REGISTERED NUMBER: 08724217 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

THE DISTILLERY LONDON LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S D Wheen

REGISTERED OFFICE:

Preston Park House

South Road

Brighton

East Sussex

BN1 6SB

REGISTERED NUMBER:

08724217 (England and Wales)

ACCOUNTANTS:

Plus Accounting

Chartered Accountants

Preston Park House

South Road

Brighton

East Sussex

BN1 6SB

FIXED ASSETS

Intangible assets

4

95,224

108,089

Tangible assets

5

3,720

13,108

Investments

6

-

27,617

98,944

148,814

CURRENT ASSETS

Debtors

7

387,682

517,392

Cash at bank and in hand

66,428

152,855

454,110

670,247

CREDITORS

Amounts falling due within one year

8

(464,588

)

(420,481

)

NET CURRENT (LIABILITIES)/ASSETS

(10,478

)

249,766

TOTAL ASSETS LESS CURRENT LIABILITIES

88,466

398,580

CREDITORS

Amounts falling due after more than one year

9

(158,344

)

(216,685

)

PROVISIONS FOR LIABILITIES

11

-

(3,275

)

NET (LIABILITIES)/ASSETS

(69,878

)

178,620

CAPITAL AND RESERVES

Called up share capital

12

115

115

Share premium

171,985

171,985

Retained earnings

(241,978

)

6,520

SHAREHOLDERS' FUNDS

(69,878

)

178,620

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 September 2025 and were signed by:

S D Wheen - Director

1.	STATUTORY INFORMATION

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

The presentational 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the consideration received or receivable net of VAT.

Revenue from the sale of services is recognised using the percentage of completion method. Amounts invoiced that relate to work completed after the year end are deferred and included in other creditors. Services undertaken in the year but not yet invoiced are accrued for and included in prepayments.

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.

The development of the software has now been completed, and therefore software development costs will be amortised over their estimated useful life of 10 years.

The website development completed in this financial period and is being amortised over 10 years on a straight line basis.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

- 33% on cost

Fixtures & Fittings

- 33% on cost

Impairment policy

At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension plan for its employees. A defined contribution pension plan is a pension plan under which the company pays contributions into a separate legal entity which is responsible for the pension scheme. Once the contributions have been paid, the company has no further obligations and the assets of the plan are held separately from the company in independently administered funds.

The contributions are recognised as an expense in the income statement when they fall due. Amounts owed but not paid are included in other creditors.

Government assistance

Included in creditors is a "Bounce Back Loan" which was made available to support small companies through the Covid-19 pandemic. The loan is 100% guaranteed by the government. The interest rate is fixed at 2.5% and the loan term is 6 years, although early repayment is possible without any additional charges.

The bounce back loan is accounted for at its fair value being the capital amount owing split between creditors due within one year and creditors greater than one year dependent on the repayment terms. No adjustment has been made to reflect the fair value of the fees and interest paid by the government.

Fixed asset investments

Fixed asset investments are recorded at cost less any impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 19 ) .

4.	INTANGIBLE FIXED ASSETS

Development

Website

costs

Development

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

126,227

2,900

129,127

AMORTISATION

At 1 January 2024

21,038

-

21,038

Amortisation for year

12,623

242

12,865

At 31 December 2024

33,661

242

33,903

NET BOOK VALUE

At 31 December 2024

92,566

2,658

95,224

At 31 December 2023

105,189

2,900

108,089

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2024

-

7,417

18,962

26,379

Additions

698

-

-

698

Disposals

-

(4,197

)

(4,020

)

(8,217

)

At 31 December 2024

698

3,220

14,942

18,860

DEPRECIATION

At 1 January 2024

-

2,393

10,878

13,271

Charge for year

291

2,448

5,234

7,973

Eliminated on disposal

-

(2,605

)

(3,499

)

(6,104

)

At 31 December 2024

291

2,236

12,613

15,140

NET BOOK VALUE

At 31 December 2024

407

984

2,329

3,720

At 31 December 2023

-

5,024

8,084

13,108

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2024

27,617

Disposals

(27,617

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

27,617

Fixed asset investments comprised of the 100% ownership of both Distillery SG PTE Ltd, a company incorporated in Singapore and Distillery USA Inc, a company incorporated in USA. During the period ownership was transferred to a newly incorporated holding company Distillery Group Limited. Distillery Group Limited became the 100% parent of The Distillery London Limited.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

128,782

140,516

Amounts owed by group undertakings

177,533

317,727

Other debtors

81,367

59,149

387,682

517,392

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

58,893

95,103

Trade creditors

46,605

49,438

Amounts owed to group undertakings

154,813

-

Taxation and social security

20,095

80,140

Other creditors

184,182

195,800

464,588

420,481

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

158,344

216,685

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

2,512

20,834

Between one and five years

-

2,567

2,512

23,401

11.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

-

3,275

Deferred tax

£

Balance at 1 January 2024

3,275

Accelerated capital allowances

(3,275

)

Balance at 31 December 2024

-

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

11,531

Ordinary

1p

115

115

13.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

In 2022 a loan of £144,166 was provided to the company by a connected person of the director, this was repaid in full in the period.

14.	ULTIMATE CONTROLLING PARTY

The controlling party is S D Wheen.

The parent company is Distillery Group Limited which owns 100% of the share capital. S Wheen is the majority shareholder of Distillery Group Limited.