Distill Ventures (London) Limited
Unaudited Financial Statements
For the year ended 30 June 2024
Pages for Filing with Registrar
Company Registration No. 12043104 (England and Wales)
Distill Ventures (London) Limited
Company Information
Directors
F D Lampen
D Shrimpton
Company number
12043104
Registered office
2nd Floor
22 Newman Street
London
United Kingdom
W1T 1PH
Accountants
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Distill Ventures (London) Limited
Contents
Page
Balance sheet
1 - 2
Statement of changes in equity
Notes to the financial statements
3 - 9
Distill Ventures (London) Limited
Balance Sheet
As at 30 June 2024
Page 1
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,169,918
1,403,902
Tangible assets
4
17,230
16,171
1,187,148
1,420,073
Current assets
Debtors
5
4,991,517
5,110,906
Cash at bank and in hand
3,033,230
2,097,737
8,024,747
7,208,643
Creditors: amounts falling due within one year
6
(6,963,325)
(7,347,074)
Net current assets/(liabilities)
1,061,422
(138,431)
Net assets
2,248,570
1,281,642
Capital and reserves
Called up share capital
7
2,000
2,000
Profit and loss reserves
2,246,570
1,279,642
Total equity
2,248,570
1,281,642
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Distill Ventures (London) Limited
Balance Sheet (Continued)
As at 30 June 2024
Page 2
The financial statements were approved by the board of directors and authorised for issue on 23 June 2025 and are signed on its behalf by:
F D Lampen
Director
Company Registration No. 12043104
Distill Ventures (London) Limited
Notes to the Financial Statements
For the year ended 30 June 2024
Page 3
1
Accounting policies
Company information
Distill Ventures (London) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, 22 Newman Street, London, United Kingdom, W1T 1PH.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have prepared cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that, taking account of reasonably possible downsides, the company will have sufficient available cash to pay it’s creditors as they fall due. true
Consequently, the directors are confident that the company will have sufficient cash to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore has prepared the financial statements on a going concern basis.
1.3
Turnover
Turnover represents amounts receivable for services in the principal activities of the company net of VAT and trade discounts.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
If at the balance sheet date, completion of contractual obligations is dependent on external factors and thus outside the control of the company, then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.
Distill Ventures (London) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
Page 4
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Intellectual property
20% straight line
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% 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.
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other, or basic financial instruments measured at fair value.
Distill Ventures (London) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
Page 5
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Distill Ventures (London) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
Page 6
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was as follows:
2024
2023
Number
Number
Total
17
19
3
Intangible fixed assets
Goodwill
Intellectual property
Total
£
£
£
Cost
At 1 July 2023 and 30 June 2024
2,339,837
159,000
2,498,837
Amortisation and impairment
At 1 July 2023
935,935
159,000
1,094,935
Amortisation charged for the year
233,984
233,984
At 30 June 2024
1,169,919
159,000
1,328,919
Carrying amount
At 30 June 2024
1,169,918
1,169,918
At 30 June 2023
1,403,902
1,403,902
Distill Ventures (London) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 7
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023
167,108
Additions
15,440
At 30 June 2024
182,548
Depreciation and impairment
At 1 July 2023
150,937
Depreciation charged in the year
14,381
At 30 June 2024
165,318
Carrying amount
At 30 June 2024
17,230
At 30 June 2023
16,171
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,781,070
4,623,915
Amounts owed by group undertakings
549,713
166,067
Other debtors
265,556
65,556
Prepayments and accrued income
287,541
205,341
4,883,880
5,060,879
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
107,637
50,027
Total debtors
4,991,517
5,110,906
Distill Ventures (London) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 8
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
133,323
232,002
Amounts owed to group undertakings
294,783
442,635
Corporation tax
553,725
75,681
Other taxation and social security
841,851
790,097
Other creditors
-
65,506
Accruals and deferred income
5,139,643
5,741,153
6,963,325
7,347,074
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
200,000
200,000
2,000
2,000
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
109,260
36,420
Between two and five years
13,657
145,679
36,420
9
Related party transactions
The Company is a wholly owned subsidiary of Drinks Development Company Limited and as such has taken advantage of the exemption permitted under Section 33 'Related party disclosures' not to provide disclosures of the transactions entered into with wholly owned members of the group.
Included within other creditors is an amount of £ (101,100) (2023: £207,391) due (from)/to The Belsize Partnership LLP, a related party by virtue of common ownership. During the year, repayments of £308,491 (2023: £567,555) of the balance has been settled during the year.
During the year, payments amounting to £21,100 (2023: £53,225) were paid to the directors. Included within other debtors is an amount of £2,000 (2023: £2,000) owed from the directors in respect of unpaid share capital.
Included within other debtors is an amount of £200,000 (2023: £2,000) owed from the directors in respect of the director's loan account.
Distill Ventures (London) Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 9
10
Parent company
F Lampen is the ultimate controlling party by virtue of his majority shareholding in Drinks Development Company Limited which is the immediate and ultimate parent company.
11
Prior period adjustment
During the year, the company identified a prior period error relating to the omission of an intercompany invoice which was not recorded in the financial statements for the year ended 30 June 2023. The invoice, with a value of £1.07m should have been recognised as an expense and corresponding liability in that year.
The financial statements have been restated to reflect the correction of this error. Comparative figures have been restated accordingly, and the opening balance of retained earnings as at 1 July 2023 has been adjusted by £801k to reflect the correction of this error.
Changes to the balance sheet
As previously reported
Adjustment
As restated at 30 Jun 2023
£
£
£
Current assets
Debtors due within one year
5,883,182
(772,276)
5,110,906
Creditors due within one year
Taxation
(1,072,278)
206,500
(865,778)
Other creditors
(6,246,052)
(235,244)
(6,481,296)
Net assets
2,082,662
(801,020)
1,281,642
Capital and reserves
Profit and loss reserves
2,080,662
(801,020)
1,279,642
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 30 June 2023
£
£
£
Administrative expenses
(4,000,898)
(1,007,520)
(5,008,418)
Taxation
(263,375)
206,500
(56,875)
Profit/(loss) for the financial period
765,418
(801,020)
(35,602)
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