SALTIRE RARE MALT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
Saltire Rare Malt Limited is a private Company, limited by shares, in Scotland with registration number SC720612. The registered office is Old Town House, High Street, Falkland, Scotland, KY15 7BU.
The financial statements are presented in Sterling which is the functional currency of the Company and rounded to the nearest £.
The company extended its year end to 31 March 2024 and consequently, these financial statements cover the 15 month period ended 31 March 2024.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis, notwithstanding, the company has net liabilities of £93,631. The company is reliant upon the continued support of the parent company and based on this, the directors believs the company has sufficient working capital to continue trading for at least 12 months from the date the financial statements are approved.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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