Company Registration No. SC022667 (Scotland)
Ben Nevis Distillery (Fort William) Limited
Financial statements
for the year ended 31 December 2024
Pages for filing with the registrar
Ben Nevis Distillery (Fort William) Limited
Company information
Directors
Soichiro Harada
Hisayoshi Sugawara
Company number
SC022667
Registered office
Ben Nevis Distillery
Lochy Bridge
Fort William
PH33 6TJ
Independent auditor
Azets Audit Services
37 Albyn Place
Aberdeen
United Kingdom
AB10 1JB
Accountants
Saffery LLP
Torridon House
Beechwood Park
Inverness
IV2 3BW
Bankers
Bank of Scotland plc
62 High Street
Fort William
PH33 6AE
Ben Nevis Distillery (Fort William) Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 10
Ben Nevis Distillery (Fort William) Limited
Statement of financial position
As at 31 December 2024
31 December 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
57,746
68,047
Tangible assets
4
2,923,400
3,031,336
2,981,146
3,099,383
Current assets
Stocks
8,602,178
8,353,539
Debtors
5
1,207,457
1,127,253
Cash at bank and in hand
318,238
487,463
10,127,873
9,968,255
Creditors: amounts falling due within one year
6
(1,799,505)
(2,157,841)
Net current assets
8,328,368
7,810,414
Total assets less current liabilities
11,309,514
10,909,797
Creditors: amounts falling due after more than one year
7
(4,587,462)
(4,590,078)
Provisions for liabilities
(409,887)
(424,694)
Net assets
6,312,165
5,895,025
Capital and reserves
Called up share capital
9
1,100,000
1,100,000
Revaluation reserve
10
49,255
52,600
Profit and loss reserves
5,162,910
4,742,425
Total equity
6,312,165
5,895,025
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These 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 board of directors and authorised for issue on
17 July 2025 and are signed on its behalf by:
2025-07-17
Soichiro Harada
Director
Company Registration No. SC022667
Ben Nevis Distillery (Fort William) Limited
Notes to the financial statements
For the year ended 31 December 2024
2
1
Accounting policies
Company information
Ben Nevis Distillery (Fort William) Limited is a private company limited by shares incorporated in Scotland. The registered office is Ben Nevis Distillery, Lochy Bridge, Fort William, PH33 6TJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of properties. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption available in section 414B of the Companies Act 2006 not to prepare a Strategic Report.
1.2
Going concern
The financial statements have been prepared on a going concern basis which the Directors consider to be appropriate for the following reasons.true
The Company's intermediate parent entity The Nikka Whisky Distilling Co Limited continued to provide the Company with an intercompany loan facility of £4.55m. The Directors have prepared forecasts for at least 12 months from the date of approval of these financial statements.
These forecasts are dependent on the Company's intermediate parent entity, The Nikka Whisky Distilling Co Limited, not seeking repayment of the amounts currently due to the group, which at the date of approving these financial statements amounts to £4.55m. Although the loan facilities are due for repayment in full starting from April 2025, The Nikka Whisky Distilling Co Limited has indicated its intention to continue to make available such funds as are needed by the company, and that it does not intend to seek repayment of the amounts for the period covered by the forecasts. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.
Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
Ben Nevis Distillery (Fort William) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
3
1.3
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the sale of cased goods is recognised when the goods are shipped. Bulk whisky revenue is recognised when the stock is dispatched or when ownership of the stock is transferred to the purchaser.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Trademarks and branding
10 years
1.5
Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is recognised so as to allocate the cost of assets less their residual value over their useful lives on the following bases:
Leasehold land and buildings
2% per annum straight line basis
Plant and equipment
10% per annum straight line basis
Fixtures and fittings
10% per annum straight line basis
Office equipment
20-33% per annum straight line basis
Motor vehicles
20% per annum straight line basis
Casks
10% per annum straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets in the course of construction are not depreciated.
Ben Nevis Distillery (Fort William) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
4
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads, including a proportion of warehousing costs during the three year maturation period.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Ben Nevis Distillery (Fort William) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
5
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Other financial liabilities, including debt instruments that do not meet the definition of a basic financial instrument, are measured at fair value through profit or loss.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Ben Nevis Distillery (Fort William) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
6
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Ben Nevis Distillery (Fort William) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
7
1.15
Government grants
Government grants are accounted for under the accruals model as permitted by FRS102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of comprehensive income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
2
Employees
The average monthly number of persons employed by the company during the year was:
2024
2023
Number
Number
Total
30
28
3
Intangible fixed assets
Trademarks and branding
£
Cost
At 1 January 2024 and 31 December 2024
103,007
Amortisation and impairment
At 1 January 2024
34,960
Amortisation charged for the year
10,301
At 31 December 2024
45,261
Carrying amount
At 31 December 2024
57,746
At 31 December 2023
68,047
Ben Nevis Distillery (Fort William) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
8
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Casks
Total
£
£
£
£
Cost
At 1 January 2024
1,811,074
3,315,387
2,137,587
7,264,048
Additions
254,164
7,860
262,024
Disposals
(78,452)
(78,452)
At 31 December 2024
1,811,074
3,491,099
2,145,447
7,447,620
Depreciation and impairment
At 1 January 2024
766,339
2,047,382
1,418,991
4,232,712
Depreciation charged in the year
36,222
221,648
112,090
369,960
Eliminated in respect of disposals
(78,452)
(78,452)
At 31 December 2024
802,561
2,190,578
1,531,081
4,524,220
Carrying amount
At 31 December 2024
1,008,513
1,300,521
614,366
2,923,400
At 31 December 2023
1,044,735
1,268,005
718,596
3,031,336
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
384,750
511,882
Amounts owed by group undertakings
689,909
506,775
Other debtors
132,798
108,596
1,207,457
1,127,253
Amounts owed by related parties are unsecured, interest free and repayable on demand.
Ben Nevis Distillery (Fort William) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
9
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
362,246
726,024
Amounts due to group undertakings
1,150,092
1,219,298
Corporation tax
98,204
72,228
Other taxation and social security
55,862
43,540
Other creditors
133,101
96,751
1,799,505
2,157,841
The amounts owed to group undertakings comprise loans of £1.150m which are unsecured, interest free and have no fixed terms of repayment. Also included are loans of £4.550m due to be repaid in lump sum payments in April 2025, May 2025, July 2025 and December 2025. These loans incur interest at SONIA plus 0.1% and are unsecured.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
4,587,462
4,590,078
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Fixed asset timing difference
412,098
425,362
Short term timing differences
(2,211)
(668)
409,887
424,694
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,100,000
1,100,000
1,100,000
1,100,000
Ben Nevis Distillery (Fort William) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
10
10
Revaluation reserve
2024
2023
£
£
At the beginning of the year
52,600
55,945
Transfer to retained earnings
(3,345)
(3,345)
At the end of the year
49,255
52,600
This reserve records the release of the revaluation reserve, created when the properties were revalued, in line with the property depreciation charge.
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Matthew Allan
Statutory Auditors:
Azets Audit Services
12
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
16,883
28,313
13
Parent company
The immediate parent undertaking is Demball Limited. Copies of Demball Limited's financial statements can be obtained from Companies House.
The ultimate holding company and controlling party is The Asahi Group Holdings Ltd, a company incorporated in Japan. The address where copies of the financial statements of The Asahi Group Holdings Ltd may be obtained is 23-1 Azumabashi I-Chome, Sumida-ku, Tokyo, 130-8602, Japan.
2024-12-312024-01-01false17 July 2025CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedHisayoshi SugawaraHisayoshi SugawarafalsefalseSC0226672024-01-012024-12-31SC022667bus:ChiefExecutive2024-01-012024-12-31SC022667bus:Director12024-01-012024-12-31SC022667bus:Director22024-01-012024-12-31SC022667bus:RegisteredOffice2024-01-012024-12-31SC022667bus:Agent12024-01-012024-12-31SC0226672024-12-31SC0226672023-12-31SC022667core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-12-31SC022667core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-12-31SC022667core:LandBuildings2024-12-31SC022667core:OtherPropertyPlantEquipment2024-12-31SC022667core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2024-12-31SC022667core:LandBuildings2023-12-31SC022667core:OtherPropertyPlantEquipment2023-12-31SC022667core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-12-31SC022667core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-31SC022667core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-31SC022667core:Non-currentFinancialInstrumentscore:AfterOneYear2024-12-31SC022667core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-31SC022667core:CurrentFinancialInstruments2024-12-31SC022667core:CurrentFinancialInstruments2023-12-31SC022667core:ShareCapital2024-12-31SC022667core:ShareCapital2023-12-31SC022667core:RevaluationReserve2024-12-31SC022667core:RevaluationReserve2023-12-31SC022667core:RetainedEarningsAccumulatedLosses2024-12-31SC022667core:RetainedEarningsAccumulatedLosses2023-12-31SC022667core:RevaluationReserve2023-12-31SC022667core:RevaluationReserve2022-12-31SC022667core:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-31SC022667core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-01-012024-12-31SC022667core:PlantMachinery2024-01-012024-12-31SC022667core:FurnitureFittings2024-01-012024-12-31SC022667core:ComputerEquipment2024-01-012024-12-31SC022667core:MotorVehicles2024-01-012024-12-31SC0226672023-01-012023-12-31SC022667core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-12-31SC022667core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-01-012024-12-31SC022667core:LandBuildings2023-12-31SC022667core:OtherPropertyPlantEquipment2023-12-31SC022667core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-12-31SC0226672023-12-31SC022667core:LandBuildings2024-01-012024-12-31SC022667core:OtherPropertyPlantEquipment2024-01-012024-12-31SC022667core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2024-01-012024-12-31SC022667core:WithinOneYear2024-12-31SC022667core:WithinOneYear2023-12-31SC022667core:Non-currentFinancialInstruments2024-12-31SC022667core:Non-currentFinancialInstruments2023-12-31SC022667core:RevaluationReserve2024-01-012024-12-31SC022667core:RevaluationReserve2023-01-012023-12-31SC022667bus:PrivateLimitedCompanyLtd2024-01-012024-12-31SC022667bus:SmallCompaniesRegimeForAccounts2024-01-012024-12-31SC022667bus:FRS1022024-01-012024-12-31SC022667bus:Audited2024-01-012024-12-31SC022667bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP