IRIS Accounts Production v26.1.10.61 SC199495 Board of Directors 1.1.25 31.12.25 31.12.25 5.6.26 true false true false false false true false Auditors Opinion iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh SC199495 2024-12-31 SC199495 2025-12-31 SC199495 2025-01-01 2025-12-31 SC199495 2023-12-31 SC199495 2024-01-01 2024-12-31 SC199495 2024-12-31 SC199495 ns15:Scotland 2025-01-01 2025-12-31 SC199495 ns14:PoundSterling 2025-01-01 2025-12-31 SC199495 ns10:Director1 2025-01-01 2025-12-31 SC199495 ns10:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 SC199495 ns10:SmallEntities 2025-01-01 2025-12-31 SC199495 ns10:Audited 2025-01-01 2025-12-31 SC199495 ns10:SmallCompaniesRegimeForDirectorsReport 2025-01-01 2025-12-31 SC199495 ns10:SmallCompaniesRegimeForAccounts 2025-01-01 2025-12-31 SC199495 ns10:FullAccounts 2025-01-01 2025-12-31 SC199495 1 2025-01-01 2025-12-31 SC199495 ns10:Director2 2025-01-01 2025-12-31 SC199495 ns10:RegisteredOffice 2025-01-01 2025-12-31 SC199495 ns5:CurrentFinancialInstruments 2025-12-31 SC199495 ns5:CurrentFinancialInstruments 2024-12-31 SC199495 ns5:Non-currentFinancialInstruments 2025-12-31 SC199495 ns5:Non-currentFinancialInstruments 2024-12-31 SC199495 ns5:ShareCapital 2025-12-31 SC199495 ns5:ShareCapital 2024-12-31 SC199495 ns5:SharePremium 2025-12-31 SC199495 ns5:SharePremium 2024-12-31 SC199495 ns5:FurtherSpecificReserve2ComponentTotalEquity 2025-12-31 SC199495 ns5:FurtherSpecificReserve2ComponentTotalEquity 2024-12-31 SC199495 ns5:RetainedEarningsAccumulatedLosses 2025-12-31 SC199495 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 SC199495 ns5:IntangibleAssetsOtherThanGoodwill 2025-01-01 2025-12-31 SC199495 ns5:PatentsTrademarksLicencesConcessionsSimilar 2025-01-01 2025-12-31 SC199495 ns5:OwnedOrFreeholdAssets ns5:LandBuildings 2025-01-01 2025-12-31 SC199495 ns5:ShortLeaseholdAssets ns5:LandBuildings 2025-01-01 2025-12-31 SC199495 ns5:PlantMachinery 2025-01-01 2025-12-31 SC199495 ns5:FurnitureFittings 2025-01-01 2025-12-31 SC199495 ns5:MotorVehicles 2025-01-01 2025-12-31 SC199495 ns5:PatentsTrademarksLicencesConcessionsSimilar 2024-12-31 SC199495 ns5:PatentsTrademarksLicencesConcessionsSimilar 2025-12-31 SC199495 ns5:PatentsTrademarksLicencesConcessionsSimilar 2024-12-31 SC199495 ns5:LandBuildings 2024-12-31 SC199495 ns5:ShortLeaseholdAssets ns5:LandBuildings 2024-12-31 SC199495 ns5:PlantMachinery 2024-12-31 SC199495 ns5:LandBuildings 2025-01-01 2025-12-31 SC199495 ns5:LandBuildings 2025-12-31 SC199495 ns5:ShortLeaseholdAssets ns5:LandBuildings 2025-12-31 SC199495 ns5:PlantMachinery 2025-12-31 SC199495 ns5:LandBuildings 2024-12-31 SC199495 ns5:ShortLeaseholdAssets ns5:LandBuildings 2024-12-31 SC199495 ns5:PlantMachinery 2024-12-31 SC199495 ns5:FurnitureFittings 2024-12-31 SC199495 ns5:MotorVehicles 2024-12-31 SC199495 ns5:FurnitureFittings 2025-12-31 SC199495 ns5:MotorVehicles 2025-12-31 SC199495 ns5:FurnitureFittings 2024-12-31 SC199495 ns5:MotorVehicles 2024-12-31 SC199495 ns5:CostValuation 2024-12-31 SC199495 ns5:Subsidiary1 2025-01-01 2025-12-31 SC199495 1 ns5:Subsidiary1 2025-01-01 2025-12-31 SC199495 ns5:Subsidiary2 2025-01-01 2025-12-31 SC199495 ns5:Subsidiary2 3 2025-01-01 2025-12-31 SC199495 ns5:Subsidiary3 2025-01-01 2025-12-31 SC199495 5 ns5:Subsidiary3 2025-01-01 2025-12-31 SC199495 ns5:Subsidiary4 2025-01-01 2025-12-31 SC199495 ns5:Subsidiary4 7 2025-01-01 2025-12-31 SC199495 ns5:Subsidiary5 2025-01-01 2025-12-31 SC199495 9 ns5:Subsidiary5 2025-01-01 2025-12-31 SC199495 ns5:Subsidiary6 2025-01-01 2025-12-31 SC199495 ns5:Subsidiary6 11 2025-01-01 2025-12-31 SC199495 ns5:Subsidiary7 2025-01-01 2025-12-31 SC199495 13 ns5:Subsidiary7 2025-01-01 2025-12-31 SC199495 ns5:Subsidiary8 2025-01-01 2025-12-31 SC199495 ns5:Subsidiary8 15 2025-01-01 2025-12-31 SC199495 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-12-31 SC199495 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-12-31 SC199495 ns5:CurrentFinancialInstruments 2025-01-01 2025-12-31 SC199495 ns5:Non-currentFinancialInstruments ns5:BetweenTwoFiveYears 2025-12-31 SC199495 ns5:Non-currentFinancialInstruments ns5:BetweenTwoFiveYears 2024-12-31 SC199495 ns5:WithinOneYear 2025-12-31 SC199495 ns5:WithinOneYear 2024-12-31 SC199495 ns5:BetweenOneFiveYears 2025-12-31 SC199495 ns5:BetweenOneFiveYears 2024-12-31 SC199495 ns5:AllPeriods 2025-12-31 SC199495 ns5:AllPeriods 2024-12-31 SC199495 ns5:Secured 2025-12-31 SC199495 ns5:Secured 2024-12-31

REGISTERED NUMBER: SC199495 (Scotland)

Financial Statements For The Year Ended 31 December 2025

for

Speyside Distillers Company Limited

| Speyside Distillers Company Limited (Registered number: SC199495) |

Contents of the Financial Statements

For The Year Ended 31 December 2025

Page |

| Company Information | 1 |

| Statement of Financial Position | 2 |

| Notes to the Financial Statements | 4 |

| Speyside Distillers Company Limited |

Company Information

For The Year Ended 31 December 2025

| DIRECTORS: | J McDonough

| Y H Ho

| REGISTERED OFFICE: | 197 Bath Street

| Glasgow

| G2 4HU

| REGISTERED NUMBER: | SC199495 (Scotland)

| INDEPENDENT AUDITORS: | Robb Ferguson

| Chartered Accountants & Statutory Auditors

| Regent Court

| 70 West Regent Street

| Glasgow

| G2 2QZ

| Speyside Distillers Company Limited (Registered number: SC199495) |

Statement of Financial Position

31 December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | 31,406 |  | 31,080 |  |

Tangible assets | 5 | 1,213,245 |  | 1,299,613 |  |

Investments | 6 | 39,700 |  | 39,700 |  |

1,284,351 |  | 1,370,393 |  |

CURRENT ASSETS

Stocks | 7 | 15,630,388 |  | 15,766,397 |  |

Debtors | 8 | 2,811,134 |  | 3,422,895 |  |

Investments | 9 | 8,800 |  | 8,800 |  |

Cash at bank and in hand | 153,607 |  | 173,390 |  |

18,603,929 |  | 19,371,482 |  |

CREDITORS

Amounts falling due within one year | 10 | 2,138,561 |  | 2,930,174 |  |

NET CURRENT ASSETS | 16,465,368 |  | 16,441,308 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 17,749,719 |  | 17,811,701 |  |

CREDITORS

Amounts falling due after more than one year | 11 | (11,004,191 | ) | (11,009,480 | ) |

PROVISIONS FOR LIABILITIES | (59,368 | ) | (77,165 | ) |

NET ASSETS | 6,686,160 |  | 6,725,056 |  |

CAPITAL AND RESERVES

Called up share capital | 9 |  | 9 |  |

Share premium | 671,243 |  | 671,243 |  |

Other reserves | 1,327,750 |  | 1,327,750 |  |

Retained earnings | 4,687,158 |  | 4,726,054 |  |

SHAREHOLDERS' FUNDS | 6,686,160 |  | 6,725,056 |  |

| Speyside Distillers Company Limited (Registered number: SC199495) |

Statement of Financial Position - continued

31 December 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 June 2026 and were signed on its behalf by:

J McDonough - Director

| Speyside Distillers Company Limited (Registered number: SC199495) |

Notes to the Financial Statements

For The Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Speyside Distillers Company 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.

| The presentation currency of the financial statements is the Pound Sterling (£).

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.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Turnover

| Turnover represents net invoiced sales of goods and services, excluding value added tax and trade discounts. Turnover is recognised when services are performed or goods are delivered.

| 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.

| Trademarks & licences are being amortised evenly over their estimated useful life of ten years.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Land | - | not depreciated

| Short leasehold | - | over the period of lease

| Fixed plant and equipment | - | 25% on cost, 25% on reducing balance and 5% on cost

| Fixtures and fittings | - | 25% on reducing balance and 15% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| Stocks

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

| Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. This includes borrowing costs attributable to bringing the product to its present condition.

| Financial instruments

| Financial instruments are initially measured at fair value at the date on which a contract is entered into and are subsequently measured at fair value through profit or loss.

| Speyside Distillers Company Limited (Registered number: SC199495) |

Notes to the Financial Statements - continued

For The Year Ended 31 December 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 that have been enacted or substantively enacted by the statement of financial position date.

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. Deferred tax is measured on a non-discounted basis.

| 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.

| Foreign currencies

| Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Operating leases

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

| 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.

| Investments

| Investments are recognised initially at cost value. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. This policy is not applied to immaterial investments, which are stated at cost.

| Loans

| Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value of the future payments discounted at a market rate of interest for a similar debt instrument.

| Loans and borrowings that are classified as payable or receivable within one year on initial recognition are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

| Debtors and creditors

| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 16 (2024 - 16 ) .

| Speyside Distillers Company Limited (Registered number: SC199495) |

Notes to the Financial Statements - continued

For The Year Ended 31 December 2025

4. | INTANGIBLE FIXED ASSETS

| Trademarks

| & licences

£ |

| COST

| At 1 January 2025 | 35,917 |  |

| Additions | 7,125 |  |

| Disposals | (3,154 | ) |

| At 31 December 2025 | 39,888 |  |

| AMORTISATION

| At 1 January 2025 | 4,837 |  |

| Amortisation for year | 3,671 |  |

| Eliminated on disposal | (26 | ) |

| At 31 December 2025 | 8,482 |  |

| NET BOOK VALUE

| At 31 December 2025 | 31,406 |  |

| At 31 December 2024 | 31,080 |  |

5. | TANGIBLE FIXED ASSETS

| Fixed

| Short |  | plant and

| Land |  | leasehold |  | equipment

£ | £ | £ |

| COST

| At 1 January 2025 | 935,856 |  | 200,328 |  | 1,268,811 |  |

| Disposals | - |  | - |  | (85,005 | ) |

| At 31 December 2025 | 935,856 |  | 200,328 |  | 1,183,806 |  |

| DEPRECIATION

| At 1 January 2025 | - |  | 143,239 |  | 1,034,648 |  |

| Charge for year | - |  | 15,999 |  | 27,156 |  |

| Eliminated on disposal | - |  | - |  | (77,896 | ) |

| At 31 December 2025 | - |  | 159,238 |  | 983,908 |  |

| NET BOOK VALUE

| At 31 December 2025 | 935,856 |  | 41,090 |  | 199,898 |  |

| At 31 December 2024 | 935,856 |  | 57,089 |  | 234,163 |  |

| Speyside Distillers Company Limited (Registered number: SC199495) |

Notes to the Financial Statements - continued

For The Year Ended 31 December 2025

5. | TANGIBLE FIXED ASSETS - continued

| Fixtures |

| and |  | Motor |

| fittings |  | vehicles |  | Totals

£ | £ | £ |

| COST

| At 1 January 2025 | 268,510 |  | 116,919 |  | 2,790,424 |  |

| Disposals | - |  | (84,952 | ) | (169,957 | ) |

| At 31 December 2025 | 268,510 |  | 31,967 |  | 2,620,467 |  |

| DEPRECIATION

| At 1 January 2025 | 226,587 |  | 86,337 |  | 1,490,811 |  |

| Charge for year | 7,094 |  | 2,304 |  | 52,553 |  |

| Eliminated on disposal | - |  | (58,246 | ) | (136,142 | ) |

| At 31 December 2025 | 233,681 |  | 30,395 |  | 1,407,222 |  |

| NET BOOK VALUE

| At 31 December 2025 | 34,829 |  | 1,572 |  | 1,213,245 |  |

| At 31 December 2024 | 41,923 |  | 30,582 |  | 1,299,613 |  |

| There is no depreciation included for Land in the accounts for the year ended 31 December 2025 as the cost relates to land purchased for development.

6. | FIXED ASSET INVESTMENTS

| Other

| investments

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 79,700 |  |

| PROVISIONS

| At 1 January 2025

| and 31 December 2025 | 40,000 |  |

| NET BOOK VALUE

| At 31 December 2025 | 39,700 |  |

| At 31 December 2024 | 39,700 |  |

| The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

| Speyside Distillery Company Limited

| Registered office: United Kingdom

| Nature of business: Non-trading company

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Speyside Distillers Company Limited (Registered number: SC199495) |

Notes to the Financial Statements - continued

For The Year Ended 31 December 2025

6. | FIXED ASSET INVESTMENTS - continued

| Speyside Bonding Company Limited

| Registered office: United Kingdom

| Nature of business: Non-trading company

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Forbes Ross & Company Limited

| Registered office: United Kingdom

| Nature of business: Whisky trademark owner

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Included in the cost of other investments is the sum of £5,000 in respect of the cost of the investment in Forbes Ross & Company Limited.

| Harvies of Edinburgh Limited

| Registered office: United Kingdom

| Nature of business: Non-trading company

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| The Scotch Whisky Heritage Centre Limited

| Registered office: United Kingdom

| Nature of business: Private trading company limited by share

| %

| Class of shares: | holding |

| Ordinary | 2.33 |

| Included in the cost of other investments is the sum of £34,700 in respect of the cost of the investment in The Scotch Whisky Heritage Centre Limited.

| Drumguish Distillery Company Limited

| Registered office: United Kingdom

| Nature of business: Non-trading company

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Speyside Spring Water Company Limited

| Registered office: United Kingdom

| Nature of business: Non-trading company

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Glentromie Distillery Company Limited

| Registered office: United Kingdom

| Nature of business: Non-trading company

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Investments have been shown at cost. As the investments are held in private limited companies, it is impracticable to measure fair value reliably without undue cost or effort.

| Speyside Distillers Company Limited (Registered number: SC199495) |

Notes to the Financial Statements - continued

For The Year Ended 31 December 2025

7. | STOCKS

2025 | 2024 |

£ | £ |

| Stock - whisky fillings | 14,077,916 |  | 14,289,614 |  |

| Materials and cased goods | 1,552,472 |  | 1,476,783 |  |

15,630,388 |  | 15,766,397 |  |

| The movement in borrowing costs included within stock during the year was £364,109 (2024: £220,860).

8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 2,172,460 |  | 1,644,426 |  |

| Other debtors | 15,834 |  | 14,254 |  |

| VAT | 80,745 |  | 99,055 |  |

| Prepayments and accrued income | 542,095 |  | 1,665,160 |  |

2,811,134 |  | 3,422,895 |  |

9. | CURRENT ASSET INVESTMENTS

2025 | 2024 |

£ | £ |

| Unlisted investments | 8,800 |  | 8,800 |  |

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

2025 | 2024 |

£ | £ |

| Trade creditors | 905,993 |  | 1,270,843 |  |

| Tax | 209,679 |  | 427,807 |  |

| Social security and other taxes | 18,972 |  | 22,071 |  |

| Other creditors | 800,185 |  | 800,227 |  |

| Accrued expenses | 198,442 |  | 403,936 |  |

| Deferred government grants | 5,290 |  | 5,290 |  |

2,138,561 |  | 2,930,174 |  |

| Other Creditors

| Over several years, the company has settled a small number of claims made by customers, in relation to whisky stored by the company on their behalf.

| The claims related to a period prior to 2012 when the company was under different ownership.

| A number of claims have also been dismissed, and settlements which have been made have been on a commercial basis.

| The directors consider that provision has been made in full against all claims which could be expected to be made in future years, and this provision (£800,185) is included in the financial statements as Other Creditors.

| Speyside Distillers Company Limited (Registered number: SC199495) |

Notes to the Financial Statements - continued

For The Year Ended 31 December 2025

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

2025 | 2024 |

£ | £ |

| Bank loans - 2-5 years | 11,000,000 |  | 11,000,000 |  |

| Deferred government grants | 4,191 |  | 9,480 |  |

11,004,191 |  | 11,009,480 |  |

12. | LEASING AGREEMENTS

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

2025 | 2024 |

£ | £ |

| Within one year | 28,933 |  | 65,846 |  |

| Between one and five years | 30,208 |  | 54,167 |  |

59,141 |  | 120,013 |  |

13. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank loans | 11,000,000 |  | 11,000,000 |  |

| The company's banking facilities are secured by a standard security over the assets, a counter indemnity and floating charge over the whole of the assets of the company.

| Speyside Distillers Company Limited (Registered number: SC199495) |

Notes to the Financial Statements - continued

For The Year Ended 31 December 2025

14. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was qualified on the following basis:

| Basis for qualified opinion

| We would draw your attention to Note 10 to the financial statements. In relation to the Other Creditors balance included within the financial statements (£800,185), we have not been able to obtain sufficient appropriate audit evidence in respect of the completeness of Other Creditors as this relates to potential future customer claims against the company which it is not possible to quantify at the date of signing of the financial statements. Consequently we were unable to determine whether any adjustment to this balance was necessary.

| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical

| requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note sixteen to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Those standards require us to comply with the Auditing Practices Board's (APB's) Ethical Standards for Auditors, including "APB Ethical Standard - Provisions available for Small Entities (Revised)", and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

| Matters required to report by exception

| Except for the matter described in the basis for qualified opinion section of our report, we have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

| - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

| - the financial statements are not in agreement with the accounting records and returns; or

| - certain disclosures of directors' remuneration specified by law are not made.

| - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

| Janice Alexander (Senior Statutory Auditor)

| for and on behalf of Robb Ferguson

| Speyside Distillers Company Limited (Registered number: SC199495) |

Notes to the Financial Statements - continued

For The Year Ended 31 December 2025

15. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| HOE International Limited

| Parent Company

| During the year total sales and expenses recharged to the parent company were £3,209,185 (2024 - £6,268,110). Goods and services recharged from the parent company in the year amounted to £123,408 (2024 - £327,901).

| At the year end there was an amount due from HOE International Limited of £1,940,301 (2024 - £2,654,213).

| Speyside Trading Company Limited

| Company with common director

| During the year total sales to Speyside Trading Company Limited amounted to £21,532 (2024 - £10).

| Goods and services recharged from the company in the year amounted to £nil (2024 - £6,752).

| At the year end there was an amount due from Speyside Trading Company Limited of £255,575 (2024 - £234,043).

16. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

| In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

17. | ULTIMATE PARENT COMPANY

| The ultimate parent company is Harvey's of Edinburgh International Ltd which is registered in Taiwan. Its registered office is 7F-1., No.151, Zhouzi St., Neihu Dist., Taipei City 114, Taiwan (R.O.C.).