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Registration number: NI635249

Copeland Spirits Ltd
Unaudited Filleted Abridged Financial Statements
for the Year Ended 31 December 2025

Copeland Spirits Ltd

Contents

Company Information | 1
Accountants' Report | 2
Abridged Balance Sheet | 3 to 4
Notes to the Unaudited Abridged Financial Statements | 5 to 10

Copeland Spirits Ltd

Company Information

Directors | Mr Gareth Irvine Mr John Mark Prentice Mr Michael Dunlop

Registered office | The Copeland Distillery Manor Street Donaghadee BT21 0HF

Accountants | Hamilton Morris Waugh Chartered Certified Accountants34 Dufferin Avenue Bangor Down BT20 3AA

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Copeland Spirits Ltd
for the Year Ended 31 December 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Copeland Spirits Ltd for the year ended 31 December 2025 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants (ACCA), we are subject to its ethical and other professional requirements.

This report is made solely to the Board of Directors of Copeland Spirits Ltd, as a body, in accordance with the terms of our engagement letter dated 19 October 2016. Our work has been undertaken solely to prepare for your approval the accounts of Copeland Spirits Ltd and state those matters that we have agreed to state to the Board of Directors of Copeland Spirits Ltd, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Copeland Spirits Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Copeland Spirits Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Copeland Spirits Ltd. You consider that Copeland Spirits Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Copeland Spirits Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................
Hamilton Morris Waugh
Chartered Certified Accountants
34 Dufferin Avenue
Bangor
Down
BT20 3AA

27 February 2026

Copeland Spirits Ltd

(Registration number: NI635249)
Abridged Balance Sheet as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 4 | 36,670 | 43,408
Tangible assets | 5 | 216,131 | 261,464
|  | 252,801 | 304,872
Current assets |  |  |
Stocks | 6 | 2,358,405 | 1,906,838
Debtors |  | 249,278 | 136,011
Cash at bank and in hand |  | 14,951 | 116,137
|  | 2,622,634 | 2,158,986
Prepayments and accrued income |  | 6,086 | 26,739
Creditors: Amounts falling due within one year |  | (1,157,812) | (1,022,903)
Net current assets |  | 1,470,908 | 1,162,822
Total assets less current liabilities |  | 1,723,709 | 1,467,694
Creditors: Amounts falling due after more than one year |  | (878,837) | (1,763,831)
Accruals and deferred income |  | (494) | (462)
Net assets/(liabilities) |  | 844,378 | (296,599)
Capital and reserves |  |  |
Called up share capital | 7 | 1,313 | 1,177
Share premium reserve |  | 1,149,864 | 150,000
Retained earnings |  | (306,799) | (447,776)
Shareholders' funds/(deficit) |  | 844,378 | (296,599)

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 February 2026 and signed on its behalf by:

Copeland Spirits Ltd

(Registration number: NI635249)
Abridged Balance Sheet as at 31 December 2025

......................................... Mr Gareth Irvine Director

Copeland Spirits Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2025

1 | General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
The Copeland Distillery
Manor Street
Donaghadee
BT21 0HF
United Kingdom

These financial statements were authorised for issue by the Board on 27 February 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Copeland Spirits Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2025

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Leasehold improvements | 10 years straight line
Office Equipment | 25% Straight line
Plant and machinery | 20% Straight line
Other tangible assets - long life | 15 years straight line
Motor vehicles | 25% Reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Website development | 10 years straight line
Licenses | 10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Copeland Spirits Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2025

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Copeland Spirits Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2025

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 23 (2024 - 22).

4 | Intangible assets

| Total £
Cost or valuation
At 1 January 2025 | 67,380
At 31 December 2025 | 67,380
Amortisation
At 1 January 2025 | 23,972
Amortisation charge | 6,738
At 31 December 2025 | 30,710
Carrying amount
At 31 December 2025 | 36,670
At 31 December 2024 | 43,408

The aggregate amount of research and development expenditure recognised as an expense during the period is £117,830 (2024 - £225,811).

Copeland Spirits Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2025

5 | Tangible assets

| Land and buildings £ | Furniture, fittings and equipment £ | Motor vehicles £ | Other tangible assets £ | Total £
Cost or valuation
At 1 January 2025 | 306,002 | 29,123 | 103,349 | 185,392 | 623,866
Additions | - | 5,005 | - | 18,513 | 23,518
Disposals | - | - | (37,000) | - | (37,000)
At 31 December 2025 | 306,002 | 34,128 | 66,349 | 203,905 | 610,384
Depreciation
At 1 January 2025 | 124,287 | 23,902 | 51,354 | 162,859 | 362,402
Charge for the year | 24,090 | 3,671 | 11,373 | 16,384 | 55,518
Eliminated on disposal | - | - | (23,667) | - | (23,667)
At 31 December 2025 | 148,377 | 27,573 | 39,060 | 179,243 | 394,253
Carrying amount
At 31 December 2025 | 157,625 | 6,555 | 27,289 | 24,662 | 216,131
At 31 December 2024 | 181,715 | 5,221 | 51,995 | 22,533 | 261,464

Included within the net book value of land and buildings above is £112,041 (2024 - £125,061) in respect of freehold land and buildings and £45,584 (2024 - £56,653) in respect of long leasehold land and buildings.

Copeland Spirits Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2025

6 | Stocks

| 2025 £ | 2024 £
Work in progress | 2,358,405 | 1,906,838

7 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary share of £1 each | 1,313 | 1,313 | 1,177 | 1,177