| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements for the Year Ended 31 August 2024 |
| for |
| The Single Cask Ltd |
| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements for the Year Ended 31 August 2024 |
| for |
| The Single Cask Ltd |
| The Single Cask Ltd (Registered number: 10321277) |
| Contents of the Financial Statements |
| for the Year Ended 31 August 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 5 |
| Report of the Independent Auditors | 7 |
| Income Statement | 11 |
| Other Comprehensive Income | 12 |
| Balance Sheet | 13 |
| Statement of Changes in Equity | 14 |
| Cash Flow Statement | 15 |
| Notes to the Cash Flow Statement | 16 |
| Notes to the Financial Statements | 17 |
| The Single Cask Ltd |
| Company Information |
| for the Year Ended 31 August 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| First Floor |
| The Old Chapel |
| 9 Kempson Road |
| Leicester |
| LE2 8AN |
| The Single Cask Ltd (Registered number: 10321277) |
| Strategic Report |
| for the Year Ended 31 August 2024 |
| The directors present their strategic report for the year ended 31 August 2024. |
| REVIEW OF BUSINESS |
| The Single Cask Ltd ("TSC") was formed in 2016 with the aim to establish itself as a distinguished brand specializing in the independent bottling of single malt whisky. The core concept behind TSC was to provide smaller companies, bars, restaurants, and private individuals with the chance to partake in the unique experience of bottling and possessing their own whisky brands, as well as acquiring casks of whisky that have been meticulously stored and matured. |
| The company has achieved sales of £12.4m in the year 2024, which aligns with the business's expectations. The Warehouse was established with the purpose of ensuring that the final products are manufactured, finished, and delivered to consumers at the desired standard. This has been beneficial for clients worldwide.. |
| The directors demonstrate a strong dedication to allocating substantial time resources to critical aspects of the business, specifically marketing, advertising, and promotional endeavors. Despite the amount of money spent, both gross and net profit margins have been enhanced as anticipated by utilizing its own warehouse. |
| The directors express satisfaction with the outcomes, considering the challenging environment and the competitive landscape within which the organization operates. The directors are committed to making ongoing investments in its future and expanding its offers to individuals globally. In this report, the directors are glad to disclose some of these intentions. |
| The Single Cask Ltd (Registered number: 10321277) |
| Strategic Report |
| for the Year Ended 31 August 2024 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The company's management team meet monthly to consider the likelihood and possible impact of risks facing the business, and where necessary acts to mitigate the risks. The principal risks and uncertainties of the business are considered to be the following: |
| Financial |
| The company's financial position is robust, as evidenced by our strong balance sheet. However, it is important to clarify for those unfamiliar with our business model that while our inventory levels are substantial and cash reserves may appear modest, our inventory is highly liquid. This stock is not only rapidly convertible into cash, but it is also appreciating in value consistently. |
| Our significant growth over the past three years is a testament to the effectiveness of our branding strategies, the strategic acquisition of a new warehouse, and the enhanced performance of our dedicated team. |
| Additionally, our liquidity position is further strengthened by a flexible financing arrangement with a lending institution specializing in the spirits industry. This partnership enables us to maintain operational agility and financial stability. |
| Marketing |
| In response to the evolving regulatory landscape in digital advertising, particularly the restrictions imposed by major platforms like Google on alcohol-related advertisements, our company is facing new marketing challenges. These challenges are anticipated to intensify with the potential introduction of similar constraints by other related platforms. To navigate this shifting environment, TSC has developed a strategic approach focused on enhancing our organic traffic. |
| Our strategy encompasses active participation in a variety of global whisky events, aligning with the increasing consumer interest in unique and premium whisky products. This approach not only broadens our market reach but also reinforces our brand presence in the luxury whisky segment. |
| Additionally, TSC leverages its comprehensive database coupled with strong, enduring client relationships. This combination not only aids in sustaining our existing customer base but also facilitates repeated business transactions, ensuring a consistent growth trajectory amidst a challenging digital advertising domain. |
| Supply |
| Although there is a demand for exponential growth, the company's ability to expand is constrained by the restricted availability of bulk liquid resources. The company has implemented strategies to enhance manufacturing capabilities by entering new markets and procuring liquid whisky from international sources. With potential thought of production of our own liquid in the coming years. |
| Casks |
| The global scarcity of empty barrels required for the maturation of single malt whisky has resulted in an imbalance between demand and availability. However, the establishment of a dedicated storage facility and filling capacity by TSC has enabled the company to address this issue by procuring new sources of premium empty oak casks for the purpose of enhancing the quality of their single malt whisky offerings. This strategic move will help alleviate the impact of the shortage. In addition, the company has the option to procure alternative premium empty oak casks from various nations, so contributing to the enhancement of our whisky's quality through the finishing process. |
| Know Your Client |
| The company places significant emphasis on upholding a rigorous standard of professional compliance. In several domains, such as quality assurance, it is imperative to possess a comprehensive understanding of client identification protocols, commonly referred to as "Know Your Client" (KYC) procedures, as well as proficient account management skills. The organization has established policies and procedures to ensure that regular communication is conducted for quality assurance purposes. Additionally, it is ensured that all procedures related to the Know Your Customer (KYC) process are completed before any engagement takes place. Furthermore, teams of employees undergo regular training and induction on onboarding procedures to maintain a consistent and compliant process. |
| The Single Cask Ltd (Registered number: 10321277) |
| Strategic Report |
| for the Year Ended 31 August 2024 |
| KEY PERFORMANCE INDICATORS |
| The organization utilizes various key performance indicators (KPIs) and a management team to assess and evaluate the fluctuations in these metrics on a consistent basis. The primary key performance indicators (KPIs) are: |
| The business diligently examines its cash resources on a regular basis, encompassing both short-term tactical cashflow management and medium to long-term forecasts. We maintain a strong collaborative partnership with our lenders, with whom we actively exchange management information and foster a mutually beneficial working rapport. |
| Sales activities are closely monitored by the diligent tracking of our pipeline of customer inquiries, complemented by a well-established system for effectively following up and monitoring progress. |
| The business employs a wide range of management information to effectively monitor profitability, estimate future financial performance, maintain strict control over profit margins, and implement cost control measures, all of which contribute to the long-term sustainability of the business. |
| Our organization maintains a strategy of ongoing evaluation of management information utilized inside the company, leading to the ongoing enhancement of our reporting systems and procedures. |
| ON BEHALF OF THE BOARD: |
| The Single Cask Ltd (Registered number: 10321277) |
| Report of the Directors |
| for the Year Ended 31 August 2024 |
| The directors present their report with the financial statements of the company for the year ended 31 August 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of the wholesale purchase and sale of mature and new make spirits, in bulk tankers and casks. |
| DIVIDENDS |
| An interim dividend of £ |
| The total distribution of dividends for the year ended 31 August 2024 will be £ |
| FUTURE DEVELOPMENTS |
| As outlined in the strategy study, the company intends to enhance its competitive edge and capitalize on the projected exponential whisky industry growth by implementing future strategies to expand its operations and solidify its position as the global frontrunner in this sector. The directors persist in examining and evaluating various alternatives, including but not limited to diversifying the company's whisky product portfolio by incorporating offerings from different nations, enhancing its internal supply chains, allocating resources towards compliance measures, and exploring potential markets in novel geographical areas. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report. |
| GOING CONCERN |
| The business review and directors' report provide an overview of the company's current activities, as well as an analysis of the elements that are expected to impact its future development, performance, and position. The reports and accompanying financial statements provide an overview of the company's financial condition, including its cash flows, liquidity position, and borrowing facilities. This information is consistently presented throughout the reports and accompanying notes. As previously stated, the organization effectively oversees and minimizes potential risks while actively striving to establish a dependable supply chain. This is achieved through fostering robust partnerships with suppliers to ensure the fulfilment of demand. Furthermore, while catering to its customers and capitalizing on growth prospects, the company also maintains its commitment to product diversification and actively investigates avenues for the creation of craft whiskies in collaboration with its suppliers. In order to sustain the financial standing of the firm, it is advantageous for the company to employ a combination of short-term, medium-term, and long-term working capital. As of the balance sheet date, the firm entered into a working capital agreement with a specialized lender in the spirits industry. Additionally, the company already has a loan from a bank for the purpose of acquiring the warehouse. All of the previous commitments are scheduled to be reimbursed in accordance with the mutually agreed-upon conditions. Based on the firm's estimates and projections, which consider possible shifts in trading performance, it is anticipated that the company will be able to effectively utilize its existing capacity. Therefore, the board of directors holds the belief that the company is in a favourable position to effectively handle its business risks. Based on the directors' inquiries, there exists a justifiable anticipation that the company possesses sufficient resources to sustain its operating presence for the foreseeable future. Consequently, the organization persists in employing the going concern principle while formulating the annual report and financial statements. |
| The Single Cask Ltd (Registered number: 10321277) |
| Report of the Directors |
| for the Year Ended 31 August 2024 |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| AUDITORS |
| The auditors, Celerica Ltd (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| The Single Cask Ltd |
| Opinion |
| We have audited the financial statements of The Single Cask Ltd (the 'company') for the year ended 31 August 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 31 August 2024 and of its profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Report of the Independent Auditors to the Members of |
| The Single Cask Ltd |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
| Report of the Independent Auditors to the Members of |
| The Single Cask Ltd |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
| - the senior statutory auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
| - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; |
| - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the financial reporting legislation, Companies Act 2006, taxation legislation, anti-bribery, employment, and environmental and health and safety legislation; |
| - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
| - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
| We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
| - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
| - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
| To address the risk of fraud through management bias and override of controls, we: |
| - performed analytical procedures to identify any unusual or unexpected relationships; |
| - tested journal entries to identify unusual transactions; |
| - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
| - investigated the rationale behind significant or unusual transactions. |
| In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
| - agreeing financial statement disclosures to underlying supporting documentation; |
| - reading the minutes of meetings of those charged with governance; |
| - enquiring of management as to actual and potential litigation and claims; and |
| - reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. |
| Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. |
| The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Report of the Independent Auditors to the Members of |
| The Single Cask Ltd |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| First Floor |
| The Old Chapel |
| 9 Kempson Road |
| Leicester |
| LE2 8AN |
| The Single Cask Ltd (Registered number: 10321277) |
| Income Statement |
| for the Year Ended 31 August 2024 |
| 31.8.24 | 31.8.23 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| 496,533 | 1,783,696 |
| Other operating income |
| OPERATING PROFIT | 4 |
| Interest payable and similar expenses | 5 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 6 |
| PROFIT FOR THE FINANCIAL YEAR |
| The Single Cask Ltd (Registered number: 10321277) |
| Other Comprehensive Income |
| for the Year Ended 31 August 2024 |
| 31.8.24 | 31.8.23 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| The Single Cask Ltd (Registered number: 10321277) |
| Balance Sheet |
| 31 August 2024 |
| 31.8.24 | 31.8.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 8 |
| CURRENT ASSETS |
| Stocks | 9 |
| Debtors | 10 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 11 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 15 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 16 |
| Retained earnings | 17 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| The Single Cask Ltd (Registered number: 10321277) |
| Statement of Changes in Equity |
| for the Year Ended 31 August 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 September 2022 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 August 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 August 2024 |
| The Single Cask Ltd (Registered number: 10321277) |
| Cash Flow Statement |
| for the Year Ended 31 August 2024 |
| 31.8.24 | 31.8.23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | ( |
) |
| Interest paid | ( |
) | ( |
) |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities | ( |
) |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| Other loans repayments in the year | ( |
) |
| Capital repayments in year | ( |
) | ( |
) |
| Amount introduced by directors | 506,977 | - |
| Amount withdrawn by directors | - | (370,000 | ) |
| Equity dividends paid | ( |
) | ( |
) |
| Net cash from financing activities |
| Increase/(decrease) in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
92,135 |
| Cash and cash equivalents at end of year | 2 | 89,168 | 45,778 |
| The Single Cask Ltd (Registered number: 10321277) |
| Notes to the Cash Flow Statement |
| for the Year Ended 31 August 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| Finance costs | 6,519 | 15,489 |
| 735,416 | 1,905,454 |
| (Increase)/decrease in stocks | ( |
) |
| (Increase)/decrease in trade and other debtors | ( |
) |
| Increase/(decrease) in trade and other creditors | ( |
) |
| Cash generated from operations | ( |
) |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 August 2024 |
| 31.8.24 | 1.9.23 |
| £ | £ |
| Cash and cash equivalents | 89,168 | 45,778 |
| Year ended 31 August 2023 |
| 31.8.23 | 1.9.22 |
| £ | £ |
| Cash and cash equivalents | 45,778 | 92,135 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1.9.23 | Cash flow | At 31.8.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 45,778 | 43,390 | 89,168 |
| 45,778 | 89,168 |
| Debt |
| Debts falling due within 1 year | (31,650 | ) | 31,650 | - |
| Debts falling due after 1 year | (2,383,603 | ) | 368,871 | (2,014,732 | ) |
| (2,415,253 | ) | 400,521 | (2,014,732 | ) |
| Total | (2,369,475 | ) | 443,911 | (1,925,564 | ) |
| The Single Cask Ltd (Registered number: 10321277) |
| Notes to the Financial Statements |
| for the Year Ended 31 August 2024 |
| 1. | STATUTORY INFORMATION |
| The Single Cask Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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. |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| 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 includes all direct costs and an appropriate proportion of fixed and variable overheads and is based on a first in, first out basis. |
| 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. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| The Single Cask Ltd (Registered number: 10321277) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 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. |
| 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. |
| ln the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 31.8.24 | 31.8.23 |
| Directors | 2 | 2 |
| Sales & Marketing | 4 | 3 |
| Warehouse & Logistics | 9 | 2 |
| The Single Cask Ltd (Registered number: 10321277) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 3. | EMPLOYEES AND DIRECTORS - continued |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Directors' remuneration |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Depreciation - owned assets |
| Auditors' remuneration |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Bank loan interest |
| 6. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax |
| Tax on profit |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Capital allowances in excess of depreciation | - | ( |
) |
| Depreciation in excess of capital allowances | - |
| Change of standard corporation tax rate | - | 34,784 |
| Movement in deferred Tax | 18,533 | 49,128 |
| Total tax charge | 195,872 | 346,693 |
| The Single Cask Ltd (Registered number: 10321277) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 7. | DIVIDENDS |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Ordinary shares of £1 each |
| Interim |
| 8. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 September 2023 |
| Additions |
| At 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 September 2023 |
| Additions |
| At 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| 9. | STOCKS |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Stocks |
| The Single Cask Ltd (Registered number: 10321277) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Corporation tax refundable | 84,961 | - |
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Bank loans and overdrafts (see note 13) |
| Trade creditors |
| Tax |
| Social security and other taxes |
| Other creditors |
| Directors' current accounts | 919,000 | 412,023 |
| Accrued expenses |
| 12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Bank loans (see note 13) |
| Other loans (see note 13) |
| 13. | LOANS |
| An analysis of the maturity of loans is given below: |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| Other loans - 2-5 years |
| Amounts falling due in more than five years: |
| The Single Cask Ltd (Registered number: 10321277) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 13. | LOANS - continued |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | - | 96,352 |
| 14. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Bank loans |
| Other loans |
| On 31 October 2023, the company satisfied a bank loan which was secured by the property known as Unit 11, Buko Business Centre, Ashleigh Road, Glenrothes. |
| The security was superseded on 27 October 2023 by a floating charge from a third party lender covering all the property or undertaking of the company. |
| 15. | PROVISIONS FOR LIABILITIES |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Deferred tax | 100,194 | 81,661 |
| Deferred |
| tax |
| £ |
| Balance at 1 September 2023 |
| Accelerated Capital Allowances | 18,533 |
| Balance at 31 August 2024 |
| 16. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.8.24 | 31.8.23 |
| value: | £ | £ |
| Ordinary | £1 | 200 | 200 |
| The Single Cask Ltd (Registered number: 10321277) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 17. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 September 2023 |
| Profit for the year |
| Dividends | ( |
) |
| At 31 August 2024 |
| 18. | FINANCIAL COMMITMENTS |
| The company had no lease commitments at the balance sheet date. |
| 19. | RELATED PARTY DISCLOSURES |
| The company is connected to other entities due to common ownership. |
| During the year, the company transacted with these entities as follows. |
| Sales to related entities were £185,916 (2023: £154,732) |
| Purchases from related entities were £Nil (2023: £25,723) |
| Trade debtors due from related entities were £92,843 (2023: £103,298) |
| Trade creditors due to related entities were £Nil (2023: £Nil) |