Company registration number SC030676 (Scotland)
MCCALLUM STEWART LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
MCCALLUM STEWART LIMITED
COMPANY INFORMATION
Directors
David M Stewart
Christian C Stewart
Secretary
David M Stewart
Company number
SC030676
Registered office
34-36 Rose Street North Lane
EDINBURGH
EH2 2NP
Auditor
MMG Audit Limited
4 Albert Place
Perth
PH2 8JE
Business address
34-36 Rose Street North Lane
EDINBURGH
EH2 2NP
Solicitors
Ennova Law
26 George Square
EDINBURGH
EH8 9LD
MCCALLUM STEWART LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9 - 10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 34
MCCALLUM STEWART LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 1 -

The directors present the strategic report for the year ended 30 November 2025.

Review of the business

The results for the year and the financial position at the year end were considered satisfactory by the directors.

The operating profit of the group was £680,929 compared with £270,988 in 202 4.

Principal risks and uncertainties

The company faces a number of business risks and uncertainties due to difficult trading conditions.

Development and performance

The directors anticipate the business environment will remain competitive. They believe that the company is in a good financial position and they remain confident that the company will continue to grow.

On behalf of the board

Christian C Stewart
Director
24 July 2026
MCCALLUM STEWART LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 2 -

The directors present their annual report and financial statements for the year ended 30 November 2025.

Principal activities

The principal activity of the company and group continued to be that of holding company and through its subsidiary compan ies, the ownership and management of licensed premises and farming. The current farming business ceased at 30 November 2025, with the company intending to move to a contract farming model in the near future.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £360,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

David M Stewart
Christian C Stewart
Auditor

In accordance with the company's articles, a resolution proposing that MMG Audit Limited be reappointed as auditor of the group will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the small companies regime.

On behalf of the board
Christian C Stewart
Director
24 July 2026
MCCALLUM STEWART LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and parent company, and of the profit or loss of the group for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MCCALLUM STEWART LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MCCALLUM STEWART LIMITED
- 4 -
Opinion

We have audited the financial statements of McCallum Stewart Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 30 November 2025 and of the group's profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

MCCALLUM STEWART LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MCCALLUM STEWART LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report and the directors' r eport.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates;

- We identified the laws and regulations applicable to the company through discussions with management and through our own knowledge of the industry.

- We enquired with management about their own identification and assessment of the risk of irregularities;

MCCALLUM STEWART LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MCCALLUM STEWART LIMITED
- 6 -

We considered the opportunities that may exist within the organisation for fraud and identified the greatest risk in relation to revenue recognition, management override of internal controls and accuracy of consolidation adjustments. Our audit procedures to respond to these risks included, but were not limited to;

- Reviewing the financial statement disclosure and testing of financial statement balances to supporting documentation;

- We assessed the extent of compliance with the laws and regulations identified above through making enquiries with management, review of meeting minutes and inspecting legal correspondence;

- We communicated relevant identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to any indications of fraud or non-compliance throughout the audit.

- We performed analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatements due to fraud;

- Testing journal entries to identify unusual transactions and evaluated the underlying rationale;

- Evaluating evidence of any bias by the directors that may represent a material misstatement by comparing accounting estimates to the underlying supporting documentation and assessing the rationale applied;

- Testing of consolidation adjustments, ensuring appropriate reconciliation and elimination of inter-group balances.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities including those leading to a material misstatement in the financial statements or non-compliance with regulation. As a result of these, we considered the opportunities that may exist within the organisation for fraud and audit procedures were designed in response to the risks identified, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve, for example, forgery, deliberate concealment, or collusion.

As part of an audit in accordance with ISAs (UK), professional judgement was exercised, and professional scepticisms was maintained throughout the audit.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

This report is made solely to the parent company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Derek Grant CA (Senior Statutory Auditor)
For and on behalf of MMG Audit Limited
24 July 2026
Chartered Accountants
Statutory Auditor
4 Albert Place
Perth
PH2 8JE
MCCALLUM STEWART LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
6,505,658
5,731,221
Cost of sales
(4,042,064)
(3,477,798)
Gross profit
2,463,594
2,253,423
Distribution costs
(49,006)
(110,976)
Administrative expenses
(1,784,864)
(1,918,623)
Other operating income
51,205
47,164
Operating profit
4
680,929
270,988
Interest receivable and similar income
7
4,863
5,037
Interest payable and similar expenses
8
(103,095)
(131,913)
Profit before taxation
582,697
144,112
Tax on profit
9
(145,094)
(144,325)
Profit/(loss) for the financial year
437,603
(213)
Profit/(loss) for the financial year is attributable to:
- Owners of the parent company
437,112
2,377
- Non-controlling interests
491
(2,590)
437,603
(213)
MCCALLUM STEWART LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 8 -
2025
2024
£
£
Profit/(loss) for the year
437,603
(213)
Other comprehensive income
Revaluation of tangible fixed assets
-
0
2,198,372
Cash flow hedges gain arising in the year
-
0
-
0
Tax relating to other comprehensive income
-
0
(204,731)
Other comprehensive income for the year
-
0
1,993,641
Total comprehensive income for the year
437,603
1,993,428
Total comprehensive income for the year is attributable to:
- Owners of the parent company
437,112
1,996,018
- Non-controlling interests
491
(2,590)
437,603
1,993,428
MCCALLUM STEWART LIMITED
GROUP BALANCE SHEET
AS AT 30 NOVEMBER 2025
30 November 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
9,440,621
9,824,285
Investments
13
1,020
1,020
9,441,641
9,825,305
Current assets
Stocks
16
86,391
327,428
Debtors
17
171,988
190,220
Cash at bank and in hand
1,038,947
457,435
1,297,326
975,083
Creditors: amounts falling due within one year
18
(752,841)
(1,038,426)
Net current assets/(liabilities)
544,485
(63,343)
Total assets less current liabilities
9,986,126
9,761,962
Creditors: amounts falling due after more than one year
19
(1,472,262)
(1,301,714)
Provisions for liabilities
Deferred tax liability
21
1,014,922
1,038,909
(1,014,922)
(1,038,909)
Net assets
7,498,942
7,421,339
Capital and reserves
Called up share capital
23
50,798
50,798
Revaluation reserve
4,520,249
4,520,249
Other reserves
-
0
92,950
Profit and loss reserves
2,909,874
2,739,812
Equity attributable to owners of the parent company
7,480,921
7,403,809
Non-controlling interests
18,021
17,530
Total equity
7,498,942
7,421,339
MCCALLUM STEWART LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2025
30 November 2025
- 10 -

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 24 July 2026 and are signed on its behalf by:
24 July 2026
Christian C Stewart
Director
Company registration number SC030676 (Scotland)
MCCALLUM STEWART LIMITED
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2025
30 November 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
140,002
140,002
Investments
13
30,534
30,534
170,536
170,536
Current assets
Debtors
17
47,408
52,202
Creditors: amounts falling due within one year
18
(5,515)
(4,617)
Net current assets
41,893
47,585
Total assets less current liabilities
212,429
218,121
Provisions for liabilities
Deferred tax liability
21
34,460
34,460
(34,460)
(34,460)
Net assets
177,969
183,661
Capital and reserves
Called up share capital
23
50,536
50,536
Revaluation reserve
103,379
103,379
Profit and loss reserves
24,054
29,746
Total equity
177,969
183,661

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £354,308 (202 4 - £255,916).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 24 July 2026 and are signed on its behalf by:
24 July 2026
Christian C Stewart
Director
Company registration number SC030676 (Scotland)
MCCALLUM STEWART LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 12 -
Share capital
Revaluation reserve
Unrealised Fair Value Gains
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 December 2023
50,798
2,526,608
-
3,090,385
5,667,791
20,120
5,687,911
Year ended 30 November 2024:
Loss for the year
-
-
-
2,377
2,377
(2,590)
(213)
Other comprehensive income:
Revaluation of tangible fixed assets
-
2,198,372
-
-
2,198,372
-
2,198,372
Tax relating to other comprehensive income
-
(204,731)
-
-
0
(204,731)
-
(204,731)
Total comprehensive income
-
1,993,641
-
2,377
1,996,018
(2,590)
1,993,428
Dividends
10
-
-
-
(260,000)
(260,000)
-
(260,000)
Transfers
-
-
92,950
(92,950)
-
-
-
Balance at 30 November 2024
50,798
4,520,249
92,950
2,739,812
7,403,809
17,530
7,421,339
Year ended 30 November 2025:
Profit and total comprehensive income
-
-
-
437,112
437,112
491
437,603
Dividends
10
-
-
-
(360,000)
(360,000)
-
(360,000)
Other movements
-
-
(92,950)
92,950
92,048
902
-
Balance at 30 November 2025
50,798
4,520,249
-
2,909,874
7,480,921
18,923
7,498,942
MCCALLUM STEWART LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 13 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2023
50,536
70,332
33,830
154,698
Year ended 30 November 2024:
Profit for the year
-
-
255,916
255,916
Other comprehensive income:
Revaluation of tangible fixed assets
-
51,009
-
51,009
Tax relating to other comprehensive income
-
(17,962)
-
0
(17,962)
Total comprehensive income
-
33,047
255,916
288,963
Dividends
10
-
-
(260,000)
(260,000)
Balance at 30 November 2024
50,536
103,379
29,746
183,661
Year ended 30 November 2025:
Profit and total comprehensive income
-
-
354,308
354,308
Dividends
10
-
-
(360,000)
(360,000)
Balance at 30 November 2025
50,536
103,379
24,054
177,969
MCCALLUM STEWART LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
1,155,252
776,450
Interest paid
(103,095)
(131,913)
Income taxes paid
(202,227)
(8,304)
Net cash inflow from operating activities
849,930
636,233
Investing activities
Purchase of tangible fixed assets
(72,499)
(195,064)
Proceeds on disposal of tangible fixed assets
242,049
34,330
Receipts arising from loans made
9,899
(569)
Interest received
4,863
5,037
Net cash generated from/(used in) investing activities
184,312
(156,266)
Financing activities
Repayment of bank loans
(92,730)
(313,696)
Dividends paid to equity shareholders
(360,000)
(260,000)
Net cash used in financing activities
(452,730)
(573,696)
Net increase/(decrease) in cash and cash equivalents
581,512
(93,729)
Cash and cash equivalents at beginning of year
457,435
551,164
Cash and cash equivalents at end of year
1,038,947
457,435
MCCALLUM STEWART LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 15 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Investing activities
Dividends received
360,000
260,000
Net cash generated from investing activities
360,000
260,000
Financing activities
Dividends paid to equity shareholders
(360,000)
(260,000)
Net cash used in financing activities
(360,000)
(260,000)
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
MCCALLUM STEWART LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 16 -
1
Accounting policies
Company information

McCallum Stewart Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is 34 - 36 Rose Street, North Lane, EDINBURGH, EH2 2NP.

The group consists of McCallum Stewart Limited and all of its subsidiaries.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company McCallum Stewart Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 30 November 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

MCCALLUM STEWART LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 17 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the group and parent company ha ve adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

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 the 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.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

MCCALLUM STEWART LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 18 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% Straight line per annum
Land and buildings improvements
25% Straight line per annum
Plant and equipment
15% Reducing balance per annum
Fixtures and fittings
15% Reducing balance per annum
Motor vehicles
25% Straight line per annum

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 recognised in the profit and loss account.

1.8
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of 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). 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.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

MCCALLUM STEWART LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 19 -

Recoverable amount is the higher of fair value less costs to sell and 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.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. 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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

Stock includes harvested crops (like grain in storage) and consumable farm supplies (such as feed, fertilisers, and sprays). These are valued at the lower of cost and net realisable value.

- Cost: This includes all costs of purchase, costs of conversion, and other expenses necessary to bring stock to their current state and location. For harvested crops, this encompasses all cultivation costs up to the point of harvest.

- Net Realisable Value: Defined as the estimated selling price in the ordinary course of business, less any estimated costs needed to complete and sell the stock.

The company's livestock, primarily cattle, are recorded as biological assets and valued at fair value less costs to sell. Fair value is assessed using prevailing market prices for similar animals, considering age, breed, and quality. Deductions for costs to sell may include commissions, levies, and other direct expenses related to the sale of livestock.

The valuation model applied relies on active and established markets to determine the fair value. Any gains or losses, w hether from initial recognition or from changes in fair value less costs to sell, a re recognised in the profit and loss account during the period in which they occur.

Arable crops, which include both growing and harvested crops, are treated as biological assets.

- Growing Crops: These are measured at fair value less costs to sell at the point of harvest. Costs incurred for cultivation, such as seeds, fertilisers, and labour, are capitalised as a current asset under 'Work in Progress' until harvest.

- Harvested Crops: Once harvested, crops held on the farm are valued at the lower of cost and net realisable value, following the inventory policy. After harvest, these crops are no longer classified as biological assets under FRS 102, but as inventory.

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.

MCCALLUM STEWART LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 20 -
1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention 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 m ethod 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 classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

MCCALLUM STEWART LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 21 -
Classification of financial liabilities

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 group after deducting all of its liabilities.

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 paymen ts 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

MCCALLUM STEWART LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 22 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee 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.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

As lessor

When the group acts as a lessor, a lease is classified as a finance lease whenever it transfers substantially all the risks and rewards of ownership of the underlying asset to the lessee, either at the end of the lease term or for the major part of the economic life of the asset. All other leases are classified as operating leases. If an arrangement contains both lease and non-lease components, the group allocates the consideration in the contract to the two elements.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.18
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

MCCALLUM STEWART LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 23 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

MCCALLUM STEWART LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 24 -
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Operation of Licenced Premises
6,201,445
5,633,839
Farming
304,213
97,383
6,505,658
5,731,222
2025
2024
£
£
Other revenue
Interest income
4,863
5,037
Grants received
1,289
23,425
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(1,289)
(23,425)
Fees payable to the group's auditor for the audit of the group's financial statements
2,940
2,016
Depreciation of owned tangible fixed assets
369,345
348,116
(Profit)/loss on disposal of tangible fixed assets
(155,231)
258,586
Operating lease charges
161,172
157,847
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Directors
4
4
2
2
Administration staff
2
2
-
-
Bar staff
77
66
-
-
Farming
1
1
-
-
Total
84
73
2
2
MCCALLUM STEWART LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
5
Employees
(Continued)
- 25 -

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
2,056,519
1,953,097
-
0
-
0
Social security costs
211,218
155,493
-
-
Pension costs
197,681
73,327
-
0
-
0
2,465,418
2,181,917
-
0
-
0
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
89,077
77,666
Group pension contributions to defined contribution schemes
110,370
10,329
199,447
87,995
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2)
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
4,863
5,037
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
4,863
5,037
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
103,095
131,913
MCCALLUM STEWART LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 26 -
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
196,616
135,107
Adjustments in respect of prior periods
(27,535)
-
0
Total current tax
169,081
135,107
Deferred tax
Origination and reversal of timing differences
(23,987)
9,218
Total tax charge
145,094
144,325

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
582,697
144,112
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
145,674
36,028
Tax effect of expenses that are not deductible in determining taxable profit
766
749
Gains not taxable
(6,874)
(30,562)
Tax effect of utilisation of tax losses not previously recognised
(32,048)
-
0
Change in unrecognised deferred tax assets
21,861
-
0
Group relief
(19,939)
27,583
Permanent capital allowances in excess of depreciation
-
101,309
Depreciation on assets not qualifying for tax allowances
47,172
-
0
Other non-reversing timing differences
-
0
9,218
Under/(over) provided in prior years
(11,518)
-
0
Taxation charge
145,094
144,325

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2025
2024
£
£
Deferred tax arising on:
Revaluation of property
-
204,731
MCCALLUM STEWART LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 27 -
10
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Final paid
360,000
260,000
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 December 2024 and 30 November 2025
113,629
Amortisation and impairment
At 1 December 2024 and 30 November 2025
113,629
Carrying amount
At 30 November 2025
-
0
At 30 November 2024
-
0
12
Tangible fixed assets
Group
Freehold land and buildings
Land and buildings improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 December 2024
9,574,274
1,167,821
525,701
650,023
58,056
11,975,875
Additions
-
0
40,221
-
0
32,278
-
0
72,499
Disposals
-
0
-
0
(475,962)
-
0
(25,650)
(501,612)
At 30 November 2025
9,574,274
1,208,042
49,739
682,301
32,406
11,546,762
Depreciation and impairment
At 1 December 2024
218,128
1,010,484
417,509
475,093
30,376
2,151,590
Depreciation charged in the year
188,686
105,186
3,206
64,166
8,101
369,345
Eliminated in respect of disposals
-
0
-
0
(389,144)
-
0
(25,650)
(414,794)
At 30 November 2025
406,814
1,115,670
31,571
539,259
12,827
2,106,141
Carrying amount
At 30 November 2025
9,167,460
92,372
18,168
143,042
19,579
9,440,621
At 30 November 2024
9,356,146
157,337
108,192
174,930
27,680
9,824,285
MCCALLUM STEWART LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
12
Tangible fixed assets
(Continued)
- 28 -
Company
Freehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost or valuation
At 1 December 2024 and 30 November 2025
140,000
5,691
145,691
Depreciation and impairment
At 1 December 2024 and 30 November 2025
-
0
5,689
5,689
Carrying amount
At 30 November 2025
140,000
2
140,002
At 30 November 2024
140,000
2
140,002

Freehold land and buildings with a carrying amount of £8,528,800 (2024 - £8,700,000) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

Land and buildings with a carrying amount of £8,528,800 were revalued at 5 February 2025 by Graham & Sibbald, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

The following asse t s are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Freehold land and buildings
2025
2024
£
£
Group
Cost
94,705
94,705
Accumulated depreciation
(31,063)
(31,063)
Carrying value
63,642
63,642
13
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
30,534
30,534
Unlisted investments
1,020
1,020
-
0
-
0
1,020
1,020
30,534
30,534
MCCALLUM STEWART LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
13
Fixed asset investments
(Continued)
- 29 -
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 December 2024 and 30 November 2025
1,020
Carrying amount
At 30 November 2025
1,020
At 30 November 2024
1,020
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 December 2024 and 30 November 2025
30,534
Carrying amount
At 30 November 2025
30,534
At 30 November 2024
30,534
14
Subsidiaries

Details of the company's subsidiaries at 30 November 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
DM Stewart Limited
Scotland
Operation of bars
Ordinary
100.00
Ben Challum Limited
Scotland
Farming
Ordinary
99.03
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
DM Stewart Limited
5,676,822
392,719
Ben Challum Limited
1,745,315
50,576
MCCALLUM STEWART LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 30 -
15
Financial instruments
Group
Company
2025
2024
2025
2024
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
24,512
47,229
47,303
52,100
Equity instruments measured at cost less impairment
1,020
1,020
-
-
Carrying amount of financial liabilities
Measured at amortised cost
1,850,403
1,967,872
5,515
4,617
16
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
-
219,825
-
-
Work in progress
1,853
11,805
-
-
Finished goods and goods for resale
84,538
95,798
-
0
-
0
86,391
327,428
-
-
17
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
18,912
27,597
-
0
-
0
Corporation tax recoverable
-
0
16,016
-
0
-
0
Amounts owed by group undertakings
-
0
-
0
47,303
52,100
Other debtors
5,600
22,416
-
0
-
0
Prepayments and accrued income
147,476
124,191
105
102
171,988
190,220
47,408
52,202
MCCALLUM STEWART LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 31 -
18
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
20
66,722
330,000
-
0
-
0
Trade creditors
219,957
238,683
-
0
-
0
Corporation tax payable
85,945
135,107
-
0
-
0
Other taxation and social security
288,755
237,161
-
0
-
0
Other creditors
27,161
24,063
-
0
-
0
Accruals and deferred income
64,301
73,412
5,515
4,617
752,841
1,038,426
5,515
4,617
19
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
20
1,472,262
1,301,714
-
0
-
0
20
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
1,538,984
1,631,714
-
0
-
0
Payable within one year
66,722
330,000
-
0
-
0
Payable after one year
1,472,262
1,301,714
-
0
-
0

Bank borrowings are secured by a standard security over the Cumberland Bar, 1-3 Cumberland Street, Edinburgh, dated 2nd August 2012, Ryries Bar, 1 Haymarket Terrace, Edinburgh, dated 14 March 2020, & Guildford Arms, West Register Street, Edinburgh, dated 17 May 2021. A Bond and Floating charge over all property and assets of the company, dated 9 December 2006.

The bank loan expires on 21st March 2040. The loan has an interest rate of 2.1% above base rate perannum.

MCCALLUM STEWART LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 32 -
21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
53,051
77,038
Revaluations
961,871
961,871
1,014,922
1,038,909
Liabilities
Liabilities
2025
2024
Company
£
£
Revaluations
34,460
34,460
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 December 2024
1,038,909
34,460
Credit to profit or loss
(23,987)
-
Liability at 30 November 2025
1,014,922
34,460
22
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
197,681
73,327

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
50,536
50,536
50,536
50,536
MCCALLUM STEWART LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 33 -
24
Operating lease commitments
As lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within 1 year
151,008
145,733
-
-
Years 2-5
518,851
509,808
-
-
After 5 years
1,035,549
1,163,001
-
-
1,705,408
1,818,542
-
-
25
Directors' transactions

Dividends totalling £360,000 (2024 - £260,000) were paid in the year in respect of shares held by the company's directors.

26
Cash generated from group operations
2025
2024
£
£
Profit/(loss) after taxation
437,603
(213)
Adjustments for:
Taxation charged
145,094
144,325
Finance costs
103,095
131,913
Investment income
(4,863)
(5,037)
(Gain)/loss on disposal of tangible fixed assets
(155,231)
258,586
Depreciation and impairment of tangible fixed assets
369,345
348,116
Movements in working capital:
Decrease/(increase) in stocks
241,037
(174,404)
(Increase)/decrease in debtors
(7,684)
28,779
Increase in creditors
26,855
44,386
Cash generated from operations
1,155,251
776,451
MCCALLUM STEWART LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 34 -
27
Cash absorbed by operations - company
2025
2024
£
£
Profit for the year after tax
354,308
255,916
Adjustments for:
Investment income
(360,000)
(260,000)
Movements in working capital:
Decrease in debtors
4,794
4,647
Increase/(decrease) in creditors
898
(563)
Cash absorbed by operations
-
-
28
Analysis of changes in net debt - group
1 December 2024
Cash flows
30 November 2025
£
£
£
Cash at bank and in hand
457,435
581,512
1,038,947
Borrowings excluding overdrafts
(1,631,714)
92,730
(1,538,984)
(1,174,279)
674,242
(500,037)
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