ACCOUNTS - Final Accounts preparation

Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

Company registration number: 12071406

	UNAUDITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 DECEMBER 2024

	V SPIRITS COMPANY LIMITED


V SPIRITS COMPANY LIMITED

COMPANY INFORMATION

Directors	C Churchill
	N E Churchill


Registered number	12071406


Registered office	3000a Parkway
	Whiteley
	Hampshire
	PO15 7FX


Trading Address	Unit 23
	Parkham Drive
	Eastleigh
	Hampshire
	SO50 4NU



Accountants	Menzies LLP
	Chartered Accountants
	3000a Parkway
	Whiteley
	Hampshire
	PO15 7FX


V SPIRITS COMPANY LIMITED

CONTENTS

	Page
Directors' Report	1 - 2
Statement of Financial Position	3 - 4
Notes to the Financial Statements	5 - 10


V SPIRITS COMPANY LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Business review

The business is a HMRC licensed producer of spirits holding an APPA license, Excise Warehouse approval, Excise Warehouse keeper approval and registration under the Alcohol Wholesale Registration Scheme (AWRS).
The business secured its new distillery premises in February 2024 and commenced production of its Premium 40% ABV and Overproof 60% ABV expressions in May 2024 releasing its first batches to the general public, on-trade and off-trade in June 2024. V was featured on “Sunday Brunch” on Fathers Day 2024 receiving critical acclaim.
Brand Momentum – V has been created to be not just another rum but instead better engage with our customers, both trade and the general public in a way other brands have not – making them feel part of our journey and building our spirits in their life in a responsible way. In the early stages of the brand, the business has secured notable listings with premium venues including The Savoy, the iconic 5* London hotel. Building a brand from scratch understandably takes time but the business is creating fans through a different and refreshing approach and premium quality liquid.
Product – V launched with 2 expressions, Premium White Rum at 40% ABV and Overproof White Rum at 60% ABV. Later in the period V also launched a 37.5% Spiced Rum. Spiced Rum is the most popular variant in the UK market which has been demonstrated through incremental sales. The expressions are available in both 70cl glass bottles and 5cl 100% recycled aluminium miniatures. The business is currently working to develop its canned ready to drink range and is also developing a custom, pentagon, 100% recycled glass bottle.
Distribution – The success of spirits brands is very much determined by its availability both to the trade and consumer. The business has made modest progress with grocery multiples in physical stores although anticipates more meaningful progress in 2025. It has however made good progress with listings through online stockists and trade distributors. During the period V became listed with Speciality Drinks, Inn Express, Masters of Malt and Threshers. Post period, the business also captured listings with Champers, Drink Supermarket, LWC, Tolchards, The Rum Company and Digital Distiller. The product is now available to an increasing market.
Distillery – During the period the business secured its new distillery premises and took delivery of its 1st Holstein manufactured 500L still. The fit out of the distillery has continued through the year finishing in November 2024. The distillery now includes 2 Holstein manufactured stills, one of which is a 1500L custom still manufactured to V’s exacting specification and 24,000 litres of fermentation capacity. The site includes space for finished product storage under bond as well as space for cask maturation. The distillery includes a bar, used for filming and trade customer training although not open to the general public and room for 20 team members. The site can produce c.1 million bottles per year making it one of the largest rum distilleries in the UK and Europe.
Sustainability – the business has worked to build a focus on sustainability within its DNA. The new distillery is one of the most technically advanced in the market using 100% renewable electricity, a component of its gas generated from grass and extensive heat and energy recovering during production processes. V has committed to consider every component of its process and packaging and work to put an action plan around improvements where they are needed.
Results
The business recognised revenue of £16,679 during the period. The business was not anticipated to be meaningfully revenue generating during the year and the performance is reflective of a new brand very much in its start-up investment phase. The business has made considerable investment in infrastructure and personnel building a world class production facility and a experienced leadership and operational team. V is a long term investment by the shareholders.

Page 1


V SPIRITS COMPANY LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Directors

The directors who served during the year were:

C Churchill

N E Churchill

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

C Churchill

Director

Date: 26 September 2025

Page 2


V SPIRITS COMPANY LIMITED REGISTERED NUMBER:12071406

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	4		641,086		83,709
			641,086		83,709
Current assets
Stocks		114,547		3,286
Debtors: amounts falling due within one year	5	172,546		27,444
Cash at bank and in hand		5,911		11,986
		293,004		42,716
Creditors: amounts falling due within one year	6	(44,833)		(8,525)
Net current assets			248,171		34,191
Total assets less current liabilities			889,257		117,900
Creditors: amounts falling due after more than one year	7		(2,186,576)		(572,180)

Net liabilities			(1,297,319)		(454,280)

Page 3


V SPIRITS COMPANY LIMITED REGISTERED NUMBER:12071406

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2024

		2024		2023
		£		£

Capital and reserves
Called up share capital	100	100
Profit and loss account	(1,297,419)	(454,380)
	(1,297,319)	(454,280)

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

C Churchill

Director

Date: 26 September 2025

The notes on pages 5 to 10 form part of these financial statements.

Page 4


V SPIRITS COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

CJS Drinks Company Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office and principle place of business are disclosed on the company information page.
The presentation currency is GBP rounded to the nearest £1.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

At the period end date, the company's liabilities exceed its assets, therefore the company is reliant on the continued support provided to it by the directors.
These individuals have confirmed that they will not withdraw the support until the company has sufficient means to repay them. The directors consider that the company is able to meet its obligations as they fall due for the foreseeable future. As a result the accounts have been prepared on a going concern basis.

2.3

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Page 5


V SPIRITS COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property	-	10%	straight Line
Plant and machinery	-	25%	reducing balance
Motor vehicles	-	25%	reducing balance
Office equipment	-	25%	reducing balance
Computer equipment	-	33%	reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6


V SPIRITS COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.8

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 is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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.

2.9

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.

2.10

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.

2.11

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.

Page 7


V SPIRITS COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Employees

The average monthly number of employees, including directors, during the year was 7 (2023 - 3)

Page 8


V SPIRITS COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

4.	Tangible fixed assets

	Long-term leasehold property	Plant and machinery	Motor vehicles	Office equipment	Computer equipment	Total
	£	£	£	£	£	£
Cost or valuation
At 1 January 2024	-	107,538	-	5,376	13,083	125,997
Additions	86,129	509,280	47,109	28,894	26,018	697,430
At 31 December 2024	86,129	616,818	47,109	34,270	39,101	823,427
Depreciation
At 1 January 2024	-	32,445	-	2,176	7,666	42,287
Charge for the year on owned assets	6,564	114,295	5,654	6,910	6,631	140,054
At 31 December 2024	6,564	146,740	5,654	9,086	14,297	182,341
Net book value
At 31 December 2024	79,565	470,078	41,455	25,184	24,804	641,086
At 31 December 2023	-	75,093	-	3,200	5,416	83,709

Debtors

					2024	2023
					£	£


Trade debtors	783	-
Other debtors	60,081	20,770
Prepayments and accrued income	111,682	6,674
	172,546	27,444

Page 9


V SPIRITS COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

6.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	23,857	1,869
Other taxation and social security	12,033	2,704
Other creditors	1,633	452
Accruals and deferred income	7,310	3,500
	44,833	8,525

7.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Other creditors	2,186,576	572,180
	2,186,576	572,180

Not later than 1 year	70,570	-
Later than 1 year and not later than 5 years	217,983	-
	288,553	-

9.	Transactions with directors

At the period end, included within creditors falling due after one year were amounts owed to the directors of the company amounting to £2,186,576 (2023 - £572,181). The directors have a fixed and floating charge over the assets of the business.

Page 10