Company registration number SC134963 (Scotland)
ISLE OF ARRAN DISTILLERS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
ISLE OF ARRAN DISTILLERS LIMITED
COMPANY INFORMATION
Directors
L Auchincloss
E Mitchell
M Peirce
R Tully
Secretary
D G Mitchell
Company number
SC134963
Registered office
Lochranza
Isle Of Arran
Ayrshire
United Kingdom
KA27 8HJ
Auditor
Azets Audit Services
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
ISLE OF ARRAN DISTILLERS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 28
ISLE OF ARRAN DISTILLERS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The chairman presents his strategic report for the year ended 31 December 2024.
Review of the Business
The profit for the year end 31 December 2024 before taxation was £2,649,028 (2023 - £4,850,144) with a post taxation profit of £1,935,490 (2023 - £3,647,656).
Company turnover decreased in 2024 to £ 16,854,743 from £19,418,669 in 2023 and operating profit decreased by 31% (from £6,058,768 to £4,183,653).
Turnover of brand & distillery sales for the year (as set out in page 19 of the audited statements) decreased by 15% from 2023, from £16,921,025 to £14,357,128.
The reduction in company turnover from 2023 of 13% was as a result of the global downturn in Scotch whisky sales. The drop in demand was a direct result of over-stocking throughout the supply chain due to the spike in sale experienced during and immediately after the covid-19 pandemic. This re-balancing of inventory levels affected the entire premium spirits category, although the level of decrease in Arran portfolio sales was markedly lower than that experienced by other spirit brands. It is also important to stress we did not engage in any deep discounting during 2024 and we feel this puts our brands in a better position to bounce back more strongly as a result in the current year and beyond.
Japan bucked the negative trend in 2024 and remained our largest market for the second year running. There were also notable successes in the Netherlands, Austria, and Indonesia; but for most markets trading conditions were extremely challenging. France, China, Germany and Taiwan, usually four of our key markets, all struggled in the face of lower consumer demand and slow turnover of inventory. The downturn in sales also affected the UK, Belgium, and Canada, although to a lesser extent, with revenue slipping behind 2023 levels.
On a brighter note, sales of our flagship single malt, the Arran Malt 10 Years Old, increased versus 2023 which speaks volumes of the underlying strength of the brand. The primary issue facing sales last year was the softening of demand for super-premium expressions, such as the Arran Malt 25 Years Old, which had seen substantial growth over the preceding years.
The final quarter of 2024 did see a revival in sales, and this has continued into 2025 which gives grounds for optimism that we will see a return to growth in the current fiscal year. The evidence suggests that the dip experienced in 2024 was a short-term correction rather than symptomatic of a longer-term trend, and whilst trading conditions remain challenging, we are confident that the outlook for brand sales remains positive.
Visitor centre turnover increased by 1.2% over 2023, from £2,003,468 to £2,028,385. Whilst there remain challenges with transport to and from the Isle of Arran, the addition of the MV Glen Sannox to the ferry fleet in early 2025 has improved the service and will help to re-build confidence in the tourist sector. We are confident the new ferry will help to build visitor numbers at both Lagg and Lochranza Distillery Visitor Experiences.
Both Distillery sites were in production throughout 2024 and the value of maturing whisky stocks increased by £4.6M from £22,011,773 in 2023 to £26,655,185 (see note 12 on page 23).
ISLE OF ARRAN DISTILLERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Principal risks and uncertainties
Risk management is a key priority for the company, and we closely monitor this through internal controls, policies and procedures which are under regular review and subject to Board approval.
The principal risks facing the company are economic and political uncertainty, the sustainability of the supply chain and competition in the marketplace.
Financial Risks:
Currency – The company does not consider it efficient to hedge its exposure to foreign currency risk.
Liquidity – Headroom within a Barclays Bank PLC facility together with trading activities allows sufficient cash reserves for the short to medium term.
Credit Risk – The Company has no significant concentration of credit risk, with exposure spread over a number of customers.
Interest Rate Risk – The management team and board regularly review and assess this and will implement measures accordingly.
Key performance indicators
| Year ended 31 December 2024 | Year end 31 December 2023 |
| | |
Turnover increase / decrease | | |
| | |
| | |
| | |
| | |
All other key performance indicators are qualitative in nature and are assessed internally by the management team and the Board.
Future Developments
The primary focus of the company remains the production, marketing and selling of premium quality Single Malt Scotch Whisky
A return to growth for brand sales will be our primary focus in 2025 as these underpin the success of the company. We do expect certain markets, notably China, to remain flat as the challenges we faced last year have persisted into 2025. However, we have seen evidence of a partial recovery across our other key markets, and we will work closely with our distribution partners in these areas to maximise all opportunities for brand growth.
Consumer spending remains under pressure globally, and as a result our positioning for both the Arran and Lagg brands will focus on the combination of quality and affordability across our core portfolio. New expressions of the Lagg Single Malt are due for release in 2025 to raise brand awareness and highlight the consistent quality of this heavily-peated single malt. In addition, the Lochranza distillery will celebrate its 30th anniversary in 2025 and we will release a limited-edition Arran 30 Years Old to mark this occasion.
Despite the on-going economic and political challenges, we remain optimistic that both of our single malt brands will make progress in 2025 and that the company is on track to deliver growth in the long-term.
ISLE OF ARRAN DISTILLERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Other information and explanations
Environmental
The company will continue to explore solutions to reducing its carbon footprint as new and relevant ideas are presented and is fully supportive of the Environmental Strategy set out by the Scotch Whisky Association which aims to achieve net zero emissions by 2045. The local environment on Arran is of particular importance to the company and during 2024 a long-term partnership was established with the objective of restoring peatland on the island.
The Directors pay particular credit to the commitment demonstrated by all our staff throughout the year.
M Peirce
Director
28 June 2025
ISLE OF ARRAN DISTILLERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company continued to be that of production and supply of malt whisky.
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
L Auchincloss
E Mitchell
M Peirce
R Tully
Auditor
The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Strategic report
**The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of [xxx enter details as appropriate].
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
M Peirce
Director
28 June 2025
ISLE OF ARRAN DISTILLERS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
The directors are responsible for preparing the annual report 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.
ISLE OF ARRAN DISTILLERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ISLE OF ARRAN DISTILLERS LIMITED
- 6 -
Opinion
We have audited the financial statements of Isle Of Arran Distillers Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 31 December 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.
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 Auditor's 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
ISLE OF ARRAN DISTILLERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ISLE OF ARRAN DISTILLERS LIMITED
- 7 -
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 directors' report.
We have nothing to report in respect of the following matters in relation to which 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 directors' responsibilities statement, 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 is 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.
Auditor's 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 an auditor's report 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.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
ISLE OF ARRAN DISTILLERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ISLE OF ARRAN DISTILLERS LIMITED
- 8 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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 an auditor's report 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.
Victoria Walker
Senior Statutory Auditor
For and on behalf of Azets Audit Services
Chartered Accountants
Statutory Auditor
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
ISLE OF ARRAN DISTILLERS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
16,854,743
19,418,669
Cost of sales
(7,178,094)
(8,205,416)
Gross profit
9,676,649
11,213,253
Administrative expenses
(5,526,637)
(5,274,050)
Other operating income
33,641
119,565
Operating profit
4
4,183,653
6,058,768
Interest receivable and similar income
7
8,154
7,036
Interest payable and similar expenses
8
(1,542,779)
(1,215,660)
Profit before taxation
2,649,028
4,850,144
Tax on profit
9
(713,538)
(1,202,488)
Profit for the financial year
1,935,490
3,647,656
The profit and loss account has been prepared on the basis that all operations are continuing operations.
ISLE OF ARRAN DISTILLERS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
10
27,873
24,264
Tangible assets
11
31,083,990
30,496,673
31,111,863
30,520,937
Current assets
Stocks
12
29,915,872
24,615,806
Debtors
13
4,871,452
5,502,710
Cash at bank and in hand
2,129,202
1,541,882
36,916,526
31,660,398
Creditors: amounts falling due within one year
14
(2,877,954)
(3,867,278)
Net current assets
34,038,572
27,793,120
Total assets less current liabilities
65,150,435
58,314,057
Creditors: amounts falling due after more than one year
15
(24,401,728)
(19,625,492)
Provisions for liabilities
Deferred tax liability
17
(2,714,495)
(2,569,047)
Government grants
18
(748,659)
(769,455)
Net assets
37,285,553
35,350,063
Capital and reserves
Called up share capital
20
7,170,925
7,170,925
Share premium account
21
8,636,802
8,636,802
Revaluation reserve
22
2,620,970
2,620,970
Profit and loss reserves
23
18,856,856
16,921,366
Total equity
37,285,553
35,350,063
The financial statements were approved by the board of directors and authorised for issue on 28 June 2025 and are signed on its behalf by:
E Mitchell
M Peirce
Director
Director
Company Registration No. SC134963
ISLE OF ARRAN DISTILLERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
7,043,297
8,253,917
2,620,970
13,273,710
31,191,894
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
3,647,656
3,647,656
Issue of share capital
20
127,628
382,885
-
-
510,513
Balance at 31 December 2023
7,170,925
8,636,802
2,620,970
16,921,366
35,350,063
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
-
1,935,490
1,935,490
Balance at 31 December 2024
7,170,925
8,636,802
2,620,970
18,856,856
37,285,553
ISLE OF ARRAN DISTILLERS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
831,220
1,849,303
Interest paid
(48,313)
(199,418)
Income taxes paid
(761,865)
(707,046)
Net cash inflow from operating activities
21,042
942,839
Investing activities
Purchase of intangible assets
(12,514)
(10,665)
Purchase of tangible fixed assets
(1,992,262)
(3,135,038)
Proceeds from disposal of tangible fixed assets
29,769
41,276
Interest received
8,154
7,036
Net cash used in investing activities
(1,966,853)
(3,097,391)
Financing activities
Proceeds from issue of shares
510,513
Repayment of borrowings
(16,869)
(398,245)
Proceeds from new bank loans
3,300,000
2,677,800
Repayment of bank loans
(750,000)
(750,000)
Net cash generated from financing activities
2,533,131
2,040,068
Net increase/(decrease) in cash and cash equivalents
587,320
(114,484)
Cash and cash equivalents at beginning of year
1,541,882
1,656,366
Cash and cash equivalents at end of year
2,129,202
1,541,882
ISLE OF ARRAN DISTILLERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
1
Accounting policies
Company information
Isle Of Arran Distillers Limited is a private company limited by shares incorporated in Scotland. The registered office is Lochranza, Isle Of Arran, Ayrshire, United Kingdom, KA27 8HJ.
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.
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. The principal accounting policies adopted are set out below.
During the current period, there are reclassifications between cost of sales and administration costs in the comparative period. This has resulted in a reduction to cost of sales, and a corresponding increase to administration costs of £381,294, and a change in gross margin to 57.7% in comparison to the 2023 financial statements. There is no impact to previously reported operating profit, profit before or after tax, or to equity.
1.2
Going concern
We have reviewed the current and future financial position of the company. Such a review includes the examination of future cash flows, the liquidity position, the impact of financial covenants and rising interest rates.true
The directors regularly undertake a comprehensive review of all business risks and monitor its cash flow requirements very closely. At the date of signing, the company’s operations have remained profitable and continued to generate cash. The long term growth outlook has provided further assurance to the directors regarding its financial position.
Following our review, management have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. As such, we continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of cased goods is recognised when the goods are shipped. Revenue from the sale of bulk whisky is recognised when the stock is dispatched or when the ownership of stock is transferred to the purchaser. Revenue from the visitor centre is recognised at the point of sale.
ISLE OF ARRAN DISTILLERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
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:
Computer software
20% straight line
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation 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:
Freehold property
2% straight line
Plant & machinery
5% - 20% straight line
Motor vehicles
20% straight line
Casks
5% straight line
Freehold land is not depreciated.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
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.
1.7
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.
ISLE OF ARRAN DISTILLERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
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.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
For whisky stock, cost is defined as production cost, which includes direct costs such as purchase price of goods and indirect costs such as overheads. Overheads are capitalised by reference to the utilisation rate of each distillery, measured by the volume of spirit distilled over the maximum capacity of the distillery.
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.
1.9
Cash and cash equivalents
Cash and cash equivalents 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.
1.10
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 balance sheet 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.
ISLE OF ARRAN DISTILLERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, 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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
ISLE OF ARRAN DISTILLERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
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.
1.12
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 profit and loss account 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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.
ISLE OF ARRAN DISTILLERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.13
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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
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.
1.16
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
1.17
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Valuation of stock
The value of stock is measured by the production costs incurred during the period. Management use their judgement in identifying costs that are directly attributable in bringing inventories to their present location and condition. A degree of estimation is required in calculating the percentage of overhead costs applicable to inventory using capacity production reports.
ISLE OF ARRAN DISTILLERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
3
Turnover and other revenue
Turnover derives from the operation of a whisky distiller and Visitor Centre on Arran and the selling and marketing of Scotch Whisky.
2024
2023
£
£
Turnover analysed by class of business
Brand & distillery
14,357,128
16,921,025
Visitor centre
2,028,385
2,003,468
Mail order
469,230
494,176
16,854,743
19,418,669
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
4,717,974
4,481,583
EU
7,322,803
9,258,719
Americas
764,884
1,010,475
Asia, Middle East and Australasia
3,921,646
4,486,845
Others
127,436
181,047
16,854,743
19,418,669
2024
2023
£
£
Other revenue
Interest income
8,154
7,036
Grants received
31,781
20,796
Grant income in current and prior year includes the release of previously deferred grant income being amortised over the life of the tangible assets to which the support related.
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(31,781)
(20,796)
Fees payable to the company's auditor for the audit of the company's financial statements
27,270
25,250
Depreciation of owned tangible fixed assets
1,298,101
1,325,955
Loss on disposal of tangible fixed assets
77,075
129,921
Amortisation of intangible assets
8,905
6,933
Operating lease charges
73,969
60,704
ISLE OF ARRAN DISTILLERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Distillery
25
22
Visitor Centre
48
49
Office
16
15
Mail Order
4
3
Total
93
89
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
2,937,452
2,655,971
Social security costs
295,368
235,786
Pension costs
150,977
128,454
3,383,797
3,020,211
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
172,025
162,026
Company pension contributions to defined contribution schemes
9,300
8,700
181,325
170,726
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
8,154
7,036
ISLE OF ARRAN DISTILLERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
1,536,648
1,215,631
Other finance costs:
Other interest
6,131
29
1,542,779
1,215,660
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
495,287
856,283
Adjustments in respect of prior periods
72,803
(6,601)
Total current tax
568,090
849,682
Deferred tax
Origination and reversal of timing differences
222,583
346,676
Adjustment in respect of prior periods
(77,135)
6,130
Total deferred tax
145,448
352,806
Total tax charge
713,538
1,202,488
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
2,649,028
4,850,144
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
662,257
1,140,780
Tax effect of expenses that are not deductible in determining taxable profit
14,643
2,513
Tax effect of income not taxable in determining taxable profit
(2,746)
Adjustments in respect of prior years
(6,601)
Under/(over) provided in prior years
72,803
Deferred tax adjustments in respect of prior years
(77,135)
6,130
Fixed asset differences
43,716
39,151
Remeasurement of deferred tax for change in tax rates
20,515
Taxation charge for the year
713,538
1,202,488
ISLE OF ARRAN DISTILLERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
10
Intangible fixed assets
Goodwill
Computer software
Total
£
£
£
Cost
At 1 January 2024
60,289
192,461
252,750
Additions
12,514
12,514
At 31 December 2024
60,289
204,975
265,264
Amortisation and impairment
At 1 January 2024
60,289
168,197
228,486
Amortisation charged for the year
8,905
8,905
At 31 December 2024
60,289
177,102
237,391
Carrying amount
At 31 December 2024
27,873
27,873
At 31 December 2023
24,264
24,264
11
Tangible fixed assets
Freehold property
Plant & machinery
Motor vehicles
Casks
Total
£
£
£
£
£
Cost
At 1 January 2024
23,196,752
8,974,532
39,886
7,142,537
39,353,707
Additions
16,690
160,980
41,950
1,772,642
1,992,262
Disposals
(29,770)
(104,438)
(134,208)
At 31 December 2024
23,183,672
9,135,512
81,836
8,810,741
41,211,761
Depreciation and impairment
At 1 January 2024
2,582,027
4,336,868
39,886
1,898,253
8,857,034
Depreciation charged in the year
463,868
382,758
6,393
445,082
1,298,101
Eliminated in respect of disposals
(27,364)
(27,364)
At 31 December 2024
3,045,895
4,719,626
46,279
2,315,971
10,127,771
Carrying amount
At 31 December 2024
20,137,777
4,415,886
35,557
6,494,770
31,083,990
At 31 December 2023
20,614,725
4,637,664
5,244,284
30,496,673
ISLE OF ARRAN DISTILLERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
12
Stocks
2024
2023
£
£
Raw materials and consumables
- Packaging
522,769
370,752
- Maturing spirit
26,655,185
22,011,773
Finished goods and goods for resale
2,737,918
2,233,281
29,915,872
24,615,806
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,314,013
5,126,669
Other debtors
305,587
291,430
Prepayments and accrued income
251,852
84,611
4,871,452
5,502,710
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
16
250,000
750,000
Trade creditors
1,205,897
1,367,775
Corporation tax
245,346
439,121
Other taxation and social security
125,202
86,747
Other creditors
32,327
Accruals and deferred income
1,019,182
1,223,635
2,877,954
3,867,278
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
16
24,401,728
19,608,623
Other borrowings
16
16,869
24,401,728
19,625,492
ISLE OF ARRAN DISTILLERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
16
Loans and overdrafts
2024
2023
£
£
Bank loans
24,651,728
20,358,623
Other loans
16,869
24,651,728
20,375,492
Payable within one year
250,000
750,000
Payable after one year
24,401,728
19,625,492
The bank loans and overdraft are secured by a standard bond and floating charge over the assets of the company, and by a first standard security over heritable property and a bonded warehouse at Lochranza, Isle of Arran.
Bank loans consist of term loans and a revolving credit facility. Term loans to the value of £937,500 are repayable in August 2028 and interest is payable at a rate of 3.6%. A revolving credit facility to the value of £23,714,228 is held as due in more than one year and interest is payable at a rate of 1.4% over base rate.
17
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 differences
2,715,727
2,570,279
Short term timing differences
(1,232)
(1,232)
2,714,495
2,569,047
2024
Movements in the year:
£
Liability at 1 January 2024
2,569,047
Charge to profit or loss
145,448
Liability at 31 December 2024
2,714,495
ISLE OF ARRAN DISTILLERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
18
Government grants
2024
2023
£
£
Arising from government grants
748,659
769,455
Deferred grant income relates to support in relation to freehold property. Grants are being amortised in line with the life of the assets to which the support relates.
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
150,977
128,454
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in independently administered funds.
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 50p each
2,258,644
2,258,644
1,129,322
1,129,322
Ordinary B shares of 25p each
24,173,597
24,173,597
6,041,603
6,041,603
26,432,241
26,432,241
7,170,925
7,170,925
The Company has two classes of ordinary shares, where both classes have identical rights as regards to income and voting rights. On return of assets (on liquidation or otherwise) the surplus assets of the Company remaining after the payment of its liabilities shall be applied in paying to the holders of the "A" Ordinary Shares and the "B" Ordinary Shares a sum equivalent to the nominal value of each class of share.
21
Share premium account
2024
2023
£
£
At the beginning of the year
8,636,802
8,253,917
Issue of new shares
382,885
At the end of the year
8,636,802
8,636,802
Share premium includes any premium received on issue of share capital. Any transaction costs associated with the issuing of shares is deducted from the share premium.
ISLE OF ARRAN DISTILLERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
22
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
2,620,970
2,620,970
The balance held in this reserve is in regards to previously revalued freehold property, adopted as deemed cost on transition to FRS102.
23
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
16,921,366
13,273,710
Profit for the year
1,935,490
3,647,656
At the end of the year
18,856,856
16,921,366
24
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
37,093
36,936
Between two and five years
2,521
39,614
36,936
25
Capital commitments
Amounts contracted for but not provided in the financial statements:
2024
2023
£
£
Acquisition of tangible fixed assets
285,980
-
Capital commitments at the year end represent distillery investments in long lead time items, all of which were delivered and installed January 2025.
26
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
ISLE OF ARRAN DISTILLERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
26
Related party transactions
(Continued)
- 27 -
Purchases
Purchases
2024
2023
£
£
Other related parties
43,000
-
Interest charges
2024
2023
£
£
Other related parties
-
24,310
The related party cost in 2023 was in relation to a loan that was settled in December 2023.
27
Ultimate controlling party
The company is under the control of L Auchincloss by virtue of his controlling party interest in the company.
28
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
1,935,490
3,647,656
Adjustments for:
Taxation charged
713,538
1,202,488
Finance costs
1,791,418
1,215,660
Investment income
(8,154)
(7,036)
Loss on disposal of tangible fixed assets
77,075
129,921
Amortisation and impairment of intangible assets
8,905
6,933
Depreciation and impairment of tangible fixed assets
1,298,101
1,325,955
Decrease in deferred income
(20,796)
(20,796)
Movements in working capital:
Increase in stocks
(5,300,066)
(4,779,914)
Decrease/(increase) in debtors
631,258
(906,996)
(Decrease)/increase in creditors
(295,549)
35,432
Cash generated from operations
831,220
1,849,303
ISLE OF ARRAN DISTILLERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
29
Analysis of changes in net debt
1 January 2024
Cash flows
Interest & charges accrued
31 December 2024
£
£
£
£
Cash at bank and in hand
1,541,882
587,320
-
2,129,202
Borrowings excluding overdrafts
(20,375,492)
(2,550,000)
(1,726,236)
(24,651,728)
(18,833,610)
(1,962,680)
(1,726,236)
(22,522,526)
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