REGISTERED NUMBER: 11657830 (England and Wales)

Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

CASK TRADE LTD

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

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

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

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 year are in line with the directors' expectations in a market of decreasing disposable income and increasing global economic turmoil. The market for luxury goods and alternative investments is under enormous pressure worldwide.

The company has successfully built a worldwide marketplace for the trading of casks and continues to sell to the trade as well as private clients. The company's cask pricing strategy and buying policy has continued to be exceptional in order to meet the demands of all customers in this competitive market.

Whilst the Whisky investment market comes under pressure from increased competition we are still recognised as one of the world's leading cask trading companies maintaining an excellent reputation through transparency, reliability and outstanding service to customers.

Subsequent to the year end the Directors took the decision to invest in a Bonded Warehouse in Forres, Scotland to store casks under its own management. This allows private accounts and services to be offered directly to customers as well as the ability to visit their casks and have a unique experience in a purpose-built tasting room within the warehouse.

As part of the development of the company, staff training continues to be an area of importance. This has been coupled with a restructuring of department heads to ensure the Company makes the right strategic decisions to respond to the ever-increasing competitive market and principal risks.

Cash reserves have remained healthy over the year with cash at Bank in excess of £1.5m at the year end having no Bank borrowings.

The Company continues to invest 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 £4.3m and shareholder's funds remain in excess of £7m indicating the shareholders continued 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, the subdued market for luxury goods and alternative investments, tariffs, international conflict especially regarding China 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, 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 funds available for operations. The directors are presented with monthly management accounts 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.

ON BEHALF OF THE BOARD:

S M Aron - Director

1 August 2025

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

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 2024 will be £ 800,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

S M Aron

C G Hampden-White

L J Tomlinson

CHARITABLE DONATIONS

The company made charitable donations of £54,100 (2023: £45,000)

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.

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

1 August 2025

Opinion

We have audited the financial statements of Cask Trade Ltd (the 'company') for the year ended 31 December 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 December 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.

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 Directors' Responsibilities Statement set out on page four, 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.

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 engagement partner and engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and affect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management.

The 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 on 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 measures 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 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 that were

indicative of potential bias.

- Performed substantive testing on management expenses and 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;

- Enquiring of management as to actual and potential litigation and claims

- And reviewing available correspondence with HMRC and the company's legal advisors.

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 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.

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.

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

1 August 2025

TURNOVER

3

14,932,307

20,009,052

Cost of sales & direct costs

11,909,119

15,636,543

GROSS PROFIT

3,023,188

4,372,509

Administrative expenses

2,058,208

1,768,976

964,980

2,603,533

Other operating income

4,827

-

OPERATING PROFIT

6

969,807

2,603,533

Income from fixed asset investments

-

600,000

Interest receivable and similar income

7

34,753

1,567

34,753

601,567

1,004,560

3,205,100

Amounts written off investments

8

652,316

1,500,000

352,244

1,705,100

Interest payable and similar expenses

9

2,103

77,001

PROFIT BEFORE TAXATION

350,141

1,628,099

Tax on profit

10

242,239

532,682

PROFIT FOR THE FINANCIAL YEAR

107,902

1,095,417

PROFIT FOR THE YEAR

107,902

1,095,417

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

107,902

1,095,417

FIXED ASSETS

Intangible assets

12

46,545

53,865

Tangible assets

13

626,890

656,050

Investments

14

318,626

1,087,847

992,061

1,797,762

CURRENT ASSETS

Stocks

15

4,550,201

5,187,235

Debtors

16

822,488

888,663

Cash at bank and in hand

1,599,933

1,148,507

6,972,622

7,224,405

CREDITORS

Amounts falling due within one year

17

556,884

891,495

NET CURRENT ASSETS

6,415,738

6,332,910

TOTAL ASSETS LESS CURRENT LIABILITIES

7,407,799

8,130,672

CREDITORS

Amounts falling due after more than one year

18

(77,538

)

(101,147

)

PROVISIONS FOR LIABILITIES

21

(169,313

)

(177,479

)

NET ASSETS

7,160,948

7,852,046

CAPITAL AND RESERVES

Called up share capital

22

101

100

Share premium

23

999

-

Retained earnings

23

7,159,848

7,851,946

SHAREHOLDERS' FUNDS

7,160,948

7,852,046

The financial statements were approved by the Board of Directors and authorised for issue on 1 August 2025 and were signed on its behalf by:

S M Aron - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2023

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

Changes in equity

Issue of share capital

1

-

999

1,000

Dividends

-

(800,000

)

-

(800,000

)

Total comprehensive income

-

107,902

-

107,902

Balance at 31 December 2024

101

7,159,848

999

7,160,948

Cash flows from operating activities

Cash generated from operations

1

1,073,966

406,668

Interest paid

(490

)

(74,788

)

Interest element of hire purchase payments paid

(1,613

)

(2,213

)

Tax paid

(284,028

)

(637,886

)

Net cash from operating activities

787,835

(308,219

)

Cash flows from investing activities

Purchase of tangible fixed assets

(71,220

)

(152,599

)

Purchase of fixed asset investments

(210,168

)

(2,477,551

)

Sale of tangible fixed assets

53,034

33,845

Sale of fixed asset investments

373,577

539,445

Impairment of subsidiary investment

667,316

1,500,000

Interest received

34,753

1,567

Dividends received

-

600,000

Net cash from investing activities

847,292

44,707

Cash flows from financing activities

New loans in year

-

39,594

Loan repayments in year

(63,595

)

(620,000

)

Capital repayments in year

(20,107

)

(7,160

)

Final dividends payable

-

300,000

Amount withdrawn by directors

(300,000

)

-

Share issue

1

-

Equity dividends paid

(800,000

)

(900,000

)

Net cash from financing activities

(1,183,701

)

(1,187,566

)

Increase/(decrease) in cash and cash equivalents

451,426

(1,451,078

)

Cash and cash equivalents at beginning of year

2

1,148,507

2,599,585

Cash and cash equivalents at end of year

2

1,599,933

1,148,507

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

31.12.24

31.12.23

£

£

Profit before taxation

350,141

1,628,099

Depreciation charges

58,748

61,936

Profit on disposal of fixed assets

(50,586

)

(212,331

)

Finance costs

2,103

77,001

Finance income

(34,753

)

(601,567

)

325,653

953,138

Decrease in stocks

637,034

1,700,289

Decrease/(increase) in trade and other debtors

66,175

(343,678

)

Increase/(decrease) in trade and other creditors

45,104

(1,903,081

)

Cash generated from operations

1,073,966

406,668

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 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

1,599,933

1,148,507

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

1,148,507

2,599,585

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

1,148,507

451,426

1,599,933

1,148,507

451,426

1,599,933

Debt

Finance leases

(117,746

)

20,107

(97,639

)

Debts falling due within 1 year

(10,000

)

-

(10,000

)

Debts falling due after 1 year

(14,167

)

10,000

(4,167

)

(141,913

)

30,107

(111,806

)

Total

1,006,594

481,533

1,488,127

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 (£).

The financial statements are prepared to the nearest whole £ GBP.

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.

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:

31.12.24

31.12.23

£

£

Cask sales

14,457,854

19,497,423

Ancillary sales

474,453

511,629

14,932,307

20,009,052

An analysis of turnover by geographical market is given below:

31.12.24

31.12.23

£

£

United Kingdom

14,932,307

20,009,052

14,932,307

20,009,052

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

4.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

1,643,927

1,626,106

Social security costs

195,152

193,315

Other pension costs

52,454

36,029

1,891,533

1,855,450

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

31.12.24

31.12.23

Sales

8

7

Management

3

3

Administration

14

16

25

26

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):

31.12.24

31.12.23

£

£

Depreciation - owned assets

51,428

54,123

Profit on disposal of fixed assets

(50,586

)

(212,331

)

Patents and licences amortisation

454

452

Development costs amortisation

6,866

6,847

Auditors' remuneration

22,000

14,000

Foreign exchange differences

23

137

7.

INTEREST RECEIVABLE AND SIMILAR INCOME

31.12.24

31.12.23

£

£

Deposit account interest

34,753

1,567

8.

AMOUNTS WRITTEN OFF INVESTMENTS

31.12.24

31.12.23

£

£

Amounts written off subsidiary undertaking

652,316

1,500,000

9.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Bank loan interest

490

74,788

Hire purchase

1,613

2,213

2,103

77,001

10.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

250,405

506,887

Deferred tax

(8,166

)

25,795

Tax on profit

242,239

532,682

UK corporation tax has been charged at 25% .