D M Gammell
Director
SUMMERHALL DISTILLERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
SUMMERHALL DISTILLERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Summerhall Distillery Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Summerhall Distillery, 1 Summerhall, Edinburgh, EH9 1PL, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £474,909. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

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:

Leasehold improvements 6.67 years straight line
Plant and machinery 5 years straight line
Vehicles 4 years straight line
Fixtures and fittings 3 years straight line
Computer equipment 3 years 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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell.

Stocks held for distribution at no or nominal consideration are measured at cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 14 14

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 April 2023 53,925 111,804 34,714 11,405 19,314 231,162
Additions 0 0 0 3,891 0 3,891
Disposals 0 ( 8,333) ( 8,639) 0 ( 3,906) ( 20,878)
At 31 March 2024 53,925 103,471 26,075 15,296 15,408 214,175
Accumulated depreciation
At 01 April 2023 53,925 104,023 22,678 11,352 17,339 209,317
Charge for the financial year 0 3,350 5,190 162 1,130 9,832
Disposals 0 ( 8,333) ( 8,639) 0 ( 3,906) ( 20,878)
At 31 March 2024 53,925 99,040 19,229 11,514 14,563 198,271
Net book value
At 31 March 2024 0 4,431 6,846 3,782 845 15,904
At 31 March 2023 0 7,781 12,036 53 1,975 21,845

4. Debtors

2024 2023
£ £
Trade debtors 138,734 90,543
Other debtors 75,895 10,951
214,629 101,494

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 426,450 508,330
Trade creditors 233,093 139,512
Other taxation and social security 35,419 67,882
Obligations under finance leases and hire purchase contracts 2,811 2,488
Other creditors 118,072 30,804
815,845 749,016

Both the bank and invoice finance provider have a floating charge over the assets of the Company. The loan in respect of the hire purchase agreement is secured against the asset to which the agreement relates to.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 11,717 21,666
Obligations under finance leases and hire purchase contracts 4,535 7,345
Other creditors 656,667 482,900
672,919 511,911

Both the bank and invoice finance provider have a floating charge over the assets of the Company. The loan in respect of the hire purchase agreement is secured against the asset to which the agreement relates to.

Included within other creditors due over 1 year are amounts owed to directors of £656,667 (2023 - £482,900).

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
145,700 Ordinary A shares of £ 0.00001 each 1 1