ACCOUNTS - Final Accounts preparation

Registered number: SC720612

SALTIRE RARE MALT LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

SALTIRE RARE MALT LIMITED

COMPANY INFORMATION

Directors	Mr K T Rennie
	Ms M Kurihara (resigned 12 March 2025)
	Ms E C Rennie


Registered number	SC720612


Registered office	Old Town House
	High Street
	Falkland
	Cupar
	Fife
	KY15 7BU


Accountants	EQ Accountants Limited
	Chartered Accountants
	Pentland House
	Saltire Centre
	Glenrothes
	Fife
	KY6 2AH

SALTIRE RARE MALT LIMITED

REGISTERED NUMBER: SC720612

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2025

		2025		2024
		£		£

Fixed assets
Tangible assets	4		2,053		1,610
			2,053		1,610
Current assets
Stocks		227,244		111,093
Debtors: amounts falling due within one year	5	78,493		12,195
Bank and cash balances		15,262		14,726
		320,999		138,014
Creditors: amounts falling due within one year	6	(97,424)		(233,255)
Net current assets/(liabilities)			223,575		(95,241)
Total assets less current liabilities			225,628		(93,631)
Creditors: amounts falling due after more than one year	7		(600,000)		-

Net liabilities			(374,372)		(93,631)

Capital and reserves
Called up share capital	8	2	2
Profit and loss account		(374,374)	(93,633)
		(374,372)	(93,631)

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SALTIRE RARE MALT LIMITED

REGISTERED NUMBER: SC720612

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2025

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr K T Rennie

Director

Date: 2 December 2025

The notes on pages 3 to 6 form part of these financial statements.

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SALTIRE RARE MALT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

1.	General information

Saltire Rare Malt Limited is a private Company, limited by shares, in Scotland with registration number SC720612. The registered office is Old Town House, High Street, Falkland, Scotland, KY15 7BU.
The financial statements are presented in Sterling which is the functional currency of the Company and rounded to the nearest £.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on a going concern basis, notwithstanding, the company has net liabilities of £374,372. The company is reliant upon the continued support of the parent company and based on this, the directors believe the company has sufficient working capital to continue trading for at least 12 months from the date the financial statements are approved.

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SALTIRE RARE MALT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

				Fixtures and fittings	-	20%	Straight Line
				Office equipment	-	20%	Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

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SALTIRE RARE MALT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.6

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Employees

The average monthly number of employees, including directors, during the period was 3 (2024 - 3).

4.	Tangible fixed assets

	Fixtures and fittings	Office equipment	Total
	£	£	£
Cost or valuation
At 1 April 2024	-	1,712	1,712
Additions	880	-	880
At 31 March 2025	880	1,712	2,592
Depreciation
At 1 April 2024	-	102	102
Charge for the period on owned assets	95	342	437
At 31 March 2025	95	444	539
Net book value
At 31 March 2025	785	1,268	2,053
At 31 March 2024	-	1,610	1,610

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SALTIRE RARE MALT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

Debtors

					2025	2024
					£	£


Trade debtors	59,977	-
Other debtors	15,148	12,195
Prepayments and accrued income	3,368	-
	78,493	12,195

6.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	30,133	29,217
Amounts owed to group undertakings	64,074	195,100
Other creditors	49	-
Accruals and deferred income	3,168	8,938
	97,424	233,255

7.	Creditors: Amounts falling due after more than one year
		2025
		£

	Amounts owed to group undertakings	600,000
		600,000

8.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

2 (2024 - 2) Ordinary shares of £1.00 each	2	2

9.	Controlling party

The immediate parent company is Saltire Corporation Limited, a company incorporated in Scotland; Registered number: SC601269. The registered office is The Old Town House, High Street, Falkland, Scotland, KY15 7BZ.

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