Silverfin false false 31/03/2024 01/04/2023 31/03/2024 B Iravani 26/03/2021 C Masters 25/11/2022 A J R Porter 17/09/2021 J G Rennie 17/09/2021 09 May 2025 The principal activity of the Company during the financial year was the development and production of up market canned cocktails. SC693603 2024-03-31 SC693603 bus:Director1 2024-03-31 SC693603 bus:Director2 2024-03-31 SC693603 bus:Director3 2024-03-31 SC693603 bus:Director4 2024-03-31 SC693603 2023-03-31 SC693603 core:CurrentFinancialInstruments 2024-03-31 SC693603 core:CurrentFinancialInstruments 2023-03-31 SC693603 core:Non-currentFinancialInstruments 2024-03-31 SC693603 core:Non-currentFinancialInstruments 2023-03-31 SC693603 core:ShareCapital 2024-03-31 SC693603 core:ShareCapital 2023-03-31 SC693603 core:SharePremium 2024-03-31 SC693603 core:SharePremium 2023-03-31 SC693603 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC693603 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC693603 core:Goodwill 2023-03-31 SC693603 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 SC693603 core:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 SC693603 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-03-31 SC693603 core:Goodwill 2024-03-31 SC693603 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 SC693603 core:PatentsTrademarksLicencesConcessionsSimilar 2024-03-31 SC693603 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2024-03-31 SC693603 core:LeaseholdImprovements 2023-03-31 SC693603 core:PlantMachinery 2023-03-31 SC693603 core:FurnitureFittings 2023-03-31 SC693603 core:ComputerEquipment 2023-03-31 SC693603 core:LeaseholdImprovements 2024-03-31 SC693603 core:PlantMachinery 2024-03-31 SC693603 core:FurnitureFittings 2024-03-31 SC693603 core:ComputerEquipment 2024-03-31 SC693603 bus:OrdinaryShareClass1 2024-03-31 SC693603 bus:OrdinaryShareClass2 2024-03-31 SC693603 2023-04-01 2024-03-31 SC693603 bus:FilletedAccounts 2023-04-01 2024-03-31 SC693603 bus:SmallEntities 2023-04-01 2024-03-31 SC693603 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC693603 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC693603 bus:Director1 2023-04-01 2024-03-31 SC693603 bus:Director2 2023-04-01 2024-03-31 SC693603 bus:Director3 2023-04-01 2024-03-31 SC693603 bus:Director4 2023-04-01 2024-03-31 SC693603 core:Goodwill core:TopRangeValue 2023-04-01 2024-03-31 SC693603 core:DevelopmentCostsCapitalisedDevelopmentExpenditure core:TopRangeValue 2023-04-01 2024-03-31 SC693603 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2023-04-01 2024-03-31 SC693603 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2023-04-01 2024-03-31 SC693603 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2024-03-31 SC693603 core:LeaseholdImprovements core:TopRangeValue 2023-04-01 2024-03-31 SC693603 core:PlantMachinery core:TopRangeValue 2023-04-01 2024-03-31 SC693603 core:FurnitureFittings core:TopRangeValue 2023-04-01 2024-03-31 SC693603 core:ComputerEquipment core:TopRangeValue 2023-04-01 2024-03-31 SC693603 2022-04-01 2023-03-31 SC693603 core:LeaseholdImprovements 2023-04-01 2024-03-31 SC693603 core:PlantMachinery 2023-04-01 2024-03-31 SC693603 core:FurnitureFittings 2023-04-01 2024-03-31 SC693603 core:ComputerEquipment 2023-04-01 2024-03-31 SC693603 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 SC693603 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 SC693603 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC693603 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC693603 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 SC693603 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC693603 (Scotland)

WHITEBOX DRINKS LIMITED

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

WHITEBOX DRINKS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

WHITEBOX DRINKS LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
WHITEBOX DRINKS LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 94,393 26,172
94,393 26,172
Current assets
Stocks 174,005 181,327
Debtors 5 146,657 125,332
Cash at bank and in hand 16,380 16,483
337,042 323,142
Creditors: amounts falling due within one year 6 ( 252,417) ( 298,962)
Net current assets 84,625 24,180
Total assets less current liabilities 179,018 50,352
Creditors: amounts falling due after more than one year 7 0 ( 9,863)
Net assets 179,018 40,489
Capital and reserves
Called-up share capital 8 316 279
Share premium account 1,986,989 1,037,578
Profit and loss account ( 1,808,287 ) ( 997,368 )
Total shareholders' funds 179,018 40,489

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:

The financial statements of Whitebox Drinks Limited (registered number: SC693603) were approved and authorised for issue by the Board of Directors on 09 May 2025. They were signed on its behalf by:

B Iravani
Director
WHITEBOX DRINKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
WHITEBOX DRINKS LIMITED

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

Whitebox Drinks 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 1st Floor, Blenheim House, Fountainhall Road, Aberdeen, AB15 4DT, Scotland, 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 company has made a loss for the year which is in accordance with the company's plan to invest in the company's product and wider infrastructure to create future growth. The company experienced increasing levels of sales in the latter part of the financial year which will lead to increased revenue growth in FY2025.

The directors continually assess the funding needs of the business and work closely with existing shareholders who continue to support the company. The directors have also engaged with investors and have completed a growth fundraise in FY2024 with plans to continue seeking additional investment.

Based on the increased revenues expected for FY2024 and the continued support of the shareholders, the directors consider that the company will have adequate resources for the foreseeable future and the financial statements should be prepared on a going concern basis.

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 up market canned cocktails 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.

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.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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:

Goodwill 10 years straight line
Development costs 10 years straight line
Trademarks, patents and licences 10 years straight line
Website costs 5 years straight line
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

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 or valuation of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 5 years straight line
Plant and machinery 5 years straight line
Fixtures and fittings 5 years straight line
Computer equipment 4 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.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.

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 initially measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and other loans are initially recognised at transaction price.

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.

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. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 17 14

3. Intangible assets

Goodwill Development costs Trademarks, patents
and licences
Website costs Total
£ £ £ £ £
Cost
At 01 April 2023 1 5,000 510 6,750 12,261
At 31 March 2024 1 5,000 510 6,750 12,261
Accumulated amortisation
At 01 April 2023 1 5,000 510 6,750 12,261
At 31 March 2024 1 5,000 510 6,750 12,261
Net book value
At 31 March 2024 0 0 0 0 0
At 31 March 2023 0 0 0 0 0

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 April 2023 0 10,853 16,689 6,273 33,815
Additions 1,917 76,662 268 3,749 82,596
At 31 March 2024 1,917 87,515 16,957 10,022 116,411
Accumulated depreciation
At 01 April 2023 0 3,006 3,159 1,478 7,643
Charge for the financial year 32 8,472 3,365 2,506 14,375
At 31 March 2024 32 11,478 6,524 3,984 22,018
Net book value
At 31 March 2024 1,885 76,037 10,433 6,038 94,393
At 31 March 2023 0 7,847 13,530 4,795 26,172

5. Debtors

2024 2023
£ £
Trade debtors 120,750 98,931
Other debtors 25,907 26,401
146,657 125,332

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 158,565 84,309
Other taxation and social security 25,549 10,876
Other creditors 68,303 203,777
252,417 298,962

There was a loan of £95,158 within other creditors in the prior year which was secured by a floating charge over the company's assets. The loan was fully repaid in the period to March 2024 and the floating charge has been satisfied.

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

2024 2023
£ £
Other creditors 0 9,863

There was a loan of £9,863 within other creditors in the prior year which was secured by a floating charge over the company's assets. The loan was fully repaid in the period to March 2024 and the floating charge has been satisfied.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
30,130,325 A ordinary shares of £ 0.00001 each (2023: 26,421,543 shares of £ 0.00001 each) 301 264
1,500,000 B ordinary shares of £ 0.00001 each 15 15
316 279

In the financial year 2024 3,708,782 A Ordinary shares were allotted with an aggregate nominal value of £37.09 for a consideration of £949,448.19.

9. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 265,834 54,917