Caseware UK (AP4) 2024.0.164 2024.0.164 true2023-04-0141falseThe company operates in distilling, rectifying and blending of spirits.45falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false SC448814 2023-04-01 2024-03-31 SC448814 2022-04-01 2023-03-31 SC448814 2024-03-31 SC448814 2023-03-31 SC448814 c:Director2 2023-04-01 2024-03-31 SC448814 d:Buildings d:ShortLeaseholdAssets 2023-04-01 2024-03-31 SC448814 d:Buildings d:ShortLeaseholdAssets 2024-03-31 SC448814 d:Buildings d:ShortLeaseholdAssets 2023-03-31 SC448814 d:PlantMachinery 2023-04-01 2024-03-31 SC448814 d:PlantMachinery 2024-03-31 SC448814 d:PlantMachinery 2023-03-31 SC448814 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC448814 d:FurnitureFittings 2023-04-01 2024-03-31 SC448814 d:FurnitureFittings 2024-03-31 SC448814 d:FurnitureFittings 2023-03-31 SC448814 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC448814 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC448814 d:Goodwill 2023-04-01 2024-03-31 SC448814 d:Goodwill 2024-03-31 SC448814 d:Goodwill 2023-03-31 SC448814 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-04-01 2024-03-31 SC448814 d:CopyrightsPatentsTrademarksServiceOperatingRights 2024-03-31 SC448814 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-03-31 SC448814 d:CurrentFinancialInstruments 2024-03-31 SC448814 d:CurrentFinancialInstruments 2023-03-31 SC448814 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 SC448814 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 SC448814 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 SC448814 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 SC448814 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 SC448814 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 SC448814 d:ShareCapital 2024-03-31 SC448814 d:ShareCapital 2023-03-31 SC448814 d:RetainedEarningsAccumulatedLosses 2024-03-31 SC448814 d:RetainedEarningsAccumulatedLosses 2023-03-31 SC448814 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 SC448814 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 SC448814 d:TaxLossesCarry-forwardsDeferredTax 2024-03-31 SC448814 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 SC448814 c:OrdinaryShareClass1 2023-04-01 2024-03-31 SC448814 c:OrdinaryShareClass1 2024-03-31 SC448814 c:OrdinaryShareClass1 2023-03-31 SC448814 c:OrdinaryShareClass2 2023-04-01 2024-03-31 SC448814 c:OrdinaryShareClass2 2024-03-31 SC448814 c:OrdinaryShareClass2 2023-03-31 SC448814 c:OrdinaryShareClass3 2023-04-01 2024-03-31 SC448814 c:OrdinaryShareClass3 2024-03-31 SC448814 c:OrdinaryShareClass3 2023-03-31 SC448814 c:FRS102 2023-04-01 2024-03-31 SC448814 c:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC448814 c:FullAccounts 2023-04-01 2024-03-31 SC448814 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC448814 d:Goodwill d:OwnedIntangibleAssets 2023-04-01 2024-03-31 SC448814 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2023-04-01 2024-03-31 SC448814 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: SC448814










Russell Distillers Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 March 2024

 
Russell Distillers Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Russell Distillers Limited for the year ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Russell Distillers Limited for the year ended 31 March 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Russell Distillers Limited, as a body, in accordance with the terms of our engagement letter dated 21 October 2024Our work has been undertaken solely to prepare for your approval the financial statements of Russell Distillers Limited and state those matters that we have agreed to state to the Board of directors of Russell Distillers Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Russell Distillers Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Russell Distillers Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Russell Distillers Limited. You consider that Russell Distillers Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Russell Distillers Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
Chatham Maritime
27 March 2025
Page 1

 
Russell Distillers Limited
Registered number: SC448814

Balance sheet
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
42,542
56,614

Tangible assets
 6 
343,610
411,159

  
386,152
467,773

Current assets
  

Stocks
  
3,082,582
2,744,133

Debtors
 7 
572,394
583,148

Cash at bank and in hand
 8 
1,901,578
1,223,991

  
5,556,554
4,551,272

Creditors: amounts falling due within one year
 9 
(7,988,499)
(6,144,403)

Net current liabilities
  
 
 
(2,431,945)
 
 
(1,593,131)

Total assets less current liabilities
  
(2,045,793)
(1,125,358)

Creditors: amounts falling due after more than one year
  
(68,783)
(282,650)

  

Net liabilities
  
(2,114,576)
(1,408,008)


Capital and reserves
  

Called up share capital 
  
10,500
10,500

Profit and loss account
  
(2,125,076)
(1,418,508)

  
(2,114,576)
(1,408,008)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R G Russell
Director
Page 2

 
Russell Distillers Limited
Registered number: SC448814

Balance sheet (continued)
As at 31 March 2024

Date: 27 March 2025

The notes on pages 4 to 14 form part of these financial statements.
Page 3

 
Russell Distillers Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

1.


General information

The company is a private company limited by share capital, incorporated in Scotland. The address of its registered office is: 180 St. Vincent Street, Glasgow, G2 5SG, Scotland.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
Russell Distillers Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.3

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Profit and loss account over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
5
years
Trademarks
-
10
years

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold property
-
33%
straight line
Plant and machinery
-
25%
reducing balance or 5% straight line
Fixtures, fittings &equipment
-
10%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future due to the ongoing support of various lenders and certain related entities. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

Page 5

 
Russell Distillers Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 6

 
Russell Distillers Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.11

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.12

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.13

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Page 7

 
Russell Distillers Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)


Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Page 8

 
Russell Distillers Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.15

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.



3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgments, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historic experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
Specifically, judgments and estimates are required in determining the useful economic lives of fixed assets, the valuation of stock and the recoverability of trade debtors,
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that  period, ort in the period of the revision and future periods if the revision affects both current and future periods.

Page 9

 
Russell Distillers Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

4.


Employees

The average monthly number of employees, including directors, during the year was 41 (2023 - 45).


5.


Intangible assets




Trademarks
Goodwill
Total

£
£
£



Cost


At 1 April 2023
132,718
4,000
136,718



At 31 March 2024

132,718
4,000
136,718



Amortisation


At 1 April 2023
77,704
2,400
80,104


Charge for the year on owned assets
13,272
800
14,072



At 31 March 2024

90,976
3,200
94,176



Net book value



At 31 March 2024
41,742
800
42,542



At 31 March 2023
55,014
1,600
56,614



Page 10

 
Russell Distillers Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

6.


Tangible fixed assets





Leasehold property
Plant and machinery
Fixtures, fittings & equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
79,002
522,633
128,915
730,550


Additions
-
502
1,120
1,622


Disposals
(13,703)
(4,781)
(13,914)
(32,398)



At 31 March 2024

65,299
518,354
116,121
699,774



Depreciation


At 1 April 2023
67,115
191,329
60,947
319,391


Charge for the year on owned assets
600
52,354
16,217
69,171


Disposals
(13,703)
(4,781)
(13,914)
(32,398)



At 31 March 2024

54,012
238,902
63,250
356,164



Net book value



At 31 March 2024
11,287
279,452
52,871
343,610



At 31 March 2023
11,887
331,304
67,968
411,159


7.


Debtors

2024
2023
£
£


Trade debtors
66,212
38,230

Other debtors
31,350
70,086

Deferred taxation
474,832
474,832

572,394
583,148



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,901,578
1,223,991

Less: bank overdrafts
(6,931,544)
(5,186,267)

(5,029,966)
(3,962,276)


Page 11

 
Russell Distillers Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
6,931,544
5,186,267

Bank loans
210,029
196,084

Trade creditors
(43,137)
115,811

Other taxation and social security
58,638
26,682

Other creditors
623,707
619,559

Accruals and deferred income
207,718
-

7,988,499
6,144,403



10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
210,029
196,084


210,029
196,084


Amounts falling due 2-5 years

Bank loans
68,783
282,650


68,783
282,650


278,812
478,734


11.


Deferred taxation




2024


£






At beginning of year
474,832



At end of year
474,832

Page 12

 
Russell Distillers Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024
 
11.Deferred taxation (continued)

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(87,054)
(87,054)

Tax losses carried forward
561,886
561,886

474,832
474,832

Page 13

 
Russell Distillers Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



90,000 (2023 - 90,000) Ordinary shares shares of £0.10 each
9,000
9,000
10,000 (2023 - 10,000) Ordinary shares - class B of £0.10 shares of £0.10 each
1,000
1,000
5,000 (2023 - 5,000) Ordinary shares - class C of £0.10 shares of £0.10 each
500
500

10,500

10,500



Page 14