Silverfin false false 31/03/2024 01/04/2023 31/03/2024 A Macdonald-Bennett 28/11/2018 R Macdonald-Bennett 03/02/2021 12 March 2025 The principal activity of the Company during the financial year was that of the sale of whisky casks and bottling and selling of whisky. SC614925 2024-03-31 SC614925 bus:Director1 2024-03-31 SC614925 bus:Director2 2024-03-31 SC614925 2023-03-31 SC614925 core:CurrentFinancialInstruments 2024-03-31 SC614925 core:CurrentFinancialInstruments 2023-03-31 SC614925 core:Non-currentFinancialInstruments 2024-03-31 SC614925 core:Non-currentFinancialInstruments 2023-03-31 SC614925 core:ShareCapital 2024-03-31 SC614925 core:ShareCapital 2023-03-31 SC614925 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC614925 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC614925 core:OtherResidualIntangibleAssets 2023-03-31 SC614925 core:OtherResidualIntangibleAssets 2024-03-31 SC614925 core:FurnitureFittings 2023-03-31 SC614925 core:ComputerEquipment 2023-03-31 SC614925 core:OtherPropertyPlantEquipment 2023-03-31 SC614925 core:FurnitureFittings 2024-03-31 SC614925 core:ComputerEquipment 2024-03-31 SC614925 core:OtherPropertyPlantEquipment 2024-03-31 SC614925 bus:OrdinaryShareClass1 2024-03-31 SC614925 2023-04-01 2024-03-31 SC614925 bus:FilletedAccounts 2023-04-01 2024-03-31 SC614925 bus:SmallEntities 2023-04-01 2024-03-31 SC614925 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC614925 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC614925 bus:Director1 2023-04-01 2024-03-31 SC614925 bus:Director2 2023-04-01 2024-03-31 SC614925 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-04-01 2024-03-31 SC614925 core:FurnitureFittings core:TopRangeValue 2023-04-01 2024-03-31 SC614925 core:ComputerEquipment core:TopRangeValue 2023-04-01 2024-03-31 SC614925 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-04-01 2024-03-31 SC614925 2022-04-01 2023-03-31 SC614925 core:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 SC614925 core:FurnitureFittings 2023-04-01 2024-03-31 SC614925 core:ComputerEquipment 2023-04-01 2024-03-31 SC614925 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 SC614925 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 SC614925 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 SC614925 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC614925 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC614925 (Scotland)

GOLDFINCH WHISKY MERCHANTS LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

GOLDFINCH WHISKY MERCHANTS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

GOLDFINCH WHISKY MERCHANTS LTD

BALANCE SHEET

AS AT 31 MARCH 2024
GOLDFINCH WHISKY MERCHANTS LTD

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 705 800
Tangible assets 4 996 4,981
1,701 5,781
Current assets
Stocks 297,527 248,407
Debtors 5 33,122 316,715
Cash at bank and in hand 264,582 72,761
595,231 637,883
Creditors: amounts falling due within one year 6 ( 248,831) ( 310,434)
Net current assets 346,400 327,449
Total assets less current liabilities 348,101 333,230
Creditors: amounts falling due after more than one year 7 ( 11,791) ( 21,752)
Net assets 336,310 311,478
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 336,210 311,378
Total shareholder's funds 336,310 311,478

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Goldfinch Whisky Merchants Ltd (registered number: SC614925) were approved and authorised for issue by the Board of Directors on 12 March 2025. They were signed on its behalf by:

A Macdonald-Bennett
Director
GOLDFINCH WHISKY MERCHANTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
GOLDFINCH WHISKY MERCHANTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 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

Goldfinch Whisky Merchants Ltd (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 Langcroft Buchanan Castle Estate, Drymen, Glasgow, G63 0HX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, 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

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the sale of whisky provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 10 years straight line
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, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 4 years straight line
Computer equipment 4 years straight line
Other property, plant and equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks

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

Stocks are held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, where applicable for any loss of service potential.

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 and deposits held at call with banks.

Financial instruments

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

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

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 measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 at transaction price.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 April 2023 950 950
At 31 March 2024 950 950
Accumulated amortisation
At 01 April 2023 150 150
Charge for the financial year 95 95
At 31 March 2024 245 245
Net book value
At 31 March 2024 705 705
At 31 March 2023 800 800

4. Tangible assets

Fixtures and fittings Computer equipment Other property, plant
and equipment
Total
£ £ £ £
Cost
At 01 April 2023 7,569 6,561 5,650 19,780
Additions 0 841 0 841
Disposals ( 999) ( 5,420) 0 ( 6,419)
At 31 March 2024 6,570 1,982 5,650 14,202
Accumulated depreciation
At 01 April 2023 6,125 3,024 5,650 14,799
Charge for the financial year 1,444 1,101 0 2,545
Disposals ( 999) ( 3,139) 0 ( 4,138)
At 31 March 2024 6,570 986 5,650 13,206
Net book value
At 31 March 2024 0 996 0 996
At 31 March 2023 1,444 3,537 0 4,981

5. Debtors

2024 2023
£ £
Trade debtors 18,900 298,509
Other debtors 14,222 18,206
33,122 316,715

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,648 10,648
Trade creditors 27,669 237,341
Corporation tax 11,228 17,768
Other taxation and social security 0 2,876
Other creditors 199,286 41,801
248,831 310,434

Included in Bank Loans is a Coronavirus Bounce Back Loan which is guaranteed by the UK Government.

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

2024 2023
£ £
Bank loans 11,791 21,752

Included in Bank Loans is a Coronavirus Bounce Back Loan which is guaranteed by the UK Government.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to key management personnel 10,305 737

Advances

During the current financial year, the directors were advanced £66,072 and repaid £76,031 to the company. Interest at 2.25%, totalling £391 has been charged. The year end balance has no fixed terms of repayment.

Other related party transactions

2024 2023
£ £
Amounts due from other related parties 10,000 18,206

The loan balance due from the related party, a company in which the director of Goldfinch Whisky Merchants Ltd is also a director, has been written down in the year. The year end balance is interest free and has no fixed terms of repayment.