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2024-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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xbrli:shares
iso4217:GBP
SC275964
2024-01-01
2024-12-31
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2024-12-31
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2023-12-31
COMPANY REGISTRATION NUMBER:
SC275964
|
Glenor Cask Company Limited |
|
|
Filleted Unaudited Financial Statements |
|
|
Glenor Cask Company Limited |
|
|
Statement of Financial Position |
|
31 December 2024
|
2024 |
2023 |
|
|
|
(restated) |
|
Note |
£ |
£ |
£ |
|
|
|
|
Fixed assets
|
Tangible assets |
5 |
|
233 |
460 |
|
|
|
|
|
Current assets
|
Stocks |
6 |
2,237,034 |
|
3,138,135 |
|
Debtors |
7 |
5,912,212 |
|
10,271,922 |
|
Cash at bank and in hand |
696,257 |
|
302,829 |
|
------------ |
|
------------- |
|
8,845,503 |
|
13,712,886 |
|
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
1,499,369 |
|
4,914,778 |
|
------------ |
|
------------- |
|
Net current assets |
|
7,346,134 |
8,798,108 |
|
|
------------ |
------------ |
|
Total assets less current liabilities |
|
7,346,367 |
8,798,568 |
|
|
|
|
|
|
Creditors: amounts falling due after more than one year |
9 |
|
2,950,674 |
5,227,375 |
|
|
|
|
|
|
Provisions |
|
58 |
– |
|
|
------------ |
------------ |
|
Net assets |
|
4,395,635 |
3,571,193 |
|
|
------------ |
------------ |
|
|
|
|
Capital and reserves
|
Called up share capital |
10 |
|
1,000 |
1,000 |
|
Profit and loss account |
|
4,394,635 |
3,570,193 |
|
|
------------ |
------------ |
|
Shareholders funds |
|
4,395,635 |
3,571,193 |
|
|
------------ |
------------ |
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
12 July 2025
, and are signed on behalf of the board by:
|
RK Kishnani |
LH Tan |
|
Director |
Director |
|
|
Company registration number:
SC275964
|
Glenor Cask Company Limited |
|
|
Notes to the Financial Statements |
|
Year ended 31 December 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 61 Dublin Street, Edinburgh, EH3 6NL, United Kingdom.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting poli cies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going Concern The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern, and with the continued support from the parent company, Rare Whisky Holdings, have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, therefore they continue to adopt the going concern basis of accounting in preparing the financial statements.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. i) Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 5 for carrying amounts of tangible assets.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings |
- |
25% straight line |
|
Equipment |
- |
33% straight line |
|
|
|
|
The assets’ residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are recognized as an expense in the period in which the related revenue is recognized. Cost is determined on the first-in, first-out (FIFO) method. Cost includes the purchase price, including taxes and duties and transport and handling directly attributable to bringing the inventory to its present location and condition. The cost of manufactured finished goods and work in progress includes design costs, raw materials, direct labour and other direct costs and related production overheads (based on normal operating capacity). At the end of each reporting period inventories are assessed for impairment. If any of the stock is impaired, the identified inventory is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
Provisions
Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the company’s control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote. Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade and other debtors and cash, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade and other creditors, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Financing Arrangements and Stock Pledge The Company has entered into a structured financing arrangements with Ferovinum Ltd, under which whisky inventory is sold with a binding obligation to repurchase the same goods at a future date at a fixed price. Although legal title to the inventory transfers to Ferovinum, the Company retains the risks and rewards of ownership and continues to recognise the full inventory on its balance sheet. These transactions are accounted for as secured financing and not as sales. The consideration received is recorded as a financial liability measured at amortised cost. The liability includes an initial fee and compounding monthly charges linked to an interest reference rate. The Company also pays a refundable deposit to Ferovinum at the inception of each agreement. This deposit is recorded separately as a financial asset and is offset against the Forward Sale Price at maturity. At the reporting date, inventory with a carrying value of £1,316,847 (2023 - £2,205,309) has been pledged as collateral under these financing arrangements.
4.
Factors affecting the tax charge
The company has an unrecognised deferred tax asset of £nil (2023: £136,423) which has arisen from fixed asset timing differences and losses carried forward. Its recoverability is dependent upon future profits arising, the likelihood of which cannot at this stage be determined with reasonable certainty.
5.
Tangible assets
|
Fixtures and fittings |
Equipment |
Total |
|
£ |
£ |
£ |
|
Cost |
|
|
|
|
At 1 January 2024 (as restated) and 31 December 2024 |
1,902 |
7,384 |
9,286 |
|
------- |
------- |
------- |
|
Depreciation |
|
|
|
|
At 1 January 2024 |
1,902 |
6,924 |
8,826 |
|
Charge for the year |
– |
227 |
227 |
|
------- |
------- |
------- |
|
At 31 December 2024 |
1,902 |
7,151 |
9,053 |
|
------- |
------- |
------- |
|
Carrying amount |
|
|
|
|
At 31 December 2024 |
– |
233 |
233 |
|
------- |
------- |
------- |
|
At 31 December 2023 |
– |
460 |
460 |
|
------- |
------- |
------- |
|
|
|
|
6.
Stocks
|
2024 |
2023 |
|
|
(restated) |
|
£ |
£ |
|
Work in progress |
2,237,034 |
3,138,135 |
|
------------ |
------------ |
|
|
|
Per the accounting policy for financing arrangements and stock pledge, part of the balance of stock is being used as collateral for Ferovinum loan borrowing. Terms and conditions of this agreement are that where Ferovinum determines the wholesale market prices have fallen or demand has diminished, Ferovinum reserves the right to require additional deposits to be paid to return the credit risk profile to the same position as at inception. In the event of default by Glenor Cask Company Ltd, Ferovinum is is released from any obligations to make inventory available for repurchase and may sell stock to third parties. Ferovinum are also entitled to recover any costs from doing so from Glenor Cask Company Ltd.
7.
Debtors
|
2024 |
2023 |
|
|
(restated) |
|
£ |
£ |
|
Trade debtors |
18,610 |
43,654 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
4,848,644 |
7,557,577 |
|
Other debtors |
1,044,958 |
2,670,691 |
|
------------ |
------------- |
|
5,912,212 |
10,271,922 |
|
------------ |
------------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
|
(restated) |
|
£ |
£ |
|
Trade creditors |
34,526 |
2,146 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
692,473 |
659,884 |
|
Corporation tax |
92,858 |
– |
|
Other creditors |
679,512 |
4,252,748 |
|
------------ |
------------ |
|
1,499,369 |
4,914,778 |
|
------------ |
------------ |
|
|
|
9.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
|
(restated) |
|
£ |
£ |
|
Other creditors |
2,950,674 |
5,227,375 |
|
------------ |
------------ |
|
|
|
10.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
|
|
(restated) |
|
No. |
£ |
No. |
£ |
|
Ordinary shares of £ 1 each |
1,000 |
1,000 |
1,000 |
1,000 |
|
------- |
------- |
------- |
------- |
|
|
|
|
|
11.
Prior year adjustment
A prior year adjustment has been done to incorporate interest on intercompany loans which was not previously included. A prior year adjustment for interest charges on loan liability for unpaid stock has been adjusted as this was not previously included. The effect on retained earnings can be seen above.
A further prior year adjustment reclassifies the loan liability to include this within due in one year and due in more than one year. Previously the loan balance was fully included within due in one year. The restatement decreases creditors due in one year by £5,227,375 and increases creditors due in more than one year by £5,227,375.
A prior year adjustment has also been done to recognise deposits retained on loan agreements which were not previously included. The restatement increases debtors by £2,650,553 and increases loan liability by £2,650,553.
12.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
|
(restated) |
|
£ |
£ |
|
Not later than 1 year |
35,398 |
62,421 |
|
Later than 1 year and not later than 5 years |
– |
35,398 |
|
-------- |
-------- |
|
35,398 |
97,819 |
|
-------- |
-------- |
|
|
|
13.
Related party transactions
Li Tan, who is a director of the company and holds no shares in Glenor Cask Company Ltd, invoiced the entity £97,599 (2023 - £144,647) for monthly consultation fees. There are no outstanding balances at the end of the year (2023 - £nil). Rickesh Kishnani, who is also a director of the company and holds no shares in Glenor Cask Company Ltd, invoiced the entity £35,000 (2023 - £33,283) for consultation fees. There are no outstanding balances at the end of the year (2023 - £nil). Rickesh Kishnani and Li Tan are also directors and shareholders of the parent company Rare Whisky Holdings Ltd. Advertising, business trip expenditure, cleaning, consulting, excise duty, insurance and office supplies and rent are recharged to the Company from Rare Whisky Holdings Ltd of £518,043 (2023 - £184.335). A loan due to Rare Whisky Holdings Ltd of £692,473 (2023 - £659,884) is outstanding at the end of the year. This loan is made up of £650,000 capital and £42,473 interest charges (2023 - - £650,000 capital and £9,884 interest). The loan was used to pay tax liabilities of Glenor Cask Company Ltd. The balance is shown within creditors: amounts due within one year. Interest is charged on the loan at 5% per annum. Rare Whisky Holdings Ltd can request repayment of the loan in full on or before a specified date providing 6 months notice is given.
Glenor Cask Company Limited
incorporated in Island of Grand Cayman is a related company that shares the same parent company, Rare Whisky Holdings Ltd. During the year, Glenor Cask Company Ltd invoiced the entity £1,396,425 (2023 - £24,056) for whisky cask sales. Glenor Cask Company Cayman provided a loan of £8,151,160 for general corporate purposes of which £4,848,644 (2023 - £7,557,577) is outstanding at the end of the year. This loan is made up of £4,309,217 capital and £539,428 of interest (2023 - - £7,330,832 capital and £226,745 interest). The balance is shown within debtors. Interest is due on the loan at 5% per annum. Glenor Cask Company Ltd can request repayment of the loan in full on or before a specified date providing 6 months notice is given.
14.
Controlling party
The immediate parent undertaking is Rare Whisky Holdings incorporated in Island of Grand Cayman.