Arbikie Distilling Limited
Arbikie Distilling Limited
Registered number: SC464028
Financial Statements
For The Year Ended 31 August 2023
Arthur Garty & Co. Ltd.
161 Albert Street
Dundee
Tayside
DD4 6PX
Arbikie Distilling Limited
Financial Statements
For The Year Ended 31 August 2023
Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—6 |
Arbikie Distilling Limited
Balance Sheet
As At
31 August 2023
Balance Sheet
Registered number:
SC464028
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
2023 | 2022 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 4 |
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CURRENT ASSETS | |||||
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 7 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 8 |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 11 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 195,410 | 177,296 | |||
Arbikie Distilling Limited
Balance Sheet (continued)
As At
31 August 2023
On behalf of the board
Director
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The notes on pages 3 to 6 form part of these financial statements.
Arbikie Distilling Limited
Notes to the Financial Statements
For The Year Ended 31 August 2023
Notes to the Financial Statements
1.
General Information
Arbikie Distilling Limited
is a private company, limited by shares, incorporated in Scotland, registered number
SC464028
. The registered office is Arbikie, Arbroath, Angus, DD11 4UZ.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
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 is reduced for estimated customer returns, rebates and other similar allowances.
2.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold |
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Plant and Casks |
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Motor Vehicles |
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Fixtures & Fittings |
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2.4.
Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6.
Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Arbikie Distilling Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 August 2023
2.7.
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
2.8.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.9.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 18 (2022: 18)
4.
Tangible Assets
Land & Property | |||||
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Freehold | Plant and Casks | Motor Vehicles | Fixtures & Fittings | Total | |
£ | £ | £ | £ | £ | |
Cost | |||||
As at 1 September 2022 |
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Additions |
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As at 31 August 2023 |
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Depreciation | |||||
As at 1 September 2022 |
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Provided during the period |
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As at 31 August 2023 |
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Net Book Value | |||||
As at 31 August 2023 |
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As at 1 September 2022 |
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Arbikie Distilling Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 August 2023
5.
Stocks
2023 | 2022 | ||
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£ | £ | ||
Stock |
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6.
Debtors
2023 | 2022 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Other debtors | 223,788 | 66,192 | |
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7.
Creditors: Amounts Falling Due Within One Year
2023 | 2022 | ||
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£ | £ | ||
Net obligations under finance lease and hire purchase contracts |
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Trade creditors |
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Bank loans and overdrafts |
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Other creditors | 1,624,438 | 1,635,371 | |
Taxation and social security |
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8.
Creditors: Amounts Falling Due After More Than One Year
2023 | 2022 | ||
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£ | £ | ||
Net obligations under finance lease and hire purchase contracts |
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Bank loans |
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Of the creditors falling due after more than one year the following amounts are due after more than five years.
2023 | 2022 | ||
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£ | £ | ||
Bank loans |
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Arbikie Distilling Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 August 2023
9.
Secured Creditors
Of the creditors the following amounts are secured.
2023 | 2022 | ||
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£ | £ | ||
Net obligations under finance lease and hire purchase contracts | 30,086 | 63,689 | |
Bank loans and overdrafts | 7,368,892 | 4,565,536 |
10.
Obligations Under Finance Leases and Hire Purchase
2023 | 2022 | ||
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£ | £ | ||
The future minimum finance lease payments are as follows: | |||
Not later than one year |
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Later than one year and not later than five years |
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