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Unaudited Financial Statements |
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for the Year Ended 31 March 2019 |
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for |
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Adelphi Distillery Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 March 2019 |
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for |
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Adelphi Distillery Limited |
Adelphi Distillery Limited (Registered number: SC141800) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2019 |
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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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Adelphi Distillery Limited |
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Company Information |
for the Year Ended 31 March 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
6 Logie Mill |
Edinburgh |
Lothian |
EH7 4HG |
Adelphi Distillery Limited (Registered number: SC141800) |
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Balance Sheet |
31 March 2019 |
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31.3.19 | 31.3.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Stocks | 7 |
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Debtors | 8 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 9 |
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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 |
10 |
( |
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( |
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PROVISIONS FOR LIABILITIES | 13 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 14 |
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Share premium |
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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. |
Adelphi Distillery Limited (Registered number: SC141800) |
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Balance Sheet - continued |
31 March 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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J K R Falconer - Director | A V Bruce - Director |
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E J Macdonald - Director | G J Hamilton - Director |
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A C Campbell - Director |
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Adelphi Distillery Limited (Registered number: SC141800) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2019 |
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1. | STATUTORY INFORMATION |
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Adelphi Distillery Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are |
considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods |
are physically delivered to the customer. |
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Intangible fixed assets |
Intangible fixed assets are initially measured at cost. After initial recognition, intangible assets are measured at |
cost less any accumulated amortisation and accumulated impairment losses. |
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Amortisation is provided at the following annual rates in order to write off each asset over it's estimated useful |
life. |
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Patents and licences - 50% on cost and 10% on cost |
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Tangible fixed assets |
Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is |
provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less |
residual value, of each asset on a straight line basis over it's expected useful life, as follows: |
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Freehold property | - 5% on cost |
Improvements to property | - 15% on cost |
Plant and machinery | - 20% on cost |
Fixtures and fittings | - 20% on cost |
Motor vehicles | - 20% on cost |
Computer equipment | - 25% on cost |
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Residual value represents the estimated amount which would currently be obtained from disposal of an asset, |
after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at |
the end of its useful life. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. After initial recognition, investment in subsidiary |
undertakings are measured at cost less any accumulated impairment losses. |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net |
realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate. |
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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. |
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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. |
Adelphi Distillery Limited (Registered number: SC141800) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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2. | ACCOUNTING POLICIES - continued |
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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 |
Assets held under finance leases, hire purchases and other similar arrangements, which confer rights and |
obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of |
the leased asset and are depreciated over the shorter of the lease terms and their useful lives. The capital |
elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the |
profit and loss account over the period of the lease to produce a constant periodic rate of interest on the |
remaining balance of the liability. |
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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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Provisions |
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past |
event, it is probable that the company will be required to settle that obligation and a reliable estimates can be |
made of the amount of the obligation. |
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The amount recognised as a provision is the best estimate of the consideration required to settle the present |
obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. |
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Financial instruments |
The company only has financial assets and financial liabilities of a kind that qualify as basic financial |
instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured |
at their settlement value. |
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Exemption from preparing a cash flow statement |
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a |
small company. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Adelphi Distillery Limited (Registered number: SC141800) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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4. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
£ |
COST |
At 1 April 2018 |
and 31 March 2019 |
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AMORTISATION |
At 1 April 2018 |
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Amortisation for year |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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5. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1 April 2018 |
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Additions |
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At 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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Adelphi Distillery Limited (Registered number: SC141800) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2018 |
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Additions |
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At 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 April 2018 |
and 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2018 |
and 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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Adelphi Distillery Limited (Registered number: SC141800) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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6. | FIXED ASSET INVESTMENTS - continued |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Registered office: The Ardnamurchan Distillery, Glenbeg, Ardnamurchan, Acharacle, Argyll, PH36 4JG |
Nature of business:
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% |
Class of shares: | holding |
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31.3.19 | 31.3.18 |
£ | £ |
Aggregate capital and reserves | ( |
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Loss for the year | ( |
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Registered office: The Ardnamurchan Distillery, Glenbeg, Ardnamurchan, Acharacle, Argyll, PH36 4JG |
Nature of business:
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% |
Class of shares: | holding |
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31.3.19 | 31.3.18 |
£ | £ |
Aggregate capital and reserves |
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7. | STOCKS |
31.3.19 | 31.3.18 |
£ | £ |
Stocks |
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8. | DEBTORS |
31.3.19 | 31.3.18 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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Amounts falling due after more than one year: |
Amounts owed by group undertakings |
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Aggregate amounts |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Hire purchase contracts (see note 11) |
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Trade creditors |
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Other creditors |
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Adelphi Distillery Limited (Registered number: SC141800) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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10. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Hire purchase contracts (see note 11) |
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Other creditors |
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11. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
31.3.19 | 31.3.18 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable operating |
leases |
31.3.19 | 31.3.18 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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12. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.3.19 | 31.3.18 |
£ | £ |
Raindance loan | 6,707,857 | 6,432,961 |
Cask loans | - | 599,538 |
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Raindance Investments Limited holds a fixed and floating charge over the assets of the company and a negative |
pledge over the shares held in Adelphi Distillery (1826) Limited. |
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13. | PROVISIONS FOR LIABILITIES |
31.3.19 | 31.3.18 |
£ | £ |
Deferred tax | 6,488 | 8,498 |
Adelphi Distillery Limited (Registered number: SC141800) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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13. | PROVISIONS FOR LIABILITIES - continued |
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Deferred |
tax |
£ |
Balance at 1 April 2018 |
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Credit to Income Statement during year | ( |
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Balance at 31 March 2019 |
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14. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.19 | 31.3.18 |
value: | £ | £ |
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A Ordinary | £1 | 3,103,578 | 2,022,498 |
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B Ordinary | £1 | 52,498 | 52,498 |
3,156,076 | 2,074,996 |
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Shares were issued during the year as follows: |
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Issued at premium |
1,081,080 A Ordinary shares of £1 were issued for a consideration of £2,000,000. |
Adelphi Distillery Limited (Registered number: SC141800) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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15. | RELATED PARTY DISCLOSURES |
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Related Party |
Transaction |
Value (2019) |
Value (2018) |
Balance
receivable from/(payable to) related party as at 31.3.19 |
Balance
receivable from/(payable to) related party as at 31.3.18 |
£ | £ | £ | £ |
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(1) Adelphi Distillery
(1826) Limited |
Inter Company
Loan Balance |
- |
- |
8,802,232 |
7,101,752 |
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Purchases | (5,243) | (2,575) | - | - |
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Working capital
transfer |
1,262,593 |
378,539 |
- |
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Management
charge |
48,000 |
48,000 |
- |
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Loan interest | 395,130 | 310,497 | - | - |
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(2) Raindance
Investments Limited |
Loan interest on
cask loans |
(8,912) |
(20,256) |
nil |
(599,538) |
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Loan interest on
Raindance loan |
(274,896) |
(243,312) |
(6,707,857) |
(6,432,961) |
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(3) Broomhall Farm
Partnership |
Rent |
(5,000) |
(5,000) |
- |
- |
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(4) Limerick Distillery
Limited |
Inter Company
Loan |
338 |
379 |
1,737 |
1,399 |
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(1) Adelphi Distillery (1826) Limited is a subsidiary. |
(2) Raindance Investments Limited is owned by a shareholder of the company. |
(3) Broomhall Farm Partnership is owned by a relative of a company director. |
(4) Limerick Distillery Limited is a subsidiary. |
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16. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is D F Irwin Houston. |