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REGISTERED NUMBER: SC439174 (Scotland)




















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

GLASGOW DISTILLERY COMPANY LIMITED

GLASGOW DISTILLERY COMPANY LIMITED (REGISTERED NUMBER: SC439174)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GLASGOW DISTILLERY COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: R M Battliwala
M Hayward
L O Hughes
A James
J L Mavani
C R Shroff





REGISTERED OFFICE: 8 Deanside Road
Glasgow
G52 4XB





REGISTERED NUMBER: SC439174 (Scotland)





AUDITORS: Ward Divecha Limited
Chartered Accountants &
Statutory Auditors
29 Welbeck Street
London
W1G 8DA

GLASGOW DISTILLERY COMPANY LIMITED (REGISTERED NUMBER: SC439174)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 71,383 90,603
Tangible assets 5 563,630 698,806
635,013 789,409

CURRENT ASSETS
Stocks 7,885,602 6,916,896
Debtors 6 1,169,417 582,595
Cash at bank and in hand 45,551 126,349
9,100,570 7,625,840
CREDITORS
Amounts falling due within one year 7 5,103,996 5,462,330
NET CURRENT ASSETS 3,996,574 2,163,510
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,631,587

2,952,919

CREDITORS
Amounts falling due after more than one
year

8

4,083,938

1,170,196
NET ASSETS 547,649 1,782,723

CAPITAL AND RESERVES
Called up share capital 624 624
Share premium 3,003,867 3,003,867
Retained earnings (2,456,842 ) (1,221,768 )
547,649 1,782,723

GLASGOW DISTILLERY COMPANY LIMITED (REGISTERED NUMBER: SC439174)

BALANCE SHEET - continued
31 MARCH 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 16 January 2025 and were signed on its behalf by:





A James - Director


GLASGOW DISTILLERY COMPANY LIMITED (REGISTERED NUMBER: SC439174)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Glasgow Distillery Company Limited 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts, rebates, value added tax and other sales related taxes.

The Company recognise turnover when:
(a) the significant risks and rewards of ownership have been transferred to the buyer;
(b) the company retains no continuing involvement or control over the goods;
(c) the amount of revenue can be measured reliably;
(d) it is probable that future economic benefits will flow to the entity.

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.

Brand development are being amortised evenly over their estimated useful life of ten years.

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

Improvement to property- 10% on cost
Plant and machinery - 10% on cost
Fixture and fittings- 33% on cost
Computer equipment- 33% on cost

Stocks
Stocks are stated at the lower of cost and estimated selling price less cost to complete and sell. Cost comprises direct material and , where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present value and condition.


GLASGOW DISTILLERY COMPANY LIMITED (REGISTERED NUMBER: SC439174)

NOTES TO THE 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 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Government grants
Government grants in respect of revenue expenditure are credited to the profit and loss account to match the expenditure to which it relates.

Deferred government grants in respect to capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate on basis that is consistent with the depreciation policy.

GLASGOW DISTILLERY COMPANY LIMITED (REGISTERED NUMBER: SC439174)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Going concern
The company has financial support from its shareholders and also continuing business with a number of customers and suppliers across different geographical area and industries.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the 12 months from the date of signing the accounts. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2023 - 22 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2023 210,687
Additions 1,980
At 31 March 2024 212,667
AMORTISATION
At 1 April 2023 120,084
Charge for year 21,200
At 31 March 2024 141,284
NET BOOK VALUE
At 31 March 2024 71,383
At 31 March 2023 90,603

GLASGOW DISTILLERY COMPANY LIMITED (REGISTERED NUMBER: SC439174)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2023 387,724 1,281,751 10,877
Additions 20,920 17,049 -
At 31 March 2024 408,644 1,298,800 10,877
DEPRECIATION
At 1 April 2023 201,182 778,448 10,877
Charge for year 40,107 129,052 742
Eliminated on disposal - - (742 )
At 31 March 2024 241,289 907,500 10,877
NET BOOK VALUE
At 31 March 2024 167,355 391,300 -
At 31 March 2023 186,542 503,303 -

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 23,523 53,000 1,756,875
Additions - - 37,969
At 31 March 2024 23,523 53,000 1,794,844
DEPRECIATION
At 1 April 2023 18,833 48,729 1,058,069
Charge for year 1,172 2,814 173,887
Eliminated on disposal - - (742 )
At 31 March 2024 20,005 51,543 1,231,214
NET BOOK VALUE
At 31 March 2024 3,518 1,457 563,630
At 31 March 2023 4,690 4,271 698,806

GLASGOW DISTILLERY COMPANY LIMITED (REGISTERED NUMBER: SC439174)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 229,195 187,569
Other debtors 940,222 395,026
1,169,417 582,595

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 3,907,467 4,605,497
Trade creditors 501,622 665,513
Taxation and social security 16,606 21,158
Other creditors 678,301 170,162
5,103,996 5,462,330

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Other creditors 4,083,938 1,170,196

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 3,907,467 4,605,497

The company's banking facility has been secured by a bond and floating charge over the assets i.e. stock of the company.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Adil Divecha (Senior Statutory Auditor)
for and on behalf of Ward Divecha Limited

GLASGOW DISTILLERY COMPANY LIMITED (REGISTERED NUMBER: SC439174)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


11. OTHER FINANCIAL COMMITMENTS

The Company leases a premises under an operating lease which will expire on 30th of March 2029.

The total minimum lease payments under non-cancellable operating leases are payable as follows:-

20242023
Expiry date: ££
Less than one year26,00026,000
More than one year 130,000156,500
156,000182,000