Titanic Distillers Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: NI655098

Titanic Distillers Limited

Filleted Financial Statements

31 December 2024

Titanic Distillers Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Intangible assets	5	176,600	209,800
Tangible assets	6	4,014,193	4,449,454
		------------	------------
		4,190,793	4,659,254

Current assets

Stocks		341,651	304,483
Debtors	7	537,884	596,655
Cash at bank and in hand		3,786,412	76,183
		------------	---------
		4,665,947	977,321

Creditors: amounts falling due within one year	8	1,537,461	4,501,728
		------------	------------
Net current assets/(liabilities)		3,128,486	( 3,524,407)
		------------	------------
Total assets less current liabilities		7,319,279	1,134,847

Creditors: amounts falling due after more than one year	9	2,977,961	3,902,290

Provisions	( 947,101)	( 1,729,561)
	------------	------------
Net assets/(liabilities)	5,288,419	( 1,037,882)
	------------	------------

Capital and reserves

Called up share capital	5,422	250
Share premium account	10,075,136	949,856
Profit and loss account	( 4,792,139)	( 1,987,988)
	-------------	------------
Shareholders funds/(deficit)	5,288,419	( 1,037,882)
	-------------	------------

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 comprehensive income has not been delivered.

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.

Titanic Distillers Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 28 November 2025 , and are signed on behalf of the board by:

Mr P Lavery	Mr N Moen
Director	Director

Company registration number: NI655098

Titanic Distillers 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 Northern Ireland. The address of the registered office is Titanic Dock & Pumphouse, Queen's Road, Belfast, BT3 9DT, Northern Ireland.

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 financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

Titanic Distillers Limited, a renowned Irish whiskey company, is well-positioned to continue its operations as it moves into the next stage of its growth, supported by its shareholders. Despite challenges like supply chain disruptions, the company has launched successful new whiskey variants. With proactive risk management strategies and promising growth opportunities in expanding its product portfolio and entering new international markets, Titanic Distillers is expected to remain a going concern for the foreseeable future.

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.

Corporation 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.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Licences	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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

Items of property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Depreciation is charged to the income statement on a systematic basis so as to allocate the cost (or revalued amount) of each asset to its residual value over its estimated useful life. Where assets have differing useful lives within the same asset class, the company allocates depreciation based on the specific useful life applicable to each component or asset, rather than applying a single rate to the entire class. Useful lives are reviewed annually and adjusted where necessary.

The principal depreciation rates/useful lives are as follows:

Plant, Property, & Equipment	-	Over 10 years
Fixtures and fittings	-	over 3 - 5 years
Motor vehicles	-	over 3 - 10 years
Equipment	-	over 4 - 5 years

Included within Motor Vehicles are leased assets which are depreciated over 3 - 5 years.

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 measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 28 (2023: 25 ).

5. Intangible assets

	Licences
	£
Cost
At 1 January 2024	310,000
Additions	–
Other movements	23,500
	---------
At 31 December 2024	333,500
	---------
Amortisation
At 1 January 2024	100,200
Charge for the year	33,350
Other movements	23,350
	---------
At 31 December 2024	156,900
	---------
Carrying amount
At 31 December 2024	176,600
	---------
At 31 December 2023	209,800
	---------

Intangibles are being written off in equal annual instalments over an estimated economic life of 10 years.

6. Tangible assets

	Plant, property and equipment	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 January 2024	4,170,498	572,714	86,100	10,264	4,839,576
Additions	49,096	9,400	–	2,745	61,241
	------------	---------	--------	--------	------------
At 31 December 2024	4,219,594	582,114	86,100	13,009	4,900,817
	------------	---------	--------	--------	------------
Depreciation
At 1 January 2024	311,810	53,209	20,626	4,477	390,122
Charge for the year	417,542	62,075	14,053	2,832	496,502
	------------	---------	--------	--------	------------
At 31 December 2024	729,352	115,284	34,679	7,309	886,624
	------------	---------	--------	--------	------------
Carrying amount
At 31 December 2024	3,490,242	466,830	51,421	5,700	4,014,193
	------------	---------	--------	--------	------------
At 31 December 2023	3,858,688	519,505	65,474	5,787	4,449,454
	------------	---------	--------	--------	------------

7. Debtors

	2024	2023
	£	£
Trade debtors	218,917	190,424
Amounts owed by group undertakings and undertakings in which the company has a participating interest	190,823	370,678
Other debtors	128,144	35,553
	---------	---------
	537,884	596,655
	---------	---------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	551,483	–
Trade creditors	348,032	392,180
Amounts owed to group undertakings and undertakings in which the company has a participating interest	12,130	3,316,272
Social security and other taxes	13,455	14,625
Other creditors - Pensions	1,177	–
Other creditors - Wages	(5)	–
Other creditors	611,189	778,651
	------------	------------
	1,537,461	4,501,728
	------------	------------

Bank Loans and Overdrafts are secured by way of fixed and floating charges over the assets owned by the company.

9. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	409,356	1,444,941
Amounts owed to group undertakings and undertakings in which the company has a participating interest	2,556,599	–
Other creditors	12,006	2,457,349
	------------	------------
	2,977,961	3,902,290
	------------	------------

Bank Loans and Overdrafts are secured by way of fixed and floating charges over the assets owned by the company.

10. Summary audit opinion

The auditor's report dated 28 November 2025 was unqualified .

The senior statutory auditor was Cathal Maneely , for and on behalf of Maneely Mc Cann Chartered Accountants .

11. Related party transactions

Whiterock GCF LP are the company's shareholders and ultimate controlling party. A balance of £191,313 (2023: £370,678) was due to Titanic Distillers Limited at the year end from a related party. A balance of £12,130 (2023: £12,130) was due to a related party at the year end from Titanic Distillers Limited . A balance of £2,556,599 (2023: £3,260,182) was due to a related party at the year end from Titanic Distillers Limited .