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Registration number: SC632756

The Distillers' Art Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

The Distillers' Art Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

The Distillers' Art Limited

Company Information

Directors

Mr E Cameron

Mr G Thomson

Registered office

The Studio
Blairnathort Farm
Milnathort
Kinross
KY13 0SE

Accountants

Ross McConnell
Chartered Accountant3 High Street
Kinross
KY13 8AW

 

The Distillers' Art Limited

(Registration number: SC632756)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed Assets

 

Intangible assets

4

112,129

85,947

Tangible Assets

5

155

257

 

112,284

86,204

Current assets

 

Stocks

6

149,291

171,752

Debtors

7

64,734

27,566

Cash at bank and in hand

 

112,448

67,897

 

326,473

267,215

Creditors: Amounts falling due within one year

8

(18,490)

(23,476)

Net current assets

 

307,983

243,739

Total assets less current liabilities

 

420,267

329,943

Creditors: Amounts falling due after more than one year

8

(153,673)

(267,589)

Net assets

 

266,594

62,354

Capital and reserves

 

Called up share capital

9

2,622

1,991

Share premium reserve

658,204

309,557

Retained earnings

(394,232)

(249,194)

Shareholders' funds

 

266,594

62,354

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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 March 2025 and signed on its behalf by:
 

 

The Distillers' Art Limited

(Registration number: SC632756)
Balance Sheet as at 30 June 2024

.........................................
Mr E Cameron
Director

 

The Distillers' Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
The Studio
Blairnathort Farm
Milnathort
Kinross
KY13 0SE

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

The Distillers' Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

20% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website design

10% straight line

Project Compass Development Costs

Depreciation charged once project commences

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

The Distillers' Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

The Distillers' Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Project Compass Development Costs
£

Website design
 £

Total
£

Cost or valuation

At 1 July 2023

29,450

74,019

103,469

Additions

33,584

-

33,584

At 30 June 2024

63,034

74,019

137,053

Amortisation

At 1 July 2023

-

17,522

17,522

Amortisation charge

-

7,402

7,402

At 30 June 2024

-

24,924

24,924

Carrying amount

At 30 June 2024

63,034

49,095

112,129

At 30 June 2023

29,450

56,497

85,947

5

Tangible Assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

511

511

At 30 June 2024

511

511

Depreciation

At 1 July 2023

254

254

Charge for the year

102

102

At 30 June 2024

356

356

Carrying amount

At 30 June 2024

155

155

At 30 June 2023

257

257

 

The Distillers' Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Stocks

2024
£

2023
£

Other inventories

149,291

171,752

7

Debtors

Current

2024
£

2023
£

Trade debtors

43,693

17,208

Prepayments

-

500

Other debtors

21,041

9,858

 

64,734

27,566

 

The Distillers' Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Other loans

4,000

-

Trade creditors

 

8,843

17,440

Taxation and social security

 

3,296

2,885

Accruals and deferred income

 

2,351

3,151

 

18,490

23,476

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

153,673

267,589

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1,991

1,991

1,991

1,991