REGISTERED NUMBER: SC555631 (Scotland) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 30 April 2024 |
for |
Hunter Laing Holdings Limited |
REGISTERED NUMBER: SC555631 (Scotland) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 30 April 2024 |
for |
Hunter Laing Holdings Limited |
Hunter Laing Holdings Limited (Registered number: SC555631) |
Contents of the Consolidated Financial Statements |
for the Year Ended 30 April 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 17 |
Hunter Laing Holdings Limited |
Company Information |
for the Year Ended 30 April 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Radleigh House |
1 Golf Road |
Clarkston |
Glasgow |
G76 7HU |
Hunter Laing Holdings Limited (Registered number: SC555631) |
Group Strategic Report |
for the Year Ended 30 April 2024 |
The directors present their strategic report of the company and the group for the year ended 30 April 2024. |
The company and the group are principally engaged in the production and sale of Scotch whisky and other spirits. |
Overall Strategy |
The Laing family have been in the scotch whisky business for more than three generations. The experience gained over that time has enabled Hunter Laing to develop a portfolio of premium single malts and blends that reflect the family's entrepreneurial flair whilst maintaining many of the industry's finest traditions. With an extensive stock of the finest scotch whiskies and a growing and extensive brand portfolio, we aim to continue to develop and augment our core strengths: a strong reputation in our core markets for integrity and professionalism; a commercial and pragmatic approach to business; world-class customer service. |
As a full service whisky company, we support our clients throughout the product lifecycle from spirit production to final product and warehousing. We have a rolling programme of investment across every area of our business, with sustainability and the environment key elements in our investment strategy. |
REVIEW OF BUSINESS |
The 2023/24 financial year saw the group deliver very healthy revenues and profits. The Board were delighted with this result which reflects the dedication and commitment of all our staff and the valued support of everyone in our supply chain. |
Our brands of small-batch and single cask bottlings continued to sell well throughout our key markets of the UK, Europe, North America and the Far East. Our stock investment policy since the foundation of Hunter Laing & Co. Ltd along with an ambitious wood program has allowed the company to sustain and grow its position and reputation in the premium whisky segment. We continue to expand into new markets as well as developing new routes to market in territories where we have been active for some years. |
Capital expenditure during the year |
During the course of the year the group completed the upgrading of its bottling hall in preparation for the launch of the Ardnahoe single malt brand in the 2024/25 financial year. The warehousing project at the group's site on Islay was largely completed also during the course of the year. |
Future Developments |
The highly-anticipated launch of the Ardnahoe brand of Islay single malt whisky is scheduled for mid 2024 followed by the core expression release in quarter 3 of the current financial year. |
Separately the group will continue to develop its portfolio of third-party new-fill and mature stocks as appropriate, along with its maintenance of a top-quality wood program. |
Hunter Laing Holdings Limited (Registered number: SC555631) |
Group Strategic Report |
for the Year Ended 30 April 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
Supplying over 70 markets worldwide means we need to keep abreast of a broad range of political, social and economic factors. Continuous engagement with our markets, working through a global network of partners and distributors, allows us to navigate and manage risk for the benefit of all stakeholders. |
Financial Risk Management Objectives and Policies |
The group is financed using various financial instruments, including an asset based lending facility provided by Virgin Money, cash trade debtors and trade creditors. These instruments carry various financial risks as noted below. |
Currency Risk |
The group trades primarily in Sterling, with less than 5% of revenues and purchases conducted in other currencies (principally Euros and US Dollars). Some of this exposure is naturally mitigated by purchases in the same currencies. The balance of risk is not considered material compared to turnover and profits. |
Liquidity Risk |
We operate with banking facilities that ensure we have adequate liquidity to meet our commitments, support ongoing investment for growth and give us the ability to respond quickly to market opportunities. We operate within agreed covenants and manage financial exposure through an extensive financial reporting and forecasting regime. |
Interest Rate Risk |
The principal interest rate risk arises on the bank borrowings. The directors consider the interest rate risk is readily manageable due to the level of interest cover from operating profit. Interest rate management options are also regularly considered. |
Credit Risk |
The group's predominant credit risk is with trade debtors, which is managed by the establishment of appropriate credit limits based on trading history, industry reputation, financial strength and credit references. The risk on export debtors is managed by up-front payments or irrevocable letter of credit commitments. |
ON BEHALF OF THE BOARD: |
Hunter Laing Holdings Limited (Registered number: SC555631) |
Report of the Directors |
for the Year Ended 30 April 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 April 2024. |
DIVIDENDS |
Interim dividends were paid throughout the year . The directors recommend that no final dividend be paid. |
The total distribution of dividends for the year ended 30 April 2023 will be £371,022. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
Hunter Laing Holdings Limited (Registered number: SC555631) |
Report of the Directors |
for the Year Ended 30 April 2024 |
AUDITORS |
The auditors, O'Haras Accountants Limited (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Hunter Laing Holdings Limited |
Opinion |
We have audited the financial statements of Hunter Laing Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Hunter Laing Holdings Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- We gained an understanding of the legal and regulatory framework applicable to the company and the whisky industry in which it operates. We made enquiries of management as to whether there were any known or suspected instances of non-compliance with laws and regulations or fraud, and reviewed available board minutes for any indication of such matters. |
- We gained an understanding of management's internal controls designed to prevent and detect irregularities in their day-to-day operations. |
- We considered laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement components. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of relevant third parties. |
- We considered how fraud might occur in this company and designed our tests accordingly. |
- As in all audits, we also addressed the risk of management override of internal controls, including reviewing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Hunter Laing Holdings Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Radleigh House |
1 Golf Road |
Clarkston |
Glasgow |
G76 7HU |
Hunter Laing Holdings Limited (Registered number: SC555631) |
Consolidated Income Statement |
for the Year Ended 30 April 2024 |
2024 | 2023 |
Notes | £ | £ |
REVENUE | 2 | 18,107,821 | 20,821,587 |
Cost of sales | 6,031,370 | 6,652,665 |
GROSS PROFIT | 12,076,451 | 14,168,922 |
Administrative expenses | 4,437,669 | 4,436,454 |
7,638,782 | 9,732,468 |
Other operating income | 90,959 | 221,362 |
OPERATING PROFIT | 4 | 7,729,741 | 9,953,830 |
Interest payable and similar expenses | 5 | 1,473,030 | 811,073 |
PROFIT BEFORE TAXATION | 6,256,711 | 9,142,757 |
Tax on profit | 6 | 1,189,066 | 2,094,455 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 5,067,645 | 7,048,302 |
Hunter Laing Holdings Limited (Registered number: SC555631) |
Consolidated Other Comprehensive Income |
for the Year Ended 30 April 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 5,067,645 | 7,048,302 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
5,067,645 |
7,048,302 |
Total comprehensive income attributable to: |
Owners of the parent | 5,067,645 | 7,048,302 |
Hunter Laing Holdings Limited (Registered number: SC555631) |
Consolidated Balance Sheet |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 83,014 | 96,849 |
Property, plant and equipment | 10 | 23,257,081 | 19,732,428 |
Investments | 11 | 10,766 | 10,766 |
23,350,861 | 19,840,043 |
CURRENT ASSETS |
Inventories | 12 | 29,758,770 | 27,021,349 |
Debtors | 13 | 5,581,309 | 4,864,480 |
Cash at bank and in hand | 557,797 | 246,552 |
35,897,876 | 32,132,381 |
CREDITORS |
Amounts falling due within one year | 14 | 26,418,529 | 24,127,253 |
NET CURRENT ASSETS | 9,479,347 | 8,005,128 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
32,830,208 |
27,845,171 |
PROVISIONS FOR LIABILITIES | 17 | 1,335,317 | 1,057,825 |
NET ASSETS | 31,494,891 | 26,787,346 |
CAPITAL AND RESERVES |
Called up share capital | 18 | 39,196 | 39,196 |
Retained earnings | 19 | 31,455,695 | 26,748,150 |
SHAREHOLDERS' FUNDS | 31,494,891 | 26,787,346 |
The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2024 and were signed on its behalf by: |
A Laing - Director |
Hunter Laing Holdings Limited (Registered number: SC555631) |
Company Balance Sheet |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Property, plant and equipment | 10 |
Investments | 11 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 18 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 360,100 | 371,022 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Hunter Laing Holdings Limited (Registered number: SC555631) |
Consolidated Statement of Changes in Equity |
for the Year Ended 30 April 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 May 2022 | 39,196 | 20,070,870 | 20,110,066 |
Changes in equity |
Dividends | - | (371,022 | ) | (371,022 | ) |
Total comprehensive income | - | 7,048,302 | 7,048,302 |
Balance at 30 April 2023 | 39,196 | 26,748,150 | 26,787,346 |
Changes in equity |
Dividends | - | (360,100 | ) | (360,100 | ) |
Total comprehensive income | - | 5,067,645 | 5,067,645 |
Balance at 30 April 2024 | 39,196 | 31,455,695 | 31,494,891 |
Hunter Laing Holdings Limited (Registered number: SC555631) |
Company Statement of Changes in Equity |
for the Year Ended 30 April 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 May 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 April 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 April 2024 |
Hunter Laing Holdings Limited (Registered number: SC555631) |
Consolidated Cash Flow Statement |
for the Year Ended 30 April 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 6,677,692 | 4,485,717 |
Interest paid | (1,472,609 | ) | (811,073 | ) |
Interest element of hire purchase or finance lease rental payments paid |
(421 |
) |
- |
Tax paid | (1,145,978 | ) | (1,459,943 | ) |
Net cash from operating activities | 4,058,684 | 2,214,701 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (4,317,643 | ) | (5,037,951 | ) |
Sale of tangible fixed assets | 44,856 | - |
Net cash from investing activities | (4,272,787 | ) | (5,037,951 | ) |
Cash flows from financing activities |
New loans in year | 1,931,348 | - |
Loan repayments in year | - | (31,572 | ) |
Amount introduced by directors | 88 | 32,756 |
Amount withdrawn by directors | (1,045,988 | ) | 267 |
Equity dividends paid | (360,100 | ) | (371,022 | ) |
Net cash from financing activities | 525,348 | (369,571 | ) |
Increase/(decrease) in cash and cash equivalents | 311,245 | (3,192,821 | ) |
Cash and cash equivalents at beginning of year |
2 |
246,552 |
3,439,373 |
Cash and cash equivalents at end of year | 2 | 557,797 | 246,552 |
Hunter Laing Holdings Limited (Registered number: SC555631) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 30 April 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 6,256,711 | 9,142,757 |
Depreciation charges | 761,971 | 744,182 |
Finance costs | 1,473,030 | 811,073 |
8,491,712 | 10,698,012 |
Increase in inventories | (2,737,421 | ) | (1,638,408 | ) |
Decrease/(increase) in trade and other debtors | 681,823 | (1,665,029 | ) |
Increase/(decrease) in trade and other creditors | 241,578 | (2,908,858 | ) |
Cash generated from operations | 6,677,692 | 4,485,717 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 April 2024 |
30.4.24 | 1.5.23 |
£ | £ |
Cash and cash equivalents | 557,797 | 246,552 |
Year ended 30 April 2023 |
30.4.23 | 1.5.22 |
£ | £ |
Cash and cash equivalents | 246,552 | 3,439,373 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.5.23 | Cash flow | At 30.4.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 246,552 | 311,245 | 557,797 |
246,552 | 311,245 | 557,797 |
Debt |
Debts falling due within 1 year | (18,865,003 | ) | (1,931,349 | ) | (20,796,352 | ) |
(18,865,003 | ) | (1,931,349 | ) | (20,796,352 | ) |
Total | (18,618,451 | ) | (1,620,104 | ) | (20,238,555 | ) |
Hunter Laing Holdings Limited (Registered number: SC555631) |
Notes to the Consolidated Financial Statements |
for the Year Ended 30 April 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The directors are satisfied that the Company will have access to sufficient funds to ensure that all liabilities will be met as they fall due over a period of at least 12 months from the approval date of these financial statements. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis. |
Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for income and expenditure during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements include estimation of any impairment of the property values currently included in the financial statements including the estimation of their useful life and future economic benefits. |
Revenue |
Revenue represents the amounts derived from the sale of Scotch whisky and other spirits, excluding value added tax and trade discounts. |
Goodwill |
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. |
Tangible fixed assets |
Freehold property | - |
Long leasehold | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Wood | - |
Computer equipment | - |
Inventories |
Inventories and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition. |
Hunter Laing Holdings Limited (Registered number: SC555631) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
1. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Impairment of fixed assets |
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Cash and cash equivalents |
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Hunter Laing Holdings Limited (Registered number: SC555631) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | REVENUE |
The revenue and profit before taxation are attributable to the one principal activity of the group. |
An analysis of revenue by geographical market for the year ended 30 April 2023 is given below: |
£ |
United Kingdom | 2,706,768 |
Rest of the world | 18,114,819 |
20,821,587 |
This analysis is not considered to be applicable to the year ended 30 April 2024. |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 2,330,136 | 2,281,773 |
Social security costs | 230,342 | 258,664 |
Other pension costs | 69,383 | 63,674 |
2,629,861 | 2,604,111 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Hunter Laing & Company Limited | 29 | 31 |
Ardnahoe Distillery Company Limited | 23 | 26 |
2024 | 2023 |
£ | £ |
Directors' remuneration | 550,374 | 648,252 |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc | 320,954 | 295,585 |
Hunter Laing Holdings Limited (Registered number: SC555631) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Depreciation - owned assets | 748,134 | 730,346 |
Goodwill amortisation | 13,835 | 13,835 |
Auditors' remuneration | 29,689 | 27,000 |
Auditors' remuneration for non audit work | 59,494 | 80,981 |
Foreign exchange differences | 61,551 | 79,470 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest | 1,472,609 | 811,073 |
Hire purchase | 421 | - |
1,473,030 | 811,073 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 911,575 | 1,500,276 |
Deferred tax | 277,491 | 594,179 |
Tax on profit | 1,189,066 | 2,094,455 |
UK corporation tax has been charged at 25 % . |
Hunter Laing Holdings Limited (Registered number: SC555631) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
6. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 6,256,711 | 9,142,757 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
1,564,178 |
1,737,124 |
Effects of: |
Expenses not deductible for tax purposes | 2,332 | 5,307 |
Capital allowances in excess of depreciation | (240,720 | ) | (485,323 | ) |
Utilisation of tax losses | (414,216 | ) | - |
Adjustments to tax charge in respect of previous periods | - | (15,500 | ) |
Deferred tax adjustment | 277,492 | 594,179 |
Unutilised tax losses | - | 258,668 |
Total tax charge | 1,189,066 | 2,094,455 |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Interim | 360,100 | 371,022 |
Hunter Laing Holdings Limited (Registered number: SC555631) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 | 138,356 |
AMORTISATION |
At 1 May 2023 | 41,507 |
Amortisation for year | 13,835 |
At 30 April 2024 | 55,342 |
NET BOOK VALUE |
At 30 April 2024 | 83,014 |
At 30 April 2023 | 96,849 |
10. | PROPERTY, PLANT AND EQUIPMENT |
Group |
Improvements |
Freehold | Long | to | Plant and |
property | leasehold | property | machinery |
£ | £ | £ | £ |
COST |
At 1 May 2023 | 13,269,680 | 83,967 | 39,366 | 5,346,421 |
Additions | 1,761,985 | - | - | 1,356,861 |
Disposals | (44,856 | ) | - | - | - |
At 30 April 2024 | 14,986,809 | 83,967 | 39,366 | 6,703,282 |
DEPRECIATION |
At 1 May 2023 | 1,167,942 | 57,098 | 26,717 | 766,757 |
Charge for year | 237,660 | 8,396 | 3,937 | 158,587 |
At 30 April 2024 | 1,405,602 | 65,494 | 30,654 | 925,344 |
NET BOOK VALUE |
At 30 April 2024 | 13,581,207 | 18,473 | 8,712 | 5,777,938 |
At 30 April 2023 | 12,101,738 | 26,869 | 12,649 | 4,579,664 |
Hunter Laing Holdings Limited (Registered number: SC555631) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
10. | PROPERTY, PLANT AND EQUIPMENT - continued |
Group |
Fixtures |
and | Computer |
fittings | Wood | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2023 | 605,519 | 3,165,477 | 578,572 | 23,089,002 |
Additions | - | 1,195,948 | 2,849 | 4,317,643 |
Disposals | - | - | - | (44,856 | ) |
At 30 April 2024 | 605,519 | 4,361,425 | 581,421 | 27,361,789 |
DEPRECIATION |
At 1 May 2023 | 404,357 | 475,405 | 458,298 | 3,356,574 |
Charge for year | 69,285 | 188,589 | 81,680 | 748,134 |
At 30 April 2024 | 473,642 | 663,994 | 539,978 | 4,104,708 |
NET BOOK VALUE |
At 30 April 2024 | 131,877 | 3,697,431 | 41,443 | 23,257,081 |
At 30 April 2023 | 201,162 | 2,690,072 | 120,274 | 19,732,428 |
11. | FIXED ASSET INVESTMENTS |
Group |
Unlisted |
investments |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 | 10,766 |
NET BOOK VALUE |
At 30 April 2024 | 10,766 |
At 30 April 2023 | 10,766 |
Hunter Laing Holdings Limited (Registered number: SC555631) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
11. | FIXED ASSET INVESTMENTS - continued |
Company |
Unlisted |
investments |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
12. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 29,543,182 | 26,895,564 |
Work-in-progress | 215,588 | 125,785 |
29,758,770 | 27,021,349 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Trade debtors | 1,724,212 | 3,308,005 |
Other debtors | 19,598 | 19,598 |
Directors' current accounts | 1,045,721 | - |
Tax | 352,931 | - |
VAT | 519,048 | 321,531 |
Prepayments and accrued income | 1,919,799 | 1,215,346 |
5,581,309 | 4,864,480 |
Hunter Laing Holdings Limited (Registered number: SC555631) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 15) | 20,796,352 | 18,865,003 |
Trade creditors | 2,186,879 | 1,486,086 |
Tax | 1,232,448 | 1,113,920 |
Other creditors | 10,766 | 10,766 |
Duty | 182,203 | 21,070 |
Directors' current accounts | 88 | 267 |
Accrued expenses | 2,009,793 | 2,630,141 |
26,418,529 | 24,127,253 |
15. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 20,796,352 | 18,865,003 |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2024 | 2023 |
£ | £ |
Bank loans | 20,796,352 | 18,865,003 |
Virgin Money holds a floating charge over the assets and undertakings of the business and has a legal charge over property owned by the Group. |
17. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 1,335,317 | 1,057,825 |
Hunter Laing Holdings Limited (Registered number: SC555631) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
17. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 May 2023 | 1,057,825 |
Provided during year | 277,492 |
Balance at 30 April 2024 | 1,335,317 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Class: |
Nominal Value: |
2022 |
2021 |
£ | £ | £ |
4 | A Shares | £1.00 | 4 | 4 |
17,962 | B Shares | £1.00 | 17,962 | 17,962 |
17,962 | C Shares | £1.00 | 17,962 | 17,962 |
3,268 | D Shares | £1.00 | 3,268 | 3,268 |
39,196 | 39,196 |
There are 4 classes of shares. All shares rank equally in terms of voting rights. There are no restrictions on the distribution of dividends and the repayment of capital |
19. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 May 2023 | 26,748,150 |
Profit for the year | 5,067,645 |
Dividends | (360,100 | ) |
At 30 April 2024 | 31,455,695 |
Company |
Retained |
earnings |
£ |
Profit for the year |
Dividends | ( |
) |
At 30 April 2024 |