Company registration number SC030066 (Scotland)
D M STEWART LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
D M STEWART LIMITED
COMPANY INFORMATION
Directors
David M Stewart
Christian C Stewart
Mrs Susan Stewart
Mrs Kimberley Stewart
Mr Andy Mallin
(Appointed 10 July 2026)
Secretary
Christian C Stewart
Company number
SC030066
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
Bankers
The Royal Bank of Scotland plc
Perth Chief Office (A) Branch
12 Dunkeld Road
PERTH
PH1 5RB
Solicitors
Ennova Law
26 George Square
EDINBURGH
EH8 9LD
D M STEWART LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 25
D M 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 directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The directors review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties faced.

The company’s core business is the ownership and management of licensed premises. The directors are not aware at th e date of this report, of any material changes in the company’s activities in the next year.

Principal Risks and Uncertainties

The main risk currently identified is the impact of rising inflation affecting costs, including supplies and labour, the availability of experienced staff and margins achievable as a result of these factors. We will continue to monitor the costs and margins closely and will introduce new systems to streamline the operation and improve reporting and controls.

Development and performance

Forecasts for 2026 have been prepared on various different scenarios in relation to the different levels of turnover achievable i ncluding stress testing to assess the impact on the company's liquidity and ability to continue as a going concern. Based on the forecasting performed the directors are confident that the actions and strategies in place will allow the business to grow strongly in the future.

The company has significant headroom and the support of its bankers to meet its financial covenants. This will allow the company to mitigate business threats as they arise.

Key performance indicators

The re ha s been a n increase in turnover from £5,633,839 in the 2024 Accounts to £6,201,445 in the 2025 Accounts, resulting in a gross profit of £2,386,926. The profit before tax amounted to £537,813 as trading returned to a more normal pattern.

The key financial and operational performance indicators monitored by management, on an individual unit by unit basis include weekly revenue levels, gross profit margins and wage costs as a percentage of turnover.

On behalf of the board

Christian C Stewart
Director
24 July 2026
D M 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 continued to be that of the ownership and management of licensed premises.
Results and dividends

The results for the year are set out on page 8.

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
Mrs Susan Stewart
Mrs Kimberley Stewart
Mr Andy Mallin
(Appointed 10 July 2026)
Auditor

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

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the principal risks and uncertainties faced by the business, as well as future developments,

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 company’s auditor 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 company’s auditor is aware of that information.

On behalf of the board
Christian C Stewart
Director
24 July 2026
D M 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.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the 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 company and of the profit or loss of the company 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; and

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

We have audited the financial statements of D M Stewart Limited (the 'company') for the year ended 30 November 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 company's affairs as at 30 November 2025 and of its 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 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

The directors have prepared the financial statements on the going concern basis as they do not intend to liquidate the company or cease its operations, and they have concluded that the company's financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least one year from the date of approval of the financial statements ("the going concern period").

We are required to report to you if we have concluded that the use of the going concern basis of accounting is inappropriate or there is an undisclosed material uncertainty that may cast significant doubt over the use of that basis for a period of at least a year from the date of approval of the financial statements. In our evaluation of the directors' conclusions, we considered the inherent risks to the company's business model and analysed how those risks might affect the company's financial resources or ability to continue operations over the going concern period. We have nothing to report in these respects.

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the absence of reference to material uncertainty in this auditor's report is not a guarantee that the company will continue in operation.

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.

D M STEWART LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF D M STEWART LIMITED (CONTINUED)
- 5 -

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.

Matters on which we are required to report by exception

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

We have nothing to report in respect of the following matters in relation to which 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; 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 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.

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

The Company is subject to laws and regulations that directly and indirectly affect the financial statements. Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to general legislation, breaches of health and safety & food hygiene regulations, licensing laws, and tax legislation. We considered the extent to which these laws and regulations might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risk related to posting journal entries to manipulate revenue and profit. Audit procedures performed by the engagement team included:

- discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations, including fraud;

- enquiring of management as to actual and potential litigation and claims;

- identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud and non-compliance with laws and regulations;

- challenging assumptions and judgements made by management with regard to the significant accounting estimates identified;

- performing analytical procedures to identify any unusual or unexpected relationships, investigating the rationale behind significant or unusual transactions and agreeing financial statement disclosures to underlying supporting documentation; and

- identifying and testing journal entries, in particular journal entries posted with unusual account combinations, journal entries posted by unexpected users, backdated journals, and journals with unusual descriptions.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, 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 deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion.

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.

D M STEWART LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF D M STEWART LIMITED (CONTINUED)
- 7 -

This report is made solely to the 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 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 company and the 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, Statutory Auditor
Chartered Accountants
4 Albert Place
Perth
PH2 8JE
24 July 2026
D M STEWART LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
6,201,445
5,633,839
Cost of sales
(3,814,519)
(3,616,126)
Gross profit
2,386,926
2,017,713
Administrative expenses
(1,766,559)
(1,498,205)
Other operating income
15,677
22,525
Operating profit
4
636,044
542,033
Interest receivable and similar income
7
4,863
5,037
Interest payable and similar expenses
8
(103,094)
(131,899)
Profit before taxation
537,813
415,171
Tax on profit
9
(145,094)
(144,325)
Profit for the financial year
392,719
270,846

The profit and loss account has been prepared on the basis that all operations are continuing operations.

D M STEWART LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 9 -
2025
2024
£
£
Profit for the year
392,719
270,846
Other comprehensive income
Revaluation of tangible fixed assets
-
0
2,147,363
Tax relating to other comprehensive income
-
0
(186,769)
Total other comprehensive income for the year
-
0
1,960,594
Total comprehensive income for the year
392,719
2,231,440
D M STEWART LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2025
30 November 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
8,643,790
8,919,944
Investments
13
71,629
71,629
8,715,419
8,991,573
Current assets
Stocks
15
84,538
95,798
Debtors
16
168,733
142,338
Cash at bank and in hand
577,160
419,579
830,431
657,715
Creditors: amounts falling due within one year
17
(1,416,304)
(1,699,022)
Net current liabilities
(585,873)
(1,041,307)
Total assets less current liabilities
8,129,546
7,950,266
Creditors: amounts falling due after more than one year
18
(1,472,262)
(1,301,714)
Provisions for liabilities
Deferred tax liability
20
980,462
1,004,449
(980,462)
(1,004,449)
Net assets
5,676,822
5,644,103
Capital and reserves
Called up share capital
22
40,000
40,000
Revaluation reserve
4,416,870
4,416,870
Profit and loss reserves
1,219,952
1,187,233
Total equity
5,676,822
5,644,103

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

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:
Christian C Stewart
Director
Company registration number SC030066 (Scotland)
D M STEWART LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2023
40,000
2,456,276
1,176,387
3,672,663
Year ended 30 November 2024:
Profit
-
-
270,846
270,846
Other comprehensive income:
Revaluation of tangible fixed assets
-
2,147,363
-
2,147,363
Tax relating to other comprehensive income
-
(186,769)
-
0
(186,769)
Total comprehensive income
-
1,960,594
270,846
2,231,440
Dividends
10
-
-
(260,000)
(260,000)
Balance at 30 November 2024
40,000
4,416,870
1,187,233
5,644,103
Year ended 30 November 2025:
Profit and total comprehensive income
-
-
392,719
392,719
Dividends
10
-
-
(360,000)
(360,000)
Balance at 30 November 2025
40,000
4,416,870
1,219,952
5,676,822
D M STEWART LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
983,268
873,075
Interest paid
(103,094)
(131,899)
Income taxes paid
(202,227)
(8,305)
Net cash inflow from operating activities
677,947
732,871
Investing activities
Purchase of tangible fixed assets
(72,499)
(187,564)
Interest received
4,863
5,037
Net cash used in investing activities
(67,636)
(182,527)
Financing activities
Repayment of bank loans
(92,730)
(313,696)
Dividends paid
(360,000)
(260,000)
Net cash used in financing activities
(452,730)
(573,696)
Net increase/(decrease) in cash and cash equivalents
157,581
(23,352)
Cash and cash equivalents at beginning of year
419,579
442,931
Cash and cash equivalents at end of year
577,160
419,579
D M STEWART LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 13 -
1
Accounting policies
Company information

D M Stewart Limited is a private company limited by shares incorporated in Scotland. The registered office is 34-36 Rose Street North Lane, EDINBURGH, EH2 2NP.

1.1
Accounting convention

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.

D M Stewart Limited is a wholly owned subsidiary of McCallum Stewart Limited and the results of D M Stewart Limited are included in the consolidated financial statements of McCallum Stewart Limited which are available from Companies House.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has 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.

1.3
Turnover

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.

1.4
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life which the directors estimate to be fifteen years.
1.5
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.

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:

Land and buildings freehold
2% straight line and 25% straight line per annum
Land and buildings improvements
25% straight line per annum
Fixtures, fittings and equipment
20 - 25% straight line per annum
Motor vehicles
25% straight line per annum
D M STEWART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 14 -

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.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

1.7
Impairment of fixed assets

At each reporting period end date, the company 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.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the FIFO method and includes all costs incurred in bringing the stock to its present location and condition.

1.9
Cash at bank and in hand

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.

1.10
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 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 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.

D M STEWART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 15 -
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 company 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.

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 company 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. A m ounts 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 s ubsequently 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.

D M STEWART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 16 -
Derecognition of financial liabilities

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

1.11
Equity instruments

Equity instruments issued by the company 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 company.

1.12
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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.

1.13
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.

1.14
Retirement benefits

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

D M STEWART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 17 -
1.15
Leases

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 s asset are consumed.

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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Bar sales
4,809,726
4,364,869
Food sales
1,391,719
1,268,970
6,201,445
5,633,839
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
6,201,445
5,633,839
2025
2024
£
£
Other significant revenue
Interest income
4,863
5,037
D M STEWART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 18 -
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
13,040
11,065
Depreciation of tangible fixed assets
348,653
311,537
Operating lease charges
161,172
157,847
5
Employees

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

2025
2024
Number
Number
Directors
4
4
Administration
3
2
Bar staff
73
80
Total
80
86

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,022,519
1,919,097
Social security costs
206,621
152,056
Pension costs
150,200
46,846
2,379,340
2,117,999
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
89,077
77,666
Company 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).

D M STEWART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 19 -
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
4,863
5,037
8
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
103,094
131,899
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
537,813
415,171
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
134,453
103,793
Tax effect of expenses that are not deductible in determining taxable profit
677
561
Group relief
(21,318)
2,499
Permanent capital allowances in excess of depreciation
-
0
28,254
Depreciation on assets not qualifying for tax allowances
42,800
-
0
Other non-reversing timing differences
-
0
9,218
Under/(over) provided in prior years
(11,518)
-
0
Taxation charge for the year
145,094
144,325
D M STEWART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
9
Taxation
(Continued)
- 20 -

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
-
186,769
10
Dividends
2025
2024
£
£
Final paid
360,000
260,000
11
Intangible fixed assets
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

Goodwill arose on the acquisition of a 33 year lease of The Abbotsford Bar, Edinburgh on 16 January 2006. The goodwill was amortised over a 15 year period.

D M STEWART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 21 -
12
Tangible fixed assets
Land and buildings freehold
Land and buildings improvements
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 December 2024
8,560,000
1,167,821
644,332
32,406
10,404,559
Additions
-
0
40,221
32,278
-
0
72,499
At 30 November 2025
8,560,000
1,208,042
676,610
32,406
10,477,058
Depreciation and impairment
At 1 December 2024
-
0
1,010,484
469,405
4,726
1,484,615
Depreciation charged in the year
171,200
105,186
64,166
8,101
348,653
At 30 November 2025
171,200
1,115,670
533,571
12,827
1,833,268
Carrying amount
At 30 November 2025
8,388,800
92,372
143,039
19,579
8,643,790
At 30 November 2024
8,560,000
157,337
174,927
27,680
8,919,944

Freehold land and buildings with a carrying amount of £8,388,8 00 (2024 - £8,560,000) 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 £8,388,800 (202 4 - £8,560,000) 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 properties included within Land and B uildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts would have been approximately £3,916,980 (2024 - £4,009,250), being cost £4,613,499 (2024 - £4,613,499) and depreciation £695,519 (2024 - £604,249).

13
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
14
70,892
70,892
Unlisted investments
737
737
71,629
71,629
D M STEWART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
13
Fixed asset investments
(Continued)
- 22 -
Movements in fixed asset investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 December 2024 & 30 November 2025
70,892
737
71,629
Carrying amount
At 30 November 2025
70,892
737
71,629
At 30 November 2024
70,892
737
71,629
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
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)
£
£
Ben Challum Limited
1,745,375
50,636

The investment in the subsidiary, Ben Challum Limited, is stated at cost.

15
Stocks
2025
2024
£
£
Finished goods and goods for resale
84,538
95,798
16
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
16,340
2,386
Corporation tax recoverable
-
0
16,016
Other debtors
5,022
8,817
Prepayments and accrued income
147,371
115,119
168,733
142,338
D M STEWART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 23 -
17
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
19
66,722
330,000
Trade creditors
212,155
225,345
Amounts owed to group undertakings
694,992
693,249
Corporation tax
85,945
135,107
Other taxation and social security
276,963
236,242
Other creditors
27,161
24,063
Accruals and deferred income
52,366
55,016
1,416,304
1,699,022
18
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
19
1,472,262
1,301,714
19
Loans and overdrafts
2025
2024
£
£
Bank loans
1,538,984
1,631,714
Payable within one year
66,722
330,000
Payable after one year
1,472,262
1,301,714

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 b ank loan expires on 21st March 2040. The loan has an interest rate of 2.1% above base rate per annum.

D M STEWART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 24 -
20
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
53,051
77,038
Revaluations
927,411
927,411
980,462
1,004,449
2025
Movements in the year:
£
Liability at 1 December 2024
1,004,449
Credit to profit or loss
(23,987)
Liability at 30 November 2025
980,462
21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
150,200
46,846

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

22
Share capital
2025
2024
£
£
Ordinary share capital
Issued and fully paid
40,000 Ordinary shares of £1 each
40,000
40,000
D M STEWART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 25 -
23
Operating lease commitments
As lessee

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

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
24
Ultimate controlling party

The company's ultimate parent undertaking and controlling party is McCallum Stewart Limited which is incorporated in Scotland. Copies of the financial statements of McCallum Stewart Limited may be obtained from Companies House, 139 Fountainbridge, Edinburgh EH3 9FF.

25
Cash generated from operations
2025
2024
£
£
Profit after taxation
392,719
270,846
Adjustments for:
Taxation charged
145,094
144,325
Finance costs
103,094
131,899
Investment income
(4,863)
(5,037)
Depreciation and impairment of tangible fixed assets
348,653
311,537
Movements in working capital:
Decrease/(increase) in stocks
11,260
(8,116)
(Increase)/decrease in debtors
(42,411)
182
Increase in creditors
29,722
27,439
Cash generated from operations
983,268
873,075
26
Analysis of changes in net debt
1 December 2024
Cash flows
30 November 2025
£
£
£
Cash at bank and in hand
419,579
157,581
577,160
Borrowings excluding overdrafts
(1,631,714)
92,730
(1,538,984)
(1,212,135)
250,311
(961,824)
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