| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 March 2025 |
| for |
| MacMillan Spirits Co. Ltd |
| REGISTERED NUMBER: |
| 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: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 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 |
| Cost of sales | ( |
) |
| GROSS PROFIT |
| Distribution costs |
| Administrative expenses |
| 110,973 | 523,164 |
| 620,051 | (501,309 | ) |
| Other operating income |
| OPERATING PROFIT | 4 |
| Interest receivable and similar income |
| 694,785 | 1,452,650 |
| Interest payable and similar expenses |
| PROFIT BEFORE TAXATION |
| Tax on profit | ( |
) |
| PROFIT FOR THE FINANCIAL YEAR |
| 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 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| Prepayments and accrued income |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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 were approved by the director and authorised for issue on |
| 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 |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| 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 |
| 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 |
| 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 |
| Additions |
| At 31 March 2025 |
| DEPRECIATION |
| At 1 April 2024 |
| Charge for year |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| Land & buildings represent leasehold assets. |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/3/25 | 31/3/24 |
| as restated |
| £ | £ |
| Trade debtors |
| Other debtors |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/3/25 | 31/3/24 |
| as restated |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31/3/25 | 31/3/24 |
| as restated |
| £ | £ |
| Other creditors |
| Amounts falling due in more than five years: |
| Repayable otherwise than by instalments |
| Other loans more 5yrs non-inst |
| 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 |
| In more than five years |
| 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 |
| £ | £ |
| Ordinary shares | 1 | 2,900,001 | 1 |
| 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. |
| Chartered Accountants |
| Unit 3, Broom Place |
| Portree |
| Highland |
| IV51 9HL |