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REGISTERED NUMBER: SC649933 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2025

for

MacMillan Spirits Co. Ltd

MacMillan Spirits Co. Ltd (Registered number: SC649933)






Contents of the Financial Statements
for the Year Ended 31 March 2025




Page

Company Information 1

Income Statement 2

Balance Sheet 3

Notes to the Financial Statements 4

Chartered Accountants' Report 8

MacMillan Spirits Co. Ltd

Company Information
for the Year Ended 31 March 2025







DIRECTOR: A A MacMillan





SECRETARY: H MacLeod





REGISTERED OFFICE: Bornish House
Bornish
South Uist
HS8 5SA





REGISTERED NUMBER: SC649933 (Scotland)





ACCOUNTANTS: Campbell Stewart MacLennan & Co
Chartered Accountants
Unit 3, Broom Place
Portree
Highland
IV51 9HL

MacMillan Spirits Co. Ltd (Registered number: SC649933)

Income Statement
for the Year Ended 31 March 2025

Year Ended Period
31.3.25 1.1.23 to 31.3.24
as restated
Notes £    £    £   

TURNOVER 1,150,209 20,158

Cost of sales 419,185 (1,697 )
GROSS PROFIT 731,024 21,855

Distribution costs 9,178 4,693
Administrative expenses 101,795 518,471
110,973 523,164
620,051 (501,309 )

Other operating income 67,942 1,946,312
OPERATING PROFIT 4 687,993 1,445,003

Interest receivable and similar income 6,792 7,647
694,785 1,452,650

Interest payable and similar expenses - 98,633
PROFIT BEFORE TAXATION 694,785 1,354,017

Tax on profit (29,036 ) 161,242
PROFIT FOR THE FINANCIAL YEAR 723,821 1,192,775

MacMillan Spirits Co. Ltd (Registered number: SC649933)

Balance Sheet
31 March 2025

31/3/25 31/3/24
as restated
Notes £    £    £   
FIXED ASSETS
Tangible assets 6 5,711,199 4,623,786

CURRENT ASSETS
Stocks 1,388,309 17,572
Debtors 7 10,769 74,631
Prepayments and accrued income 1,254 118
Cash at bank 32,152 1,079,882
1,432,484 1,172,203
CREDITORS
Amounts falling due within one year 8 633,249 627,179
NET CURRENT ASSETS 799,235 545,024
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,510,434

5,168,810

CREDITORS
Amounts falling due after more than one
year

9

(1,434,092

)

(4,216,289

)

PROVISIONS FOR LIABILITIES (239,590 ) (239,590 )
NET ASSETS 4,836,752 712,931

CAPITAL AND RESERVES
Called up share capital 12 3,400,001 1
Retained earnings 1,436,751 712,930
SHAREHOLDERS' FUNDS 4,836,752 712,931

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

The financial statements were approved by the director and authorised for issue on 12 May 2025 and were signed by:





A A MacMillan - Director


MacMillan Spirits Co. Ltd (Registered number: SC649933)

Notes to the Financial Statements
for the Year Ended 31 March 2025

1. STATUTORY INFORMATION

MacMillan Spirits Co. Ltd 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 measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sale of goods includes excise and other duties which the Company pays as principal.

Sales are recognised as or when performance obligations are satisfied by transferring control of a good or service to the customer, which is determined by considering, among other factors, the delivery terms agreed with customers.Sales are recognised to the extent that it is highly probable that a significant reversal will not occur. Generally, payment of the transaction price is due within credit terms that are consistent with industry practice, with no element of financing.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold improvements - 4% on straight line basis
Plant & machinery - 4% on straight line basis
Computer equipment - 33% on straight line basis

Leasehold improvements will be depreciated over their lease term of 25 years when the lease begins on 1 April 2024.

Government grants
Government grants are recognised at the fair value of the asset received or receivable where there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. A grant received before the recognition criteria are satisfied is recognised as a liability.

Stocks
Stock is measured at the lower of cost and net realisable value. Cost includes raw materials, direct labour and expenses, an appropriate proportion of production and other overheads, but not borrowing costs. Maturing inventories and raw materials which are retained for more than one year are classified as current assets, as they are expected to be realised in the normal operating cycle.

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.


MacMillan Spirits Co. Ltd (Registered number: SC649933)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

2. ACCOUNTING POLICIES - continued
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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2024 - 1 ) .

4. OPERATING PROFIT

The operating profit is stated after charging:

Period
1.1.23
Year Ended to
31.3.25 31.3.24
as restated
£    £   
Depreciation - owned assets 244,468 122,852

5. PRIOR YEAR ADJUSTMENT

Depreciation rates were reassessed in the year with plant & machinery depreciation rate being changed from 15% reducing balance to 4% straight line to reflect the expected life of the distillery equipment.

MacMillan Spirits Co. Ltd (Registered number: SC649933)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

6. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2024 1,683,208 3,063,430 4,746,638
Additions 1,009,670 322,211 1,331,881
At 31 March 2025 2,692,878 3,385,641 6,078,519
DEPRECIATION
At 1 April 2024 - 122,852 122,852
Charge for year 107,722 136,746 244,468
At 31 March 2025 107,722 259,598 367,320
NET BOOK VALUE
At 31 March 2025 2,585,156 3,126,043 5,711,199
At 31 March 2024 1,683,208 2,940,578 4,623,786

Land & buildings represent leasehold assets.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/25 31/3/24
as restated
£    £   
Trade debtors 1,716 -
Other debtors 9,053 74,631
10,769 74,631

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/25 31/3/24
as restated
£    £   
Trade creditors 573,291 387,041
Taxation and social security 8,843 1,163
Other creditors 51,115 238,975
633,249 627,179

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31/3/25 31/3/24
as restated
£    £   
Other creditors 1,434,092 4,216,289

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst 543,636 3,431,289

Repayable by instalments
Other loans more 5yrs instal 468,613 785,000

MacMillan Spirits Co. Ltd (Registered number: SC649933)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31/3/25 31/3/24
as restated
£    £   
Between one and five years 480,000 360,000
In more than five years 2,280,000 2,400,000
2,760,000 2,760,000

11. SECURED DEBTS

The following secured debts are included within creditors:

31/3/25 31/3/24
as restated
£    £   
HIE loan 785,000 785,000

Loan funding of £785,000 is provided by the Highlands & Islands Enterprise. The loan is secured with a bond and floating charge over the Benbecula Distillery premises and land. The loan term is 10 years with a interest rate of 3% per annum.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/3/25 31/3/24
value: as restated
£    £   
2,900,001 Ordinary shares 1 2,900,001 1
500,000 Preference Shares 1 500,000 -
3,400,001 1

13. RELATED PARTY DISCLOSURES

Lease arrangement between MacMillan Spirits Co. Ltd and the Trustees of the Uist Distilling Pension Trust for the Benbecula Distillery, Gramsdale. The Trustees of the Uist Distilling Pension Trust are AA MacMillan, director, EJ MacMillan, wife of director, and Alltrust SSAS Limited of which AA MacMillan is a beneficiary. The lease commenced on 1 April 2024 and has been agreed on commercial terms.

In the period, AA MacMillan, director, charged consultancy fees of £72,000 in lieu of work carried out on behalf of the distillery from 2019 to March 2025 and also during the year ended to 31 March 2025 of £5,400 of rent for a property used by the business.

The balance of the director's loan at the balance sheet date was £543,636 owed to AA MacMillan (2024 - £3,431,289 owed to AA MacMillan). There are no repayment terms agreed for the Director's loan which cannot be repaid without the prior consent of HIE who are the company's other loan lender.

During the year £2,900,000 of the director's loan balance was repaid through capitalising the loan as ordinary shares. In addition, property assets were introduced to the business in return for preference shares of £500,000.

14. GOING CONCERN

The company began trading during the year and has been financially supported by its shareholder and director, Angus A MacMillan, and Highlands & Islands Enterprise.

Work is in progress to secure financing for the next phase of the Distillery operation with negotiations underway for a package of finance to be in place to secure the ongoing Distillery operation with management confident that additional finance will be secured.

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
MacMillan Spirits Co. Ltd

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MacMillan Spirits Co. Ltd for the year ended 31 March 2025 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the director of MacMillan Spirits Co. Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of MacMillan Spirits Co. Ltd and state those matters that we have agreed to state to the director of MacMillan Spirits Co. Ltd in this report in accordance with the requirements of ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that MacMillan Spirits Co. Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of MacMillan Spirits Co. Ltd. You consider that MacMillan Spirits Co. Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of MacMillan Spirits Co. Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Campbell Stewart MacLennan & Co
Chartered Accountants
Unit 3, Broom Place
Portree
Highland
IV51 9HL


12 May 2025