Silverfin false false 30/06/2024 01/07/2023 30/06/2024 Dr R M Dixon 17/05/2019 13 January 2025 The principal activity of the Company continued to be that distilling and selling rum. SC630861 2024-06-30 SC630861 bus:Director1 2024-06-30 SC630861 2023-06-30 SC630861 core:CurrentFinancialInstruments 2024-06-30 SC630861 core:CurrentFinancialInstruments 2023-06-30 SC630861 core:Non-currentFinancialInstruments 2024-06-30 SC630861 core:Non-currentFinancialInstruments 2023-06-30 SC630861 core:ShareCapital 2024-06-30 SC630861 core:ShareCapital 2023-06-30 SC630861 core:RetainedEarningsAccumulatedLosses 2024-06-30 SC630861 core:RetainedEarningsAccumulatedLosses 2023-06-30 SC630861 core:ToolsEquipment 2023-06-30 SC630861 core:ToolsEquipment 2024-06-30 SC630861 bus:OrdinaryShareClass1 2024-06-30 SC630861 bus:OrdinaryShareClass2 2024-06-30 SC630861 bus:OrdinaryShareClass3 2024-06-30 SC630861 bus:OrdinaryShareClass4 2024-06-30 SC630861 2023-07-01 2024-06-30 SC630861 bus:FilletedAccounts 2023-07-01 2024-06-30 SC630861 bus:SmallEntities 2023-07-01 2024-06-30 SC630861 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 SC630861 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 SC630861 bus:Director1 2023-07-01 2024-06-30 SC630861 core:ToolsEquipment core:TopRangeValue 2023-07-01 2024-06-30 SC630861 2022-07-01 2023-06-30 SC630861 core:ToolsEquipment 2023-07-01 2024-06-30 SC630861 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 SC630861 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 SC630861 bus:OrdinaryShareClass2 2023-07-01 2024-06-30 SC630861 bus:OrdinaryShareClass2 2022-07-01 2023-06-30 SC630861 bus:OrdinaryShareClass3 2023-07-01 2024-06-30 SC630861 bus:OrdinaryShareClass3 2022-07-01 2023-06-30 SC630861 bus:OrdinaryShareClass4 2023-07-01 2024-06-30 SC630861 bus:OrdinaryShareClass4 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC630861 (Scotland)

HARPALION SPIRITS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH THE REGISTRAR

HARPALION SPIRITS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024

Contents

HARPALION SPIRITS LIMITED

BALANCE SHEET

AS AT 30 JUNE 2024
HARPALION SPIRITS LIMITED

BALANCE SHEET (continued)

AS AT 30 JUNE 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 0 2,928
0 2,928
Current assets
Stocks 0 129,194
Debtors 4 1,212 5,051
Cash at bank and in hand 11,027 5,332
12,239 139,577
Creditors: amounts falling due within one year 5 ( 816,902) ( 10,953)
Net current (liabilities)/assets (804,663) 128,624
Total assets less current liabilities (804,663) 131,552
Creditors: amounts falling due after more than one year 6 0 ( 945,258)
Net liabilities ( 804,663) ( 813,706)
Capital and reserves
Called-up share capital 7 1 1
Profit and loss account ( 804,664 ) ( 813,707 )
Total shareholder's deficit ( 804,663) ( 813,706)

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Harpalion Spirits Limited (registered number: SC630861) were approved and authorised for issue by the Director on 13 January 2025. They were signed on its behalf by:

Dr R M Dixon
Director
HARPALION SPIRITS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
HARPALION SPIRITS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Harpalion Spirits Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 16 Charlotte Square, Edinburgh, EH2 4DF, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have confirmed that the related party will not seek repayment of the loan to the detriment of the company's ability to trade. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Tools and equipment 3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss .

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Tools and equipment Total
£ £
Cost
At 01 July 2023 5,800 5,800
Disposals ( 5,800) ( 5,800)
At 30 June 2024 0 0
Accumulated depreciation
At 01 July 2023 2,872 2,872
Charge for the financial year 1,933 1,933
Disposals ( 4,805) ( 4,805)
At 30 June 2024 0 0
Net book value
At 30 June 2024 0 0
At 30 June 2023 2,928 2,928

4. Debtors

2024 2023
£ £
Other debtors 1,212 5,051

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 5,270 8,673
Amounts owed to Group undertakings 810,632 0
Other creditors 1,000 2,280
816,902 10,953

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Amounts owed to Group undertakings 0 945,258

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,028 Ordinary shares of £ 0.00125 each 1.28 1.28
38 G1 ordinary shares of £ 0.00125 each 0.05 0.05
38 G2 ordinary shares of £ 0.00125 each 0.05 0.05
38 G3 ordinary shares of £ 0.00125 each 0.05 0.05
1.43 1.43