Registered number: SC623489
FOR THE YEAR ENDED 31 DECEMBER 2025
AMORIM TOP SERIES SCOTLAND LIMITED
COMPANY INFORMATION
AMORIM TOP SERIES SCOTLAND LIMITED
CONTENTS
AMORIM TOP SERIES SCOTLAND LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company's principal activity continued to be the commercialisation of cork closures and accessories for spirit bottles throughout the United Kingdom.
Post-pandemic supply chain disruptions resulted in customers increasing inventories of finished products as well as packaging materials. The Scotch Whisky market has been resilient and after a drop in 2023 of 19% in volume, there was a rebound in 2024 with a 3% increase in volume, in 2025 however there was a slight decline of circa 1% in volume. This was mainly due to a 4% decline in the USA in the Scotch Whisky industry's principal export market. Tariffs of 10% on exports to the USA also contributed to the decline.
Against this backdrop, Amorim Top Series Scotland recorded sales of £10.9 million, compared with £12.0 million in 2024, representing a decrease of approximately 8.8%. The reduction is consistent with the lower level of purchasing activity and the continued optimisation of inventories across the whisky supply chain.
Despite the reduction in turnover, the Company maintained positive operating profitability. Gross margin increased from approximately 3.5% in 2024 to 4.4% in 2025. However, increased operating costs and higher impairment charges contributed to a reduction in operating profit, which amounted to approximately £0.2 million in 2025.
The business continues to operate in an environment characterised by economic uncertainty, geopolitical tensions, pressure on consumer spending and fluctuations in international demand for premium spirits. The principal risks affecting the Company include changes in demand within the UK spirits and Scotch Whisky sectors, customer inventory adjustments, cost inflation in logistics and operating activities, exchange rate movements, supply chain disruption and regulatory developments.
The Company continues to monitor these risks closely and maintains a local presence and stockholding capability in Scotland to support customer requirements throughout the United Kingdom efficiently.
During 2025, the Company continued to support customers throughout the United Kingdom, maintaining its position as a supplier of cork closures and value-added packaging solutions for the spirits sector.
Trading conditions remained challenging across the Scotch Whisky industry. Global Scotch Whisky exports declined in both volume and value in 2025, while industry participants continued to focus on inventory reduction and working capital optimisation. These factors contributed to lower demand for packaging components throughout the supply chain.
Sales decreased from £12.0 million in 2024 to £10.9 million in 2025. Nevertheless, gross margin increased from £416 thousand to £479 thousand, improving from 3.5% to 4.4% of turnover. This reflects the Company’s continued focus on product mix, pricing discipline and margin management. Operating expenses increased during the year, particularly personnel costs, rental expenses and impairment charges. These increases were partially offset by lower transportation costs and higher other operating income.
Overall, the Company remained profitable despite the challenging market environment, delivering a positive operating result before interest and tax of approximately £211 thousand in 2025, compared with £287 thousand in 2024.
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AMORIM TOP SERIES SCOTLAND LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The current year's turnover decreased to £10.9 million (2024: £12.0 million). The Company maintained a positive operating result of approximately £0.2 million. The gross margin percentage improved, but higher operating costs and impairment charges reduced overall profitability compared with the previous year.
This report was approved by the board on 16 October 2026 and signed on its behalf.
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AMORIM TOP SERIES SCOTLAND LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙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 to 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.
The profit for the year, after taxation, amounted to £155,596 (2024 - £209,243).
The directors do not recommend the payment of a dividend.
The directors who served during the year were:
The Company intends to continue strengthening its position within the United Kingdom spirits market by maintaining close relationships with existing customers while pursuing opportunities with new accounts. Local stockholding capabilities, customer proximity and responsiveness remain important differentiators, particularly in an environment where service levels and supply reliability are increasingly valued.
Management will continue to focus on operational efficiency, cost control and sustainable growth while monitoring developments within the Scotch Whisky sector. Although market conditions remain challenging, the Company expects demand to rebound in 2026 as inventory levels across the supply chain progressively normalise.
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AMORIM TOP SERIES SCOTLAND LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The company has not consumed more than 40,000 kWh of energy in this reporting period, therefore it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
The auditors, SPW (UK) LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 16 October 2026 and signed on its behalf.
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AMORIM TOP SERIES SCOTLAND LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMORIM TOP SERIES SCOTLAND LIMITED
We have audited the financial statements of Amorim Top Series Scotland Limited (the 'Company') for the year ended 31 December 2025, which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and notes to the financial statementsincluding a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
With respect to stock having a carrying amount of £1,901,766 the audit evidence available to us was limited because of the nature of stock and locations. We were unable to obtain sufficient appropriate audit evidence regarding the stock quantities by using other audit procedures.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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AMORIM TOP SERIES SCOTLAND LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMORIM TOP SERIES SCOTLAND LIMITED (CONTINUED)
The other information comprises the information included in the annual report other than the financial statements and our auditors' 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report 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.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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AMORIM TOP SERIES SCOTLAND LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMORIM TOP SERIES SCOTLAND LIMITED (CONTINUED)
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AMORIM TOP SERIES SCOTLAND LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMORIM TOP SERIES SCOTLAND LIMITED (CONTINUED)
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 auditors' 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:
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional
scepticism throughout the audit, we also:
scepticism throughout the audit, we also:
∙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. 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. The primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
∙Obtain an understanding of internal controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
∙Conclude on the appropriateness of the directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.
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AMORIM TOP SERIES SCOTLAND LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMORIM TOP SERIES SCOTLAND LIMITED (CONTINUED)
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 auditors' 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.
for and on behalf of
Chartered Accountants and Statutory auditors
Gable House
239 Regents Park Road
N3 3LF
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AMORIM TOP SERIES SCOTLAND LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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AMORIM TOP SERIES SCOTLAND LIMITED
REGISTERED NUMBER: SC623489
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 October 2026 .
The notes on pages 14 to 19 form part of these financial statements.
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AMORIM TOP SERIES SCOTLAND LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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AMORIM TOP SERIES SCOTLAND LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
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AMORIM TOP SERIES SCOTLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 14 City Quay, Dundee, DD1 3JA.
These financial statements have been prepared in compliance with FRS102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
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AMORIM TOP SERIES SCOTLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
3.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of Financial Position 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.
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AMORIM TOP SERIES SCOTLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
3.Accounting policies (continued)
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
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AMORIM TOP SERIES SCOTLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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AMORIM TOP SERIES SCOTLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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AMORIM TOP SERIES SCOTLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The controlling party is Corticeira Amorim , SGPS, SA., a company incorporated in Portugal.
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