Silverfin false false 31/12/2024 01/01/2024 31/12/2024 Craig A J Milne 12/01/2016 Daniel D Milne 12/01/2016 23 May 2025 The principal activity of the Company during the financial year was that of retailing whisky (and other fine spirits) to private clients and the provision of rental (and associated services) of cask warehouse space. SC524004 2024-12-31 SC524004 bus:Director1 2024-12-31 SC524004 bus:Director2 2024-12-31 SC524004 2023-12-31 SC524004 core:CurrentFinancialInstruments 2024-12-31 SC524004 core:CurrentFinancialInstruments 2023-12-31 SC524004 core:ShareCapital 2024-12-31 SC524004 core:ShareCapital 2023-12-31 SC524004 core:RetainedEarningsAccumulatedLosses 2024-12-31 SC524004 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC524004 core:OtherResidualIntangibleAssets 2023-12-31 SC524004 core:OtherResidualIntangibleAssets 2024-12-31 SC524004 core:OtherPropertyPlantEquipment 2023-12-31 SC524004 core:OtherPropertyPlantEquipment 2024-12-31 SC524004 core:OtherSubsidiariesTotalIndividuallyImmaterialSubsidiaries core:CurrentFinancialInstruments 2024-12-31 SC524004 core:OtherSubsidiariesTotalIndividuallyImmaterialSubsidiaries core:CurrentFinancialInstruments 2023-12-31 SC524004 2022-12-31 SC524004 bus:OrdinaryShareClass1 2024-12-31 SC524004 2024-01-01 2024-12-31 SC524004 bus:FilletedAccounts 2024-01-01 2024-12-31 SC524004 bus:SmallEntities 2024-01-01 2024-12-31 SC524004 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 SC524004 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 SC524004 bus:Director1 2024-01-01 2024-12-31 SC524004 bus:Director2 2024-01-01 2024-12-31 SC524004 core:OtherResidualIntangibleAssets core:TopRangeValue 2024-01-01 2024-12-31 SC524004 core:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 SC524004 2023-01-01 2023-12-31 SC524004 core:OtherResidualIntangibleAssets 2024-01-01 2024-12-31 SC524004 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 SC524004 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC524004 (Scotland)

STILL SPIRIT LTD

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

STILL SPIRIT LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024

Contents

STILL SPIRIT LTD

BALANCE SHEET

AS AT 31 DECEMBER 2024
STILL SPIRIT LTD

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 21,519 0
Tangible assets 4 93,701 78,823
115,220 78,823
Current assets
Stocks 5 579,777 531,367
Debtors 6 68,485 87,306
Cash at bank and in hand 71,131 47,648
719,393 666,321
Creditors: amounts falling due within one year 7 ( 568,967) ( 408,371)
Net current assets 150,426 257,950
Total assets less current liabilities 265,646 336,773
Provision for liabilities 8 ( 20,488) ( 16,207)
Net assets 245,158 320,566
Capital and reserves
Called-up share capital 9 59,435 59,435
Profit and loss account 185,723 261,131
Total shareholder's funds 245,158 320,566

For the financial year ending 31 December 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 Still Spirit Ltd (registered number: SC524004) were approved and authorised for issue by the Board of Directors on 23 May 2025. They were signed on its behalf by:

Daniel D Milne
Director
STILL SPIRIT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024
STILL SPIRIT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 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

Still Spirit Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Whisky Hammer, Udny, Ellon, AB41 7PR, 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 directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts receivable for the sale of goods net of VAT and trade discounts. Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

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

Other intangible assets 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost, 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, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 10 - 15 % reducing balance

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

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.

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 and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. 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, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

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

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

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

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

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

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 January 2024 0 0
Additions 23,475 23,475
At 31 December 2024 23,475 23,475
Accumulated amortisation
At 01 January 2024 0 0
Charge for the financial year 1,956 1,956
At 31 December 2024 1,956 1,956
Net book value
At 31 December 2024 21,519 21,519
At 31 December 2023 0 0

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2024 117,486 117,486
Additions 26,341 26,341
At 31 December 2024 143,827 143,827
Accumulated depreciation
At 01 January 2024 38,663 38,663
Charge for the financial year 11,463 11,463
At 31 December 2024 50,126 50,126
Net book value
At 31 December 2024 93,701 93,701
At 31 December 2023 78,823 78,823

5. Stocks

2024 2023
£ £
Stocks 579,777 531,367

6. Debtors

2024 2023
£ £
Trade debtors 31,696 36,985
Amounts owed by fellow subsidiaries 0 11,030
Other debtors 36,789 39,291
68,485 87,306

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 66,418 46,549
Amounts owed to fellow subsidiaries 387,473 304,649
Taxation and social security 0 13,379
Other creditors 115,076 43,794
568,967 408,371

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 16,207) ( 14,205)
Charged to the Profit and Loss Account ( 4,281) ( 2,002)
At the end of financial year ( 20,488) ( 16,207)

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
59,435 Ordinary A shares of £ 1.00 each 59,435 59,435

10. Related party transactions

The Company has taken advantage of the exemption provided in FRS 102 Section 33 Related Party Disclosures not to disclose transactions entered into with fellow group companies that are wholly owned within the group of companies of which the Company is a wholly owned member.