Registered number
SC332343
Falkirk Whisky Distillery Company Limited
Unaudited Filleted Accounts
31 December 2024
Falkirk Whisky Distillery Company Limited
Registered number: SC332343
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 11,700 14,951
Tangible assets 4 5,490,361 5,451,702
5,502,061 5,466,653
Current assets
Stocks 925,253 861,106
Debtors 5 563 15,037
Cash at bank and in hand 10,628 57,392
936,444 933,535
Creditors: amounts falling due within one year 6 (7,704,793) (7,516,422)
Net current liabilities (6,768,349) (6,582,887)
Total assets less current liabilities (1,266,288) (1,116,234)
Creditors: amounts falling due after more than one year 7 (3,565) (14,952)
Net liabilities (1,269,853) (1,131,186)
Capital and reserves
Called up share capital 20,000 20,000
Profit and loss account (1,289,853) (1,151,186)
Shareholders' funds (1,269,853) (1,131,186)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Fiona Stewart
Director
Approved by the board on 18 September 2025
Falkirk Whisky Distillery Company Limited
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention (as modified by the revaluation of certain fixed assets) and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets comprise trademark and branding costs and are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land and buildings over 50 years
Brewing plant and equipment over 50 years
Other equipment over 4 years
Motor vehicles over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
3 Intangible fixed assets £
Brand and trademark costs:
Cost
At 1 January 2024 24,918
Additions 840
At 31 December 2024 25,758
Amortisation
At 1 January 2024 9,967
Provided during the year 4,091
At 31 December 2024 14,058
Net book value
At 31 December 2024 11,700
At 31 December 2023 14,951
Intangible assets are being written off in equal annual instalments over an estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2024 3,778,339 1,824,716 24,260 5,627,315
Additions 78,391 - - 78,391
At 31 December 2024 3,856,730 1,824,716 24,260 5,705,706
Depreciation
At 1 January 2024 - 155,448 20,165 175,613
Charge for the year - 38,708 1,024 39,732
At 31 December 2024 - 194,156 21,189 215,345
Net book value
At 31 December 2024 3,856,730 1,630,560 3,071 5,490,361
At 31 December 2023 3,778,339 1,669,268 4,095 5,451,702
5 Debtors 2024 2023
£ £
Other debtors 563 15,037
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts - 243,413
Trade creditors 96,868 124,494
Taxation and social security costs 2,006 10
Other creditors 7,595,919 7,138,505
7,704,793 7,516,422
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 3,565 14,952
8 Other information
Falkirk Whisky Distillery Company Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
Atrium House
Callendar Business Park
Falkirk
FK1 1XR
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