IRIS Accounts Production v24.2.0.383 SC141800 Board of Directors 1.4.23 31.3.24 31.3.24 true false true false false false true false A Ordinary 1.00000 B Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC1418002023-03-31SC1418002024-03-31SC1418002023-04-012024-03-31SC1418002022-03-31SC1418002022-04-012023-03-31SC1418002023-03-31SC141800ns15:Scotland2023-04-012024-03-31SC141800ns14:PoundSterling2023-04-012024-03-31SC141800ns10:Director12023-04-012024-03-31SC141800ns10:PrivateLimitedCompanyLtd2023-04-012024-03-31SC141800ns10:SmallEntities2023-04-012024-03-31SC141800ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-31SC141800ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-31SC141800ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-31SC141800ns10:FullAccounts2023-04-012024-03-31SC14180012023-04-012024-03-31SC141800ns10:OrdinaryShareClass32023-04-012024-03-31SC141800ns10:OrdinaryShareClass42023-04-012024-03-31SC141800ns10:Director22023-04-012024-03-31SC141800ns10:Director32023-04-012024-03-31SC141800ns10:Director42023-04-012024-03-31SC141800ns10:Director52023-04-012024-03-31SC141800ns10:Director62023-04-012024-03-31SC141800ns10:CompanySecretary12023-04-012024-03-31SC141800ns10:RegisteredOffice2023-04-012024-03-31SC141800ns5:CurrentFinancialInstruments2024-03-31SC141800ns5:CurrentFinancialInstruments2023-03-31SC141800ns5:Non-currentFinancialInstruments2024-03-31SC141800ns5:Non-currentFinancialInstruments2023-03-31SC141800ns5:ShareCapital2024-03-31SC141800ns5:ShareCapital2023-03-31SC141800ns5:SharePremium2024-03-31SC141800ns5:SharePremium2023-03-31SC141800ns5:FurtherSpecificReserve1ComponentTotalEquity2024-03-31SC141800ns5:FurtherSpecificReserve1ComponentTotalEquity2023-03-31SC141800ns5:RetainedEarningsAccumulatedLosses2024-03-31SC141800ns5:RetainedEarningsAccumulatedLosses2023-03-31SC141800ns5:PatentsTrademarksLicencesConcessionsSimilar2023-04-012024-03-31SC141800ns5:PatentsTrademarksLicencesConcessionsSimilar2023-03-31SC141800ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-03-31SC141800ns5:ComputerSoftware2023-03-31SC141800ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-04-012024-03-31SC141800ns5:ComputerSoftware2023-04-012024-03-31SC141800ns5:PatentsTrademarksLicencesConcessionsSimilar2024-03-31SC141800ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2024-03-31SC141800ns5:ComputerSoftware2024-03-31SC141800ns5:PatentsTrademarksLicencesConcessionsSimilar2023-03-31SC141800ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-03-31SC141800ns5:ComputerSoftware2023-03-31SC141800ns5:LandBuildings2023-03-31SC141800ns5:LeaseholdImprovements2023-03-31SC141800ns5:PlantMachinery2023-03-31SC141800ns5:LandBuildings2023-04-012024-03-31SC141800ns5:LeaseholdImprovements2023-04-012024-03-31SC141800ns5:PlantMachinery2023-04-012024-03-31SC141800ns5:LandBuildings2024-03-31SC141800ns5:LeaseholdImprovements2024-03-31SC141800ns5:PlantMachinery2024-03-31SC141800ns5:LandBuildings2023-03-31SC141800ns5:LeaseholdImprovements2023-03-31SC141800ns5:PlantMachinery2023-03-31SC141800ns5:FurnitureFittings2023-03-31SC141800ns5:MotorVehicles2023-03-31SC141800ns5:ComputerEquipment2023-03-31SC141800ns5:FurnitureFittings2023-04-012024-03-31SC141800ns5:MotorVehicles2023-04-012024-03-31SC141800ns5:ComputerEquipment2023-04-012024-03-31SC141800ns5:FurnitureFittings2024-03-31SC141800ns5:MotorVehicles2024-03-31SC141800ns5:ComputerEquipment2024-03-31SC141800ns5:FurnitureFittings2023-03-31SC141800ns5:MotorVehicles2023-03-31SC141800ns5:ComputerEquipment2023-03-31SC141800ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-03-31SC141800ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-04-012024-03-31SC141800ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-03-31SC141800ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-03-31SC141800ns5:CostValuation2023-03-31SC141800ns5:Subsidiary12023-04-012024-03-31SC141800ns5:Subsidiary112023-04-012024-03-31SC141800ns5:Subsidiary12024-03-31SC141800ns5:Subsidiary12023-03-31SC141800ns5:Subsidiary12022-04-012023-03-31SC141800ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-31SC141800ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-31SC141800ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-31SC141800ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-31SC141800ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-03-31SC141800ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-03-31SC141800ns5:HirePurchaseContracts2024-03-31SC141800ns5:HirePurchaseContracts2023-03-31SC141800ns5:WithinOneYear2024-03-31SC141800ns5:WithinOneYear2023-03-31SC141800ns5:BetweenOneFiveYears2024-03-31SC141800ns5:BetweenOneFiveYears2023-03-31SC141800ns5:MoreThanFiveYears2024-03-31SC141800ns5:MoreThanFiveYears2023-03-31SC141800ns5:AllPeriods2024-03-31SC141800ns5:AllPeriods2023-03-31SC141800ns10:OrdinaryShareClass32024-03-31SC141800ns10:OrdinaryShareClass42024-03-31
REGISTERED NUMBER: SC141800 (Scotland)













Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Adelphi Distillery Limited

Adelphi Distillery Limited (Registered number: SC141800)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Adelphi Distillery Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: A V Bruce
E J Macdonald
G J Hamilton
A C Campbell
C Mackenzie
J H R Falconer





SECRETARY: E J Macdonald





REGISTERED OFFICE: The Ardnamurchan Distillery
Glenbeg
Ardnamurchan
Acharacle
Argyll
PH36 4JG





REGISTERED NUMBER: SC141800 (Scotland)





ACCOUNTANTS: A H & Co Ltd
Chartered Accountants
6 Logie Mill
Edinburgh
Lothian
EH7 4HG

Adelphi Distillery Limited (Registered number: SC141800)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 58,648 68,370
Tangible assets 5 291,428 213,092
Investments 6 1,834,403 1,834,403
2,184,479 2,115,865

CURRENT ASSETS
Stocks 7 2,192,377 1,847,317
Debtors 8 11,915,534 11,373,078
Cash at bank and in hand 476,676 237,015
14,584,587 13,457,410
CREDITORS
Amounts falling due within one year 9 1,222,538 1,235,401
NET CURRENT ASSETS 13,362,049 12,222,009
TOTAL ASSETS LESS CURRENT
LIABILITIES

15,546,528

14,337,874

CREDITORS
Amounts falling due after more than one year 10 5,698,017 6,140,603
NET ASSETS 9,848,511 8,197,271

CAPITAL AND RESERVES
Called up share capital 13 5,706,294 4,871,222
Share premium 5,043,256 3,878,328
Share option reserve 15,224 140,139
Retained earnings (916,263 ) (692,418 )
SHAREHOLDERS' FUNDS 9,848,511 8,197,271

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

Adelphi Distillery Limited (Registered number: SC141800)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 13 September 2024 and were signed on its behalf by:





A V Bruce - Director


Adelphi Distillery Limited (Registered number: SC141800)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

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

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. Turnover from the supply of services represent the fair value of services provided under contracts to the extent that there is a right to consideration and is recorded at fair value of the consideration received or receivable.

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. Depreciation is provided on all intangible fixed assets, 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:

Patents and licences -50% on cost and 10% on cost
Development costs -25% on cost
Computer software-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 it's useful life.

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:

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

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.

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

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.

Investments
Investments are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

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.

Adelphi Distillery Limited (Registered number: SC141800)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

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.

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 is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

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.

Share based payments
The cost of share options granted to employees is calculated based on the fair value of the options at the date the shares were granted and is recognised on an annual basis throughout the anticipated vesting period. The associated cost is allocated to the income statement and a corresponding credit entry is recorded within the share option reserve.

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.

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.

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.

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 29 (2023 - 26 ) .

Adelphi Distillery Limited (Registered number: SC141800)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INTANGIBLE FIXED ASSETS
Patents
and Development Computer
licences costs software Totals
£    £    £    £   
COST
At 1 April 2023 35,973 71,190 5,550 112,713
Additions 815 - - 815
At 31 March 2024 36,788 71,190 5,550 113,528
AMORTISATION
At 1 April 2023 27,518 15,437 1,388 44,343
Amortisation for year 1,931 7,219 1,387 10,537
At 31 March 2024 29,449 22,656 2,775 54,880
NET BOOK VALUE
At 31 March 2024 7,339 48,534 2,775 58,648
At 31 March 2023 8,455 55,753 4,162 68,370

5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 April 2023 250,179 61,257 59,064
Additions - 7,049 56,295
Disposals - - -
At 31 March 2024 250,179 68,306 115,359
DEPRECIATION
At 1 April 2023 150,892 38,285 43,711
Charge for year 12,509 5,358 19,366
Eliminated on disposal - - -
At 31 March 2024 163,401 43,643 63,077
NET BOOK VALUE
At 31 March 2024 86,778 24,663 52,282
At 31 March 2023 99,287 22,972 15,353

Adelphi Distillery Limited (Registered number: SC141800)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 35,383 118,570 4,699 529,152
Additions - 102,270 637 166,251
Disposals - (50,940 ) (1,130 ) (52,070 )
At 31 March 2024 35,383 169,900 4,206 643,333
DEPRECIATION
At 1 April 2023 21,105 58,638 3,429 316,060
Charge for year 6,719 32,890 885 77,727
Eliminated on disposal - (40,752 ) (1,130 ) (41,882 )
At 31 March 2024 27,824 50,776 3,184 351,905
NET BOOK VALUE
At 31 March 2024 7,559 119,124 1,022 291,428
At 31 March 2023 14,278 59,932 1,270 213,092

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023 113,120
Additions 102,270
Disposals (50,940 )
At 31 March 2024 164,450
DEPRECIATION
At 1 April 2023 53,188
Charge for year 32,890
Eliminated on disposal (40,752 )
At 31 March 2024 45,326
NET BOOK VALUE
At 31 March 2024 119,124
At 31 March 2023 59,932

Adelphi Distillery Limited (Registered number: SC141800)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 1,832,200 2,203 1,834,403
NET BOOK VALUE
At 31 March 2024 1,832,200 2,203 1,834,403
At 31 March 2023 1,832,200 2,203 1,834,403

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Adelphi Distillery (1826) Ltd
Registered office: The Ardnamurchan Distillery, Glenbeg, Ardnamurchan, Acharacle, Argyll, PH36 4JG
Nature of business: Whisky Distiller
%
Class of shares: holding
Ordinary 100.00
31.3.24 31.3.23
£    £   
Aggregate capital and reserves (890,334 ) (1,370,170 )
Profit/(loss) for the year 479,836 (32,103 )

7. STOCKS
31.3.24 31.3.23
£    £   
Stocks 2,192,377 1,847,317

8. DEBTORS
31.3.24 31.3.23
£    £   
Amounts falling due within one year:
Trade debtors 421,818 179,673
Other debtors 346,364 242,819
768,182 422,492

Amounts falling due after more than one year:
Amounts owed by group undertakings 11,147,352 10,950,586

Aggregate amounts 11,915,534 11,373,078

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts (see note 11) 24,014 9,520
Trade creditors 229,500 230,618
Other creditors 969,024 995,263
1,222,538 1,235,401

Adelphi Distillery Limited (Registered number: SC141800)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts (see note 11) 105,790 66,077
Other creditors 5,592,227 6,074,526
5,698,017 6,140,603

11. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year 24,014 9,520
Between one and five years 105,790 66,077
129,804 75,597

Non-cancellable operating leases
31.3.24 31.3.23
£    £   
Within one year 17,976 23,692
Between one and five years 39,247 52,222
In more than five years 35,000 40,000
92,223 115,914

12. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Raindance loan 5,579,727 6,052,026

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.

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
5,653,796 A Ordinary £1 5,653,796 4,818,724
52,498 B Ordinary £1 52,498 52,498
5,706,294 4,871,222

Shares were issued during the year as follows:

Issued at premium
835,072 A Ordinary shares of £1 were issued for a consideration of £2,000,000.

Adelphi Distillery Limited (Registered number: SC141800)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

14. RELATED PARTY DISCLOSURES





Related Party




Transaction




Value (2024)




Value (2023)
Balance
receivable
from/(payable
to) related party
as at 31.3.24
Balance
receivable
from/(payable
to) related party
as at 31.3.23
£ £ £ £

(1) Adelphi Distillery
(1826) Limited
Inter Company Loan
Balance

-

-

11,147,352

10,950,586

Purchases (1,383,638) (851,454) - -

Sales 195,463 - - -


Working capital
transfer

844,738

1,148,794

-

-

Management charge 48,000 48,000 - -


Visitor Centre rental
charge

(50,000)

(50,000)

-

-

Loan interest 542,203 247,588 - -

(2) Raindance
Investments Limited
Loan interest on
Raindance loan

(527,701)

(541,446)

(5,579,727)

(6,052,026)

(3) Broomhall Farm
Partnership

Rent

(5,000)

(5,000)

-

-

(4) Limerick Distillery
Limited

Inter Company Loan

-

(2,883)

-

-

(5) MacLean & Bruce Sales 3,513 90,652 - -

(1) Adelphi Distillery (1826) Limited is a subsidiary company.
(2) Raindance Investments Limited is owned by a shareholder of the company.
(3) A director of the company is related to a partner of Broomhall Farm Partnership.
(4) Limerick Distillery Limited was a subsidiary company.
(5) A director's spouse is a director of MacLean & Bruce.

15. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is D F Irwin Houston.

Adelphi Distillery Limited (Registered number: SC141800)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

16. SHARE-BASED PAYMENT TRANSACTIONS

Year ended 31st March 2020

During the year ended 31st March 2020, a total of 407,250 share options were granted to employees. The options have a long stop vesting period of ten years and are exercisable at a price of £1 per share. If the options remain unexercised after a period of ten years from the grant date, the options expire. Options are forfeited if the employee leaves the company before the options vest.

386,887 of these options were surrendered during the year ended 31st March 2024. The total cost recognised thus far in relation to these options is £133,132 and the accounts have been updated to eliminate this cost.

A further £2,036 has been recognised in the loan due by the subsidiary company, Adelphi Distillery (1826) Limited, as the remaining options relate to an employee of the subsidiary.

Year ended 31st March 2024

During the year ended 31st March 2024, a total of 613,887 of share options were granted to employees. The options have a long stop vesting period of ten years and are exercisable at a price of £1 per share. If the options remain unexercised after a period of ten years from the grant date, the options expire. Options are forfeited if the employee leaves the company before the options vest.

The total cost recognised in the income statement in relation to these options is £6,181.

The total recognised in the share option reserve in the current year in respect of the share options granted is £8,217 (2023: £40,725). The total recognised in the share option reserve in respect of the share options granted to date is £15,224 (2023: £140,139).