Glasgow Distillery Company Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: SC439174 (Scotland)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

GLASGOW DISTILLERY COMPANY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Hayward

J L Mavani

C R Shroff

REGISTERED OFFICE:

8 Deanside Road

Glasgow

G52 4JF

REGISTERED NUMBER:

SC439174 (Scotland)

AUDITORS:

Ward Divecha Limited

Chartered Accountants &

Statutory Auditors

29 Welbeck Street

London

W1G 8DA

FIXED ASSETS

Intangible assets

4

51,750

71,383

Tangible assets

5

395,347

563,630

447,097

635,013

CURRENT ASSETS

Stocks

9,113,793

7,885,602

Debtors

6

1,098,286

1,169,417

Cash at bank and in hand

16,922

45,551

10,229,001

9,100,570

CREDITORS

Amounts falling due within one year

7

7,132,966

5,103,996

NET CURRENT ASSETS

3,096,035

3,996,574

TOTAL ASSETS LESS CURRENT
LIABILITIES

3,543,132

4,631,587

CREDITORS

Amounts falling due after more than one
year

8

5,068,137

4,083,938

NET (LIABILITIES)/ASSETS

(1,525,005

)

547,649

CAPITAL AND RESERVES

Called up share capital

624

Share premium

3,003,867

Retained earnings

(4,529,496

)

(2,456,842

)

(1,525,005

)

547,649

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 December 2025 and were signed on its behalf by:

M Hayward - Director

1.	STATUTORY INFORMATION

Glasgow Distillery Company Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts, rebates, value added tax and other sales related taxes.

The Company recognise turnover when:

(a) the significant risks and rewards of ownership have been transferred to the buyer;

(b) the company retains no continuing involvement or control over the goods;

(c) the amount of revenue can be measured reliably;

(d) it is probable that future economic benefits will flow to the entity.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Brand development are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvement to property

- 10% on cost

Plant and machinery

- 10% on cost

Fixture and fittings

- 33% on cost

Computer equipment

- 33% on cost

Stocks

Stocks are stated at the lower of cost and estimated selling price less cost to complete and sell. Cost comprises direct material and , where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present value and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants

Government grants relating to revenue expenditure are credited to the profit and loss account so as to match the related expenditure in the period in which it is incurred.

Government grants relating to capital expenditure are recognised as deferred income and released to the profit and loss account over the estimated useful life of the related assets, on a basis consistent with the depreciation policy.

Going concern

The company continues to receive financial support from its shareholders and maintains ongoing business relationships with a range of customers and suppliers across various geographical regions and industries.

The directors have a reasonable expectation that the company has sufficient resources to continue operating for at least 12 months from the date the accounts are signed. Therefore, the directors consider it appropriate to prepare the financial statements on a going-concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2024 - 21 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2024

and 31 March 2025

212,667

AMORTISATION

At 1 April 2024

141,284

Charge for year

19,633

At 31 March 2025

160,917

NET BOOK VALUE

At 31 March 2025

51,750

At 31 March 2024

71,383

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

COST

At 1 April 2024

408,644

1,298,800

10,877

Additions

-

Disposals

-

(5,845

)

-

At 31 March 2025

408,644

1,292,955

10,877

DEPRECIATION

At 1 April 2024

241,289

907,500

10,877

Charge for year

40,634

120,878

742

Eliminated on disposal

-

(508

)

(742

)

At 31 March 2025

281,923

1,027,870

10,877

NET BOOK VALUE

At 31 March 2025

126,721

265,085

-

At 31 March 2024

167,355

391,300

-

Motor

Computer

vehicles

equipment

Totals

£

COST

At 1 April 2024

23,523

53,000

1,794,844

Additions

-

457

Disposals

-

(5,845

)

At 31 March 2025

23,523

53,457

1,789,456

DEPRECIATION

At 1 April 2024

20,005

51,543

1,231,214

Charge for year

880

1,011

164,145

Eliminated on disposal

-

(1,250

)

At 31 March 2025

20,885

52,554

1,394,109

NET BOOK VALUE

At 31 March 2025

2,638

903

395,347

At 31 March 2024

3,518

1,457

563,630

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade debtors

80,863

229,195

Other debtors

1,017,423

940,222

1,098,286

1,169,417

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Bank loans and overdrafts

5,816,247

3,907,467

Trade creditors

1,174,995

501,622

Taxation and social security

19,533

16,606

Other creditors

122,191

678,301

7,132,966

5,103,996

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2025

2024

£

Other creditors

5,068,137

4,083,938

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

Bank loans

5,816,247

3,907,467

The company's banking facility has been secured by a bond and floating charge over the assets i.e. stock of the company.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Adil Divecha (Senior Statutory Auditor)

for and on behalf of Ward Divecha Limited

11.	OTHER FINANCIAL COMMITMENTS

The Company leases a premises under an operating lease which will expire on 31st of March 2043.

The total minimum lease payments under non-cancellable operating leases are payable as follows:-

2025

2024

Expiry date:

£

Less than one year

120,000

More than one year

1,920,000

2,040,000

2,160,000