Registered number: SC564183 | ||||||||
FOR THE YEAR ENDED 30 APRIL 2024 | ||||||||
Islay Gin Ltd | ||||||||
ACCOUNTS | ||||||||
FOR THE YEAR ENDED 30 APRIL 2024 | ||||||||
DIRECTORS | ||||||||
REGISTERED OFFICE | ||||||||
Isle of Islay | ||||||||
COMPANY DETAILS | ||||||||
Private company limited by shares registered in SC - Scotland, registered number SC564183 | ||||||||
ACCOUNTANTS | ||||||||
Hodgson and Company | ||||||||
16 Barnes Green | ||||||||
Livingston | ||||||||
West Lothian | ||||||||
EH54 8PP |
Islay Gin Ltd | ||||||||
ACCOUNTS | ||||||||
FOR THEYEARENDED30 APRIL 2024 | ||||||||
CONTENTS | ||||||||
Page | ||||||||
Balance Sheet | 3 | |||||||
Notes To The Accounts | 5 | |||||||
Islay Gin Ltd | ||||||||
BALANCE SHEET AT | ||||||||||
2024 | 2023 | |||||||||
Notes | £ | £ | ||||||||
FIXED ASSETS | ||||||||||
Tangible assets | 3 | |||||||||
CURRENT ASSETS | ||||||||||
Stock | ||||||||||
Debtors | 5 | |||||||||
Cash at bank and in hand | ||||||||||
50,598 | 52,773 | |||||||||
CREDITORS: Amounts falling due within one year | 6 | |||||||||
NET CURRENT ASSETS | 2,630 | |||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES | ||||||||||
CREDITORS: Amounts falling due after more than one year | 7 | 4,391 | 9,613 | |||||||
PROVISIONS FOR LIABILITIES AND CHARGES | ||||||||||
NET ASSETS | ||||||||||
CAPITAL AND RESERVES | ||||||||||
Called up share capital | ||||||||||
Profit and loss account | 7,493 | 668 | ||||||||
SHAREHOLDERS' FUNDS | ||||||||||
Islay Gin Ltd | ||||||||
BALANCE SHEET AT | ||||||||||
Approved by the board on | ||||||||||
............................. | ||||||||||
Director | ||||||||||
............................. | ||||||||||
Dr A H Gow | ||||||||||
Director | ||||||||||
Islay Gin Ltd | ||||||||
NOTES TO THE ACCOUNTS | ||||||||||
FOR THE YEAR ENDED 30 APRIL 2024 | ||||||||||
1. ACCOUNTING POLICIES |
1a. Basis Of Accounting FRS 1021 a | ||||||||
The accounts have been prepared under the historical cost convention. | ||||||||
The accounts have been prepared in accordance with FRS102 section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. | ||||||||
The directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, in response to the COVID-19 pandemic, the directors have tested their cash flow analysis to take into account the impact on their business of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
1b. Depreciation | ||||||||
Plant and Machinery | reducing balance 15% | |||||||
Equipment | straight line 33% |
1c. Stocks | ||||||||
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs. | ||||||||
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs. |
1d. Government Grants | ||||||||
Government grants are recognised iwhen it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment. | ||||||||
Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate. | ||||||||
Grants of a capital nature are credited to income so as to match the writing off of the asset to which they relate. |
Islay Gin Ltd | ||||||||
2. EMPLOYEES | ||||||
2024 | 2023 | |||||
No. | No. | |||||
Average number of employees | 2 | |||||
3. TANGIBLE FIXED ASSETS | ||||||
Plant and | ||||||
Machinery | Equipment | Total | ||||
£ | £ | £ | ||||
Cost | ||||||
At 1 May 2023 | 13,809 | 13,500 | 27,309 | |||
At 30 April 2024 | 13,809 | 13,500 | 27,309 | |||
Depreciation | ||||||
At 1 May 2023 | 6,804 | 11,055 | 17,859 | |||
For the year | 1,053 | 1,447 | 2,500 | |||
At 30 April 2024 | 7,857 | 12,502 | 20,359 | |||
Net Book Amounts | ||||||
At 30 April 2024 | 6,950 | |||||
At 30 April 2023 | 9,450 | |||||
4. STOCK | 2024 | 2023 | ||||
£ | £ | |||||
Stock comprises: | ||||||
Stock | ||||||
5. DEBTORS | 2024 | 2023 | ||||||
£ | £ | |||||||
Amounts falling due within one year | ||||||||
Trade debtors | 2,614 | 1,970 | ||||||
Prepayments | - | 57 | ||||||
Directors current account | 41,121 | 45,197 | ||||||
43,735 | 47,224 | |||||||
Islay Gin Ltd | ||||||||
6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||||
2024 | 2023 | |||||||
£ | £ | |||||||
UK corporation tax | 3,590 | 1,558 | ||||||
VAT | 1,910 | 1,189 | ||||||
Bank loans and overdrafts | 9,810 | 9,711 | ||||||
Bank Loan | 12,323 | 21,620 | ||||||
Bounce Back Loan | 3,200 | 3,200 | ||||||
Trade creditors | 2,875 | 4,527 | ||||||
Other creditors | 4,130 | 4,336 | ||||||
Accruals | 5,000 | 2,500 | ||||||
Government Grants | 1,502 | 1,502 | ||||||
44,340 | 50,143 | |||||||
7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||||||||
2024 | 2023 | |||||||
£ | £ | |||||||
Bank loans | - | 520 | ||||||
Bounce Back Loan | 3,733 | 6,933 | ||||||
Government Grants | 658 | 2,160 | ||||||
4,391 | 9,613 | |||||||
8. RELATED PARTY TRANSACTIONS | |||||||||||||||||||||||||||||||||||||
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