Company No: SC261791 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	765,527		779,984
		765,527		779,984
Current assets
Stocks		326,847		263,317
Debtors	4	628,768		461,909
Cash at bank and in hand		18,887		23,327
		974,502		748,553
Creditors: amounts falling due within one year	5	( 664,294)		( 620,893)
Net current assets		310,208		127,660
Total assets less current liabilities		1,075,735		907,644
Creditors: amounts falling due after more than one year	6	( 107,923)		( 160,771)
Provision for liabilities		( 162,258)		( 81,727)
Net assets		805,554		665,146
Capital and reserves
Called-up share capital	7	6,041		6,041
Share premium account		0		996,246
Profit and loss account		799,513		( 337,141 )
Total shareholders' funds		805,554		665,146

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Stewart Brewing Limited (registered number: SC261791) were approved and authorised for issue by the Board of Directors on 01 December 2025. They were signed on its behalf by:

Mr S Stewart Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Stewart Brewing Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 3 Braid Mount Crest, Edinburgh, EH10 6JN, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Exchange differences are recognised in the Profit and Loss Account in the period in which they arise.

Turnover

Turnover represents amounts receivable for the production, manufacture and sale of beer net of VAT and trade discounts.

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 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.

Employee benefits

Short term 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.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs is the contributions payable in the financial year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	10 years straight line
Plant and machinery	3 - 10 years straight line
Vehicles	25 % reducing balance
Fixtures and fittings	3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts 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 (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) 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 leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account . There have been no impairments noted this year.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost comprises of direct materials.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditor and bank loans are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	50		49

3. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Fixtures and fittings		Total
	£		£		£		£		£
Cost
At 01 April 2024	0		2,295,912		250,519		47,580		2,594,011
Additions	31,775		88,595		29,558		10,483		160,411
Disposals	0		( 36,299)		( 9,500)		( 1,976)		( 47,775)
At 31 March 2025	31,775		2,348,208		270,577		56,087		2,706,647
Accumulated depreciation
At 01 April 2024	0		1,618,862		164,528		30,637		1,814,027
Charge for the financial year	231		133,377		24,549		13,772		171,929
Disposals	0		( 33,553)		( 9,307)		( 1,976)		( 44,836)
At 31 March 2025	231		1,718,686		179,770		42,433		1,941,120
Net book value
At 31 March 2025	31,544		629,522		90,807		13,654		765,527
At 31 March 2024	0		677,050		85,991		16,943		779,984

4. Debtors

	2025		2024
	£		£
Trade debtors	548,956		391,225
Amounts owed by related parties	9,950		0
Other debtors	69,862		70,684
	628,768		461,909

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	12,499		12,499
Trade creditors	133,589		106,142
Taxation and social security	185,235		201,258
Other creditors	332,971		300,994
	664,294		620,893

Bank loans of £12,499 (2024 - £12,499) are secured by way of a floating charge.

Included within Other creditors are obligations due under hire purchase of £55,808 (2024 - £65,217) which are secured over the assets to which they relate.

6. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans	63,538		76,037
Obligations under finance leases and hire purchase contracts	44,385		84,734
	107,923		160,771

Bank loans of £63,538 (2024 - £76,037) are secured by way of a floating charge.

Obligations under hire purchase £44,385 (2024 - £84,734 ) are secured over the assets to which they relate.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2025		2024
	£		£
Bank loans (secured / repayable by instalments)	13,541		26,040

7. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
500,100 Ordinary shares of £ 0.01 each	5,001		5,001
103,952 A Ordinary shares of £ 0.01 each	1,040		1,040
	6,041		6,041

8. Related party transactions

Transactions with owners holding a participating interest in the entity

	2025		2024
	£		£
Amounts owed by shareholders	9,950		0

The amount above is repayable on demand and does not bear any interest.

Transactions with the entity's directors

	2025		2024
	£		£
Amounts owed by key management personnel	9,950		0

Advances of £9,950 were made to a director, who is also a shareholder, during the year. The amount above is repayable on demand and does not bear any interest.