Company No: SC367429 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	22,062		28,939
Tangible assets	4	809,090		499,926
		831,152		528,865
Current assets
Stocks		291,623		266,860
Debtors
- due within one year	5	191,407		225,270
- due after more than one year	5	99,976		145,747
Cash at bank and in hand		31,425		17,304
		614,431		655,181
Creditors: amounts falling due within one year	6	( 605,332)		( 894,553)
Net current assets/(liabilities)		9,099		(239,372)
Total assets less current liabilities		840,251		289,493
Creditors: amounts falling due after more than one year	7	( 460,561)		( 255,845)
Net assets		379,690		33,648
Capital and reserves
Called-up share capital	8	29,544		29,544
Share premium account		546,156		546,156
Revaluation reserve		169,470		0
Equity reserve		218,145		0
Profit and loss account		( 583,625 )		( 542,052 )
Total shareholders' funds		379,690		33,648

For the financial year ending 30 September 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 Loch Lomond Brewery Limited (registered number: SC367429) were approved and authorised for issue by the Board of Directors on 23 June 2026. They were signed on its behalf by:

F MacEachern 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

Loch Lomond Brewery 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 Carn-Dearg,, Glen Luss, Luss, G83 8NY, 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 £.

Going concern

The directors have prepared the financial statements on a going concern basis.

In assessing the appropriateness of this basis, the directors have considered the company’s financial position, including its net asset position at the year end and its expected future cash flows.

The company has implemented cost control measures during the year which have improved margins, and management are actively executing a growth plan across both beer and spirits operations.

Included within creditors are balances of £136,003 due to key management personnel. The directors have confirmed that these amounts will not be repaid until the company has sufficient cash resources to do so.

Based on these factors, the directors have a reasonable expectation that the company will be able to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements, and therefore continue to adopt the going concern basis of preparation.

Turnover

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

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets

5 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	5 years straight line
Leasehold improvements	5 years straight line
Plant and machinery	10 - 20 years straight line
Vehicles	4 years straight line
Office equipment	4 years straight line
Computer equipment	3 years straight line

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.

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.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

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, other than those measured at fair value, 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 as described below.

Non-financial assets
At each balance sheet date, the Company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as 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. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

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 initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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 creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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.

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	16		13

3. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 October 2024	55,097		55,097
At 30 September 2025	55,097		55,097
Accumulated amortisation
At 01 October 2024	26,158		26,158
Charge for the financial year	6,877		6,877
At 30 September 2025	33,035		33,035
Net book value
At 30 September 2025	22,062		22,062
At 30 September 2024	28,939		28,939

4. Tangible assets

	Land and buildings		Leasehold improve- ments		Plant and machinery		Vehicles		Office equipment		Computer equipment		Total
	£		£		£		£		£		£		£
Cost
At 01 October 2024	17,505		51,703		912,426		43,693		14,329		2,026		1,041,682
Additions	0		2,277		183,979		0		0		292		186,548
Revaluations	0		0		225,960		0		0		0		225,960
At 30 September 2025	17,505		53,980		1,322,365		43,693		14,329		2,318		1,454,190
Accumulated depreciation
At 01 October 2024	17,505		35,100		438,789		35,221		13,664		1,477		541,756
Charge for the financial year	0		5,376		91,544		5,806		323		295		103,344
At 30 September 2025	17,505		40,476		530,333		41,027		13,987		1,772		645,100
Net book value
At 30 September 2025	0		13,504		792,032		2,666		342		546		809,090
At 30 September 2024	0		16,603		473,637		8,472		665		549		499,926

Plant and machinery is stated at revalued amount based on an assessment by the directors of fair value, having regard to the estimated open market value of comparable used assets, condition and remaining useful economic lives.

5. Debtors

	2025		2024
	£		£
Debtors: amounts falling due within one year
Trade debtors	179,353		219,017
Other debtors	12,054		6,253
	191,407		225,270
Debtors: amounts falling due after more than one year
Deferred tax asset	99,976		145,747

Of the £12,054 in other debtors, £7,795 is in relation to finance invoicing which is secured. Close Invoice Finance Ltd hold a floating charge over all the property or undertaking of the company.

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	29,713		27,844
Trade creditors	338,863		325,213
Other taxation and social security	91,797		106,310
Obligations under finance leases and hire purchase contracts	91,812		60,829
Other creditors	53,147		374,357
	605,332		894,553

The hire purchase creditor is secured against the corresponding plant and machinery.

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

	2025		2024
	£		£
Bank loans	25,865		55,576
Obligations under finance leases and hire purchase contracts	205,820		139,246
Other creditors	228,876		61,023
	460,561		255,845

The hire purchase creditor is secured against the corresponding plant and machinery.

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
28,285,457 A ordinary shares of £ 0.001 each	28,285		28,285
1,258,982 B ordinary shares of £ 0.001 each	1,259		1,259
	29,544		29,544

9. Financial commitments

Commitments

	2025		2024
	£		£
Total future minimum lease payments under non-cancellable operating leases	43,200		98,340

10. Related party transactions

Transactions with the entity's directors

	2025		2024
	£		£
Amounts owed to key management personnel	136,003		134,619

11. Events after the Balance Sheet date

Subsequent to the year end, on 23 February 2026, the company issued 1,299,286 ordinary shares of £0.001 each at a price of £0.16924 per share.

The majority of the proceeds relating to this share issue had been received prior to the year end and are included within equity reserves as advanced share subscription monies at 30 September 2025, with a small balance received post year end.