IRIS Accounts Production v24.3.0.553 SC112957 director 31.3.24 1.4.23 31.3.24 31.3.24 true true true false true true false false false true false Ordinary Shares 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC1129572023-03-31SC1129572024-03-31SC1129572023-04-012024-03-31SC1129572022-03-31SC1129572022-04-012023-03-31SC1129572023-03-31SC112957ns15:Scotland2023-04-012024-03-31SC112957ns14:PoundSterling2023-04-012024-03-31SC112957ns10:Director12023-04-012024-03-31SC112957ns10:Consolidated2024-03-31SC112957ns10:ConsolidatedGroupCompanyAccounts2023-04-012024-03-31SC112957ns10:PrivateLimitedCompanyLtd2023-04-012024-03-31SC112957ns10:Consolidatedns10:FRS1022023-04-012024-03-31SC112957ns10:Consolidatedns10:Audited2023-04-012024-03-31SC112957ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-31SC112957ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-04-012024-03-31SC112957ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-31SC112957ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2023-04-012024-03-31SC112957ns10:FullAccounts2023-04-012024-03-31SC112957ns5:Subsidiary12023-04-012024-03-31SC112957ns10:OrdinaryShareClass12023-04-012024-03-31SC112957ns10:Consolidated2023-04-012024-03-31SC112957ns10:Consolidated2022-04-012023-03-31SC112957ns5:CurrentFinancialInstruments2024-03-31SC112957ns5:CurrentFinancialInstruments2023-03-31SC112957ns5:ShareCapital2024-03-31SC112957ns5:ShareCapital2023-03-31SC112957ns5:CapitalRedemptionReserve2024-03-31SC112957ns5:CapitalRedemptionReserve2023-03-31SC112957ns5:RetainedEarningsAccumulatedLosses2024-03-31SC112957ns5:RetainedEarningsAccumulatedLosses2023-03-31SC112957ns5:ShareCapital2022-03-31SC112957ns5:RetainedEarningsAccumulatedLosses2022-03-31SC112957ns5:CapitalRedemptionReserve2022-03-31SC112957ns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-31SC112957ns5:CapitalRedemptionReserve2022-04-012023-03-31SC112957ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-31SC112957ns5:CapitalRedemptionReserve2023-04-012024-03-31SC112957ns5:LandBuildings2023-03-31SC112957ns5:PlantMachinery2023-03-31SC112957ns5:LandBuildings2023-04-012024-03-31SC112957ns5:PlantMachinery2023-04-012024-03-31SC112957ns5:LandBuildings2024-03-31SC112957ns5:PlantMachinery2024-03-31SC112957ns5:LandBuildings2023-03-31SC112957ns5:PlantMachinery2023-03-31SC112957ns5:CostValuation2023-03-31SC112957ns5:Subsidiary112023-04-012024-03-31SC112957ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-31SC112957ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-31SC112957ns5:DeferredTaxation2023-03-31SC112957ns5:DeferredTaxation2023-04-012024-03-31SC112957ns5:DeferredTaxation2024-03-31SC112957ns10:OrdinaryShareClass12024-03-31SC112957ns5:RetainedEarningsAccumulatedLosses2023-03-31SC112957ns5:CapitalRedemptionReserve2023-03-31
REGISTERED NUMBER: SC112957 (Scotland)















Group Strategic Report, Report of the Director and

Audited Consolidated Financial Statements for the Year Ended 31 March 2024

for

Signatory Vintage Scotch Whisky Company
Limited

Signatory Vintage Scotch Whisky Company
Limited (Registered number: SC112957)






Contents of the Consolidated Financial Statements
for the Year Ended 31 March 2024




Page

Group Strategic Report 1

Report of the Director 2

Report of the Independent Auditors 3

Consolidated Statement of Comprehensive Income 6

Consolidated Statement of Financial Position 7

Company Statement of Financial Position 8

Consolidated Statement of Changes in Equity 9

Company Statement of Changes in Equity 10

Consolidated Statement of Cash Flows 11

Notes to the Consolidated Statement of Cash Flows 12

Notes to the Consolidated Financial Statements 13


Signatory Vintage Scotch Whisky Company
Limited (Registered number: SC112957)

Group Strategic Report
for the Year Ended 31 March 2024

The director presents his strategic report of the company and the group for the year ended 31 March 2024.

REVIEW OF BUSINESS
The director is delighted to report a successful year for the group.

The group has generated £17,924,308 (2023: £23,254,359) of turnover due to excellent products. The group has generated £12,658,190 (2023: £16,267,996) of profits before tax to give satisfactory results.

At the period end the group had shareholders funds of £94,408,341 (2023: £85,557,778) including distributable profits of £94,358,341 (2023: £85,507,777). The directors therefore believe the group's position to be satisfactory, especially as the group's current assets exceed its current liabilities by £79,466,606 (2023: £71,581,929) and available cash is £31,789,679 (2023: £24,003,538).

The director believes that there is a strong foundation to build the business further.

PRINCIPAL RISKS AND UNCERTAINTIES
Scotch Whisky volumes contract or competitors adopt aggressive reduction in pricing.
We do not participate in the fiercely price competitive supermarket sector, so feel somewhat sheltered from the full rigours of a market decline in volume. Being a niche player with an attractive value to price ratio within our product range, we feel we are better placed than many competitors to weather such challenges, without a material impact to current levels of activity or profitability. The potential to further expand our product range would further shelter such an impact.

The group is unable to source additional mature whisky stocks in the near term.
We have a broad range of younger whiskies within our inventory that would allow us to continue to meet medium term sales aspirations, through introducing these into our product line up.

Customers default on their debts to the group.
The group work primarily with customers who are long established and have proved both honourable and reliable and settling their debts in a timely manner. The directors routinely evaluate credit risk and have in place selective credit insurance on a number of key accounts that provide full or partial cover in the event of default. The risk is further mitigated by maintaining a close contact with all key accounts. It is unusual for any customer to have a balance in excess of £500,000.

ON BEHALF OF THE BOARD:





Mr A W Symington - Director


20 November 2024

Signatory Vintage Scotch Whisky Company
Limited (Registered number: SC112957)

Report of the Director
for the Year Ended 31 March 2024

The director presents his report with the financial statements of the company and the group for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the selection and bottling of fine single malt Scotch whiskies and their sale to export and domestic markets, the distillation and sale of Edradour Single Highland Malt Scotch Whisky, and the operation of a visitors centre at the distillery in Pitlochry.

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2024 will be £554,768.

DIRECTOR
Mr A W Symington held office during the whole of the period from 1 April 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
Drummond Laurie CA are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





Mr A W Symington - Director


20 November 2024

Report of the Independent Auditors to the Members of
Signatory Vintage Scotch Whisky Company
Limited

Opinion
We have audited the financial statements of Signatory Vintage Scotch Whisky Company Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Signatory Vintage Scotch Whisky Company
Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities outlined above to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the group, we identified that the principal risks of non-compliance with laws and regulations related to fraudulent manipulation of the financial statements, including the risk of override of controls, to reduce profits and tax liabilities. We determined that the most likely method of manipulation would be the posting of inappropriate journal entries. Audit procedures performed by the audit engagement team consisted of a review of large and unusual journal entries, challenging assumptions and judgements made by management in significant accounting estimates, discussions with management related to known or suspected instances of non-compliance with laws and regulations, review of Board minutes where available, and an evaluation of management controls designed to prevent and detect irregularities.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Signatory Vintage Scotch Whisky Company
Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Greig Brown (Senior Statutory Auditor)
for and on behalf of Drummond Laurie CA
Statutory Auditor
Unit 5
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

20 November 2024

Signatory Vintage Scotch Whisky Company
Limited (Registered number: SC112957)

Consolidated Statement of Comprehensive Income
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   

TURNOVER 3 17,924,308 23,254,359

Cost of sales (4,867,677 ) (5,817,366 )
GROSS PROFIT 13,056,631 17,436,993

Administrative expenses (1,683,080 ) (1,576,265 )
OPERATING PROFIT 6 11,373,551 15,860,728

Interest receivable and similar income 1,345,725 407,268
12,719,276 16,267,996

Interest payable and similar expenses 7 (61,086 ) -
PROFIT BEFORE TAXATION 12,658,190 16,267,996

Tax on profit 8 (3,252,858 ) (3,124,135 )
PROFIT FOR THE FINANCIAL YEAR 9,405,332 13,143,861

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

9,405,332

13,143,861

Profit attributable to:
Owners of the parent 9,405,332 13,143,861

Total comprehensive income attributable to:
Owners of the parent 9,405,333 13,143,861
Non-controlling interests (1 ) -
9,405,332 13,143,861

Signatory Vintage Scotch Whisky Company
Limited (Registered number: SC112957)

Consolidated Statement of Financial Position
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Tangible assets 11 16,709,524 15,108,121
Investments 12 - -
16,709,524 15,108,121

CURRENT ASSETS
Stocks 13 45,338,259 44,160,600
Debtors 14 4,452,082 5,182,727
Cash at bank and in hand 31,789,679 24,003,538
81,580,020 73,346,865
CREDITORS
Amounts falling due within one year 15 (2,113,414 ) (1,764,936 )
NET CURRENT ASSETS 79,466,606 71,581,929
TOTAL ASSETS LESS CURRENT
LIABILITIES

96,176,130

86,690,050

PROVISIONS FOR LIABILITIES 16 (1,767,789 ) (1,132,272 )
NET ASSETS 94,408,341 85,557,778

CAPITAL AND RESERVES
Called up share capital 17 28,500 28,500
Capital redemption reserve 18 21,500 21,500
Retained earnings 18 94,358,341 85,507,777
SHAREHOLDERS' FUNDS 94,408,341 85,557,777

NON-CONTROLLING INTERESTS 19 - 1
TOTAL EQUITY 94,408,341 85,557,778

The financial statements were approved by the director and authorised for issue on 20 November 2024 and were signed by:





Mr A W Symington - Director


Signatory Vintage Scotch Whisky Company
Limited (Registered number: SC112957)

Company Statement of Financial Position
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Tangible assets 11 4,021,708 2,538,502
Investments 12 7,513 7,513
4,029,221 2,546,015

CURRENT ASSETS
Stocks 13 35,242,534 35,647,810
Debtors 14 4,452,082 5,182,724
Cash at bank 31,788,857 24,002,515
71,483,473 64,833,049
CREDITORS
Amounts falling due within one year 15 (1,535,655 ) (1,292,260 )
NET CURRENT ASSETS 69,947,818 63,540,789
TOTAL ASSETS LESS CURRENT
LIABILITIES

73,977,039

66,086,804

PROVISIONS FOR LIABILITIES 16 (657,809 ) (173,790 )
NET ASSETS 73,319,230 65,913,014

CAPITAL AND RESERVES
Called up share capital 17 28,500 28,500
Capital redemption reserve 18 21,500 21,500
Retained earnings 18 73,269,230 65,863,014
SHAREHOLDERS' FUNDS 73,319,230 65,913,014

Company's profit for the financial year 7,960,984 23,981,086

The financial statements were approved by the director and authorised for issue on 20 November 2024 and were signed by:





Mr A W Symington - Director


Signatory Vintage Scotch Whisky Company
Limited (Registered number: SC112957)

Consolidated Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up Capital
share Retained redemption
capital earnings reserve
£    £    £   
Balance at 1 April 2022 28,500 72,479,470 21,500

Changes in equity
Dividends - (115,554 ) -
Total comprehensive income - 13,143,861 -
Balance at 31 March 2023 28,500 85,507,777 21,500

Changes in equity
Dividends - (554,768 ) -
Total comprehensive income - 9,405,332 -
Balance at 31 March 2024 28,500 94,358,341 21,500
Non-controlling Total
Total interests equity
£    £    £   
Balance at 1 April 2022 72,529,470 1 72,529,471

Changes in equity
Dividends (115,554 ) - (115,554 )
Total comprehensive income 13,143,861 - 13,143,861
Balance at 31 March 2023 85,557,777 1 85,557,778

Changes in equity
Dividends (554,768 ) - (554,768 )
Total comprehensive income 9,405,332 (1 ) 9,405,331
Balance at 31 March 2024 94,408,341 - 94,408,341

Signatory Vintage Scotch Whisky Company
Limited (Registered number: SC112957)

Company Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2022 28,500 41,997,482 21,500 42,047,482

Changes in equity
Dividends - (115,554 ) - (115,554 )
Total comprehensive income - 23,981,086 - 23,981,086
Balance at 31 March 2023 28,500 65,863,014 21,500 65,913,014

Changes in equity
Dividends - (554,768 ) - (554,768 )
Total comprehensive income - 7,960,984 - 7,960,984
Balance at 31 March 2024 28,500 73,269,230 21,500 73,319,230

Signatory Vintage Scotch Whisky Company
Limited (Registered number: SC112957)

Consolidated Statement of Cash Flows
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 12,154,356 15,790,803
Interest paid (61,086 ) -
Tax paid (2,248,914 ) (3,812,179 )
Net cash from operating activities 9,844,356 11,978,624

Cash flows from investing activities
Purchase of tangible fixed assets (2,849,172 ) (1,725,172 )
Sale of tangible fixed assets - 7,895
Interest received 1,345,725 407,268
Net cash from investing activities (1,503,447 ) (1,310,009 )

Cash flows from financing activities
Amount withdrawn by directors - (902,624 )
Equity dividends paid (554,768 ) (115,554 )
Net cash from financing activities (554,768 ) (1,018,178 )

Increase in cash and cash equivalents 7,786,141 9,650,437
Cash and cash equivalents at beginning of
year

2

24,003,538

14,353,101

Cash and cash equivalents at end of year 2 31,789,679 24,003,538

Signatory Vintage Scotch Whisky Company
Limited (Registered number: SC112957)

Notes to the Consolidated Statement of Cash Flows
for the Year Ended 31 March 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.3.24 31.3.23
£    £   
Profit before taxation 12,658,190 16,267,996
Depreciation charges 1,247,769 990,652
Profit on disposal of fixed assets - (478 )
Finance costs 61,086 -
Finance income (1,345,725 ) (407,268 )
12,621,320 16,850,902
Increase in stocks (1,177,659 ) (412,540 )
Decrease/(increase) in trade and other debtors 730,645 (570,569 )
Decrease in trade and other creditors (19,950 ) (76,990 )
Cash generated from operations 12,154,356 15,790,803

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 31,789,679 24,003,538
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 24,003,538 14,353,101


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 24,003,538 7,786,141 31,789,679
24,003,538 7,786,141 31,789,679
Total 24,003,538 7,786,141 31,789,679

Signatory Vintage Scotch Whisky Company
Limited (Registered number: SC112957)

Notes to the Consolidated Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Signatory Vintage Scotch Whisky Company Limited is a private company, limited by shares, domiciled in Scotland, registration number SC112957. The registered office is Edradour Distillery, Pitlochry, Perthshire, PH16 5JP.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The consolidated financial statements incorporate the financial statements of the company and all group undertakings. These are adjusted, where appropriate, to conform to group accounting policies. Acquisitions are accounted for under the acquisition method and goodwill on consolidation is capitalised and written off over five years from the year of acquisition. The results of companies acquired or disposed of are included in the profit and loss account after or up to the date that control passes respectively. As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover
The turnover shown in the profit and loss account represents the value of all goods sold during the period, less returns received, at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product, such as obsolescence, have been transferred to the customer.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land & buildings-Straight line over 40 years
Plant and machinery-Straight line over 5, 10 and 20 years

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in first-out method and includes the normal cost of transporting stock to its present location and condition. Cost includes material and direct labour costs together with an appropriate proportion of production overheads, and excludes interest costs directly relating to the associated funding of stocks. Net realisable value is the anticipated sales proceeds less any costs of disposal.


Signatory Vintage Scotch Whisky Company
Limited (Registered number: SC112957)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Financial instruments
Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments, according to the substance of the contractual arrangement.

Financial instruments which are assets are stated at cost less any provision for impairment. Financial liabilities are stated at principal capital amounts outstanding at the period end. Issue costs relating to financial liabilities are deducted from the outstanding balance and are amortised over the period to the due date for repayment of the financial liability.

An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated financial instrument.

If a financial instrument contains both an equity and a liability element, then the liability element is first established with any residual value being disclosed within equity shareholders' funds. The liability element is the present value of the future payments guaranteed to be made to the holders of the financial instrument.

Non-discretionary dividends payable are disclosed within interest in the company's profit and loss account.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand and highly liquid interest-bearing securities with maturities of three months or less. In the cash-flow statement, cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the balance sheet.

Signatory Vintage Scotch Whisky Company
Limited (Registered number: SC112957)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

31.3.24 31.3.23
£    £   
United Kingdom 3,289,465 3,648,566
Europe 9,182,696 11,584,415
Rest of World 5,452,147 8,021,378
17,924,308 23,254,359

4. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 462,738 451,395
Social security costs 39,602 37,254
Other pension costs 11,076 10,792
513,416 499,441

The average number of employees during the year was as follows:
31.3.24 31.3.23

Employees 14 15

The average number of employees by undertakings that were proportionately consolidated during the year was 4 (2023 - 4 ) .

5. DIRECTORS' EMOLUMENTS
31.3.24 31.3.23
£    £   
Directors' remuneration 26,595 24,297
Directors' pension contributions to money purchase schemes 1,200 1,200

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

Signatory Vintage Scotch Whisky Company
Limited (Registered number: SC112957)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.3.24 31.3.23
£    £   
Depreciation - owned assets 1,247,769 983,122
Profit on disposal of fixed assets - (478 )
Auditors' remuneration 10,830 10,340
Foreign exchange differences 4,238 (2,780 )

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.24 31.3.23
£    £   
Interest on overdue taxation 61,086 -

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.24 31.3.23
£    £   
Current tax:
UK corporation tax 2,617,341 2,921,515

Deferred tax 635,517 202,620
Tax on profit 3,252,858 3,124,135

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.24 31.3.23
£    £   
Profit before tax 12,658,190 16,267,996
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

3,164,548

3,090,919

Effects of:
Expenses not deductible for tax purposes 22,061 295
Income not taxable for tax purposes - (90 )
Capital allowances in excess of depreciation (569,268 ) (169,609 )
Deferred tax movement 635,517 202,620
Total tax charge 3,252,858 3,124,135

9. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


Signatory Vintage Scotch Whisky Company
Limited (Registered number: SC112957)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

10. DIVIDENDS
31.3.24 31.3.23
£    £   
Ordinary Shares shares of £1 each
Final 554,768 115,554

11. TANGIBLE FIXED ASSETS

Group
Land & Plant and
buildings machinery Totals
£    £    £   
COST
At 1 April 2023 11,018,069 9,324,919 20,342,988
Additions - 2,849,172 2,849,172
Disposals - (187,908 ) (187,908 )
At 31 March 2024 11,018,069 11,986,183 23,004,252
DEPRECIATION
At 1 April 2023 2,506,309 2,728,558 5,234,867
Charge for year 265,001 982,768 1,247,769
Eliminated on disposal - (187,908 ) (187,908 )
At 31 March 2024 2,771,310 3,523,418 6,294,728
NET BOOK VALUE
At 31 March 2024 8,246,759 8,462,765 16,709,524
At 31 March 2023 8,511,760 6,596,361 15,108,121

Included in cost of land and buildings is freehold land of £425,554 (2023 - £425,554) which is not depreciated.

Company
Land & Plant and
buildings machinery Totals
£    £    £   
COST
At 1 April 2023 1,749,231 1,702,628 3,451,859
Additions - 1,846,593 1,846,593
Disposals - (84,739 ) (84,739 )
At 31 March 2024 1,749,231 3,464,482 5,213,713
DEPRECIATION
At 1 April 2023 470,567 442,790 913,357
Charge for year 43,728 319,659 363,387
Eliminated on disposal - (84,739 ) (84,739 )
At 31 March 2024 514,295 677,710 1,192,005
NET BOOK VALUE
At 31 March 2024 1,234,936 2,786,772 4,021,708
At 31 March 2023 1,278,664 1,259,838 2,538,502

Signatory Vintage Scotch Whisky Company
Limited (Registered number: SC112957)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 57,850
PROVISIONS
At 1 April 2023
and 31 March 2024 50,337
NET BOOK VALUE
At 31 March 2024 7,513
At 31 March 2023 7,513

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiary

Edradour Distillery Company Limited
Registered office: Edradour Distillery, Pitlochry, Perthshire, PH16 5JP
Nature of business: Distillery
%
Class of shares: holding
Ordinary shares 100.00


13. STOCKS

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Stocks 45,338,259 44,160,600 35,242,534 35,647,810

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Trade debtors 4,218,772 4,945,600 4,218,772 4,945,597
Prepayments and accrued income 233,310 237,127 233,310 237,127
4,452,082 5,182,727 4,452,082 5,182,724

Signatory Vintage Scotch Whisky Company
Limited (Registered number: SC112957)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Trade creditors 387,997 293,827 387,997 293,826
Tax 1,324,231 955,804 746,472 483,129
Social security and other taxes 9,512 11,291 9,512 11,291
VAT 39,700 141,093 39,700 141,093
Accruals and deferred income 351,974 362,921 351,974 362,921
2,113,414 1,764,936 1,535,655 1,292,260

16. PROVISIONS FOR LIABILITIES

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Deferred tax 1,767,789 1,132,272 657,809 173,790

Group
Deferred
tax
£   
Balance at 1 April 2023 1,132,272
Provided during year 635,517
Balance at 31 March 2024 1,767,789

Company
Deferred
tax
£   
Balance at 1 April 2023 173,790
Provided during year 484,019
Balance at 31 March 2024 657,809

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
28,500 Ordinary Shares £1 28,500 28,500

Signatory Vintage Scotch Whisky Company
Limited (Registered number: SC112957)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 March 2024

18. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 April 2023 85,507,777 21,500 85,529,277
Profit for the year 9,405,332 9,405,332
Dividends (554,768 ) (554,768 )
At 31 March 2024 94,358,341 21,500 94,379,841

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 April 2023 65,863,014 21,500 65,884,514
Profit for the year 7,960,984 7,960,984
Dividends (554,768 ) (554,768 )
At 31 March 2024 73,269,230 21,500 73,290,730


19. NON-CONTROLLING INTERESTS

There was a minority interest of £1 in the assets of dormant subsidiary Signatory Developments Limited in the prior year. This subsidiary was sold to the director for nominal value during the year.

20. CAPITAL COMMITMENTS
31.3.24 31.3.23
£    £   
Contracted but not provided for in the
financial statements - 875,000

21. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr A W Symington.