The Island Whisky Company Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC141689 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 December 2017

for

The Island Whisky Company Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

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

4

978

1,087

Tangible assets

5

1,886

2,295

2,864

3,382

CURRENT ASSETS

Debtors

6

32,609

24,721

Cash at bank

23,749

25,802

56,358

50,523

CREDITORS

Amounts falling due within one year

7

46,819

47,835

NET CURRENT ASSETS

9,539

2,688

TOTAL ASSETS LESS CURRENT LIABILITIES

12,403

6,070

PROVISIONS FOR LIABILITIES

8

131

187

NET ASSETS

12,272

5,883

CAPITAL AND RESERVES

Called up share capital

9

200

200

Retained earnings

10

12,072

5,683

SHAREHOLDERS' FUNDS

12,272

5,883

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 21 September 2018 and were signed on its behalf by:

A J A Lyddon - Director

1.	STATUTORY INFORMATION

The Island Whisky Company Limited is a private company, limited by shares , registered in Scotland. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Turnover

Turnover is stated net of trade discounts and is recognised when significant risks and rewards are considered to

have been transferred to the buyer. Turnover from th supply of services represents the value of services provided

under contracts to the extent that there is a right to consideration and is recorded at fair value of consideration

received or receivable. The company is not registered for value added tax.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of twenty years.

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

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is

provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of

each asset on a straight line basis over its expected useful life, as follows:

Improvements to property - 25% on cost

Plant and machinery - 20% on cost

Fixtures & fittings - 25% on cost

Computer equipment - 25% on cost

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.

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.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

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.

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 estimate can be

made of the amount of the obligation.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 January 2017

and 31 December 2017

2,177

AMORTISATION

At 1 January 2017

1,090

Amortisation for year

109

At 31 December 2017

1,199

NET BOOK VALUE

At 31 December 2017

978

At 31 December 2016

1,087

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2017

3,683

4,175

6,415

1,605

15,878

Additions

-

-

610

360

970

At 31 December 2017

3,683

4,175

7,025

1,965

16,848

DEPRECIATION

At 1 January 2017

3,683

4,175

4,628

1,097

13,583

Charge for year

-

-

1,018

361

1,379

At 31 December 2017

3,683

4,175

5,646

1,458

14,962

NET BOOK VALUE

At 31 December 2017

-

-

1,379

507

1,886

At 31 December 2016

-

-

1,787

508

2,295

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade debtors

32,609

24,721

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade creditors

79

79

Taxation and social security

3,025

2,642

Other creditors

43,715

45,114

46,819

47,835

8.	PROVISIONS FOR LIABILITIES

31.12.17

31.12.16

£

£

Deferred tax

131

187

Deferred

tax

£

Balance at 1 January 2017

187

Provided during year

(56

)

Balance at 31 December 2017

131

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.17

31.12.16

value:

£

£

200

Ordinary

£1

200

200

10.

RESERVES

Retained

earnings

£

At 1 January 2017

5,683

Profit for the year

6,389

At 31 December 2017

12,072

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

As at 31st December 2017 the company owed the directors £41,915 (2016: £43,314).

12.	RELATED PARTY DISCLOSURES

Transactions with related parties during the year and balances outstanding at the year end were as follows:

Related Party

Type of Transaction

Amount 2017

Amount 2016

Balance receivable or (payable) by related party as at 31.12.17

Balance receivable or (payable) by related party as at 31.12.16

A J A Lyddon & S Lyddon

Rent

£8,725

£15,884

NIL

NIL

A J A Lyddon and S Lyddon are directors and shareholders of the company.

13.	ULTIMATE CONTROLLING PARTY

The controlling party is A J A Lyddon.