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REGISTERED NUMBER: 11657830 (England and Wales)











Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 December 2023

for

CASK TRADE LTD

CASK TRADE LTD (REGISTERED NUMBER: 11657830)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


CASK TRADE LTD

Company Information
for the Year Ended 31 December 2023







DIRECTORS: S M Aron
C G Hampden-White
L J Tomlinson



REGISTERED OFFICE: 203 Linen Hall 162-168 Regent Street
London
W1B 5TG



REGISTERED NUMBER: 11657830 (England and Wales)



SENIOR STATUTORY AUDITOR: Jeffrey Lermer



AUDITORS: JLA (UK) Ltd
42 Lytton Road
Barnet
Hertfordshire
EN5 5BY

CASK TRADE LTD (REGISTERED NUMBER: 11657830)

Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
The profit and loss account on page 9 of the financial statements provides a summary of the company's trading results for the year.

The performance and results for the are in line with the directors' expectations in an ever increasing competitive market.

The company continued to buy and sell casks to trade and independent bottlers as well as private individuals across the globe indicating the company's cask pricing strategy was right. The company's buying policy has continued to be exceptional in order to meet the demands of all customers and the market in general.

Whilst the Whisky investment market comes under pressure from increased competition the Company maintains its reputation through transparency, reliability and outstanding service to customers. It continues to provide a unique market place where customers can both buy and exit their casks at an appropriate time.

The purchase of Bonded Whisky Partners Limited in January 2023 was the first acquisition in a strategy of acquiring cask companies with exceptional stock to provide continuous supply to satisfy the worldwide demand for whisky.

Cash reserves have remained healthy over the year and the company has significantly reduced its debt by repaying loans of more than £600k during the year.

The Company has invested a large amount of time and costs in improving our internal systems in accounts, stock management and statistical reporting generally.

The company's balance sheet remains strong with net current assets of £6.3m and shareholder's funds have increased from £7.66m to £7.85m indicating the shareholders commitment to reinvest funds back into the business.

The directors' continue to review the business to ensure it maintains its competitive edge over other cask businesses.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties facing the company include the current state of the world's financial market in particular, interest rates, increasing grain and energy costs affecting the company and/or its suppliers and customers, staff costs, customer's financial stability and ability to pay, competition, other economic and market conditions, volatile exchange rates and cash flow risk.

The risk of commodity prices on the cost of goods sold is mitigated by careful stock management and review of the cost of whisky casks for onward sale prior to the commitment to buy.

The financial instruments used by the company arise wholly and directly from its activities. The main financial instruments comprise debtors, cash at bank and trade creditors. The financial risks arising from these financial instruments are considered low. The mature financial stability of the business ensures the company maintains excellent terms with preferred suppliers and their credit partners.

Liquidity and cash flow risk
The directors consider the company to have sufficient available funds for operations. The directors are presented with management accounts on a monthly basis and future plans, opportunities and risks are discussed.

Price risk
Expenditure made by the company is authorised prior to it being made by management in order to ensure that goods and services are not obtained at a higher price than necessary.

FINANCIAL KEY PERFORMANCE INDICATORS
The key performance indicators used by the company include gross profit margin and turnover. Gross profit margin reduced to 21.9% from 27.2% in previous year due to increased cask and ancillary cask costs and turnover reduced slightly by around 4%. The results were in line with targets and expectations.


CASK TRADE LTD (REGISTERED NUMBER: 11657830)

Strategic Report
for the Year Ended 31 December 2023

OTHER KEY PERFORMANCE INDICATORS
The non-financial key performance indicators include ensuring that product and service quality are of a reasonable value whilst constantly striving to improve quality control measures.

The directors are mindful of environmental issues and have sought to minimise the impact of the company's activities on the environment. In addition, other non-financial key performance indicators include raising brand awareness and the company profile measured by both customer and supplier loyalties.

Key performance indicators are maintained across all parts of the business to ensure we are constantly monitoring and challenging our results.

ON BEHALF OF THE BOARD:





S M Aron - Director


11 September 2024

CASK TRADE LTD (REGISTERED NUMBER: 11657830)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the sale of casks of whisky and related services.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2023 will be £ 900,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

S M Aron
C G Hampden-White
L J Tomlinson

CHARITABLE DONATIONS
The company made charitable donations of £45,000 (2022: £41,386)

MATTERS COVERED IN THE STRATEGIC REPORT
As permitted by s414c (11) of the Companies Act 2006, the directors have elected to disclose information, required to be in the directors' report by Schedule of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008', in the strategic report.

DISCLOSURE OF INFORMATION TO AUDITOR
Each of the persons who are directors at the time when this directors' report is approved has confirmed that:

So far as the director is aware, there is no relevant information of which the company's auditor is unaware. The directors have taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the strategic report, the directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the company's financial statements and then apply them consistently;

. make judgments and accounting estimates that are reasonable and prudent;

. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

. 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.

CASK TRADE LTD (REGISTERED NUMBER: 11657830)

Report of the Directors
for the Year Ended 31 December 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, JLA (UK) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S M Aron - Director


11 September 2024

Report of the Independent Auditors to the Members of
Cask Trade Ltd

Opinion
We have audited the financial statements of Cask Trade Ltd (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

We have audited the financial statements of Cask Trade Ltd (the 'Company') for the year ended 31 December 2023, which comprise the profit and loss account, the balance sheet, the statement of cash flows, the statement of changes in equity and the 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 31 December 2023 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 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.

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

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

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

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of 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.

Report of the Independent Auditors to the Members of
Cask Trade Ltd


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 identified material misstatements in the strategic report or the directors' report.


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' responsibilities statement set out on page 5, 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 10 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.

Report of the Independent Auditors to the Members of
Cask Trade Ltd


Auditors' 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 engagement partner ensured that the engagement team collectively had the appropriate competence,


capabilities and skills to identify or recognise non-compliance with applicable laws and regulations

. we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;

. we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, anti-bribery, employment and health and safety legislation;

. we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

. identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.


We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

. making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

. considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we;

. performed analytical procedures to identify any unusual or unexpected relationships;
. tested journal entries to identify unusual transactions;
. assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
. investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

. agreeing the financial statement disclosures to underlying supporting documentation;
. reading the minutes of meetings of those charged with governance;
. inspecting legal documentation for indications of non-compliance with laws and regulations; and
. enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.

Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


Report of the Independent Auditors to the Members of
Cask Trade Ltd


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 auditor's report.

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 a Report of the Auditors 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.




Jeffrey Lermer (Senior Statutory Auditor)
for and on behalf of JLA (UK) Ltd
42 Lytton Road
Barnet
Hertfordshire
EN5 5BY

16 September 2024

CASK TRADE LTD (REGISTERED NUMBER: 11657830)

Income Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   

TURNOVER 3 20,009,052 20,867,683

Cost of sales & direct costs 15,636,543 15,198,856
GROSS PROFIT 4,372,509 5,668,827

Administrative expenses 1,768,976 1,618,858
OPERATING PROFIT 6 2,603,533 4,049,969

Income from fixed asset investments 600,000 -
Interest receivable and similar income 1,567 -
601,567 -
3,205,100 4,049,969
Amounts written off investments 7 1,500,000 -
1,705,100 4,049,969

Interest payable and similar expenses 8 77,001 25,408
PROFIT BEFORE TAXATION 1,628,099 4,024,561

Tax on profit 9 532,682 769,552
PROFIT FOR THE FINANCIAL YEAR 1,095,417 3,255,009

CASK TRADE LTD (REGISTERED NUMBER: 11657830)

Other Comprehensive Income
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

PROFIT FOR THE YEAR 1,095,417 3,255,009


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,095,417

3,255,009

CASK TRADE LTD (REGISTERED NUMBER: 11657830)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 53,865 61,164
Tangible assets 12 656,050 591,461
Investments 13 1,087,847 437,368
1,797,762 1,089,993

CURRENT ASSETS
Stocks 14 5,187,235 6,878,038
Debtors 15 888,663 544,985
Cash at bank and in hand 1,148,507 2,599,585
7,224,405 10,022,608
CREDITORS
Amounts falling due within one year 16 891,495 2,575,889
NET CURRENT ASSETS 6,332,910 7,446,719
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,130,672

8,536,712

CREDITORS
Amounts falling due after more than one year 17 (101,147 ) (728,399 )

PROVISIONS FOR LIABILITIES 20 (177,479 ) (151,684 )
NET ASSETS 7,852,046 7,656,629

CAPITAL AND RESERVES
Called up share capital 21 100 100
Retained earnings 22 7,851,946 7,656,529
SHAREHOLDERS' FUNDS 7,852,046 7,656,629

The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2024 and were signed on its behalf by:





S M Aron - Director


CASK TRADE LTD (REGISTERED NUMBER: 11657830)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100 4,901,520 4,901,620

Changes in equity
Dividends - (500,000 ) (500,000 )
Total comprehensive income - 3,255,009 3,255,009
Balance at 31 December 2022 100 7,656,529 7,656,629

Changes in equity
Dividends - (900,000 ) (900,000 )
Total comprehensive income - 1,095,417 1,095,417
Balance at 31 December 2023 100 7,851,946 7,852,046

CASK TRADE LTD (REGISTERED NUMBER: 11657830)

Cash Flow Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 406,668 3,448,614
Interest paid (74,788 ) (23,180 )
Interest element of hire purchase payments
paid

(2,213

)

(2,228

)
Tax paid (637,886 ) (1,236,747 )
Net cash from operating activities (308,219 ) 2,186,459

Cash flows from investing activities
Purchase of intangible fixed assets - (32,675 )
Purchase of tangible fixed assets (152,599 ) (260,507 )
Purchase of fixed asset investments (2,477,551 ) (268,554 )
Sale of tangible fixed assets 33,845 -
Sale of fixed asset investments 539,445 -
Impairment of subsidiary investment 1,500,000 -
Interest received 1,567 -
Dividends received 600,000 -
Net cash from investing activities 44,707 (561,736 )

Cash flows from financing activities
New loans in year 39,594 600,000
Loan repayments in year (620,000 ) -
Capital repayments in year (7,160 ) (30,121 )
Final dividends payable 300,000 -
Amount withdrawn by directors - (90,407 )
Equity dividends paid (900,000 ) (500,000 )
Net cash from financing activities (1,187,566 ) (20,528 )

(Decrease)/increase in cash and cash equivalents (1,451,078 ) 1,604,195
Cash and cash equivalents at beginning
of year

2

2,599,585

995,390

Cash and cash equivalents at end of
year

2

1,148,507

2,599,585

CASK TRADE LTD (REGISTERED NUMBER: 11657830)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.12.23 31.12.22
£    £   
Profit before taxation 1,628,099 4,024,561
Depreciation charges 61,936 68,276
Profit on disposal of fixed assets (212,331 ) -
Finance costs 77,001 25,408
Finance income (601,567 ) -
953,138 4,118,245
Decrease/(increase) in stocks 1,700,289 (2,327,932 )
Increase in trade and other debtors (343,678 ) (115,946 )
(Decrease)/increase in trade and other creditors (1,903,081 ) 1,774,247
Cash generated from operations 406,668 3,448,614

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 1,148,507 2,599,585
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 2,599,585 995,390


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 2,599,585 (1,451,078 ) 1,148,507
2,599,585 (1,451,078 ) 1,148,507
Debt
Finance leases (124,906 ) 7,160 (117,746 )
Debts falling due within 1 year (627,047 ) 617,047 (10,000 )
Debts falling due after 1 year (634,167 ) 620,000 (14,167 )
(1,386,120 ) 1,244,207 (141,913 )
Total 1,213,465 (206,871 ) 1,006,594

CASK TRADE LTD (REGISTERED NUMBER: 11657830)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Cask Trade Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

CASK TRADE LTD (REGISTERED NUMBER: 11657830)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.12.23 31.12.22
£    £   
Cask sales 19,497,423 20,317,918
Ancillary sales 511,629 549,765
20,009,052 20,867,683

An analysis of turnover by geographical market is given below:

31.12.23 31.12.22
£    £   
United Kingdom 20,009,052 20,867,683
20,009,052 20,867,683

The analysis of turnover by country of destination is based on where the casks sold to customers are held.

4. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 1,626,106 1,396,284
Social security costs 193,315 177,505
Other pension costs 36,029 28,971
1,855,450 1,602,760

The average number of employees during the year was as follows:
31.12.23 31.12.22

Sales 7 7
Management 3 3
Administration 16 13
26 23

CASK TRADE LTD (REGISTERED NUMBER: 11657830)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. DIRECTORS' EMOLUMENTS

2023 2022
£    £   
Directors emoluments 200,000 180,000
Company contributions to defined contribution pension
schemes


4,800

3,200




------------------

------------------
-
204,000 183,200
========= =========

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.23 31.12.22
£    £   
Depreciation - owned assets 54,123 62,179
Profit on disposal of fixed assets (212,331 ) -
Patents and licences amortisation 452 453
Development costs amortisation 6,847 5,643
Auditors' remuneration 14,000 15,950
Foreign exchange differences 137 939

7. AMOUNTS WRITTEN OFF INVESTMENTS
31.12.23 31.12.22
£    £   
Amounts written off subsidiary undertaking 1,500,000 -

8. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Bank loan interest 74,788 23,180
Hire purchase 2,213 2,228
77,001 25,408

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 506,887 718,382

Deferred tax 25,795 51,170
Tax on profit 532,682 769,552

CASK TRADE LTD (REGISTERED NUMBER: 11657830)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
£    £   
Profit before tax 1,628,099 4,024,561
Profit multiplied by the standard rate of corporation tax in the UK of
22.025% (2022 - 19%)

358,589

764,667

Effects of:
Expenses not deductible for tax purposes 3,340 12,972
Capital allowances in excess of depreciation (14,349 ) (64,296 )
Other timing differences leading to an increase in taxation 25,794 51,170
Other differences leading to an increase in the tax charge - 5,039

Investment income and disposals (178,925 ) -
Amounts w/off Investments 330,664 -
Research and Development 7,569 -
Total tax charge 532,682 769,552

From 1 April 2023 the corporation tax rates has increased to 25%, from the standard rate of 19% for companies with profit of over £250,000.00. During this transitional year, 3/12 of the company's profit has been charged at 19% and 9/12 has been charged at 25%, this has created an effective rate of 22.025%

10. DIVIDENDS
31.12.23 31.12.22
£    £   
Final 300,000 -
Interim 600,000 500,000
900,000 500,000

11. INTANGIBLE FIXED ASSETS
Patents
and Development
licences costs Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 4,536 68,661 73,197
AMORTISATION
At 1 January 2023 1,618 10,415 12,033
Amortisation for year 452 6,847 7,299
At 31 December 2023 2,070 17,262 19,332
NET BOOK VALUE
At 31 December 2023 2,466 51,399 53,865
At 31 December 2022 2,918 58,246 61,164

CASK TRADE LTD (REGISTERED NUMBER: 11657830)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

12. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 413,599 44,455 163,044 65,000 686,098
Additions 75,100 6,663 59,095 11,741 152,599
Disposals - - (58,850 ) - (58,850 )
At 31 December 2023 488,699 51,118 163,289 76,741 779,847
DEPRECIATION
At 1 January 2023 3,685 20,652 44,743 25,557 94,637
Charge for year 1,400 7,850 30,391 14,482 54,123
Eliminated on disposal - - (24,963 ) - (24,963 )
At 31 December 2023 5,085 28,502 50,171 40,039 123,797
NET BOOK VALUE
At 31 December 2023 483,614 22,616 113,118 36,702 656,050
At 31 December 2022 409,914 23,803 118,301 39,443 591,461

13. FIXED ASSET INVESTMENTS

31.12.23 31.12.22
£    £   
Shares in group undertakings 652,316 -
Other investments 435,531 437,368
1,087,847 437,368

Additional information is as follows:
Shares in
group
undertakings
£   
COST
Additions 2,152,316
Impairments (1,500,000 )
At 31 December 2023 652,316
NET BOOK VALUE
At 31 December 2023 652,316

Investments (neither listed nor unlisted) were as follows:
31.12.23 31.12.22
£    £   
Other investments cost 437,368 168,814
Other investments additions 325,235 268,554
Other investments disposals (327,072 ) -
435,531 437,368

CASK TRADE LTD (REGISTERED NUMBER: 11657830)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

14. STOCKS
31.12.23 31.12.22
£    £   
Stocks 5,187,235 6,878,038

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 263,998 285,770
Other debtors 257,637 108,894
VAT 65,696 47,920
Prepayments and accrued income 301,332 102,401
888,663 544,985

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts (see note 18) 10,000 -
Other loans (see note 18) - 627,047
Hire purchase contracts (see note 19) 30,766 30,674
Trade creditors 187,170 1,551,618
Amounts owed to group undertakings 39,594 -
Tax 99,887 230,886
Social security and other taxes 55,077 45,044
Pension 12,345 7,339
Other creditors 27,044 26,992
Directors' current accounts 300,000 -
Accruals and deferred income 129,612 56,289
891,495 2,575,889

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans (see note 18) 14,167 24,167
Other loans (see note 18) - 610,000
Hire purchase contracts (see note 19) 86,980 94,232
101,147 728,399

18. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Bank loans - due within 1 year 10,000 -
Other loans - 627,047
10,000 627,047

CASK TRADE LTD (REGISTERED NUMBER: 11657830)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

18. LOANS - continued
31.12.23 31.12.22
£    £   
Amounts falling due between one and two years:
Bank loans - 1-2 years 10,000 10,000
Other loans - 1-2 years - 610,000
10,000 620,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 4,167 14,167

19. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 30,766 30,674
Between one and five years 86,980 94,232
117,746 124,906

20. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 177,479 151,684

Deferred
tax
£   
Balance at 1 January 2023 151,684
Provided during year 25,795
Balance at 31 December 2023 177,479

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
100 Ordinary £1 100 100

22. RESERVES
Retained
earnings
£   

At 1 January 2023 7,656,529
Profit for the year 1,095,417
Dividends (900,000 )
At 31 December 2023 7,851,946

CASK TRADE LTD (REGISTERED NUMBER: 11657830)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

23. RELATED PARTY DISCLOSURES

Companies under common control
31.12.23 31.12.22
£    £   
Sales 1,819,652 3,252,149
Purchases (239,952 ) (414,319 )
Interest (74,048 ) (17,047 )
Loan (200,000 ) (1,220,000 )

Subsidiary Undertaking
31.12.23 31.12.22
£    £   
Sales 902,381 -
Loan 39,593 -
Amount due from holding company 39,594 -

Director
31.12.23 31.12.22
£    £   
Non-executive director Consultancy services (53,737 ) 30,720
Purchases (127,918 ) (90,407 )