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REGISTERED NUMBER: SC141800 (Scotland)

| Unaudited Financial Statements |

| for the Year Ended 31 March 2025 |

| for |

| Adelphi Distillery Limited |

| Adelphi Distillery Limited (Registered number: SC141800) |

Contents of the Financial Statements

for the Year Ended 31 March 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| Adelphi Distillery Limited |

Company Information

for the Year Ended 31 March 2025

| DIRECTORS: | A V Bruce

| G J Hamilton

| A C Campbell

| C Mackenzie

| J H R Falconer

| G L Peterson

| REGISTERED OFFICE: | The Ardnamurchan Distillery

| Glenbeg

| Ardnamurchan

| Acharacle

| Argyll

| PH36 4JG

| REGISTERED NUMBER: | SC141800 (Scotland)

| ACCOUNTANTS: | A H & Co Ltd

| Chartered Accountants

| 6 Logie Mill

| Edinburgh

| Lothian

| EH7 4HG

| Adelphi Distillery Limited (Registered number: SC141800) |

Balance Sheet

31 March 2025

| 31.3.25 | 31.3.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | 49,425 |  | 58,648 |  |

Tangible assets | 5 | 263,288 |  | 291,428 |  |

Investments | 6 | 1,834,403 |  | 1,834,403 |  |

2,147,116 |  | 2,184,479 |  |

CURRENT ASSETS

Stocks | 7 | 2,539,957 |  | 2,192,377 |  |

Debtors | 8 | 12,231,926 |  | 11,915,534 |  |

Cash at bank and in hand | 260,617 |  | 476,676 |  |

15,032,500 |  | 14,584,587 |  |

CREDITORS

Amounts falling due within one year | 9 | 1,450,651 |  | 1,222,538 |  |

NET CURRENT ASSETS | 13,581,849 |  | 13,362,049 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 15,728,965 |  | 15,546,528 |  |

CREDITORS

Amounts falling due after more than one year | 10 | 6,153,016 |  | 5,698,017 |  |

NET ASSETS | 9,575,949 |  | 9,848,511 |  |

CAPITAL AND RESERVES

Called up share capital | 13 | 5,706,294 |  | 5,706,294 |  |

Share premium | 5,043,256 |  | 5,043,256 |  |

Share option reserve | 47,340 |  | 15,224 |  |

Retained earnings | (1,220,941 | ) | (916,263 | ) |

SHAREHOLDERS' FUNDS | 9,575,949 |  | 9,848,511 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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.

| Adelphi Distillery Limited (Registered number: SC141800) |

Balance Sheet - continued

31 March 2025

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 July 2025 and were signed on its behalf by:

A V Bruce - Director

| Adelphi Distillery Limited (Registered number: SC141800) |

Notes to the Financial Statements

for the Year Ended 31 March 2025

1. | STATUTORY INFORMATION

| Adelphi Distillery Limited 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 is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represent the fair value of services provided under contracts to the extent that there is a right to consideration and is recorded at fair value of the consideration received or receivable.

| Intangible fixed assets

| Intangible fixed assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and accumulated impairment losses. Depreciation is provided on all intangible fixed assets, at rates calculated to write off the cost, less residual value, of each asset on a straight line basis over it's expected useful life, as follows:

| Patents and licences |  | - |  | 50% on cost and 10% on cost |  |

| Development costs |  | - |  | 25% on cost |  |

| Computer software |  | - |  | 25% on cost |  |

| Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of it's useful life.

| Tangible fixed assets

| Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less residual value, of each asset on a straight line basis over it's expected useful life, as follows:

| Freehold property |  | - 5% on cost |  |

| Improvements to property |  | - 15% on cost |  |

| Plant and machinery |  | - 20% on cost |  |

| Fixtures and fittings |  | - 20% on cost |  |

| Motor vehicles |  | - 20% on cost |  |

| Computer equipment |  | - 25% on cost |  |

| Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost. After initial recognition, investment in subsidiary undertakings are measured at cost less any accumulated impairment losses.

| Investments

| Investments are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

| Stocks

| Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate.

| Adelphi Distillery Limited (Registered number: SC141800) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Hire purchase and leasing commitments

| Assets held under finance leases, hire purchases and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the profit and loss account over the period of the lease to produce a constant periodic rate of interest on the remaining balance of the liability.

| Share based payments

| The cost of share options granted to employees is calculated based on the fair value of the options at the date the shares were granted and is recognised on an annual basis throughout the anticipated vesting period. The associated cost is allocated to the income statement and a corresponding credit entry is recorded within the share option reserve.

| Provisions

| Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimates can be made of the amount of the obligation.

| The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.

| Financial instruments

| The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

| Exemption from preparing a cash flow statement

| Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 31 (2024 - 29 ) .

| Adelphi Distillery Limited (Registered number: SC141800) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

4. | INTANGIBLE FIXED ASSETS

| Patents |

| and |  | Development |  | Computer |

| licences |  | costs |  | software |  | Totals

£ | £ | £ | £ |

| COST

| At 1 April 2024

| and 31 March 2025 | 36,788 |  | 71,190 |  | 5,550 |  | 113,528 |  |

| AMORTISATION

| At 1 April 2024 | 29,449 |  | 22,656 |  | 2,775 |  | 54,880 |  |

| Amortisation for year | 1,616 |  | 6,219 |  | 1,388 |  | 9,223 |  |

| At 31 March 2025 | 31,065 |  | 28,875 |  | 4,163 |  | 64,103 |  |

| NET BOOK VALUE

| At 31 March 2025 | 5,723 |  | 42,315 |  | 1,387 |  | 49,425 |  |

| At 31 March 2024 | 7,339 |  | 48,534 |  | 2,775 |  | 58,648 |  |

5. | TANGIBLE FIXED ASSETS

| Improvements |

| Freehold |  | to |  | Plant and

| property |  | property |  | machinery

£ | £ | £ |

| COST

| At 1 April 2024 | 250,179 |  | 68,306 |  | 115,359 |  |

| Additions | - |  | 44,485 |  | 9,186 |  |

| At 31 March 2025 | 250,179 |  | 112,791 |  | 124,545 |  |

| DEPRECIATION

| At 1 April 2024 | 163,401 |  | 43,643 |  | 63,077 |  |

| Charge for year | 12,509 |  | 12,031 |  | 18,356 |  |

| At 31 March 2025 | 175,910 |  | 55,674 |  | 81,433 |  |

| NET BOOK VALUE

| At 31 March 2025 | 74,269 |  | 57,117 |  | 43,112 |  |

| At 31 March 2024 | 86,778 |  | 24,663 |  | 52,282 |  |

| Adelphi Distillery Limited (Registered number: SC141800) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

5. | TANGIBLE FIXED ASSETS - continued

| Fixtures |

| and |  | Motor |  | Computer |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 April 2024 | 35,383 |  | 169,900 |  | 4,206 |  | 643,333 |  |

| Additions | 1,526 |  | - |  | - |  | 55,197 |  |

| At 31 March 2025 | 36,909 |  | 169,900 |  | 4,206 |  | 698,530 |  |

| DEPRECIATION

| At 1 April 2024 | 27,824 |  | 50,776 |  | 3,184 |  | 351,905 |  |

| Charge for year | 7,026 |  | 32,890 |  | 525 |  | 83,337 |  |

| At 31 March 2025 | 34,850 |  | 83,666 |  | 3,709 |  | 435,242 |  |

| NET BOOK VALUE

| At 31 March 2025 | 2,059 |  | 86,234 |  | 497 |  | 263,288 |  |

| At 31 March 2024 | 7,559 |  | 119,124 |  | 1,022 |  | 291,428 |  |

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

| Motor

| vehicles

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 164,450 |  |

| DEPRECIATION

| At 1 April 2024 | 45,326 |  |

| Charge for year | 32,890 |  |

| At 31 March 2025 | 78,216 |  |

| NET BOOK VALUE

| At 31 March 2025 | 86,234 |  |

| At 31 March 2024 | 119,124 |  |

6. | FIXED ASSET INVESTMENTS

| Shares in |

| group |  | Other |

| undertakings |  | investments |  | Totals

£ | £ | £ |

| COST

| At 1 April 2024

| and 31 March 2025 | 1,832,200 |  | 2,203 |  | 1,834,403 |  |

| NET BOOK VALUE

| At 31 March 2025 | 1,832,200 |  | 2,203 |  | 1,834,403 |  |

| At 31 March 2024 | 1,832,200 |  | 2,203 |  | 1,834,403 |  |

| Adelphi Distillery Limited (Registered number: SC141800) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

6. | FIXED ASSET INVESTMENTS - continued

| The company's investments at the Balance Sheet date in the share capital of companies include the following:

| Adelphi Distillery (1826) Ltd

| Registered office: The Ardnamurchan Distillery, Glenbeg, Ardnamurchan, Acharacle, Argyll, PH36 4JG

| Nature of business: Whisky Distiller

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| 31.3.25 |  | 31.3.24

£ | £ |

| Aggregate capital and reserves | (580,417 | ) | (890,334 | ) |

| Profit for the year | 309,917 |  | 479,836 |  |

7. | STOCKS

| 31.3.25 |  | 31.3.24

£ | £ |

| Stocks | 2,539,957 |  | 2,192,377 |  |

8. | DEBTORS

| 31.3.25 |  | 31.3.24

£ | £ |

| Amounts falling due within one year:

| Trade debtors | 547,327 |  | 421,818 |  |

| Other debtors | 303,182 |  | 346,364 |  |

850,509 |  | 768,182 |  |

| Amounts falling due after more than one year:

| Amounts owed by group undertakings | 11,381,417 |  | 11,147,352 |  |

| Aggregate amounts | 12,231,926 |  | 11,915,534 |  |

9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.3.25 |  | 31.3.24

£ | £ |

| Hire purchase contracts (see note 11) | 24,014 |  | 24,014 |  |

| Trade creditors | 266,993 |  | 229,500 |  |

| Taxation and social security | 21,061 |  | - |  |

| Other creditors | 1,138,583 |  | 969,024 |  |

1,450,651 |  | 1,222,538 |  |

10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 31.3.25 |  | 31.3.24

£ | £ |

| Hire purchase contracts (see note 11) | 84,360 |  | 105,790 |  |

| Other creditors | 6,068,656 |  | 5,592,227 |  |

6,153,016 |  | 5,698,017 |  |

| Adelphi Distillery Limited (Registered number: SC141800) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

11. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

| 31.3.25 |  | 31.3.24 |

£ | £ |

| Net obligations repayable:

| Within one year | 24,014 |  | 24,014 |  |

| Between one and five years | 84,360 |  | 105,790 |  |

108,374 |  | 129,804 |  |

| Non-cancellable |

| operating leases |

| 31.3.25 |  | 31.3.24

£ | £ |

| Within one year | 23,101 |  | 17,976 |  |

| Between one and five years | 58,696 |  | 39,247 |  |

| In more than five years | 30,000 |  | 35,000 |  |

111,797 |  | 92,223 |  |

12. | SECURED DEBTS

| The following secured debts are included within creditors:

| 31.3.25 |  | 31.3.24

£ | £ |

| Raindance loan | 6,066,156 |  | 5,579,727 |  |

| Raindance Investments Limited holds a fixed and floating charge over the assets of the company and a negative pledge over the shares held in Adelphi Distillery (1826) Limited.

13. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.3.25 |  | 31.3.24

| value: | £ | £ |

| 5,653,796 | A Ordinary | £1 | 5,653,796 |  | 5,653,796 |  |

| 52,498 | B Ordinary | £1 | 52,498 |  | 52,498 |  |

5,706,294 |  | 5,706,294 |  |

| Adelphi Distillery Limited (Registered number: SC141800) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

14. | RELATED PARTY DISCLOSURES

| Related Party |  | Transaction |  | Value (2025) |  | Value (2024) |  | Balance receivable from/(payable to) related party as at 31.3.25 |  | Balance receivable from/(payable to) related party as at 31.3.24 |  |

|  | £ |  | £ |  | £ |  | £ |  |

| (1) Adelphi Distillery (1826) Limited |  | Inter Company Loan Balance |  | - |  | - |  | 11,381,417 |  | 11,147,352 |  |

|  | Purchases |  | (2,014,655) |  | (1,383,638) |  | - |  | - |  |

|  | Sales |  | - |  | 195,463 |  | - |  | - |  |

|  | Working capital transfer |  | 1,224,500 |  | 844,738 |  | - |  | - |  |

|  | Management charge |  | 48,000 |  | 48,000 |  | - |  | - |  |

|  | Visitor Centre rental charge |  | (50,000) |  | (50,000) |  | - |  | - |  |

|  | Loan interest |  | 558,090 |  | 542,203 |  | - |  | - |  |

| (2) Raindance Investments Limited |  | Loan interest on Raindance loan |  | (486,429) |  | (527,701) |  | (6,066,156) |  | (5,579,727) |  |

| (3) Broomhall Farm Partnership |  | Rent |  | (5,000) |  | (5,000) |  | - |  | - |  |

| (4) MacLean & Bruce |  | Sales |  | 36,159 |  | 3,513 |  | 432 |  | - |  |

| (5) Ardnamurchan Estate |  | Visitor Centre cost of sales |  | 8,813 |  | - |  | (752) |  | - |  |

| (1) Adelphi Distillery (1826) Limited is a subsidiary company.

| (2) Raindance Investments Limited is owned by a shareholder of the company.

| (3) A director of the company is related to a partner of Broomhall Farm Partnership.

| (4) A director's spouse is a director of MacLean & Bruce.

| (5) Ardnamurchan Estate is owned by a shareholder of the group.

15. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is D F Irwin Houston.

| Adelphi Distillery Limited (Registered number: SC141800) |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

16. | SHARE-BASED PAYMENT TRANSACTIONS

| There are currently two share option schemes in Adelphi Distillery Limited:

| Share Scheme 1

| During the year ended 31st March 2020, a total of 407,250 share options were granted to employees. The options have a long stop vesting period of ten years and are exercisable at a price of £1 per share. If the options remain unexercised after a period of ten years from the grant date, the options expire. Options are forfeited if the employee leaves the company before the options vest.

| 386,887 of these options were surrendered during the year ended 31st March 2024. The total cost recognised thus far in relation to these options is £133,132 and the accounts have been updated to eliminate this cost.

| In the year ended 31st March 2025, a further £2,036 (2024: £2,036) has been recognised in the loan due by the subsidiary company, Adelphi Distillery (1826) Limited, as the remaining options relate to an employee of the subsidiary.

| Share Scheme 2

| During the year ended 31st March 2024, a total of 613,887 of share options were granted to employees. The options have a long stop vesting period of ten years and are exercisable at a price of £1 per share. If the options remain unexercised after a period of ten years from the grant date, the options expire. Options are forfeited if the employee leaves the company before the options vest.

| In the year ended 31st March 2025, a total of £30,080 (2024: £6,181) has been recognised in the income statement in relation to share scheme two.