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REGISTERED NUMBER: SC384569 (Scotland)













Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Adelphi Distillery (1826) Limited

Adelphi Distillery (1826) Limited (Registered number: SC384569)






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 (1826) Limited

Company Information
for the Year Ended 31 March 2024







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





SECRETARY: E J Macdonald





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





REGISTERED NUMBER: SC384569 (Scotland)





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

Adelphi Distillery (1826) Limited (Registered number: SC384569)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 131,181 133,565
Tangible assets 5 9,045,498 8,720,454
9,176,679 8,854,019

CURRENT ASSETS
Stocks 6 7,869,749 6,569,262
Debtors 7 71,678 168,817
Cash at bank 32,954 33,482
7,974,381 6,771,561
CREDITORS
Amounts falling due within one year 8 585,103 456,466
NET CURRENT ASSETS 7,389,278 6,315,095
TOTAL ASSETS LESS CURRENT
LIABILITIES

16,565,957

15,169,114

CREDITORS
Amounts falling due after more than one year 9 (17,414,532 ) (16,539,284 )

PROVISIONS FOR LIABILITIES 11 (41,759 ) -
NET LIABILITIES (890,334 ) (1,370,170 )

CAPITAL AND RESERVES
Called up share capital 12 65,000 65,000
Share premium 1,300,429 1,300,429
Retained earnings (2,255,763 ) (2,735,599 )
SHAREHOLDERS' FUNDS (890,334 ) (1,370,170 )

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 (1826) Limited (Registered number: SC384569)

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 Statement of Income and Retained Earnings 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 (1826) Limited (Registered number: SC384569)

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

1. STATUTORY INFORMATION

Adelphi Distillery (1826) 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.

The accounts have been prepared on a going concern basis, the acceptability of which is dependant on the continuing support of the company's parent company and other creditors.

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.

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. 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 licenses-50% on cost, 10% on cost and 1% on cost
Development costs-2% 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.

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- 2% on cost
Plant and machinery- 10% on cost, 5% on cost and 2.86 % on cost
Fixtures and fittings- 20% on cost
Computer equipment- 20% 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.

Impairment
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.

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.

The cost of closing stock is calculated with reference to the actual costs of production incurred during the year including raw materials, labour and storage costs.


Adelphi Distillery (1826) Limited (Registered number: SC384569)

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 Statement of Income and Retained Earnings, 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 the obligation and 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 9 (2023 - 9 ) .

Adelphi Distillery (1826) Limited (Registered number: SC384569)

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

4. INTANGIBLE FIXED ASSETS
Patents
and Development
licences costs Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 151,484 9,133 160,617
AMORTISATION
At 1 April 2023 17,917 9,133 27,050
Amortisation for year 2,386 - 2,386
At 31 March 2024 20,303 9,133 29,436
NET BOOK VALUE
At 31 March 2024 131,181 - 131,181
At 31 March 2023 133,567 - 133,567

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 5,286,431 6,080,266 200,714 3,914 11,571,325
Additions 46,143 723,516 19,601 - 789,260
Disposals - - - (3,004 ) (3,004 )
At 31 March 2024 5,332,574 6,803,782 220,315 910 12,357,581
DEPRECIATION
At 1 April 2023 873,618 1,837,734 135,967 3,550 2,850,869
Charge for year 101,839 335,032 27,165 182 464,218
Eliminated on disposal - - - (3,004 ) (3,004 )
At 31 March 2024 975,457 2,172,766 163,132 728 3,312,083
NET BOOK VALUE
At 31 March 2024 4,357,117 4,631,016 57,183 182 9,045,498
At 31 March 2023 4,412,813 4,242,532 64,747 364 8,720,456

Included in cost of land and buildings is freehold land of £ 242,862 (2023 - £ 242,862 ) which is not depreciated.

6. STOCKS
31.3.24 31.3.23
£    £   
Stocks 7,869,749 6,569,262

Adelphi Distillery (1826) Limited (Registered number: SC384569)

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

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 41,288 337
Other debtors 30,390 168,480
71,678 168,817

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 434,147 358,290
Taxation and social security 9,644 8,627
Other creditors 141,312 89,549
585,103 456,466

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 4,642,458 3,893,730
Other creditors 12,772,074 12,645,554
17,414,532 16,539,284

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£    £   
Within one year 368,984 368,808
Between one and five years 1,604,918 1,724,040
In more than five years 2,101,653 2,336,068
4,075,555 4,428,916

11. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 41,759 -

Deferred
tax
£   
Provided during year 41,759
Balance at 31 March 2024 41,759

Adelphi Distillery (1826) Limited (Registered number: SC384569)

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

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
625 Ordinary A £100 62,500 62,500
25 Ordinary B £100 2,500 2,500
65,000 65,000

Adelphi Distillery (1826) Limited (Registered number: SC384569)

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

13. 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 Limited
Inter company
loan balance

-

-

(11,147,352)

(10,950,586)

Sales 1,383,638 851,454 - -

Purchases (195,463) - - -


Working capital
transfer

(844,738)

(1,148,794)

-

-


Management
charge

(48,000)

(48,000)

-

-


Visitor Centre
rent

50,000

50,000

-

-

Loan interest (542,203) (247,588) - -

(2) Raindance Investments
Limited
Operational
loans

(673,128)

(626,589)

(4,242,808)

(3,569,680)


Interest on
operational loans

(393,854)

(302,809)

-

-

(3) Luna Limited Base rent (1,780) (1,568) (1,780) (1,568)

(4) Woodland Renewables
Limited

Woodchip

(279,234)

(229,773)

(74,025)

-

Byproduct (129,106) (108,289) (34,674) -

(5) Ardnamurchan Estates Water charges (31,301) (30,973) (4,518) (2,235)

Warehousing (327,477) (288,526) - -

(6) MacLean & Bruce Sales 662,580 138,861 - -

(7) A L Macdonald Purchases (24,181) (30,224) (1,910) (6,863)

(1) Adelphi Distillery Limited is the parent company of the group.
(2) Raindance Investments Limited is owned by a shareholder of the group.
(3) Luna Limited is owned by a shareholder of the group.
(4) Woodland Renewables Limited is owned by a shareholder of the group.
(5) Ardnamurchan Estates is owned by a shareholder of the group.
(6) A director of MacLean & Bruce is the spouse of a director of the group.
(7) A L Macdonald is the spouse of a director of the group.

14. ULTIMATE CONTROLLING PARTY

The controlling party is Adelphi Distillery Limited.

The ultimate controlling party is D F Irwin Houston.