Company No:
Contents
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Investments | 3 |
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| 884,720 | 884,720 | |||
| Current assets | ||||
| Debtors | 4 |
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| 31,460 | 36,356 | |||
| Creditors: amounts falling due within one year | 5 | (
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| Net current assets | 28,761 | 33,837 | ||
| Total assets less current liabilities | 913,481 | 918,557 | ||
| Creditors: amounts falling due after more than one year | 6 | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 7 |
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| Share premium account |
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| Profit and loss account |
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| Total shareholders' funds |
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Director's responsibilities:
The financial statements of Caledonia Spirit Limited (registered number:
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S J Johnstone
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Caledonia Spirit Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is C/O Johnston Carmichael, 227 West George Street, Glasgow, G2 2ND, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including the director |
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| 2025 | 2024 | ||
| £ | £ | ||
| Subsidiary undertakings |
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Investments in subsidiaries
| 2025 | |
| £ | |
| Cost | |
| At 01 April 2024 |
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| At 31 March 2025 |
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| Carrying value at 31 March 2025 |
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| Carrying value at 31 March 2024 |
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Investments in shares
| Name of entity | Registered office | Principal activity | Class of shares |
Ownership 31.03.2025 |
Ownership 31.03.2024 |
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227 West George Street, Glasgow, Lanarkshire, Scotland, G2 2ND | Retail sale in non-specialised stores with food, beverages or tobacco predominating |
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| 2025 | 2024 | ||
| £ | £ | ||
| Amounts owed by own subsidiaries |
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| 2025 | 2024 | ||
| £ | £ | ||
| Other creditors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Other creditors |
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Convertible loan notes are repayable within 60 months from the date of issue or will convert to equity if there is a relevant fundraise or a change of control involving a consideration and has interest applied of 5% per annum. There is deemed to be no equity of the convertible loan note and subsequently the entire £129,360 including interest charges has been recorded as a liability.
| 2025 | 2024 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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| 447,794 | 447,794 |
Other related party transactions
| 2025 | 2024 | ||
| £ | £ | ||
| Amounts owed by group companies | 31,460 | 36,356 |
This loan is unsecured, interest free and has no fixed date for repayment.