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REGISTERED NUMBER: 10321277 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 August 2024

for

The Single Cask Ltd

The Single Cask Ltd (Registered number: 10321277)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Income Statement 11

Other Comprehensive Income 12

Balance Sheet 13

Statement of Changes in Equity 14

Cash Flow Statement 15

Notes to the Cash Flow Statement 16

Notes to the Financial Statements 17


The Single Cask Ltd

Company Information
for the Year Ended 31 August 2024







DIRECTORS: B J Curtis
Mrs M Karsan





REGISTERED OFFICE: 9a Kempson Road
Leicester
LE2 8AN





REGISTERED NUMBER: 10321277 (England and Wales)





AUDITORS: Celerica Ltd (Statutory Auditors)
First Floor
The Old Chapel
9 Kempson Road
Leicester
LE2 8AN

The Single Cask Ltd (Registered number: 10321277)

Strategic Report
for the Year Ended 31 August 2024

The directors present their strategic report for the year ended 31 August 2024.

REVIEW OF BUSINESS
The Single Cask Ltd ("TSC") was formed in 2016 with the aim to establish itself as a distinguished brand specializing in the independent bottling of single malt whisky. The core concept behind TSC was to provide smaller companies, bars, restaurants, and private individuals with the chance to partake in the unique experience of bottling and possessing their own whisky brands, as well as acquiring casks of whisky that have been meticulously stored and matured.

The company has achieved sales of £12.4m in the year 2024, which aligns with the business's expectations. The Warehouse was established with the purpose of ensuring that the final products are manufactured, finished, and delivered to consumers at the desired standard. This has been beneficial for clients worldwide..

The directors demonstrate a strong dedication to allocating substantial time resources to critical aspects of the business, specifically marketing, advertising, and promotional endeavors. Despite the amount of money spent, both gross and net profit margins have been enhanced as anticipated by utilizing its own warehouse.

The directors express satisfaction with the outcomes, considering the challenging environment and the competitive landscape within which the organization operates. The directors are committed to making ongoing investments in its future and expanding its offers to individuals globally. In this report, the directors are glad to disclose some of these intentions.


The Single Cask Ltd (Registered number: 10321277)

Strategic Report
for the Year Ended 31 August 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The company's management team meet monthly to consider the likelihood and possible impact of risks facing the business, and where necessary acts to mitigate the risks. The principal risks and uncertainties of the business are considered to be the following:

Financial

The company's financial position is robust, as evidenced by our strong balance sheet. However, it is important to clarify for those unfamiliar with our business model that while our inventory levels are substantial and cash reserves may appear modest, our inventory is highly liquid. This stock is not only rapidly convertible into cash, but it is also appreciating in value consistently.

Our significant growth over the past three years is a testament to the effectiveness of our branding strategies, the strategic acquisition of a new warehouse, and the enhanced performance of our dedicated team.

Additionally, our liquidity position is further strengthened by a flexible financing arrangement with a lending institution specializing in the spirits industry. This partnership enables us to maintain operational agility and financial stability.

Marketing

In response to the evolving regulatory landscape in digital advertising, particularly the restrictions imposed by major platforms like Google on alcohol-related advertisements, our company is facing new marketing challenges. These challenges are anticipated to intensify with the potential introduction of similar constraints by other related platforms. To navigate this shifting environment, TSC has developed a strategic approach focused on enhancing our organic traffic.

Our strategy encompasses active participation in a variety of global whisky events, aligning with the increasing consumer interest in unique and premium whisky products. This approach not only broadens our market reach but also reinforces our brand presence in the luxury whisky segment.

Additionally, TSC leverages its comprehensive database coupled with strong, enduring client relationships. This combination not only aids in sustaining our existing customer base but also facilitates repeated business transactions, ensuring a consistent growth trajectory amidst a challenging digital advertising domain.

Supply

Although there is a demand for exponential growth, the company's ability to expand is constrained by the restricted availability of bulk liquid resources. The company has implemented strategies to enhance manufacturing capabilities by entering new markets and procuring liquid whisky from international sources. With potential thought of production of our own liquid in the coming years.

Casks

The global scarcity of empty barrels required for the maturation of single malt whisky has resulted in an imbalance between demand and availability. However, the establishment of a dedicated storage facility and filling capacity by TSC has enabled the company to address this issue by procuring new sources of premium empty oak casks for the purpose of enhancing the quality of their single malt whisky offerings. This strategic move will help alleviate the impact of the shortage. In addition, the company has the option to procure alternative premium empty oak casks from various nations, so contributing to the enhancement of our whisky's quality through the finishing process.

Know Your Client

The company places significant emphasis on upholding a rigorous standard of professional compliance. In several domains, such as quality assurance, it is imperative to possess a comprehensive understanding of client identification protocols, commonly referred to as "Know Your Client" (KYC) procedures, as well as proficient account management skills. The organization has established policies and procedures to ensure that regular communication is conducted for quality assurance purposes. Additionally, it is ensured that all procedures related to the Know Your Customer (KYC) process are completed before any engagement takes place. Furthermore, teams of employees undergo regular training and induction on onboarding procedures to maintain a consistent and compliant process.


The Single Cask Ltd (Registered number: 10321277)

Strategic Report
for the Year Ended 31 August 2024

KEY PERFORMANCE INDICATORS
The organization utilizes various key performance indicators (KPIs) and a management team to assess and evaluate the fluctuations in these metrics on a consistent basis. The primary key performance indicators (KPIs) are:

The business diligently examines its cash resources on a regular basis, encompassing both short-term tactical cashflow management and medium to long-term forecasts. We maintain a strong collaborative partnership with our lenders, with whom we actively exchange management information and foster a mutually beneficial working rapport.

Sales activities are closely monitored by the diligent tracking of our pipeline of customer inquiries, complemented by a well-established system for effectively following up and monitoring progress.

The business employs a wide range of management information to effectively monitor profitability, estimate future financial performance, maintain strict control over profit margins, and implement cost control measures, all of which contribute to the long-term sustainability of the business.

Our organization maintains a strategy of ongoing evaluation of management information utilized inside the company, leading to the ongoing enhancement of our reporting systems and procedures.

ON BEHALF OF THE BOARD:





B J Curtis - Director


25 April 2025

The Single Cask Ltd (Registered number: 10321277)

Report of the Directors
for the Year Ended 31 August 2024

The directors present their report with the financial statements of the company for the year ended 31 August 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the wholesale purchase and sale of mature and new make spirits, in bulk tankers and casks.

DIVIDENDS
An interim dividend of £300 per share was paid on 31 March 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 August 2024 will be £ 60,000 .

FUTURE DEVELOPMENTS
As outlined in the strategy study, the company intends to enhance its competitive edge and capitalize on the projected exponential whisky industry growth by implementing future strategies to expand its operations and solidify its position as the global frontrunner in this sector. The directors persist in examining and evaluating various alternatives, including but not limited to diversifying the company's whisky product portfolio by incorporating offerings from different nations, enhancing its internal supply chains, allocating resources towards compliance measures, and exploring potential markets in novel geographical areas.

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

B J Curtis
Mrs M Karsan

GOING CONCERN
The business review and directors' report provide an overview of the company's current activities, as well as an analysis of the elements that are expected to impact its future development, performance, and position. The reports and accompanying financial statements provide an overview of the company's financial condition, including its cash flows, liquidity position, and borrowing facilities. This information is consistently presented throughout the reports and accompanying notes. As previously stated, the organization effectively oversees and minimizes potential risks while actively striving to establish a dependable supply chain. This is achieved through fostering robust partnerships with suppliers to ensure the fulfilment of demand. Furthermore, while catering to its customers and capitalizing on growth prospects, the company also maintains its commitment to product diversification and actively investigates avenues for the creation of craft whiskies in collaboration with its suppliers. In order to sustain the financial standing of the firm, it is advantageous for the company to employ a combination of short-term, medium-term, and long-term working capital. As of the balance sheet date, the firm entered into a working capital agreement with a specialized lender in the spirits industry. Additionally, the company already has a loan from a bank for the purpose of acquiring the warehouse. All of the previous commitments are scheduled to be reimbursed in accordance with the mutually agreed-upon conditions. Based on the firm's estimates and projections, which consider possible shifts in trading performance, it is anticipated that the company will be able to effectively utilize its existing capacity. Therefore, the board of directors holds the belief that the company is in a favourable position to effectively handle its business risks. Based on the directors' inquiries, there exists a justifiable anticipation that the company possesses sufficient resources to sustain its operating presence for the foreseeable future. Consequently, the organization persists in employing the going concern principle while formulating the annual report and financial statements.


The Single Cask Ltd (Registered number: 10321277)

Report of the Directors
for the Year Ended 31 August 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;
- make judgements 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 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.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

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

ON BEHALF OF THE BOARD:





B J Curtis - Director


25 April 2025

Report of the Independent Auditors to the Members of
The Single Cask Ltd

Opinion
We have audited the financial statements of The Single Cask Ltd (the 'company') for the year ended 31 August 2024 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).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 August 2024 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 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 UK, including the FRC'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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
The Single Cask 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page six, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to 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
The Single Cask 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the senior statutory auditor 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 financial reporting legislation, Companies Act 2006, taxation legislation, anti-bribery, employment, and environmental 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 financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
The Single Cask Ltd


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.




ANILKUMAR TAILOR F.C.C.A (Senior Statutory Auditor)
for and on behalf of Celerica Ltd (Statutory Auditors)
First Floor
The Old Chapel
9 Kempson Road
Leicester
LE2 8AN

28 April 2025

The Single Cask Ltd (Registered number: 10321277)

Income Statement
for the Year Ended 31 August 2024

31.8.24 31.8.23
Notes £    £   

TURNOVER 12,431,414 19,952,153

Cost of sales 9,841,163 16,021,638
GROSS PROFIT 2,590,251 3,930,515

Administrative expenses 2,093,718 2,146,819
496,533 1,783,696

Other operating income 116,548 8,829
OPERATING PROFIT 4 613,081 1,792,525


Interest payable and similar expenses 5 6,519 15,489
PROFIT BEFORE TAXATION 606,562 1,777,036

Tax on profit 6 195,872 346,693
PROFIT FOR THE FINANCIAL YEAR 410,690 1,430,343

The Single Cask Ltd (Registered number: 10321277)

Other Comprehensive Income
for the Year Ended 31 August 2024

31.8.24 31.8.23
Notes £    £   

PROFIT FOR THE YEAR 410,690 1,430,343


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

410,690

1,430,343

The Single Cask Ltd (Registered number: 10321277)

Balance Sheet
31 August 2024

31.8.24 31.8.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 8 1,563,535 1,634,380

CURRENT ASSETS
Stocks 9 4,147,240 3,385,531
Debtors 10 675,282 411,114
Cash at bank and in hand 89,168 45,778
4,911,690 3,842,423
CREDITORS
Amounts falling due within one year 11 2,049,055 1,050,985
NET CURRENT ASSETS 2,862,635 2,791,438
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,426,170

4,425,818

CREDITORS
Amounts falling due after more than one
year

12

(2,014,732

)

(2,383,603

)

PROVISIONS FOR LIABILITIES 15 (100,194 ) (81,661 )
NET ASSETS 2,311,244 1,960,554

CAPITAL AND RESERVES
Called up share capital 16 200 200
Retained earnings 17 2,311,044 1,960,354
SHAREHOLDERS' FUNDS 2,311,244 1,960,554

The financial statements were approved by the Board of Directors and authorised for issue on 25 April 2025 and were signed on its behalf by:





B J Curtis - Director


The Single Cask Ltd (Registered number: 10321277)

Statement of Changes in Equity
for the Year Ended 31 August 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 September 2022 200 730,011 730,211

Changes in equity
Dividends - (200,000 ) (200,000 )
Total comprehensive income - 1,430,343 1,430,343
Balance at 31 August 2023 200 1,960,354 1,960,554

Changes in equity
Dividends - (60,000 ) (60,000 )
Total comprehensive income - 410,690 410,690
Balance at 31 August 2024 200 2,311,044 2,311,244

The Single Cask Ltd (Registered number: 10321277)

Cash Flow Statement
for the Year Ended 31 August 2024

31.8.24 31.8.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 314,697 (427,209 )
Interest paid (6,519 ) (15,489 )
Tax paid (259,754 ) (267,331 )
Net cash from operating activities 48,424 (710,029 )

Cash flows from investing activities
Purchase of tangible fixed assets (51,490 ) (891,789 )
Net cash from investing activities (51,490 ) (891,789 )

Cash flows from financing activities
Other loans repayments in the year (137,675 ) 2,152,407
Capital repayments in year (262,846 ) (26,946 )
Amount introduced by directors 506,977 -
Amount withdrawn by directors - (370,000 )
Equity dividends paid (60,000 ) (200,000 )
Net cash from financing activities 46,456 1,555,461

Increase/(decrease) in cash and cash equivalents 43,390 (46,357 )
Cash and cash equivalents at beginning of
year

2

45,778

92,135

Cash and cash equivalents at end of year 2 89,168 45,778

The Single Cask Ltd (Registered number: 10321277)

Notes to the Cash Flow Statement
for the Year Ended 31 August 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.8.24 31.8.23
£    £   
Profit before taxation 606,562 1,777,036
Depreciation charges 122,335 112,929
Finance costs 6,519 15,489
735,416 1,905,454
(Increase)/decrease in stocks (761,709 ) 83,842
(Increase)/decrease in trade and other debtors (264,168 ) 428,035
Increase/(decrease) in trade and other creditors 605,158 (2,844,540 )
Cash generated from operations 314,697 (427,209 )

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 August 2024
31.8.24 1.9.23
£    £   
Cash and cash equivalents 89,168 45,778
Year ended 31 August 2023
31.8.23 1.9.22
£    £   
Cash and cash equivalents 45,778 92,135


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.9.23 Cash flow At 31.8.24
£    £    £   
Net cash
Cash at bank and in hand 45,778 43,390 89,168
45,778 43,390 89,168
Debt
Debts falling due within 1 year (31,650 ) 31,650 -
Debts falling due after 1 year (2,383,603 ) 368,871 (2,014,732 )
(2,415,253 ) 400,521 (2,014,732 )
Total (2,369,475 ) 443,911 (1,925,564 )

The Single Cask Ltd (Registered number: 10321277)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

The Single Cask 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.

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.

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads and is based on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

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.


The Single Cask Ltd (Registered number: 10321277)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued
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.

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.

Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

ln the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS
31.8.24 31.8.23
£    £   
Wages and salaries 383,480 135,847
Social security costs 33,222 3,949
Other pension costs 6,216 740
422,918 140,536

The average number of employees during the year was as follows:
31.8.24 31.8.23

Directors 2 2
Sales & Marketing 4 3
Warehouse & Logistics 9 2
15 7

The Single Cask Ltd (Registered number: 10321277)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

3. EMPLOYEES AND DIRECTORS - continued

31.8.24 31.8.23
£    £   
Directors' remuneration 50,000 50,000

4. OPERATING PROFIT

The operating profit is stated after charging:

31.8.24 31.8.23
£    £   
Depreciation - owned assets 122,335 112,929
Auditors' remuneration 12,500 10,950

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.8.24 31.8.23
£    £   
Bank loan interest 6,519 15,489

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.8.24 31.8.23
£    £   
Current tax:
UK corporation tax 177,339 297,565

Deferred tax 18,533 49,128
Tax on profit 195,872 346,693

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:

31.8.24 31.8.23
£    £   
Profit before tax 606,562 1,777,036
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

151,641

337,637

Effects of:
Capital allowances in excess of depreciation - (74,856 )
Depreciation in excess of capital allowances 25,698 -
Change of standard corporation tax rate - 34,784
Movement in deferred Tax 18,533 49,128
Total tax charge 195,872 346,693

The Single Cask Ltd (Registered number: 10321277)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

7. DIVIDENDS
31.8.24 31.8.23
£    £   
Ordinary shares of £1 each
Interim 60,000 200,000

8. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 September 2023 1,173,326 93,306 490,928
Additions 50,728 - -
At 31 August 2024 1,224,054 93,306 490,928
DEPRECIATION
At 1 September 2023 36,816 9,862 96,488
Charge for year 24,480 13,995 73,641
At 31 August 2024 61,296 23,857 170,129
NET BOOK VALUE
At 31 August 2024 1,162,758 69,449 320,799
At 31 August 2023 1,136,510 83,444 394,440

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 September 2023 38,500 5,134 1,801,194
Additions - 762 51,490
At 31 August 2024 38,500 5,896 1,852,684
DEPRECIATION
At 1 September 2023 19,250 4,398 166,814
Charge for year 9,625 594 122,335
At 31 August 2024 28,875 4,992 289,149
NET BOOK VALUE
At 31 August 2024 9,625 904 1,563,535
At 31 August 2023 19,250 736 1,634,380

9. STOCKS
31.8.24 31.8.23
£    £   
Stocks 4,147,240 3,385,531

The Single Cask Ltd (Registered number: 10321277)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors 505,476 309,514
Other debtors 84,845 101,600
Corporation tax refundable 84,961 -
675,282 411,114

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Bank loans and overdrafts (see note 13) - 31,650
Trade creditors 1,091,813 497,751
Tax - 82,415
Social security and other taxes 11,154 17,766
Other creditors 1,088 380
Directors' current accounts 919,000 412,023
Accrued expenses 26,000 9,000
2,049,055 1,050,985

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.24 31.8.23
£    £   
Bank loans (see note 13) - 231,196
Other loans (see note 13) 2,014,732 2,152,407
2,014,732 2,383,603

13. LOANS

An analysis of the maturity of loans is given below:

31.8.24 31.8.23
£    £   
Amounts falling due within one year or on demand:
Bank loans - 31,650

Amounts falling due between one and two years:
Bank loans - 1-2 years - 32,454

Amounts falling due between two and five years:
Bank loans - 2-5 years - 102,390
Other loans - 2-5 years 2,014,732 2,152,407
2,014,732 2,254,797

Amounts falling due in more than five years:

The Single Cask Ltd (Registered number: 10321277)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

13. LOANS - continued
31.8.24 31.8.23
£    £   
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal - 96,352

14. SECURED DEBTS

The following secured debts are included within creditors:

31.8.24 31.8.23
£    £   
Bank loans - 262,846
Other loans 2,014,732 2,152,407
2,014,732 2,415,253

On 31 October 2023, the company satisfied a bank loan which was secured by the property known as Unit 11, Buko Business Centre, Ashleigh Road, Glenrothes.

The security was superseded on 27 October 2023 by a floating charge from a third party lender covering all the property or undertaking of the company.

15. PROVISIONS FOR LIABILITIES
31.8.24 31.8.23
£    £   
Deferred tax 100,194 81,661

Deferred
tax
£   
Balance at 1 September 2023 81,661
Accelerated Capital Allowances 18,533
Balance at 31 August 2024 100,194

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.24 31.8.23
value: £    £   
200 Ordinary £1 200 200

The Single Cask Ltd (Registered number: 10321277)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

17. RESERVES
Retained
earnings
£   

At 1 September 2023 1,960,354
Profit for the year 410,690
Dividends (60,000 )
At 31 August 2024 2,311,044

18. FINANCIAL COMMITMENTS

The company had no lease commitments at the balance sheet date.

19. RELATED PARTY DISCLOSURES

The company is connected to other entities due to common ownership.
During the year, the company transacted with these entities as follows.
Sales to related entities were £185,916 (2023: £154,732)
Purchases from related entities were £Nil (2023: £25,723)
Trade debtors due from related entities were £92,843 (2023: £103,298)
Trade creditors due to related entities were £Nil (2023: £Nil)