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REGISTERED NUMBER: SC558382 (Scotland)













Unaudited Financial Statements

for the Year Ended 29 February 2024

for

WOLFCRAIG DISTILLERS LTD

WOLFCRAIG DISTILLERS LTD (REGISTERED NUMBER: SC558382)






Contents of the Financial Statements
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WOLFCRAIG DISTILLERS LTD

Company Information
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: J M Lunn
R C Paterson





REGISTERED OFFICE: 5 Kirk Road
Bearsden
Glasgow
East Dunbartonshire
G61 3RG





REGISTERED NUMBER: SC558382 (Scotland)





ACCOUNTANTS: BK Plus Ltd
6th Floor
Gordon Chambers
90 Mitchell Street
Glasgow
Lanarkshire
G1 3NQ

WOLFCRAIG DISTILLERS LTD (REGISTERED NUMBER: SC558382)

Balance Sheet
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 34,488 49,893
Tangible assets 5 14,188 24,372
48,676 74,265

CURRENT ASSETS
Stocks 1,939,615 1,820,946
Debtors 6 65,676 29,857
Cash at bank and in hand 74,383 48,269
2,079,674 1,899,072
CREDITORS
Amounts falling due within one year 7 428,816 556,680
NET CURRENT ASSETS 1,650,858 1,342,392
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,699,534

1,416,657

CREDITORS
Amounts falling due after more than one
year

8

3,345,193

2,591,047
NET LIABILITIES (1,645,659 ) (1,174,390 )

CAPITAL AND RESERVES
Called up share capital 12,152 12,152
Share premium 289,975 289,975
Retained earnings (1,947,786 ) (1,476,517 )
(1,645,659 ) (1,174,390 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

WOLFCRAIG DISTILLERS LTD (REGISTERED NUMBER: SC558382)

Balance Sheet - continued
29 FEBRUARY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by:





J M Lunn - Director


WOLFCRAIG DISTILLERS LTD (REGISTERED NUMBER: SC558382)

Notes to the Financial Statements
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Wolfcraig Distillers Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The company's liabilities exceeded its assets by £1,645,659 at 29 February 2024 (2023: £1,174,390). The company is thus dependent on the continued financial support of its creditors. The directors are confident of this continuing support and of the company's long term trading prospects and on this basis considers it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from the
withdrawal of financial support.

Turnover
Turnover is represented by membership fees, stated net of value added tax.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on a reducing balance basis
Fixtures and fittings - 25% on a reducing balance basis
Computer equipment - 33% on a straight line basis

Stocks
Stocks is 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 all purchase, transport, and handling costs in bringing stocks to their present location and condition.


WOLFCRAIG DISTILLERS LTD (REGISTERED NUMBER: SC558382)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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

Work in progress - development costs
Work in progress is recognised to the extent that no right to consideration exists for work at the balance sheet date. It is valued at the lower of cost and net realisable value. Cost comprises non-partner professional time costs, excluding any mark-up plus disbursements. Any non-recoverable work in progress is excluded.

Leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

WOLFCRAIG DISTILLERS LTD (REGISTERED NUMBER: SC558382)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 March 2023
and 29 February 2024 67,632
AMORTISATION
At 1 March 2023 17,739
Charge for year 15,405
At 29 February 2024 33,144
NET BOOK VALUE
At 29 February 2024 34,488
At 28 February 2023 49,893

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 March 2023
and 29 February 2024 18,250 16,021 11,129 45,400
DEPRECIATION
At 1 March 2023 7,984 7,009 6,035 21,028
Charge for year 3,992 2,482 3,710 10,184
At 29 February 2024 11,976 9,491 9,745 31,212
NET BOOK VALUE
At 29 February 2024 6,274 6,530 1,384 14,188
At 28 February 2023 10,266 9,012 5,094 24,372

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 14,520 -
Other debtors 51,156 29,857
65,676 29,857

WOLFCRAIG DISTILLERS LTD (REGISTERED NUMBER: SC558382)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 93,555 67,199
Taxation and social security 2,965 6,335
Other creditors 322,296 473,146
428,816 556,680

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans 17,303 27,109
Other creditors 3,327,890 2,563,938
3,345,193 2,591,047

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 12,000 12,000
Between one and five years 10,000 22,000
22,000 34,000