The Island Whisky Company Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: SC141689 (Scotland)

Abbreviated Unaudited Accounts

for the Year Ended 31 December 2015

for

The Island Whisky Company Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

A J A Lyddon

S C L Lyddon

SECRETARY:

S C L Lyddon

REGISTERED OFFICE:

6 Logie Mill

Beaverbank Business Park

Edinburgh

Lothian

EH7 4HG

REGISTERED NUMBER:

SC141689 (Scotland)

ACCOUNTANTS:

A H & Co Ltd

Chartered Accountants

6 Logie Mill

Edinburgh

Lothian

EH7 4HG

FIXED ASSETS

Intangible assets

2

1,196

1,305

Tangible assets

3

2,678

1,733

3,874

3,038

CURRENT ASSETS

Debtors

21,275

18,390

Cash at bank

49,186

5,532

70,461

23,922

CREDITORS

Amounts falling due within one year

74,859

36,800

NET CURRENT LIABILITIES

(4,398

)

(12,878

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(524

)

(9,840

)

PROVISIONS FOR LIABILITIES

203

-

NET LIABILITIES

(727

)

(9,840

)

CAPITAL AND RESERVES

Called up share capital

4

200

Profit and loss account

(927

)

(10,040

)

SHAREHOLDERS' FUNDS

(727

)

(9,840

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2015 in accordance with Section 476 of the Companies Act 2006.

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.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 19 September 2016 and were signed on its behalf
by:

A J A Lyddon - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis on the assumption that the company will

continue to receive the support of its directors.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

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.

Turnover

Turnover represents invoiced sales of goods and services, except in respect of service contracts where turnover is

recognised when the company obtains the right to consideration. The company is not registered for value added

tax.

Development cost

The cost of developing the website has been capitalised in accordance with guidance from HMRC, and is being

amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

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

Improvements to property

-

25% on cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

25% on cost

Computer equipment

-

25% on cost

Deferred tax

Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods

different from those in which they are included in the company's accounts. Deferred tax is provided in full on

timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates

that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no

commitment to sell the asset.

Deferred tax assets and liabilities are not discounted.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. As the exchange rate did not fluctuate significantly during the year, transactions in foreign

currency are translated into sterling at the average exchange rate for the year. Exchange differences are taken into

account in arriving at the operating result.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2015

and 31 December 2015

2,177

AMORTISATION

At 1 January 2015

872

Amortisation for year

109

At 31 December 2015

981

NET BOOK VALUE

At 31 December 2015

1,196

At 31 December 2014

1,305

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2015

12,463

Additions

2,513

At 31 December 2015

14,976

DEPRECIATION

At 1 January 2015

10,730

Charge for year

1,568

At 31 December 2015

12,298

NET BOOK VALUE

At 31 December 2015

2,678

At 31 December 2014

1,733

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.15

31.12.14

value:

£

200

Ordinary

£1

200

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

As at 31st December 2015 the company owed the directors £69,911 (2014: £33,868).