The director presents the strategic report for the year ended 31 December 2025.
The end of year position indicates that the UK businesses (Glen Turner Company Limited ('GT'), Glen Moray Distillery Limited ('GM') and now including Warner’s Distillery Limited ('Warner's')) are in a strong position to continue into 2026 and subsequent years. We continue to experience domestic & export demand for our whisky brands.
Total turnover for the group was £123.5m (2024: £115.6m), up 6.8% on the previous year. Total turnover for the company was £118.4m (2024: £111.9m), up 5.8% on the previous year. Demand for our core brands including Cutty Sark and Glen Moray continues, along with an increase in bulk sales to fellow group companies. Despite this we have seen an increase in some of our direct costs and therefore we see our operating profit (before amortisation) decrease to £23.6m versus £26.7m for 2024, giving rise to a 19.3% adjusted-operating margin (2024: 23.1%) at the group level. For the company as a standlone entity, operating profit (before amortisation) has decreased to £17.5m (2024: £22.5m) - 14.8% operating margin (2024: 20.1%).
Long-term demand for our whisky products remains steady and the business continues to find ways of expanding the operations in the coming years as follows:
1. GT finalised the construction of 4 maturation warehouses on it’s Bathgate site. Over the coming years this will expand (to a maximum of 22) to fit the overall group business strategy.
2. GT finalised the upgrades and installation of new capacity at it’s Starlaw distillery in Bathgate.
3. GT stepped up it’s strategy on the long-term investment in wood purchasing (barrels) to ensure 'best in class' mature spirit is available for future years. This strategy continues into 2026.
Principal risks and uncertainties
The risks and uncertainties facing GT arise from the continually evolving global economic and geopolitical environment, including changes in US trade and economic policy, ongoing geopolitical conflicts, inflationary pressures and the increasing impacts of climate change. The principal areas of risk are:
1. Global energy markets remain subject to uncertainty arising from geopolitical developments, supply disruptions and fluctuations in demand. While wholesale energy prices have moderated from previous highs, they remain susceptible to volatility. GT continues to monitor energy markets closely and seeks to mitigate exposure through active energy procurement and efficiency initiatives.
2. The availability and cost of cereals have improved during 2025, reflecting softer global demand and improved supply conditions. GT has secured its cereal requirements for 2025 at a modest reduction in price compared with the previous year.
3. Although inflation has eased in the UK and Europe, cost pressures remain across labour, logistics and certain packaging materials. GT continues to monitor inflationary developments and their potential impact on operating margins.
4. GT maintained net positive cash balances and believes it has adequate financial resources to meet its current and foreseeable obligations.
5. Climate change & sustainability presents both operational and strategic risks to GT, including potential impacts on cereal yields, water availability, energy costs and regulatory requirements. The Group continues to assess climate-related risks and to improve environmental performance and operational resilience.
The directors have established systems so that the necessary steps can be taken to manage the risks.
The key financial indicators include:
| 2025 | 2024 | 2023 | 2022 |
|
|
|
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Turnover | £118.4m | £111.9m | £109.1m | £108.3m |
Gross Margin | 26.7% | 30.9% | 25.5% | 27.3% |
No. of staff | 167 | 156 | 139 | 126 |
The information presented above relates to GT as a standalone company.
The company's primary ambition is to increase turnover and profitability. Therefore, any expansion plans will be on the basis that the additional risk inextricably linked to additional workload is properly balanced in order to achieve these goals.
La Martiniquaise-Bardinet group, which Glen Turner Company is part of has been positively building a sustainable business for almost 90 years. As a family-owned business it has consistently taken a long-term perspective for its companies, people, and their communities.
Section 172 of the Companies Act 2006 requires a director of a company to act in the way he considers, in good faith, would most likely promote the success of the company for the benefit of its members as a whole In doing this, section 172 requires a director to have regard to (amongst other matters) the:
Likely consequences of any decisions in the long term;
Interests of the company’s employees;
Need to foster the company’s business relationships with suppliers, customers and others;
Impact of the company’s operations on the community and environment;
Desirability of the company maintaining a reputation for high standards of business conduct;
Need to act fairly as between members of the company.
The Director understands that how we behave matters, not only to our people, but also to the many stakeholders who have an interest in the business.
The following statement demonstrates how the Glen Turner management team (supported by the company director) have satisfied the matters set out in Section 172 of the Companies Act 2006.
Key decisions taken in 2025 were as follows:
Finalise the building of 4 Maturation warehouses on the Southfield site
- These warehouses are linked to the expansion of the distillery and the increased production from the Glen Moray site.
Complete the Expansion of the Starlaw distillery
- The investment in the new part of the distillery was finalised in 2025. 2026 will see the start up and continued growth potential realised.
Key strategic contracts for the supply of barrels have been maintained
- These contracts ensure we will have supply of good quality bourbon barrels to ensure “best in class” spirit
The director and company’s management team believe that they drive the group company’s values and create a positive culture where the best interests of both its employees and business results are balanced.
On behalf of the board
The director presents his annual report and financial statements for the year ended 31 December 2025.
The results for the year are set out on page 10.
No ordinary dividends were paid. The director does not recommend payment of a further dividend.
The director who held office during the year and up to the date of signature of the financial statements was as follows:
The group's financial instruments at the balance sheet date comprised cash and liquid resources. The main purpose of these financial instruments is to support the group's operations. The group has various other financial instruments including trade debtors and trade creditors that arise directly from its operations.
It is, and has been throughout the period under review, the group's policy that no trading in financial instruments shall be undertaken.
The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
The SECR disclosure presents our carbon footprint within the United Kingdom across Scope 1, 2 and to some extent scope 3 emissions, an appropriate intensity metric, the total energy use of electricity, gas and transport fuel and an energy efficiency actions summary taken during the relevant financial year.
The group has followed the HM Government Environmental Reporting Guidelines. GHG Emissions reporting are in line with the Greenhouse Gas (GHG) Protocol Corporate Accounting and Reporting Standard
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per '000 litres produced, the recommended ratio for the sector.
Glen Turner Company Limited continues to achieve direct savings in energy and associated carbon emissions, through operational and technological improvements, including:
Continue to replace old discharge lighting throughout the Glen Turner business with more efficient LED lighting for both task and emergency lighting, this covers all areas including starlaw distillery and all 29 maturation warehouses. This refit programme has continued since 2022, progression is good throughout the estate with over 60% complete. This also includes the installation of proximity switches wherever possible to ensure lights are only on when required.
Replacement of old air compressor at Glen Moray New Hi-efficiency compressor with latest VSD motor control Technology.
Replacement of a second 20+ year-old stretch film pallet wrapper with a new Hi-efficiency wrapper using smaller direct drive servo motor control Technology. This new machine will also reduce the weight of PVC film applied by over 30% .
Construction of new 30 million Litre grain distillery with a >10% reduction of energy consumption per litre of alcohol produced.
GM WH9 removal and replacement of single skin roof and replace with insulated composite roof.
We have audited the financial statements of Glen Turner Company Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 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).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.
Other information
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 director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the director's report have been prepared in accordance with applicable legal requirements.
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.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
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. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Use of our report
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.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £14,496,000 (2024 - £15,828,000 profit).
Glen Turner Company Limited (the 'company') is a private limited company domiciled and incorporated in England and Wales. The registered office is 5th Floor, 16 Great Queen Street, Covent Garden, London, United Kingdom, WC2B 5DG.
The group consists of Glen Turner Company Limited and all of its subsidiaries.
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 Great British pounds sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £'000.
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.
The consolidated financial statements incorporate those of Glen Turner Company Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.
All financial statements are made up to 31 December 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 group.
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.
At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received 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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered. This is usually at the point that the customer has signed for delivery of the good.
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.
Equity investments 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.
In 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.
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.
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.
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, 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, 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.
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.
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.
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, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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 through 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.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
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.
The tax expense represents the sum of the tax currently payable and deferred 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.
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.
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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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 leased asset are consumed.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Non-recurring expenses
Non-recurring items are those expenses which are unusual, uncommon and of a significant amount. This includes legal, professional and other transaction costs incurred in relation to the acquisition of subsidiaries.
In the application of the group’s accounting policies, the director is 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.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Determine whether leases entered into by the company either as a lessor or a lessee are operating or lease or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
Determine whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Trademarks are amortised over their useful lives taking into account residual values, where appropriate. The actual life of the asset and residual value are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Stocks of raw materials and finished goods are valued at the lower of cost and the estimated selling price less costs to sell. In assessing the value of the company's stock, consideration is given to any impairment in its value as a result of any stock which is likely to have become obsolete or which has an estimated selling price less than its cost price.
In assessing the value of work in progress, consideration is given to the stage of completion and the proportion of overheads included in the valuation and adjustments are made for any impairment which arises as a result of these factors.
The exceptional costs above reflect the restructuring costs incurred by Warner's Distillery Limited, after the company was acquired by the group on 11 July 2025, as part of their restructuring process in 2025.
The average monthly number of persons (including the director) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The company received interest on deposits of £157k (2024: £1,002k).
The company received dividends from COFEPP of £1,030k (2024: £nil).
The company paid interest to group undertakings of £329k (2024: £210k)
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:
During the prior year, a dividend in specie was made by the sale back to COFEPP of 600 of its shares.
Goodwill
The goodwill arose from the company’s acquisition of the share capital of Warner's Distillery Limited on 11 July 2025. All of the goodwill has been allocated to a single cash‑generating unit related to gin distilling.
Goodwill is the excess of the consideration transferred over the fair value of the identifiable net assets acquired. The goodwill is made-up of acquired workforce, the ability to access new markets and cross-sell existing products / services along with future growth opportunities that are not separately recognised as identifiable intangible assets.
Impairment considerations
Given the short period between the acquisition on 11 July 2025 and the period end, and with post‑acquisition performance tracking in line with the forecasts and budgets prepared at the acquisition date, management is satisfied that no indicators of impairment exist. As no such indicators have been identified, no further detailed impairment calculations have been required. Forecasts prepared by management indicate that Warner's Distillery Limited is expected to return to profitability in the year ending 31 December 2026 and to maintain profitable performance thereafter.
Included in cost of land and buildings is freehold land of £4,167k (2024: £3,771k) which is not depreciated.
Independent valuations of freehold land and buildings at Glen Moray were made as at December 2008, by James Barr, Chartered Surveyors, on a depreciated replacement cost of £8,150,000. The valuation was prepared in accordance with the RICS valuation standards and was adopted as historic cost under FRS102. The director has reviewed the value of the land and buildings in the year and have confirmed they do not believe the value has changed.
As freehold land and buildings of Glen Moray were acquired at fair value on acquisition, they will not be subject to ongoing revaluation reviews. The fair value excess of acquired tangible fixed assets arising from the acquisition of Glen Moray is being amortised on a straight line basis over the remaining useful life through other comprehensive income. Amortisation of £141,000 (2024: £141,000) has been charged for the year against the revaluation reserve.
During the year the company purchased nil (2024: 620) ordinary shares at par in Compagnie Financiere Europeene de Prises de Participation SA (COFEPP), the company's parent company. During the year the company also sold back nil (2024: 600) shares by way of a dividend in specie. The company holds 19.98% of the shares in COFEPP.
In accordance with the requirements of Section 27 of FRS 102, the director has considered the carrying amounts of assets and, based on their assessment, have concluded that no impairment provision is required.
During the year, 566,667 ordinary A shares were purchased in Warner's Distillery Limited for £4.34 a share.
Details of the company's subsidiaries at 31 December 2025 are as follows:
Subsidiary registered office addresses:
(1) Starlaw Road, Bathgate, EH47 7BW
(2) 2nd Floor Regis House, 45 King William Street, London, EC4R 9AN
An impairment loss of £nil (2024: £nil) was recognised against stock.
Stock recognised in cost of sales during the year was £64,977k (2024: £63,887k).
An impairment of £80k (2024: £nil) was recognised against trade debtors during the year.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
The deferred tax liability set out above (calculated at 25% (2024: 25%)) is expected to reverse over the life of the asset and relates to accelerated capital allowances that are expected to mature within the same period.
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.
At the balance sheet date, the group owed £90k (2024: £nil) to the fund. This amount is included within other creditors due within one year. The only obligation of the group with respect to the scheme is to make the specified contributions.
On 11 July 2025 the group acquired 85% percent of the issued capital of Warner's Distillery Limited.
Included within the net assets acquired is a deferred tax asset of £752k and a deferred tax liability of £50k.
Warner's Distillery Limited issued new ordinary A shares on the acquisition date, 11 July 2025. The group paid consideration of £2,460k for the acquisition, which is equal to the fair value of the newly issued shares of the acquired entity on the same date.
There were no fair value adjustments to net assets acquired as part of the business combination.
The Company is currently in discussions with HMRC in relation to the treatment of trademarks and amortisation thereon. The financial impact from the results of these discussions is currently unknown, however the company are working with HMRC and an external advisor to establish an appropriate outcome. Glen Turner Company Limited have prudently paid £7.8m to HMRC to reduce the impact of any potential interest or penalties that may be applied and this is currently sitting within debtors: amounts falling due within one year as the company is hopeful that the monies will be recovered. Currently it has been suggested that the company may have further tax exposure of c. £2m if HMRC do not agree with the company's treatment of this trademark. The company continue to work with HMRC and its' advisors to resolve this.
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:
The remuneration of key management personnel is as follows.
All senior employees who have authority and responsibility for planning, directing and controlling the activities of the company are considered to be key management personnel.
Glen Turner Company Limited
Transactions with Group Companies
At the balance sheet date, included in trade creditors, the company owed £114,712 (2024: £486,425) to its ultimate holding company, Compagnie Financière Européenne de Prises de Participation SA (COFEPP). Included within other creditors is a balance of £22,556,326 (2024: £1,095,942 in other creditors) relating to the balance on a bank account held by COFEPP on behalf of the company and other balances payable.
During the year the company also made purchases from COFEPP amounting to £1,656,005 (2024: £1,159,127), and sales of £109,524 (2024: £nil).
During the year the company made sales amounting to £31,965,987 (2024: £31,391,457) to a fellow subsidiary, SVS La Martiniquaise SAS and included within trade debtors is an amount of £2,420,902 (2024: £2,254,822) due from SVS La Martiniquaise SAS.
During the year the company also made purchases from SVS La Martiniquaise SAS amounting to £189,057 (2024: £1,703,311) and included within trade creditors is an amount of £198,864 (2024: £887,268) due to SVS La Martiniquaise SAS.
During the year the company made sales amounting to £20,007,360 (2024: £20,738,948) to a fellow subsidiary, Bardinet SAS and included in trade debtors is an amount of £3,156,133 (2024: £4,425,150) due from Bardinet SAS.
During the year the company also made purchases amounting to £1,887,876 (2024: £1,370,236) from Bardinet SAS and included within trade creditors is an amount of £250,351 (2024: £262,763) due to Bardinet SAS. Included within accruals is an amount of £239,970 (2024: £nil) due to Bardinet SAS.
During the year the company made sales amounting to £12,564,369 (2024: £9,770,185) to a fellow subsidiary, Bardinet SA and included in trade debtors is an amount of £3,032,399 (2024: £445,842) due from Bardinet SA.
During the year the company made sales amounting to £1,134,857 (2024: £815,728) to a fellow subsidiary, Dilmoor S.p.A. and included in trade debtors is an amount of £190,106 (2024: £184,052) due from Dilmoor S.p.A.
During the year the company also made purchases amounting to £7,366 (2024: £5,099) to a fellow subsidiary, Dilmoor S.p.A. Included within trade creditors is an amount of £338 (2024: £450) due to Dilmoor S.p.A.
During the year the company made sales amounting to £5,910,897 (2024: £3,887,129) to a fellow subsidiary, Fauconnier SAS and included in trade debtors is an amount of £1,186,267 (2024: £345,215) due from Fauconnier SAS.
During the year the company made sales amounting to £2,090,316 (2024: £1,882,729) to a fellow subsidiary, LM Benelux (Bruggeman) and included in trade debtors is an amount of £414,183 (2024: £162,869) due from LM Benelux (Bruggeman).
Transactions with related parties
During the year, the company made sales amounting to £975,946 (2024: £1,311,267) to a fellow subsidiary, Granvinhos Lda (Uniao) and included in trade debtors is an amount of £185,078 (2024: £58,394) due from Granvinhos Lda (Uniao). Purchases were also made during the year of £1,279 (2024: £584).
During the year, the company made sales amounting to £2,986,376 (2024: £5,659,291) to a fellow subsidiary, Marie Brizard Wine & Spirits and included in trade debtors is an amount of £878,136 (2024: £1,062,114) due from Marie Brizard Wine & Spirits.
During the year the company made purchases amounting to £419,010 (2024: £682,759) to a fellow subsidiary, Marie Brizard Wine & Spirits (International) and included in trade creditors is an amount of £132,744 (2024: £28,809). Sales of £251,695 (2024: £35,903) were made in the year and a debtor balance is also due at year end of £109,436 (2024: £nil).
During the year, the company made sales amounting to £459,106 (2024: £225,685) to a fellow subsidiary, Cherry Rocher and included in trade debtors is an amount of £nil (2024: £75,466).
During the year, the company made sales amounting to £107,578 (2024: £350,637) to a fellow subsidiary, Toques Dist. Perigord and inlcuded in trade debtors is an amount of £nil (2024: £68,242).
During the year, the company made purchases amounting to £6,657 (2024: £1,903) to a fellow subsidiary, Ducastaing and included in trade creditors is an amount of £6,213 (2024: £nil).
During the year, the company made purchases amounting to £43,963 (2024: £29,665) to a fellow subsidiary, Bunsel Distillerie and included in trade creditors is an amount of £27,544 (2024: £nil). The company made sales of £nil (2024: £nil) during the year with a debtor balance of £nil (2024: £nil).
During the year, the company made sales amounting to £357,663 (2024: £1,968,576) to a fellow subsidiary, Slaur Chauvet and included in trade debtors is an amount of £800,409 (2024: £173,861).
During the year, the company made sales amounting to £nil (2024: £8,490) to a fellow subsidiary, Grandes Distilleries Peureux. Included in trade debtors is an amount of £nil (2024: £8,490).
During the year, the company made sales amounting to £43,005 (2024: £382,040) to a fellow subsidiary, Domain Menada Ltd. Included in trade debtors is an amount of £nil (2024: £188,416) due to the company. Purchases of £374,285 (2024: £30,294) were made in the year with a balance included in trade creditors of £169,099 (2024: £30,382).
During the year, the company made sales amounting to £179,070 (2024: £173,285) and purchases amounting to £85,738 (2024: £nil) to a fellow subsidiary, AB Vilniaus Degtine. Included in trade creditors is an amount of £41,113 (2024: £nil).
During the year, the company made sales amounting to £44,685 (2024: £nil) to a fellow subsidiary, Sodiko. Included in trade debtors is an amount of £44,685 (2024: £nil).
Glen Moray Distillery Limited
Transactions with Group Companies
During the year the company made purchases amounting to £26,272 (2024: £18,788) from Compagnie Financière Européenne de Prises de Participation (COFEPP), the ultimate parent company and included within trade creditors is an amount of £12,140 (2024: £7,175) due from COFEPP and accruals of £nil (2024: £nil).
During the year the company made purchases amounting to £207,327 (2024: £222,873) from a fellow subsidiary, Quinta de Ventozelo and included in trade creditors is an amount of £61,403 (2024: £192,314) due to Quinta de Ventozelo.
During the year the company made purchases amounting to £157,175 (2024: £107,491) from a fellow subsidiary, Henriques and Henriques SA and included in trade creditors is an amount of £nil (2024: £5,811) due to Henriques and Henriques SA.
During the year the company made sales amounting to £nil (2024: £2,520) from a fellow subsidiary, Calvados Preaux SAS. No amounts were outstanding at year end.
During the year the company made purchases amounting to £nil (2024: £31,123) from a fellow subsidiary, Bunsel Distillerie. No amounts were outstanding at year end.
During the year the company made purchases amounting to £9,323 (2024: £2,718) from a fellow subsidiary, Bardinet France. Included in trade creditors is an amount of £1,544 (2024: £nil) due to Bardinet France.
The commitment is in respect of costs expected on projects was £nil (2024: £11,769k) as at 31 December 2025. The commitments related to Phase 1 of the distillery expansion and the development of the Southfields site.