Company No: SO304181 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	31.03.2026		31.12.2024
		£		£
Fixed assets
Intangible assets	3	5,446		4,661
Tangible assets	4	3,118,075		3,262,947
		3,123,521		3,267,608
Current assets
Stocks		2,197,510		2,025,902
Debtors	5	1,618,383		1,217,409
Cash at bank and in hand		124,509		130,135
		3,940,402		3,373,446
Creditors: amounts falling due within one year	6	( 746,105)		( 627,054)
Net current assets		3,194,297		2,746,392
Total assets less current liabilities		6,317,818		6,014,000
Creditors: amounts falling due after more than one year	7	( 848,030)		( 848,030)
Net assets attributable to members		5,469,788		5,165,970
Represented by
Loans and other debts due to members within one year
Other amounts		1,239,302		1,021,814
		1,239,302		1,021,814
Loans and other debts due to members after more than one year
Members' capital classified as a liability		1,643,000		3,665,970
		1,643,000		3,665,970
Members' other interests
Members' capital classified as equity	9	3,826,788		1,500,000
Other reserves	10	(1,239,302)		(1,021,814)
		2,587,486		478,186
		5,469,788		5,165,970
Total members' interests
Amounts due from members (included in debtors)		(1,239,302)		(1,021,814)
Loans and other debts due to members		2,882,302		4,687,784
Members' other interests		2,587,486		478,186
		4,230,486		4,144,156

For the financial period ending 31 March 2026 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Members' responsibilities:

• The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Ballindalloch Distillery LLP (registered number: SO304181) were approved and authorised for issue by the members on 11 September 2026. They were signed on its behalf by:

G E Macpherson-Grant Designated member

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Ballindalloch Distillery LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in Scotland. The address of the LLP's registered office is Lagmore, Speyside, Ballindalloch, AB37 9AX, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in May 2024 (SORP 2024).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The members have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The financial statements cover a 15 month period from 1 January 2025 to 31 March 2026. The comparative figures cover the 12 month period from 1 January 2024 to 31 December 2025. The year end was extended in line with Basis Period Reform and to align internal reporting. Accordingly, the comparative amounts are not wholly comparable with those presented for the current period.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents the sale of scotch whisky, net of VAT and other sales related taxes.

Employee benefits

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

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

Taxation

The taxation payable on the partnership's profits is the personal liability of the members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements.

Intangible assets

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

Other intangible assets

10 years straight line

Tangible fixed assets

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

Land and buildings	50 years straight line
Plant and machinery etc.	15 % reducing balance

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the LLP becomes a party to the contractual provisions of the instrument.

Financial liabilities are classified according to the substance of the contractual arrangements entered into.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors are recognised at transaction price.

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.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS102. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payments to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

In accordance with the LLP agreement, profits and losses are automatically divided as they arise. Amounts allocated to members that are payable by the LLP are charged to 'Members remuneration charged as an expense' in the relevant period.

All amounts due to members that are classified as liabilities are presented in the Balance Sheet within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interests'.

2. Employees

	Period from 01.01.2025 to 31.03.2026		Year ended 31.12.2024
	Number		Number
Monthly average number of persons employed by the LLP during the period	13		6

3. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 January 2025	4,926		4,926
Additions	1,559		1,559
At 31 March 2026	6,485		6,485
Accumulated amortisation
At 01 January 2025	265		265
Charge for the financial period	774		774
At 31 March 2026	1,039		1,039
Net book value
At 31 March 2026	5,446		5,446
At 31 December 2024	4,661		4,661

4. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 January 2025	2,812,156		1,756,282		4,568,438
Additions	6,460		18,646		25,106
At 31 March 2026	2,818,616		1,774,928		4,593,544
Accumulated depreciation
At 01 January 2025	559,743		745,748		1,305,491
Charge for the financial period	70,448		99,530		169,978
At 31 March 2026	630,191		845,278		1,475,469
Net book value
At 31 March 2026	2,188,425		929,650		3,118,075
At 31 December 2024	2,252,413		1,010,534		3,262,947

5. Debtors

	31.03.2026		31.12.2024
	£		£
Trade debtors	272,723		151,738
Other debtors	1,345,660		1,065,671
	1,618,383		1,217,409

6. Creditors: amounts falling due within one year

	31.03.2026		31.12.2024
	£		£
Trade creditors	235,309		212,527
Other taxation and social security	7,602		0
Other creditors	503,194		414,527
	746,105		627,054

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

	31.03.2026		31.12.2024
	£		£
Other creditors	848,030		848,030

Included within other creditors is a loan of £848,030 (2024 - £848,030) from The Ballindalloch 1997 Maintenance Fund Trust. G E Macpherson-Grant, C N Russell, designated members of the LLP and O H Russell, LLP member, are also trustees of this Trust.

Loans and other debts due to members are secured by a floating charge over the secured assets of the LLP. Secured assets are the whole of the property (including uncalled capital) comprised in the LLP undertaking.

8. Related party transactions

Transactions with the entity's members

	31.03.2026		31.12.2024
	£		£
Members loans	1,643,000		3,665,970

The above balances are secured over the assets of the LLP, have no fixed repayment terms and interest is charged at 4.35%.

Other related party transactions

	31.03.2026		31.12.2024
	£		£
Amounts owed to other related parties - secured	848,030		848,030
Amounts owed to other related parties - unsecured	180,000		0

The £848,030 owed to other related parties noted above is secured as referenced in note 7, there are no fixed repayment terms and interest is charged at 4.35%.

The £180,000 owed to other related parties noted above is unsecured, has no fixed repayment terms and is interest free.

9. Capital Account Schedule

Capital Account Schedule

	31.03.2026		31.12.2024
	£		£
G E Macpherson-Grant	500,000		500,000
C N Russell	0		400,000
O H Russell	0		100,000
Diageo Scotland Investment Limited	500,000		500,000
The Ballindalloch 2026 Discretionary Trust	2,826,788		0
	3,826,788		1,500,000

10. Current Account Schedule

G E Macpherson-Grant

	31.03.2026		31.12.2024
	£		£
Opening balance	(400,247)		(420,325)
Share of profit/(loss) to 23 March 2026	(44,870)		20,078
Share of profit/(loss) to 31 March 2026	(803)		0
	(445,920)		(400,247)

C N Russell

	31.03.2026		31.12.2024
	£		£
Opening balance	(212,841)		(250,424)
Share of profit/(loss) to 23 March 2026	(83,329)		37,583
Transfer between members	296,170		0
	0		(212,841)

O H Russell

	31.03.2026		31.12.2024
	£		£
Opening balance	(68,091)		(74,501)
Share of profit/(loss) to 23 March 2026	(14,956)		6,410
Transfer between members	83,047		0
	0		(68,091)

Diageo Scotland Investment Limited

	31.03.2026		31.12.2024
	£		£
Opening balance	(340,635)		(372,665)
Share of profit/(loss) to 23 March 2026	(70,509)		32,030
Share of profit/(loss) to 31 March 2026	(1,262)		0
	(412,406)		(340,635)

The Ballindalloch 2026 Discretionary Trust

	31.03.2026		31.12.2024
	£		£
Transfer between members	(379,217)		0
Share of profit/(loss) to 31 March 2026	(1,759)		0
	(380,976)		0