Company registration number SC030676 (Scotland)
MCCALLUM STEWART LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
MCCALLUM STEWART LIMITED
COMPANY INFORMATION
Directors
David M Stewart
Christian C Stewart
Secretary
David M Stewart
Company number
SC030676
Registered office
34-36 Rose Street North Lane
EDINBURGH
EH2 2NP
Auditor
MMG Archbold Limited
4 Albert Place
PERTH
PH2 8JE
Business address
34-36 Rose Street North Lane
EDINBURGH
EH2 2NP
Solicitors
Ennova Law
26 George Square
EDINBURGH
EH8 9LD
MCCALLUM STEWART LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9 - 10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 35
MCCALLUM STEWART LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 1 -
The directors present the strategic report for the year ended 30 November 2024.
Review of the business
The results for the year and the financial position at the year end were considered satisfactory by the directors.
The operating profit of the group was £270,988 compared with £246,294 in 2023.
Principal risks and uncertainties
The company faces a number of business risks and uncertainties due to difficult trading conditions.
Development and performance
The directors anticipate the business environment will remain competitive. They believe that the company is in a good financial position and they remain confident that the company will continue to grow.
Christian C Stewart
Director
29 August 2025
MCCALLUM STEWART LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 2 -
The directors present their annual report and financial statements for the year ended 30 November 2024.
Principal activities
The principal activity of the company and group continued to be that of holding company and through its subsidiary companies, the ownership and management of licensed premises and farming.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £260,000. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
David M Stewart
Christian C Stewart
Auditor
In accordance with the company's articles, a resolution proposing that MMG Archbold Limited be reappointed as auditor of the group will be put at a General Meeting.
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 auditor of the company 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 auditor of the company is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Christian C Stewart
Director
29 August 2025
MCCALLUM STEWART LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
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 group and company, and of the profit or loss of the group 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;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
MCCALLUM STEWART LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MCCALLUM STEWART LIMITED
- 4 -
Opinion
We have audited the financial statements of McCallum Stewart Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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 group's and the parent company's affairs as at 30 November 2024 and of the group's loss 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 group and parent 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 group's and parent 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.
MCCALLUM STEWART LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MCCALLUM STEWART LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company 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 parent 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates;
We identified the laws and regulations applicable to the company through discussions with management and through our own knowledge of the industry.
We enquired with management about their own identification and assessment of the risk of irregularities;
MCCALLUM STEWART LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MCCALLUM STEWART LIMITED
- 6 -
We considered the opportunities that may exist within the organisation for fraud and identified the greatest risk in relation to revenue recognition, management override of internal controls and accuracy of consolidation adjustments. Our audit procedures to respond to these risks included, but were not limited to;
Reviewing the financial statement disclosure and testing of financial statement balances to supporting documentation;
We assessed the extent of compliance with the laws and regulations identified above through making enquiries with management, review of meeting minutes and inspecting legal correspondence;
We communicated relevant identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to any indications of fraud or non-compliance throughout the audit.
We performed analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatements due to fraud;
Testing journal entries to identify unusual transactions and evaluated the underlying rationale;
Evaluating evidence of any bias by the directors that may represent a material misstatement by comparing accounting estimates to the underlying supporting documentation and assessing the rationale applied;
Testing of consolidation adjustments, ensuring appropriate reconciliation and elimination of inter-group balances.
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. As a result of these, we considered the opportunities that may exist within the organisation for fraud and audit procedures were designed in response to the risks identified, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve, for example, forgery, deliberate concealment, or collusion.
As part of an audit in accordance with ISAs (UK), professional judgement was exercised, and professional scepticisms was maintained throughout the audit.
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.
This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Klarrisa Robertson FCCA (Senior Statutory Auditor)
For and on behalf of MMG Archbold Limited
29 August 2025
Chartered Accountants
Statutory Auditor
4 Albert Place
PERTH
PH2 8JE
MCCALLUM STEWART LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
5,731,221
5,468,640
Cost of sales
(3,477,798)
(3,431,118)
Gross profit
2,253,423
2,037,522
Distribution costs
(110,976)
(105,512)
Administrative expenses
(1,918,623)
(1,699,505)
Other operating income
47,164
13,789
Operating profit
4
270,988
246,294
Interest receivable and similar income
7
5,037
6,621
Interest payable and similar expenses
8
(131,913)
(150,109)
Profit before taxation
144,112
102,806
Tax on profit
9
(144,325)
(185,986)
Loss for the financial year
(213)
(83,180)
Loss for the financial year is attributable to:
- Owners of the parent company
2,377
(82,184)
- Non-controlling interests
(2,590)
(996)
(213)
(83,180)
MCCALLUM STEWART LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 8 -
2024
2023
£
£
Loss for the year
(213)
(83,180)
Other comprehensive income
Revaluation of tangible fixed assets
2,198,372
Cash flow hedges gain arising in the year
Tax relating to other comprehensive income
(204,731)
Other comprehensive income for the year
1,993,641
Total comprehensive income for the year
1,993,428
(83,180)
Total comprehensive income for the year is attributable to:
- Owners of the parent company
1,996,018
(82,184)
- Non-controlling interests
(2,590)
(996)
1,993,428
(83,180)
MCCALLUM STEWART LIMITED
GROUP BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
9,824,285
8,071,880
Investments
13
1,020
1,020
9,825,305
8,072,900
Current assets
Stocks
16
327,428
153,024
Debtors
17
190,220
218,430
Cash at bank and in hand
457,435
551,164
975,083
922,618
Creditors: amounts falling due within one year
18
(1,038,426)
(855,237)
Net current (liabilities)/assets
(63,343)
67,381
Total assets less current liabilities
9,761,962
8,140,281
Creditors: amounts falling due after more than one year
19
(1,301,714)
(1,627,410)
Provisions for liabilities
Deferred tax liability
21
1,038,909
824,960
(1,038,909)
(824,960)
Net assets
7,421,339
5,687,911
Capital and reserves
Called up share capital
23
50,798
50,798
Revaluation reserve
4,520,249
2,526,608
Other reserves
92,950
Profit and loss reserves
2,739,812
3,090,385
Equity attributable to owners of the parent company
7,403,809
5,667,791
Non-controlling interests
17,530
20,120
Total equity
7,421,339
5,687,911
MCCALLUM STEWART LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2024
30 November 2024
- 10 -
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 29 August 2025 and are signed on its behalf by:
29 August 2025
Christian C Stewart
Director
Company registration number SC030676 (Scotland)
MCCALLUM STEWART LIMITED
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2024
30 November 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
140,002
88,993
Investments
13
30,534
30,534
170,536
119,527
Current assets
Debtors
17
52,202
56,849
Creditors: amounts falling due within one year
18
(4,617)
(5,180)
Net current assets
47,585
51,669
Total assets less current liabilities
218,121
171,196
Provisions for liabilities
Deferred tax liability
21
34,460
16,498
(34,460)
(16,498)
Net assets
183,661
154,698
Capital and reserves
Called up share capital
23
50,536
50,536
Revaluation reserve
103,379
70,332
Profit and loss reserves
29,746
33,830
Total equity
183,661
154,698
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £255,916 (2023- £275,632).
These financial statements have been prepared 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 29 August 2025 and are signed on its behalf by:
29 August 2025
Christian C Stewart
Director
Company registration number SC030676 (Scotland)
MCCALLUM STEWART LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 12 -
Share capital
Revaluation reserve
Unrealised Fair Value Gains
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 December 2022
50,798
2,526,608
-
3,452,569
6,029,975
21,116
6,051,091
Year ended 30 November 2023:
Loss and total comprehensive income
-
-
-
(82,184)
(82,184)
(996)
(83,180)
Dividends
10
-
-
-
(280,000)
(280,000)
-
(280,000)
Balance at 30 November 2023
50,798
2,526,608
-
3,090,385
5,667,791
20,120
5,687,911
Year ended 30 November 2024:
Loss for the year
-
-
-
2,377
2,377
(2,590)
(213)
Other comprehensive income:
Revaluation of tangible fixed assets
-
2,198,372
-
-
2,198,372
-
2,198,372
Tax relating to other comprehensive income
-
(204,731)
-
(204,731)
-
(204,731)
Total comprehensive income
-
1,993,641
-
2,377
1,996,018
(2,590)
1,993,428
Dividends
10
-
-
-
(260,000)
(260,000)
-
(260,000)
Transfers
-
-
92,950
(92,950)
-
-
-
Balance at 30 November 2024
50,798
4,520,249
92,950
2,739,812
7,403,809
17,530
7,421,339
MCCALLUM STEWART LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 13 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2022
50,536
70,332
38,198
159,066
Year ended 30 November 2023:
Profit and total comprehensive income for the year
-
-
275,632
275,632
Dividends
10
-
-
(280,000)
(280,000)
Balance at 30 November 2023
50,536
70,332
33,830
154,698
Year ended 30 November 2024:
Profit for the year
-
-
255,916
255,916
Other comprehensive income:
Revaluation of tangible fixed assets
-
51,009
-
51,009
Tax relating to other comprehensive income
-
(17,962)
(17,962)
Total comprehensive income
-
33,047
255,916
288,963
Dividends
10
-
-
(260,000)
(260,000)
Balance at 30 November 2024
50,536
103,379
29,746
183,661
MCCALLUM STEWART LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
776,451
628,760
Interest paid
(131,913)
(150,109)
Income taxes paid
(8,304)
-
Net cash inflow from operating activities
636,234
478,651
Investing activities
Purchase of tangible fixed assets
(195,064)
(61,800)
Proceeds on disposal of tangible fixed assets
34,330
3,700
Receipts arising from loans made
(570)
5,537
Interest received
5,037
6,621
Net cash used in investing activities
(156,267)
(45,942)
Financing activities
Repayment of bank loans
(313,696)
(618,049)
Payment of finance leases obligations
-
(4,208)
Dividends paid to equity shareholders
(260,000)
(280,000)
Net cash used in financing activities
(573,696)
(902,257)
Net decrease in cash and cash equivalents
(93,729)
(469,548)
Cash and cash equivalents at beginning of year
551,164
1,020,712
Cash and cash equivalents at end of year
457,435
551,164
MCCALLUM STEWART LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Investing activities
Dividends received
260,000
280,000
Net cash generated from investing activities
260,000
280,000
Financing activities
Dividends paid to equity shareholders
(260,000)
(280,000)
Net cash used in financing activities
(260,000)
(280,000)
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
MCCALLUM STEWART LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 16 -
1
Accounting policies
Company information
McCallum Stewart Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is 34 - 36 Rose Street, North Lane, EDINBURGH, EH2 2NP.
The group consists of McCallum Stewart Limited and all of its subsidiaries.
1.1
Basis of preparation
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company McCallum Stewart Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 30 November 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
MCCALLUM STEWART LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5
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 goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.6
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition 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.
1.7
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 land and buildings
2% Straight line per annum
Land and buildings improvements
25% Straight line per annum
Plant and equipment
15% Reducing balance per annum
Fixtures and fittings
15% Reducing balance per annum
Motor vehicles
25% Straight line per annum
Cattle Herd
Nil
MCCALLUM STEWART LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 18 -
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 recognised in the profit and loss account.
1.8
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.9
Impairment of fixed assets
At each reporting period end date, the group 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.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
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.
MCCALLUM STEWART LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 19 -
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.
1.10
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.
Stock includes harvested crops (like grain in storage) and consumable farm supplies (such as feed, fertilisers, and sprays). These are valued at the lower of cost and net realisable value.
Cost: This includes all costs of purchase, costs of conversion, and other expenses necessary to bring stock to their current state and location. For harvested crops, this encompasses all cultivation costs up to the point of harvest.
Net Realisable Value: Defined as the estimated selling price in the ordinary course of business, less any estimated costs needed to complete and sell the stock.
The company's livestock, primarily cattle, are recorded as biological assets and valued at fair value less costs to sell. Fair value is assessed using prevailing market prices for similar animals, considering age, breed, and quality. Deductions for costs to sell may include commissions, levies, and other direct expenses related to the sale of livestock.
The valuation model applied relies on active and established markets to determine the fair value. Any gains or losses, whether from initial recognition or from changes in fair value less costs to sell, are recognised in the profit and loss account during the period in which they occur.
Arable crops, which include both growing and harvested crops, are treated as biological assets.
Growing Crops: These are measured at fair value less costs to sell at the point of harvest. Costs incurred for cultivation, such as seeds, fertilisers, and labour, are capitalised as a current asset under 'Work in Progress' until harvest.
Harvested Crops: Once harvested, crops held on the farm are valued at the lower of cost and net realisable value, following the inventory policy. After harvest, these crops are no longer classified as biological assets under FRS 102, but as inventory.
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.
1.11
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.
MCCALLUM STEWART LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.12
Financial instruments
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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.
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 group 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 group after deducting all of its liabilities.
MCCALLUM STEWART LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 21 -
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
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 group's contractual obligations expire or are discharged or cancelled.
1.13
Equity instruments
Equity instruments issued by the group 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 group.
1.14
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
MCCALLUM STEWART LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 22 -
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 if, and only if, there is 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.
1.15
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.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
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 leased asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.18
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.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
MCCALLUM STEWART LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 23 -
2
Judgements and key sources of estimation uncertainty
In the application of the group’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.
MCCALLUM STEWART LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 24 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Operation of Licenced Premises
5,633,839
5,289,285
Farming
97,383
179,355
5,731,222
5,468,640
2024
2023
£
£
Other revenue
Interest income
5,037
6,621
Grants received
23,425
-
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(23,425)
-
Fees payable to the group's auditor for the audit of the group's financial statements
2,016
2,128
Depreciation of owned tangible fixed assets
348,116
353,273
Loss on disposal of tangible fixed assets
258,586
-
Operating lease charges
157,847
143,494
5
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
4
4
2
2
Administration staff
2
2
-
-
Bar staff
77
66
-
-
Farming
1
1
-
-
Total
84
73
2
2
MCCALLUM STEWART LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
5
Employees
(Continued)
- 25 -
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,953,097
1,817,973
Social security costs
155,493
138,642
-
-
Pension costs
73,327
49,322
2,181,917
2,005,937
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
49,920
49,920
Company pension contributions to defined contribution schemes
333
416
50,253
50,336
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 1)
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
5,037
6,621
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
5,037
6,621
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
131,913
150,109
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
135,107
8,304
MCCALLUM STEWART LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
9
Taxation
2024
2023
£
£
(Continued)
- 26 -
Deferred tax
Origination and reversal of timing differences
9,218
(21,511)
Changes in tax rates
199,193
Total deferred tax
9,218
177,682
Total tax charge
144,325
185,986
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
144,112
102,806
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.01%)
36,028
23,656
Tax effect of expenses that are not deductible in determining taxable profit
749
666
Gains not taxable
(30,562)
Tax effect of utilisation of tax losses not previously recognised
(93,746)
Unutilised tax losses carried forward
14,700
Effect of change in corporation tax rate
-
199,193
Group relief
27,583
Permanent capital allowances in excess of depreciation
101,309
63,028
Other non-reversing timing differences
9,218
(21,511)
Taxation charge
144,325
185,986
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2024
2023
£
£
Deferred tax arising on:
Revaluation of property
204,731
-
MCCALLUM STEWART LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 27 -
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
260,000
280,000
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 December 2023 and 30 November 2024
113,629
Amortisation and impairment
At 1 December 2023 and 30 November 2024
113,629
Carrying amount
At 30 November 2024
At 30 November 2023
MCCALLUM STEWART LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 28 -
12
Tangible fixed assets
Group
Freehold land and buildings
Land and buildings improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Cattle Herd
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 December 2023
8,795,748
1,130,257
678,003
570,511
42,632
23,050
11,240,201
Additions
7,500
72,770
82,388
32,406
195,064
Disposals
(337,739)
(35,206)
(152,302)
(2,876)
(16,982)
(545,105)
Revaluation
1,108,765
1,108,765
Transfers
(23,050)
(23,050)
At 30 November 2024
9,574,274
1,167,821
525,701
650,023
58,056
11,975,875
Depreciation and impairment
At 1 December 2023
1,209,872
949,121
549,134
417,562
42,632
3,168,321
Depreciation charged in the year
167,374
96,569
19,093
60,354
4,726
348,116
Eliminated in respect of disposals
(69,510)
(35,206)
(150,718)
(2,823)
(16,982)
(275,239)
Revaluation
(1,089,608)
(1,089,608)
At 30 November 2024
218,128
1,010,484
417,509
475,093
30,376
2,151,590
Carrying amount
At 30 November 2024
9,356,146
157,337
108,192
174,930
27,680
9,824,285
At 30 November 2023
7,585,876
181,136
128,869
152,949
23,050
8,071,880
MCCALLUM STEWART LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 29 -
Company
Freehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost or valuation
At 1 December 2023
88,991
5,691
94,682
Revaluation
51,009
51,009
At 30 November 2024
140,000
5,691
145,691
Depreciation and impairment
At 1 December 2023 and 30 November 2024
5,689
5,689
Carrying amount
At 30 November 2024
140,000
2
140,002
At 30 November 2023
88,991
2
88,993
Freehold land and buildings with a carrying amount of £8,700,000 (2023 - £6,562,524) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.
Land and buildings with a carrying amount of £8,700,000 were revalued at 5 February 2025 by Graham & Sibbald, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
Freehold land and buildings
2024
2023
£
£
Group
Cost
94,705
94,705
Accumulated depreciation
(31,063)
(31,063)
Carrying value
63,642
63,642
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
30,534
30,534
Unlisted investments
1,020
1,020
1,020
1,020
30,534
30,534
MCCALLUM STEWART LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
13
Fixed asset investments
(Continued)
- 30 -
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 December 2023 and 30 November 2024
1,020
Carrying amount
At 30 November 2024
1,020
At 30 November 2023
1,020
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 December 2023 and 30 November 2024
30,534
Carrying amount
At 30 November 2024
30,534
At 30 November 2023
30,534
14
Subsidiaries
Details of the company's subsidiaries at 30 November 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
DM Stewart Limited
Scotland
Operation of bars
Ordinary
100.00
Ben Challum Limited
Scotland
Farming
Ordinary
99.03
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
DM Stewart Limited
5,644,103
270,846
Ben Challum Limited
1,694,739
MCCALLUM STEWART LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 31 -
15
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
47,229
70,038
52,100
56,747
Equity instruments measured at cost less impairment
1,020
1,020
-
-
Carrying amount of financial liabilities
Measured at amortised cost
1,967,872
2,267,710
4,617
5,180
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
219,825
58,650
-
-
Work in progress
11,805
6,692
-
-
Finished goods and goods for resale
95,798
87,682
327,428
153,024
-
-
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
27,597
23,948
Corporation tax recoverable
16,016
16,016
Amounts owed by group undertakings
-
9,996
52,100
56,747
Other debtors
22,416
63,585
Prepayments and accrued income
124,191
104,885
102
102
190,220
218,430
52,202
56,849
MCCALLUM STEWART LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 32 -
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
330,000
318,000
Trade creditors
238,683
236,362
Amounts owed to group undertakings
9,996
Corporation tax payable
135,107
8,304
Other taxation and social security
237,161
206,633
-
-
Other creditors
24,063
14,941
Accruals and deferred income
73,412
61,001
4,617
5,180
1,038,426
855,237
4,617
5,180
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
1,301,714
1,627,410
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,631,714
1,945,410
Payable within one year
330,000
318,000
Payable after one year
1,301,714
1,627,410
Bank borrowings are secured by a standard security over the Cumberland Bar, 1-3 Cumberland Street, Edinburgh, dated 2nd August 2012, Ryries Bar, 1 Haymarket Terrace, Edinburgh, dated 14 March 2020, & Guildford Arms, West Register Street, Edinburgh, dated 17 May 2021. A Bond and Floating charge over all property and assets of the company, dated 9 December 2006.
MCCALLUM STEWART LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 33 -
21
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
77,038
67,820
Revaluations
961,871
757,140
1,038,909
824,960
Liabilities
Liabilities
2024
2023
Company
£
£
Revaluations
34,460
16,498
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 December 2023
824,960
16,498
Charge to profit or loss
9,218
-
Charge to other comprehensive income
17,962
17,962
Charge to equity
186,769
-
Liability at 30 November 2024
1,038,909
34,460
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
73,327
49,322
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
50,536
50,536
50,536
50,536
MCCALLUM STEWART LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
23
Share capital
(Continued)
- 34 -
24
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
145,733
134,290
-
-
Between two and five years
509,808
450,093
-
-
In over five years
1,163,001
1,122,134
-
-
1,818,542
1,706,517
-
-
25
Directors' transactions
Dividends totalling £260,000 (2023 - £280,000) were paid in the year in respect of shares held by the company's directors.
26
Cash generated from group operations
2024
2023
£
£
Loss after taxation
(213)
(83,180)
Adjustments for:
Taxation charged
144,325
185,986
Finance costs
131,913
150,109
Investment income
(5,037)
(6,621)
Loss on disposal of tangible fixed assets
258,586
-
Depreciation and impairment of tangible fixed assets
348,116
353,273
Movements in working capital:
(Increase)/decrease in stocks
(174,404)
10,538
Decrease/(increase) in debtors
28,779
(67,589)
Increase in creditors
44,386
86,244
Cash generated from operations
776,451
628,760
MCCALLUM STEWART LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 35 -
27
Cash absorbed by operations - company
2024
2023
£
£
Profit for the year after tax
255,916
275,632
Adjustments for:
Investment income
(260,000)
(280,000)
Movements in working capital:
Decrease in debtors
4,647
4,286
(Decrease)/increase in creditors
(563)
82
Cash absorbed by operations
-
-
28
Analysis of changes in net debt - group
1 December 2023
Cash flows
30 November 2024
£
£
£
Cash at bank and in hand
551,164
(93,729)
457,435
Borrowings excluding overdrafts
(1,945,410)
313,696
(1,631,714)
(1,394,246)
219,967
(1,174,279)
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