REGISTERED NUMBER: 11178064 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

Cask Industries Ltd

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

J C Dunn

W K Fakhry

R A Halliwell

REGISTERED OFFICE:

44 Russell Square

London

WC1B 4JP

REGISTERED NUMBER:

11178064 (England and Wales)

AUDITORS:

Anstey Bond LLP

Statutory Auditors &

Chartered Accountants

1-2 Charterhouse Mews

London

EC1M 6BB

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

The year under review was characterised by a weaker demand environment in the whisky trading market, resulting in lower revenues compared with the prior year. In response, management implemented a disciplined programme of cost reduction which led to an improvement in gross margins. Stock levels were also reduced to preserve liquidity and maintain balance sheet strength.

In parallel, the Company has continued to invest in systems and infrastructure designed to provide best-in-class capabilities. These developments will improve operational efficiency and ensure the business is well positioned to capitalise on opportunities as market conditions evolve.

The directors remain confident that this combination of prudent financial management, operational investment and a focus on resilience provides a solid platform for sustainable growth.

REVIEW OF BUSINESS

Revenue for the year was £15.9m (2023: £24.9m), reflecting weaker overall demand in the market. Despite this reduction, gross margin improved to 15.2% (2023: 13.3%), supported by tighter cost control and more disciplined purchasing.

The operating result for the year was a loss of £0.2m (2023: profit of £0.4k), which was in line with expectations given the decline in turnover and continued investment in team and infrastructure.

Liquidity was further protected by reducing stock holdings to £4.2m (2023: £8.3m), ensuring flexibility in working capital management and strengthening the balance sheet.

At the same time, the Company continued to invest in developing best-in-class systems and infrastructure. These initiatives are designed to enhance operational resilience and create the platform to capture new opportunities within the whisky trading market.

Human Capital is one of the key pillars in the organisation. Cask Industries Limited will continue to progress in the journey of upgrading the talent of our team with training and support to the level that the execution of our strategy requires. Our team is our greatest asset, and investing in their growth and well-being is paramount. Our commitment to fostering an environment where unique perspectives are valued and celebrated. Through these initiatives, we aim to cultivate a workplace culture that inspires innovation and fosters long-lasting professional relationships.

We as a responsible company also recognise the importance of our environmental responsibilities, we are continuing to monitor the impact on the environment, and are continuously designing and implementing policies to mitigate any adverse impact that might be caused by our activities and will continuously seek ways to trade in business sustainable but in an environmentally efficient manner possible.

FUTURE OUTLOOK

The outlook for the whisky trading sector remains mixed, with ongoing macroeconomic pressures affecting short-term demand. However, the Company is well positioned to benefit from emerging opportunities as markets stabilise and long-term interest in whisky as an asset class continues to grow.

The Board's strategy remains focused on three priorities: maintaining cost discipline, safeguarding liquidity, and building operational systems that provide a competitive advantage. By pursuing this approach, the Company expects to be in a strong position to capture growth opportunities and deliver sustainable value creation over the medium term.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company operates in a sector exposed to macroeconomic factors, consumer demand patterns and fluctuations in the value of whisky casks. The decline in revenues during the year under review underlines the potential impact of these risks.

Liquidity is a key consideration given the capital requirements of stockholding. Stock levels have therefore been actively managed to maintain financial flexibility.

Operational resilience is also essential. Investment in best-in-class systems and processes will enhance governance, efficiency and risk management, ensuring the Company can adapt quickly to market developments.

Key risks include:

- Market risk: changes in demand, pricing or consumer preferences may affect sales.

- Liquidity risk: careful management of stock and financing arrangements is required to safeguard operations.

- Regulatory risk: compliance with industry regulations is essential to avoid penalties or reputational damage.

- Valuation risk: the value of casks is influenced by market perceptions of age, quality and brand, and is subject to fluctuation.

Human capital remains a core priority. The Company continues to invest in training and development to ensure its team has the skills and support required to execute strategy effectively.

The Company also recognises its environmental responsibilities. Policies are in place to monitor and reduce environmental impact, with a commitment to trading in a sustainable and efficient manner.

Through disciplined cost control, careful liquidity management, continued system development and a commitment to people and sustainability, the Company is well placed to mitigate risk and pursue long-term growth.

ON BEHALF OF THE BOARD:

W K Fakhry - Director

30 September 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 purchase and distribution of alcoholic beverages.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024 (2023 : £74k), amounts have been rounded to nearest thousand.

DIRECTORS

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

J C Dunn

W K Fakhry

R A Halliwell

Other changes in directors holding office are as follows:

G Bamforth ceased to be a director after 31 December 2024 but prior to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE

There were no political donations made in the year ended 31 December 2024 (2023 : £Nil).

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 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, Anstey Bond LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

W K Fakhry - Director

30 September 2025

Opinion

We have audited the financial statements of Cask Industries Ltd (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 loss 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 Statement of Directors' Responsibilities 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:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above, and the further removed non - compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relation to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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.

Colin Ellis FCCA CF (Senior Statutory Auditor)

for and on behalf of Anstey Bond LLP

Statutory Auditors &

Chartered Accountants

1-2 Charterhouse Mews

London

EC1M 6BB

30 September 2025

TURNOVER

3

15,809

24,905

Cost of sales

(13,447

)

(21,602

)

GROSS PROFIT

2,362

3,303

Administrative expenses

(2,559

)

(2,940

)

OPERATING (LOSS)/PROFIT

5

(197

)

363

Interest payable and similar expenses

6

174

(327

)

(LOSS)/PROFIT BEFORE TAXATION

(23

)

36

Tax on (loss)/profit

7

6

17

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(17

)

53

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR

(17

)

53

FIXED ASSETS

Intangible assets

9

9

10

Tangible assets

10

20

24

29

34

CURRENT ASSETS

Stocks

11

4,211

8,311

Debtors

12

5,339

2,379

Cash and cash equivalents

402

391

9,952

11,081

CREDITORS

Amounts falling due within one year

13

(5,106

)

(7,318

)

NET CURRENT ASSETS

4,846

3,763

TOTAL ASSETS LESS CURRENT LIABILITIES

4,875

3,797

CREDITORS

Amounts falling due after more than one year

14

(4,470

)

(3,375

)

NET ASSETS

405

422

CAPITAL AND RESERVES

Called up share capital

16

-

-

Retained earnings

17

405

422

SHAREHOLDERS' FUNDS

405

422

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

W K Fakhry - Director

Called up

share

Retained

Total

capital

earnings

equity

£'000

£'000

£'000

Balance at 1 January 2023

-

443

443

Changes in equity

Dividends

-

(74

)

(74

)

Total comprehensive income

-

53

53

Balance at 31 December 2023

-

422

422

Changes in equity

Total comprehensive loss

-

(17

)

(17

)

Balance at 31 December 2024

-

405

405

1.	STATUTORY INFORMATION

Cask Industries 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 FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest thousand represented by the unit k, unless stated otherwise.

The financial statements have been prepared under the historical cost convention.The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company’s accounting policies, of which the principal accounting policies adopted are set out below.

Going concern

The company meets its day-to-day working capital requirements through its financing facilities. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

For the year ended 31st December 2024, the company performance was as follows:

- The company made a loss before tax during the year of £23k (2023: -£36k).

- The company has total assets amounting to £9,981k (2023: £11,115k) and liabilities of £9,576k (2023: £10,693k). This gives a net asset position of £405k (2023: £422k).

- The cash and cash equivalent balance at year end was £402k (2023: £391k)

- There have been no identified breaches of relevant laws and regulations.

The above financial performance and continued investments in expenditure focused on growth occurring during the year, as well as assurances of the directors and shareholders to provide or raise finance when required result in the Directors finding it appropriate to prepare these financial statements on the going concern basis.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

•

the requirement of paragraph 33.7.

The company has taken advantage of the above exemptions on the basis that it is a qualifying entity and its ultimate parent company, Braeriach Holdings Limited, includes where relevant the Company’s information in its consolidated financial statements

Related party exemption

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 its parent.

During the year the company has entered transactions or hold balances with two related companies; Barrel Industries Limited and Noir 357 Limited of which amounts receivable are due as at 31 December 2024 amounting to £170k (2023 : £341k) and £911k (2023 : £661k) respectively. The balance receivable from Barrel Industries Limited is not believed to be recoverable and has been provided for to reduce the balance to £Nil. Services have been received from these related companies and amounts payable and accrued as at the year ended 31 December 2024 total £Nil (2023 : £199k) & £1,384 (2023 : £1,209k) respectively.

Turnover

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied, net of returns and discounts and rebates allowed by the company and value added taxes.

Revenue Recognition

Revenue on shipped goods is recognised at the earliest point of when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Sale of Goods - Wholesale

The company operates a wholesale distribution network for the resale of the stock to other retail entities. Sales of goods are recognised on sale to the customer, which is considered the point of delivery.

Sale of Goods - Retail

The company directly distributes its stock through a retail entity direct to customer. Sales of goods are recognised on sale to the direct customer and receipt of funds.

Sale of Goods - Cask

The company directly trade casks and revenue is recognised in line with ownership having been transferred to the buyer upon invoicing.

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.

Licences are being amortised evenly over their estimated useful life of 10 years.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings

5 years straight line

Computer equipment

3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year ae not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transactions, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

Cash and cash equivalents

In the company's financial statements, cash and cash equivalents includes cash on hand, deposits held with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Trade and other debtors

Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debt.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which cases they are stated at cost.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount of the obligation can be estimated reliably.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed asses.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Retirement benefits

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 when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Distributions to equity holders

Dividends and other distributions to company’s shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the company’s shareholders. These amounts are recognised in the statement of changes in equity.

3.

TURNOVER

The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024

2023

£'000

£'000

Cask

12,960

21,633

Retail

856

605

Wholesale

1,708

2,156

Other

225

90

Exceptional item

60

421

15,809

24,905

An analysis of turnover by geographical market is given below:

2024

2023

£'000

£'000

United Kingdom

9,176

19,679

Europe

2,954

2,765

United States of America

52

195

Asia

1,937

1,156

Other

1,690

1,110

15,809

24,905

4.	EMPLOYEES AND DIRECTORS

2024

2023

£'000

£'000

Wages and salaries

1,116

1,198

Social security costs

122

159

Other pension costs

8

5

1,246

1,362

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

2024

2023

Employees

10

9

2024

2023

£

£

Directors' remuneration

266,319

507,154

Information regarding the highest paid director is as follows:

2024

2023

£

£

Emoluments etc

266,319

507,154

5.	OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging:

2024

2023

£'000

£'000

Depreciation - owned assets

13

8

Patents and licences amortisation

1

1

Auditors' remuneration

20

20

Foreign exchange differences

1

6

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£'000

£'000

Loan interest

(174

)

327

7.

TAXATION

Analysis of the tax credit

The tax credit on the loss for the year was as follows:

2024

2023

£'000

£'000

Current tax:

UK corporation tax

(6

)

(17

)

Tax on (loss)/profit

(6

)

(17

)

8.

DIVIDENDS

2024

2023

£'000

£'000

Ordinary Share Capital shares of £1 each

Final

-

74

9.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£'000

COST

At 1 January 2024

and 31 December 2024

11

AMORTISATION

At 1 January 2024

1

Amortisation for year

1

At 31 December 2024

2

NET BOOK VALUE

At 31 December 2024

9

At 31 December 2023

10

10.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£'000

£'000

£'000

COST

At 1 January 2024

4

28

32

Additions

2

7

9

At 31 December 2024

6

35

41

DEPRECIATION

At 1 January 2024

-

8

8

Charge for year

1

12

13

At 31 December 2024

1

20

21

NET BOOK VALUE

At 31 December 2024

5

15

20

At 31 December 2023

4

20

24

11.

STOCKS

2024

2023

£'000

£'000

Stocks

4,211

8,311

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£'000

£'000

Trade debtors

3,604

1,357

Amounts owed by group undertakings

149

120

Other debtors

123

22

Deposits

45

45

Short term loan

372

-

Tax

28

22

VAT

23

102

Accrued income

941

662

Prepayments

54

49

5,339

2,379

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£'000

£'000

Other loans (see note 15)

200

165

Trade creditors

2,534

6,458

Social security and other taxes

165

74

Other creditors

115

83

Pensions payable

3

2

Other creditors and prepaid in

come

1,154

-

Deferred income

18

16

Accrued expenses

917

520

5,106

7,318

14.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£'000

£'000

Other loans (see note 15)

4,470

3,375

15.

LOANS

Other loans, included within Creditors note 14, totalling £4,470k (2023 : £3,340k) are secure by fixed and floating charges over the whole undertaking of the company, together with a composite guarantee and indemnity from its parent company in favour of the lender.

Other loans, included within Creditors note 13 and 14, with a value of £200k (2023 : £200k) are secured against stocks held within the company.