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NORTH UIST DISTILLERY LTD |
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Financial Statements for the Year Ended 31 March 2022 |
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REGISTERED NUMBER:
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NORTH UIST DISTILLERY LTD |
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Financial Statements for the Year Ended 31 March 2022 |
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NORTH UIST DISTILLERY LTD (REGISTERED NUMBER: SC560549) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2022 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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NORTH UIST DISTILLERY LTD |
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Company Information |
for the Year Ended 31 March 2022 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
26 Lewis Street |
Stornoway |
Isle of Lewis |
HS1 2JF |
NORTH UIST DISTILLERY LTD (REGISTERED NUMBER: SC560549) |
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Balance Sheet |
31 March 2022 |
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31.3.22 | 31.3.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
NORTH UIST DISTILLERY LTD (REGISTERED NUMBER: SC560549) |
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Balance Sheet - continued |
31 March 2022 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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NORTH UIST DISTILLERY LTD (REGISTERED NUMBER: SC560549) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2022 |
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1. | STATUTORY INFORMATION |
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North Uist Distillery Ltd is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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The financial statements are rounded to the nearest £1. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Intangible assets |
Trade Mark costs are measured at cost. Amortisation is not provided on trade mark costs but trade marks are periodically reviewed for impairment. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Computer equipmt & Website | - |
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Government grants |
Government grants relating to revenue are recognised in income in the period in which the company recognises the related costs for which the grant is intended to compensate. |
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Grants relating to assets are capitalised in the balance sheet as deferred income. The grant is then released as income on a systematic basis over the expected useful life of the asset to which it relates. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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NORTH UIST DISTILLERY LTD (REGISTERED NUMBER: SC560549) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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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. |
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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. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 April 2021 |
and 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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NORTH UIST DISTILLERY LTD (REGISTERED NUMBER: SC560549) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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6. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 April 2021 |
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Additions |
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At 31 March 2022 |
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DEPRECIATION |
At 1 April 2021 |
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Charge for year |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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Computer |
Motor | equipmt & |
vehicles | Website | Totals |
£ | £ | £ |
COST |
At 1 April 2021 |
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Additions |
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At 31 March 2022 |
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DEPRECIATION |
At 1 April 2021 |
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Charge for year |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Trade debtors |
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Other debtors |
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NORTH UIST DISTILLERY LTD (REGISTERED NUMBER: SC560549) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Bank loans |
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Other creditors |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | - | 2,500 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.22 | 31.3.21 |
value: | £ | £ |
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Ordinary | 0.000 | 1 | 100 | 100 |
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11. | CAPITAL COMMITMENTS |
31.3.22 | 31.3.21 |
£ | £ |
Contracted but not provided for in the |
financial statements |
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12. | RELATED PARTY DISCLOSURES |
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At the balance sheet date the company owed its directors the sum of £173,453 in respect of loans made to the company. No interest was charged on loan balances and no fixed repayment terms are in place. |
NORTH UIST DISTILLERY LTD (REGISTERED NUMBER: SC560549) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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13. | GOVERNMENT GRANTS |
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The Company was in receipt of revenue grants in the year from various funders to the value of £56,305. |
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The Company was also in receipt of capital grants in the year from various funders. These grants have been deferred and capitalised as deferred grants in the balance sheet. These deferred capital grants are being released to the profit and loss account in line with the depreciation charged on the assets to which the grants relate. |
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Deferred Capital grants are included within Creditors: Amounts Falling Due After More Than One Year, within the Other creditors balance as follows: |
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Deferred Grants brought forward | 33,455 |
Capital Grants received in the year | 152,810 |
Release of deferred grant to the profit and loss | (11,468 | ) |
Deferred Grants carried forward | 174,797 |