Adelphi Distillery (1826) Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: SC384569 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

Adelphi Distillery (1826) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G J Hamilton

A C Campbell

C Mackenzie

J H R Falconer

A V Bruce

G L Peterson

REGISTERED OFFICE:

The Ardnamurchan Distillery

Glenbeg

Ardnamurchan

Acharacle

Argyll

PH36 4JG

REGISTERED NUMBER:

SC384569 (Scotland)

ACCOUNTANTS:

A H & Co Ltd

Chartered Accountants

6 Logie Mill

Edinburgh

Lothian

EH7 4HG

FIXED ASSETS

Intangible assets

4

128,796

131,181

Tangible assets

5

9,134,236

9,045,498

9,263,032

9,176,679

CURRENT ASSETS

Stocks

6

8,827,877

7,869,749

Debtors

7

47,802

71,678

Cash at bank

38,870

32,954

8,914,549

7,974,381

CREDITORS

Amounts falling due within one year

8

422,534

585,103

NET CURRENT ASSETS

8,492,015

7,389,278

TOTAL ASSETS LESS CURRENT
LIABILITIES

17,755,047

16,565,957

CREDITORS

Amounts falling due after more than one year

9

(18,133,921

)

(17,414,532

)

PROVISIONS FOR LIABILITIES

11

(201,543

)

(41,759

)

NET LIABILITIES

(580,417

)

(890,334

)

CAPITAL AND RESERVES

Called up share capital

12

65,000

Share premium

1,300,429

Retained earnings

(1,945,846

)

(2,255,763

)

SHAREHOLDERS' FUNDS

(580,417

)

(890,334

)

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.

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 Statement of Income and Retained Earnings 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

1.	STATUTORY INFORMATION

Adelphi Distillery (1826) 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.

The accounts have been prepared on a going concern basis, the acceptability of which is dependant on the continuing support of the company's parent company and other creditors.

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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any 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 licenses

-

50% on cost, 10% on cost and 1% on cost

Development costs

-

2% 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.

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

- 2% on cost

Plant and machinery

- 10% on cost, 5% on cost and 2.86 % on cost

Fixtures and fittings

- 20% on cost

Computer equipment

- 20% 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.

Impairment

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.

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.

The cost of closing stock is calculated with reference to the actual costs of production incurred during the year including raw materials, labour and storage costs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 the obligation and 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 10 (2024 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

Development

licences

costs

Totals

£

COST

At 1 April 2024

and 31 March 2025

151,484

9,133

160,617

AMORTISATION

At 1 April 2024

20,303

9,133

29,436

Amortisation for year

2,385

-

2,385

At 31 March 2025

22,688

9,133

31,821

NET BOOK VALUE

At 31 March 2025

128,796

-

128,796

At 31 March 2024

131,181

-

131,181

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

COST

At 1 April 2024

5,332,574

6,803,782

220,315

910

12,357,581

Additions

11,813

523,999

19,021

-

554,833

At 31 March 2025

5,344,387

7,327,781

239,336

910

12,912,414

DEPRECIATION

At 1 April 2024

975,457

2,172,766

163,132

728

3,312,083

Charge for year

102,074

336,495

27,344

182

466,095

At 31 March 2025

1,077,531

2,509,261

190,476

910

3,778,178

NET BOOK VALUE

At 31 March 2025

4,266,856

4,818,520

48,860

-

9,134,236

At 31 March 2024

4,357,117

4,631,016

57,183

182

9,045,498

Included in cost of land and buildings is freehold land of £ 242,862 (2024 - £ 242,862 ) which is not depreciated.

6.

STOCKS

31.3.25

31.3.24

£

Stocks

8,827,877

7,869,749

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

Trade debtors

4,919

41,288

Other debtors

42,883

30,390

47,802

71,678

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

Trade creditors

387,269

434,147

Taxation and social security

8,801

9,644

Other creditors

26,464

141,312

422,534

585,103

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

Trade creditors

5,198,027

4,642,458

Other creditors

12,935,894

12,772,074

18,133,921

17,414,532

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.3.25

31.3.24

£

Within one year

369,047

368,984

Between one and five years

1,485,237

1,604,918

In more than five years

1,857,836

2,101,653

3,712,120

4,075,555

11.	PROVISIONS FOR LIABILITIES

31.3.25

31.3.24

£

Deferred tax

201,543

41,759

Deferred

tax

£

Balance at 1 April 2024

41,759

Provided during year

159,784

Balance at 31 March 2025

201,543

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.25

31.3.24

value:

£

625

Ordinary A

£100

62,500

25

Ordinary B

£100

2,500

65,000

13.	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 Limited

Inter company
loan balance

-

(11,381,417)

(11,147,352)

Sales

2,014,655

1,383,638

-

Purchases

-

(195,463)

-

Working capital
transfer

(1,224,500)

(844,738)

-

Management
charge

(48,000)

-

Visitor Centre
rent

50,000

-

Loan interest

(558,090)

(542,203)

-

(2) Raindance Investments
Limited

Operational
loans

(564,109)

(673,128)

(4,806,917)

(4,242,808)

Interest on
operational loans

(393,329)

(393,854)

-

(3) Luna Limited

Base rent

(1,857)

(1,780)

-

(1,780)

(4) Woodland Renewables
Limited

Woodchip

(245,407)

(279,234)

(57,262)

(74,025)

Byproduct

(132,144)

(129,106)

(32,426)

(34,674)

Repairs

(480)

-

(5) Ardnamurchan Estates

Water charges

(24,784)

(31,301)

(4,315)

(4,518)

Warehousing

(341,559)

(327,477)

-

Production

(1,910)

(1,301)

650

-

Equipment

Interest

(5,565)

-

(5,565)

-

(6) MacLean & Bruce

Sales

76,933

662,580

-

(7) A L Macdonald

Purchases

(21,953)

(24,181)

-

(1,910)

(1) Adelphi Distillery Limited is the parent company of the group.

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

(3) Luna Limited is owned by a shareholder of the group.

(4) Woodland Renewables Limited is owned by a shareholder of the group.

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

(6) A director of MacLean & Bruce is the spouse of a director of the group.

(7) A L Macdonald is the spouse of a director of the group.

14.	ULTIMATE CONTROLLING PARTY

The controlling party is Adelphi Distillery Limited.

The ultimate controlling party is D F Irwin Houston.