Registered number: SC442379 | ||||||||
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FOR THE YEAR ENDED 28 FEBRUARY 2021 | ||||||||
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Prepared By: | ||||||||
Cunningham Grant | ||||||||
Chartered Accountants | ||||||||
G6, The Granary Business Centre | ||||||||
Coal Road | ||||||||
Cupar | ||||||||
Fife | ||||||||
KY15 5YQ |
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The Lindores Distilling Co Ltd | ||||||||
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ACCOUNTS | ||||||||
FOR THE YEAR ENDED 28 FEBRUARY 2021 | ||||||||
DIRECTORS | ||||||||
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SECRETARY | ||||||||
Natalia Brooks | ||||||||
REGISTERED OFFICE | ||||||||
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Fife | ||||||||
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COMPANY DETAILS | ||||||||
Private company limited by shares registered in SC - Scotland, registered number SC442379 | ||||||||
ACCOUNTANTS | ||||||||
Cunningham Grant | ||||||||
Chartered Accountants | ||||||||
G6, The Granary Business Centre | ||||||||
Coal Road | ||||||||
Cupar | ||||||||
Fife | ||||||||
KY15 5YQ |
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The Lindores Distilling Co Ltd | ||||||||
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ACCOUNTS | ||||||||
FOR THE YEAR ENDED 28 FEBRUARY 2021 | ||||||||
CONTENTS | ||||||||
Page | ||||||||
Directors' Report | - | |||||||
Accountants' Report | - | |||||||
Statement Of Comprehensive Income | - | |||||||
Balance Sheet | 3 | |||||||
Notes To The Accounts | 4 | |||||||
The following do not form part of the statutory financial statements: | ||||||||
Trading And Profit And Loss Account | - | |||||||
Profit And Loss Account Summaries | - |
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The Lindores Distilling Co Ltd | ||||||||
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BALANCE SHEET AT
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2021 | 2020 | |||||||||
Notes | £ | £ | ||||||||
FIXED ASSETS | ||||||||||
Tangible assets | 3 |
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CURRENT ASSETS | ||||||||||
Stock |
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Debtors | 5 |
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Cash at bank and in hand |
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2,241,752 | 1,878,321 | |||||||||
CREDITORS: Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES |
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(8,235,372) | ||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS: Amounts falling due after more than one year | 7 | 2,105 | 46,887 | |||||||
NET LIABILITIES |
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CAPITAL AND RESERVES | ||||||||||
Called up share capital | 9 |
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Share premium account |
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Profit and loss account | (3,032,589) | (2,865,715) | ||||||||
SHAREHOLDERS' FUNDS |
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Approved by the board on
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............................. | ||||||||||
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Director | ||||||||||
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The Lindores Distilling Co Ltd | ||||||||
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NOTES TO THE ACCOUNTS | ||||||||||
FOR THE YEAR ENDED 28 FEBRUARY 2021 | ||||||||||
1. ACCOUNTING POLICIES |
1a. General Information And Basis Of Preparation | ||||||||
The company is a private company limited by shares and incorporated in Scotland. The address of the registered office is given in the company information on page 1 of these financial statements. The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £1. | ||||||||
The financial statements have been prepared in accordance with Financial Reporting Standard FRS 102, ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' including Section 1A ''Small Entities'' and the Companies Act 2006. There were no material departures from that standard. The financial statements have been prepared under the historical cost convention. | ||||||||
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise shown. |
1b. Going Concern | ||||||||
The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. Due to the ongoing worldwide Covid-19 pandemic severe restrictions have been placed on all businesses within the UK. At the time of approval of the financial statements, it is not possible to estimate the full economic impact of the pandemic on individual businesses and the economy. | ||||||||
The company meets its day to day working capital requirements through the support from its parent company shareholders. Subsequent to the year end the shareholders have provided additional funds and they confirm that support will continue for at least 12 months. On 2 July 2021 the company launched its first release, the 'Lindores Single Malt MCDXCIV (1494), which has been well received. | ||||||||
On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. |
1c. Depreciation | ||||||||
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Depreciation has been provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over their expected useful lives as follows: | ||||||||
Freehold land is not depreciated. | ||||||||
Land And Buildings | straight line 1 % | |||||||
Equipment | straight line 15/20 % | |||||||
Motor Cars | reducing balance 25 % |
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The Lindores Distilling Co Ltd | ||||||||
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1d. Debtors Receivable And Creditors Payable Within One Year | ||||||||
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
1e. Stocks | ||||||||
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs consists of the expenditure incurred in purchasing or producing stock and bringing it to its present location and condition as follows: | ||||||||
Raw materials and goods for resale - Purchase cost net of VAT Work in progress and finished goods - Cost of direct materials and labour plus attributable overheads based on normal level of activity and cask cost. | ||||||||
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. |
1f. Taxation | ||||||||
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. | ||||||||
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. | ||||||||
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued, non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
1g. Pension Costs | ||||||||
The company operates a defined contribution pension scheme. The pension charge represents the amounts payable by the company to the fund in respect of the year. |
1h. Foreign Currency | ||||||||
Transactions in currencies, other than the functional currency of the company, are recorded at the rate of the exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items that are measured at the historic cost in a foreign currency are not retranslated. |
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The Lindores Distilling Co Ltd | ||||||||
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1i. Turnover | ||||||||
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: | ||||||||
Sale of goods Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
1j. Government Grants | ||||||||
Government grants are recognised in profit and loss in the year in which they are received. |
1k. Cash And Cash Equivalents | ||||||||
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less. |
1l. Leases | ||||||||
Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet at their fair value and depreciated over their expected useful lives. Minimum lease payments are apportioned between the finance charg and the reduction of the outstanding lease liability using the effective interest method. All other leases are regarded as operating leases and the payments made under them are charged to the profit and loss account on a straight line basis over the lease term. |
2. EMPLOYEES | ||||||
2021 | 2020 | |||||
No. | No. | |||||
Average number of employees |
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34 | ||||
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The Lindores Distilling Co Ltd | ||||||||
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3. TANGIBLE FIXED ASSETS | ||||||
Land And | Plant and | |||||
Buildings | Machinery Etc. | Total | ||||
£ | £ | £ | ||||
Cost | ||||||
At 1 March 2020 | 4,323,857 | 2,167,690 | 6,491,547 | |||
Additions | 12,105 | 166,706 | 178,811 | |||
Disposals | - | (4,700) | (4,700) | |||
At 28 February 2021 | 4,335,962 | 2,329,696 | 6,665,658 | |||
Depreciation | ||||||
At 1 March 2020 | 104,581 | 410,412 | 514,993 | |||
Disposals | - | (2,300) | (2,300) | |||
For the year | 35,150 | 156,314 | 191,464 | |||
At 28 February 2021 | 139,731 | 564,426 | 704,157 | |||
Net Book Amounts | ||||||
At 28 February 2021 | 4,196,231 | 1,765,270 | 5,961,501 | |||
At 29 February 2020 | 4,219,276 | 1,757,278 | 5,976,554 | |||
4. STOCK | 2021 | 2020 | ||||
£ | £ | |||||
Stock comprises: | ||||||
Stock raw materials | 128,287 | 111,454 | ||||
Work in progress |
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Finished goods |
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5. DEBTORS | 2021 | 2020 | ||||||
£ | £ | |||||||
Amounts falling due within one year: | ||||||||
Trade debtors | 39,497 | 60,100 | ||||||
VAT | 22,313 | 11,806 | ||||||
Other Tax | - | 73,024 | ||||||
Other debtors |
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The Lindores Distilling Co Ltd | ||||||||
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6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||||
2021 | 2020 | |||||||
£ | £ | |||||||
Trade creditors | 96,710 | 163,692 | ||||||
Taxation and social security | 21,341 | 12,267 | ||||||
Other creditors | 10,555,676 | 9,937,734 | ||||||
10,673,727 | 10,113,693 | |||||||
7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||||||||
2021 | 2020 | |||||||
£ | £ | |||||||
Other creditors | 2,105 | 46,887 | ||||||
2,105 | 46,887 | |||||||
Included in other creditors are: | ||||||||
Obligations under hire purchase | 2,105 | 5,739 | ||||||
8. SECURED CREDITORS | ||||||||
2021 | 2020 | |||||||
£ | £ | |||||||
Amount of other creditors which are secured | 5,262 | 8,419 | ||||||
Included in other creditors are obligations under hire purchase contracts secured over equipment. | ||||||||
9. SHARE CAPITAL | 2021 | 2020 | ||||||
£ | £ | |||||||
Allotted, issued and fully paid: | ||||||||
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15 | 15 | ||||||
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85 | 85 | ||||||
100 | 100 | |||||||
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The Lindores Distilling Co Ltd | ||||||||
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10. OTHER FINANCIAL COMMITMENTS | ||||||||
At 28 February 2021 the company was committed to making the following payments under non-cancellable operating leases: | ||||||||
2021 | 2020 | |||||||
£ | £ | |||||||
Operating leases | 10,902 | 23,758 | ||||||
11. RELATED PARTY TRANSACTIONS | |||||||||||||||||||||||||||||||||||||
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12. PARENT UNDERTAKING AND ULTIMATE CONTROLLING PARTY | ||||||||
At the year end the company's immediate and ultimate parent undertaking was Spirex Ltd.The registered office of Spirex Ltd is 9a Tinto Place, Edinburgh, EH6 5GD. | ||||||||
In the directors' opinion the company has no ultimate controlling party. | ||||||||