REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
CASK TRADE LTD |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
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: |
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 £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
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: |
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. |
for and on behalf of |
42 Lytton Road |
Barnet |
Hertfordshire |
EN5 5BY |
CASK TRADE LTD (REGISTERED NUMBER: 11657830) |
Income Statement |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 |
Cost of sales & direct costs |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 6 |
Income from fixed asset investments |
Interest receivable and similar income |
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 |
PROFIT BEFORE TAXATION |
Tax on profit | 9 |
PROFIT FOR THE FINANCIAL YEAR |
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 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
CASK TRADE LTD (REGISTERED NUMBER: 11657830) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
CURRENT ASSETS |
Stocks | 14 |
Debtors | 15 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 17 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
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 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Purchase of fixed asset investments | (2,477,551 | ) | (268,554 | ) |
Sale of tangible fixed assets |
Sale of fixed asset investments |
Impairment of subsidiary investment |
Interest received |
Dividends received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
New loans in year |
Loan repayments in year | ( |
) |
Capital repayments in year | ( |
) | ( |
) |
Final dividends payable | 300,000 | - |
Amount withdrawn by directors | - | (90,407 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
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 |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) |
Finance costs | 77,001 | 25,408 |
Finance income | (601,567 | ) | - |
953,138 | 4,118,245 |
Decrease/(increase) in stocks | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
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 | ( |
) | 1,148,507 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
£ | £ |
An analysis of turnover by geographical market is given below: |
31.12.23 | 31.12.22 |
£ | £ |
United Kingdom |
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 |
Social security costs |
Other pension costs |
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 |
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 |
Profit on disposal of fixed assets | ( |
) |
Patents and licences amortisation |
Development costs amortisation |
Auditors' remuneration |
Foreign exchange differences |
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 |
Hire purchase |
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 |
Deferred tax |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
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 |
Interim |
11. | INTANGIBLE FIXED ASSETS |
Patents |
and | Development |
licences | costs | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Amortisation for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
13. | FIXED ASSET INVESTMENTS |
31.12.23 | 31.12.22 |
£ | £ |
Shares in group undertakings |
Other investments |
Additional information is as follows: |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
Impairments | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
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 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments and accrued income |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans and overdrafts (see note 18) |
Other loans (see note 18) |
Hire purchase contracts (see note 19) |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Pension | 12,345 | 7,339 |
Other creditors |
Directors' current accounts | 300,000 | - |
Accruals and deferred income |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans (see note 18) |
Other loans (see note 18) |
Hire purchase contracts (see note 19) |
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 |
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 |
Other loans - 1-2 years | - |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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 |
Between one and five years |
20. | PROVISIONS FOR LIABILITIES |
31.12.23 | 31.12.22 |
£ | £ |
Deferred tax | 177,479 | 151,684 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Provided during year |
Balance at 31 December 2023 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
22. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 December 2023 |
CASK TRADE LTD (REGISTERED NUMBER: 11657830) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
23. | RELATED PARTY DISCLOSURES |
31.12.23 | 31.12.22 |
£ | £ |
Sales |
Purchases | ( |
) | ( |
) |
Interest | (74,048 | ) | (17,047 | ) |
Loan | (200,000 | ) | (1,220,000 | ) |
31.12.23 | 31.12.22 |
£ | £ |
Sales |
Loan |
Amount due from holding company |
31.12.23 | 31.12.22 |
£ | £ |
Non-executive director Consultancy services | ( |
) |
Purchases | ( |
) | ( |
) |