REGISTERED NUMBER: SC454474 (Scotland)

Financial Statements for the Year Ended 31 December 2024

for

Dunnet Bay Distillers Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M J Murray

Mrs C M Murray

REGISTERED OFFICE:

Dunnet Bay Distillery

Dunnet

Thurso

Caithness

KW14 8XD

REGISTERED NUMBER:

SC454474 (Scotland)

ACCOUNTANTS:

Reid & Fraser

Chartered Accountants

15 Princes Street

Thurso

Caithness

KW14 7BQ

FIXED ASSETS

Intangible assets

4

-

2,901

Tangible assets

5

4,271,879

2,124,136

Investments

6

24,583

13,333

4,296,462

2,140,370

CURRENT ASSETS

Stocks

458,021

497,641

Debtors

7

374,266

384,530

Cash at bank and in hand

641,924

1,149,216

1,474,211

2,031,387

CREDITORS

Amounts falling due within one year

8

(323,835

)

(422,164

)

NET CURRENT ASSETS

1,150,376

1,609,223

TOTAL ASSETS LESS CURRENT LIABILITIES

5,446,838

3,749,593

CREDITORS

Amounts falling due after more than one year

9

(814,667

)

(63,408

)

ACCRUALS AND DEFERRED INCOME

11

(1,777,845

)

(1,196,457

)

NET ASSETS

2,854,326

2,489,728

CAPITAL AND RESERVES

Called up share capital

161

144

Share premium

2,600,581

1,904,808

Retained earnings

253,584

584,776

SHAREHOLDERS' FUNDS

2,854,326

2,489,728

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

M J Murray - Director

1.	STATUTORY INFORMATION

Dunnet Bay Distillers Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER

Turnover derives from the production and sale of gin and vodka, net of value added tax.

INTANGIBLE ASSETS

Product design costs are initially recognised at cost and are subsequently carried at cost less accumulated amortisation and accumulated impairment losses.These costs are amortised to profit or loss on a straight-line basis over 5 years.

Website design and film costs are initially recognised at cost and are subsequently carried at cost less accumulated amortisation and accumulated impairment losses.These costs are amortised to profit or loss on a straight-line basis over 3 years.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

4% straight line

Plant and machinery

-

10% straight line

Motor vehicles

-

20% straight line

Office equipment

-

20% straight line

Property development costs will not be depreciated until the asset comes into use.

INVESTMENTS IN ASSOCIATES

Investments in associate undertakings are recognised at cost.

STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

RESEARCH AND DEVELOPMENT

Research and development costs are incurred in respect of product development and are recognised in the profit and loss account in the year in which they are incurred.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

GOVERNMENT GRANTS

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by annual instalments.

Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 19 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

and 31 December 2024

18,909

AMORTISATION

At 1 January 2024

16,008

Charge for year

2,901

At 31 December 2024

18,909

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

2,901

5.	TANGIBLE FIXED ASSETS

Property

Freehold

development

Plant and

property

costs

machinery

£

£

£

COST

At 1 January 2024

578,934

1,579,062

280,779

Additions

18,291

1,504,608

681,825

At 31 December 2024

597,225

3,083,670

962,604

DEPRECIATION

At 1 January 2024

165,209

-

178,950

Charge for year

23,889

-

25,664

At 31 December 2024

189,098

-

204,614

NET BOOK VALUE

At 31 December 2024

408,127

3,083,670

757,990

At 31 December 2023

413,725

1,579,062

101,829

Motor

Office

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2024

47,464

24,663

2,510,902

Additions

-

300

2,205,024

At 31 December 2024

47,464

24,963

4,715,926

DEPRECIATION

At 1 January 2024

20,766

21,841

386,766

Charge for year

6,674

1,054

57,281

At 31 December 2024

27,440

22,895

444,047

NET BOOK VALUE

At 31 December 2024

20,024

2,068

4,271,879

At 31 December 2023

26,698

2,822

2,124,136

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2024

9,665

47,464

57,129

Transfer to ownership

(9,665

)

-

(9,665

)

At 31 December 2024

-

47,464

47,464

DEPRECIATION

At 1 January 2024

4,543

20,766

25,309

Charge for year

-

6,674

6,674

Transfer to ownership

(4,543

)

-

(4,543

)

At 31 December 2024

-

27,440

27,440

NET BOOK VALUE

At 31 December 2024

-

20,024

20,024

At 31 December 2023

5,122

26,698

31,820

6.	FIXED ASSET INVESTMENTS

Interest

in

associate

£

COST

At 1 January 2024

13,333

Additions

11,250

At 31 December 2024

24,583

NET BOOK VALUE

At 31 December 2024

24,583

At 31 December 2023

13,333

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

58,310

136,654

Amounts owed by associates

5,000

5,000

Other debtors

310,956

242,876

374,266

384,530

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

40,000

40,000

Hire purchase contracts

6,741

7,280

Trade creditors

265,404

353,103

Other creditors

11,690

21,781

323,835

422,164

Other creditors include £3,672 (2023 - £4,011) in respect of taxation and social security.

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 1-2 years

814,667

40,000

Bank loans - 2-5 years

-

16,667

Hire purchase contracts

-

6,741

814,667

63,408

10.	DEFERRED TAX

£

Balance at 1 January 2024

(83,967

)

Charge to Income Statement during year

79,996

Effect of losses c/f

(246,183

)

Balance at 31 December 2024

(250,154

)

11.	ACCRUALS AND DEFERRED INCOME

2024

2023

£

£

Accruals and deferred income

994,397

951,555

Deferred government grants

783,448

244,902

1,777,845

1,196,457

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

£

M J Murray and Mrs C M Murray

Balance outstanding at start of year

-

687

Amounts repaid

-

(687

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr & Mrs M Murray, who together own 60% of the issued share capital.