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REGISTERED NUMBER: SC442464 (Scotland)












Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 30 April 2024

for

Hunter Laing & Company Limited

Hunter Laing & Company Limited (Registered number: SC442464)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Income and Retained Earnings 9

Balance Sheet 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


Hunter Laing & Company Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: S H Laing
A Laing
S Laing
Ms L Gillen





SECRETARY: S Laing





REGISTERED OFFICE: 16 Park Circus
Glasgow
G3 6AX





REGISTERED NUMBER: SC442464 (Scotland)





AUDITORS: O'Haras Accountants Limited (Statutory Auditor)
Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU

Hunter Laing & Company Limited (Registered number: SC442464)

Strategic Report
for the Year Ended 30 April 2024

The directors present their strategic report for the year ended 30 April 2024.

Principal Activities
The company is 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 company 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 company 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 company'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 company 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 & Company Limited (Registered number: SC442464)

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 company 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 company 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 company'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:





A Laing - Director


23 December 2024

Hunter Laing & Company Limited (Registered number: SC442464)

Report of the Directors
for the Year Ended 30 April 2024

The directors present their report with the financial statements of the company 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 2024 will be £360,100.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

S H Laing
A Laing
S Laing
Ms L Gillen

Other changes in directors holding office are as follows:

D J Armour - resigned 15 June 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Hunter Laing & Company Limited (Registered number: SC442464)

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:





A Laing - Director


23 December 2024

Report of the Independent Auditors to the Members of
Hunter Laing & Company Limited

Opinion
We have audited the financial statements of Hunter Laing & Company Limited (the 'company') for the year ended 30 April 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the 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 company's affairs as at 30 April 2024 and of its 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 company 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 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 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 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 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 & Company Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 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 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 & Company 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.




John O'Hara CA (Senior Statutory Auditor)
for and on behalf of O'Haras Accountants Limited (Statutory Auditor)
Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU

23 December 2024

Hunter Laing & Company Limited (Registered number: SC442464)

Statement of Income and Retained Earnings
for the Year Ended 30 April 2024

2024 2023
Notes £    £   

REVENUE 17,878,242 20,456,466

Cost of sales 5,772,013 6,124,209
GROSS PROFIT 12,106,229 14,332,257

Administrative expenses 3,382,518 3,515,550
8,723,711 10,816,707

Other operating income 90,959 221,362
OPERATING PROFIT 3 8,814,670 11,038,069

Irrecoverable loans written
off 4 2,000,000 3,250,000
6,814,670 7,788,069


Interest payable and similar expenses 5 1,472,609 811,073
PROFIT BEFORE TAXATION 5,342,061 6,976,996

Tax on profit 6 1,189,066 2,094,455
PROFIT FOR THE FINANCIAL YEAR 4,152,995 4,882,541

Retained earnings at beginning of year 26,872,046 22,360,527

Dividends 7 (360,100 ) (371,022 )

RETAINED EARNINGS AT END OF
YEAR

30,664,941

26,872,046

Hunter Laing & Company Limited (Registered number: SC442464)

Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 83,014 96,849
Property, plant and equipment 9 8,051,922 5,942,677
Investments 10 10,766 10,766
8,145,702 6,050,292

CURRENT ASSETS
Inventories 11 29,189,138 26,503,594
Debtors 12 19,999,854 18,811,636
Cash at bank and in hand 419,526 197,030
49,608,518 45,512,260
CREDITORS
Amounts falling due within one year 13 25,734,364 23,613,083
NET CURRENT ASSETS 23,874,154 21,899,177
TOTAL ASSETS LESS CURRENT
LIABILITIES

32,019,856

27,949,469

PROVISIONS FOR LIABILITIES 16 1,335,317 1,057,825
NET ASSETS 30,684,539 26,891,644

CAPITAL AND RESERVES
Called up share capital 17 19,598 19,598
Retained earnings 18 30,664,941 26,872,046
SHAREHOLDERS' FUNDS 30,684,539 26,891,644

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 & Company Limited (Registered number: SC442464)

Cash Flow Statement
for the Year Ended 30 April 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,826,537 2,153,932
Interest paid (1,472,609 ) (811,073 )
Tax paid (1,145,978 ) (1,459,943 )
Net cash from operating activities 2,207,950 (117,084 )

Cash flows from investing activities
Purchase of tangible fixed assets (2,555,658 ) (2,714,661 )
Sale of tangible fixed assets 44,857 -
Net cash from investing activities (2,510,801 ) (2,714,661 )

Cash flows from financing activities
New loans in year 1,931,347 -
Loan repayments in year - (31,569 )
Amount introduced by directors - 32,756
Amount withdrawn by directors (1,045,900 ) 267
Equity dividends paid (360,100 ) (371,022 )
Net cash from financing activities 525,347 (369,568 )

Increase/(decrease) in cash and cash equivalents 222,496 (3,201,313 )
Cash and cash equivalents at beginning of
year

2

197,030

3,398,343

Cash and cash equivalents at end of year 2 419,526 197,030

Hunter Laing & Company Limited (Registered number: SC442464)

Notes to the 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 5,342,061 6,976,996
Depreciation charges 415,394 396,290
Finance costs 1,472,609 811,073
7,230,064 8,184,359
Increase in inventories (2,685,544 ) (1,663,035 )
Decrease/(increase) in trade and other debtors 210,434 (1,309,851 )
Increase/(decrease) in trade and other creditors 71,583 (3,057,541 )
Cash generated from operations 4,826,537 2,153,932

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 419,526 197,030
Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 197,030 3,398,343


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 197,030 222,496 419,526
197,030 222,496 419,526
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 (18,667,973 ) (1,708,853 ) (20,376,826 )

Hunter Laing & Company Limited (Registered number: SC442464)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The directors continue to be satisfied that the company has adequate resources to continue in operation for the next 12 months. 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
Sales comprise revenue from the sale of Scotch whisky and other spirits and rental income received from the storage of whisky casks, excluding value added tax and trade discounts, and is measured at the fair value of the consideration received or receivable.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue from the sale of goods is recognised when the company has transferred the significant risks and rewards of ownership to the buyer. Revenue from the rendering of services is recognised in the period in which the services are provided.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 5% on cost
Long leasehold - 10% on cost
Improvements to property - 10% on cost
Plant and machinery - 15% on cost
Fixtures and fittings - 10% on cost
Wood - 5% on cost
Computer equipment - 20% on cost

Hunter Laing & Company Limited (Registered number: SC442464)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

1. ACCOUNTING POLICIES - continued

Inventories
Inventories are valued at the lower of cost and net realisable value. Cost is defined as purchase price plus carrying costs. Net realisable value is based on estimated selling price, less the estimated costs of completion and selling. Provision is made for slow-moving or obsolete items where appropriate.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company'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 and intangible 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 & Company Limited (Registered number: SC442464)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,470,947 1,516,055
Social security costs 144,416 179,894
Other pension costs 43,190 40,345
1,658,553 1,736,294

The average number of employees during the year was as follows:
2024 2023

Hunter Laing & Company Limited 29 31

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

3. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 401,556 382,454
Goodwill amortisation 13,835 13,836
Auditors' remuneration 20,000 15,000
Auditors' remuneration for non audit work 59,494 61,981
Foreign exchange differences 61,551 79,470

4. EXCEPTIONAL ITEMS
2024 2023
£    £   
Irrecoverable loans written
off (2,000,000 ) (3,250,000 )

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 1,472,609 811,073

Hunter Laing & Company Limited (Registered number: SC442464)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

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

7. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 360,100 371,022

8. INTANGIBLE FIXED ASSETS
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

Hunter Laing & Company Limited (Registered number: SC442464)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

9. PROPERTY, PLANT AND EQUIPMENT
Improvements
Freehold Long to Plant and
property leasehold property machinery
£    £    £    £   
COST
At 1 May 2023 1,769,090 83,967 39,366 1,873,562
Additions - - - 1,356,861
Disposals (44,857 ) - - -
At 30 April 2024 1,724,233 83,967 39,366 3,230,423
DEPRECIATION
At 1 May 2023 489,677 57,097 26,717 143,495
Charge for year 86,211 8,396 3,937 19,672
At 30 April 2024 575,888 65,493 30,654 163,167
NET BOOK VALUE
At 30 April 2024 1,148,345 18,474 8,712 3,067,256
At 30 April 2023 1,279,413 26,870 12,649 1,730,067

Fixtures
and Computer
fittings Wood equipment Totals
£    £    £    £   
COST
At 1 May 2023 276,959 3,142,799 506,867 7,692,610
Additions - 1,195,948 2,849 2,555,658
Disposals - - - (44,857 )
At 30 April 2024 276,959 4,338,747 509,716 10,203,411
DEPRECIATION
At 1 May 2023 186,698 459,655 386,594 1,749,933
Charge for year 20,001 181,659 81,680 401,556
At 30 April 2024 206,699 641,314 468,274 2,151,489
NET BOOK VALUE
At 30 April 2024 70,260 3,697,433 41,442 8,051,922
At 30 April 2023 90,261 2,683,144 120,273 5,942,677

10. FIXED ASSET INVESTMENTS

Investments are included at historical cost.

Hunter Laing & Company Limited (Registered number: SC442464)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

11. INVENTORIES
2024 2023
£    £   
Stocks 28,973,550 26,377,809
Work-in-progress 215,588 125,785
29,189,138 26,503,594

12. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 1,722,789 3,306,472
Directors' current accounts 1,045,721 -
Tax 352,931 -
VAT 408,922 236,440
Prepayments and accrued income 1,797,647 1,197,476
5,328,010 4,740,388

Amounts falling due after more than one year:
Amounts owed by group undertakings 14,671,844 14,071,248

Aggregate amounts 19,999,854 18,811,636

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 14) 20,796,352 18,865,003
Trade creditors 1,529,275 1,212,499
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 and deferred income 1,983,232 2,389,558
25,734,364 23,613,083

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 20,796,352 18,865,003

Hunter Laing & Company Limited (Registered number: SC442464)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

15. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 20,796,352 18,865,003

The Virgin Money bank holds a floating charge over the assets and undertakings of the business and has legal charges over the properties owned by the company.

16. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 1,335,317 1,057,825

Deferred
tax
£   
Balance at 1 May 2023 1,057,825
Provided during year 277,492
Accelerated capital allowances
Balance at 30 April 2024 1,335,317

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
19,598 Ordinary £1 19,598 19,598

18. RESERVES
Retained
earnings
£   

At 1 May 2023 26,872,046
Profit for the year 4,152,995
Dividends (360,100 )
At 30 April 2024 30,664,941

Hunter Laing & Company Limited (Registered number: SC442464)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

19. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£    £   
S H Laing
Balance outstanding at start of year - -
Amounts advanced 1,045,720 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,045,720 -

20. RELATED PARTY DISCLOSURES

Hunter Laing & Company Limited is a trading subsidiary of the ultimate parent company Hunter Laing Holdings Limited, whose registered office is situated at 16 Park Circus, Glasgow, Scotland, G3 6AX. A copy of the Hunter Laing Holdings Limited consolidated financial statements can be obtained from this address

Directors are deemed the key management personnel.

Other related parties
2024 2023
£    £   
Sales 107,566 154,329
Purchases 2,797,163 2,450,865
Amount due from related party 14,671,844 14,071,250