The directors present the strategic report for the year ended 31 March 2025.

1.1 Introduction

Whisky Auctioneer Limited specialises in auctioning whisky, rum and other spirits on the secondary market through its industry-leading online auction platform. Based in Perth, in Central Scotland, our exciting and fast-growing company launched in 2013 with Whisky Auctioneer, followed by Rum Auctioneer in 2019. We now operate the world’s largest online auction platform, trusted by thousands of regular investors, collectors and consumers each month who recognise our sector expertise, knowledge and enthusiasm.

1.2 Business Model

Whisky Auctioneer provides a global platform for sellers and buyers of old, rare and collectible whiskies, rums and other spirits to build and manage their collections. Every lot we auction is received, inspected and authenticated prior to being photographed and listed on our platform. At the end of the auction period, the lots are won by the highest bidder. They can then choose to either collect or have the lots shipped to them or can request Whisky Auctioneer to store their lots in our secure warehouse.

Whisky Auctioneer receive commission from Sellers and Buyers, along with various other fees relating to the auction service we provide. Our objective is therefore to maximise the value of lots auctioned on and sold through our platform and ensure we reach as wide an audience of sellers and buyers as possible.

2.1 Strategic Goals

Our objective is to remain the world’s leading auction platform in our chosen markets by continuously improving the services that we offer. During FY25 we completed the first phase of launching our new auction website, which will be rolled out across the Group during the first quarter of FY26, and will then enter a continuous development and improvement phase to deliver additional features and functionality to benefit our clients.

We also aim to be the most accessible auction for sellers and buyers in the global market. We already have operating bases in UK and the EU, and we continue to develop our expertise in shipping valuable excise goods around the world in an ever-more complex and compliance-driven environment. Our main performance indicators are our share of the total available market and the volume and value of auctions that we host.

Finally, we believe that by having a passionate and knowledgeable team, we can provide expert advice to our customers. We invest in our team through both formal and informal training to help build their expertise in the markets that we serve.

2.2 Business Risks & Uncertainties

The primary business risks identified are:

2.2.1 A drop in the values achieved for whisky and rum sold on the secondary market. During FY25, there has been a softening of demand across the whisky industry, which in turn has created downward pressure on volumes being sold and values being achieved in the secondary market. The company has addressed this through operational efficiencies and adjusting its income model.

2.2.2 Changes to legislation relating to international movement of excise goods. Of particular note was the introduction of tariffs for exports to USA which were introduced toward the end of FY25 and have remained in place so far through FY26. This caused some initial disruption due to uncertainty amongst US customers, but the situation has stabilised and US buyer activity has returned to pre-tariff levels. We continue to actively monitor legislative changes in house and through our professional advisory network.

2.2.3 Whisky Auctioneer Limited operates in a highly competitive market. Whilst we operate the largest auction platform by value, we need to continually review and improve the service levels that we provide to customers if we are to maintain our position and achieve further growth. Our new web platform is a key element in achieving this.

Senior management have developed strategies to address and mitigate these risks and uncertainties, and as such do not believe any represent a major risk to future performance.

3.1 Review

Sales for the year to 31 March 2025 were £10.2M compared with £11.2M the previous year. FY25 sales included £1.5M of non-Auction income, primarily generated by trading in cask stock. Like-for-like auction income was £8.7M (FY25) vs £8.6M (FY24). Operating profit before depreciation and tax for the year to 31 March 2025 was £1.7M compared with £1.8M the previous year.

During the financial year ending 31st March 2025, the Group undertook a reorganisation of cask stock assets owned by Whisky Auctioneer Limited with the objective of centralising ownership and management under another fully-owned Group company, Bright Spirits Ltd. These cask assets were transferred to the ownership of Bright Spirits Ltd at book value resulting in an inter-company balance between the companies involved in the transfer.

Investment continued in our online auction platform during the year, culminating in the first phase of its launch between March and May 2025. Further investment is planned to deliver enhanced features and functionality for our clients, aligning with our objective of remaining the world’s leading online auction platform within our chosen markets.

After dividends, the net asset value decreased by £1.4M to £2.9M over the period.

3.2 Key Performance Indicators

The senior management team recognise that the long-term success of the business is dependent on delivering a great customer experience backed up with excellent service delivery, and various metrics are used across the business to ensure we are meeting these requirements. KPIs remain unchanged and include:

• Financial: hammer price, %age of lots sold vs unsold, income, fulfilment costs, gross margin, operating costs vs budget, and EBITDA;

• Business Development: number of new customer registrations, frequency of customer interactions (buyers and sellers), number of customer service cases and turnaround time, customer satisfaction levels;

• Operations: turn-around-time for inward & outward logistics, loss and breakage rates, listing and fulfilment accuracy.

These metrics are shared across the business and are used to provide feedback and identify improvement opportunities within the team.

3.3 Outlook

FY25 has seen whisky prices stabilising within the secondary market and valuations remain broadly in line with the second half of FY24. However, the soft market has caused seller activity to remain lower than the recent average and this trend has continued into the summer months of 2025. There are signs that seller interest is picking up, but our expectation is that this will not generate a material increase in volumes until the second half of 2025.

We remain vigilant of legislative changes which impact our business and are committed to maintaining full compliance with all such obligations. We believe that the investment we continue to make in ensuring compliance with all relevant regulations puts us ahead of many companies operating in our markets which provides greater confidence for our clients. We continue to refine the services we offer to customers across the globe, both in terms of getting their bottles to and from us and increasing their access to as wide a market as possible.

The 3-year strategic plan for the Auction Group is continually reviewed, and whilst market activity remains below previous expectations, the directors are confident that the company is well placed to increase shareholder value in FY26 and beyond.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 March 2025.

The principal activity of the company is that of a whisky auctioneer house.

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £2,584,795 (2024: £2,161,556). The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The company's operations are funded by the cash flow generated from its trading activities The objective is to retain sufficient funds to enable the company to meet its day to day obligations as they fall due.

The auditor, Johnston Carmichael LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

The directors are responsible for preparing the strategic report, 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 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 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; and

• 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.

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial risk management and future developments.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

We have audited the financial statements of Whisky Auctioneer Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including 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 March 2025 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 Auditor 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 other information comprises the information included in the Annual Report and Financial Statements other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the Annual Report and Financial Statements. 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. 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 course of 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

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 directors' report.

We have nothing to report in respect of the following matters in relation to which 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.

As explained more fully in the directors' responsibilities statement set out on page 4, 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 is 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.

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 an auditor's report 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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and the sector in which it operates, focusing on those provisions that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

• UK Generally Accepted Accounting Practice;

• Companies Act 2006;

• Corporation Tax Act 2010; and

• Licensing Act 2003.

We gained an understanding of how the company is complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of submitted returns and relevant correspondence with regulatory bodies.

We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk. We identified a heightened fraud risk in relation to:

• Management override of controls

• Revenue recognition

In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

• Reviewing the level of and reasoning behind the company’s procurement of legal and professional services;

• Performing audit procedures over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and assessing judgements made by management in their calculation of accounting estimates for potential management bias;

• Performing audit procedures over the completeness of revenue;

• Completion of appropriate checklists and use of our experience to assess the company’s compliance with the Companies Act 2006; and

• Agreement of the financial statement disclosures to supporting documentation.

Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, 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 intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed 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 are to become aware of it.

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 an auditor's report 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.

Whisky Auctioneer Limited is a private company limited by shares incorporated in Scotland. The registered office is West Building, Ruthvenfield Grove, Inveralmond Industrial Estate, Perth, Scotland, PH1 3FN.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Reduced disclosure exemptions and consolidation

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

Whisky Auctioneer Limited is a wholly owned subsidiary of Still Life Ltd and the results of Whisky Auctioneer Limited are included in the consolidated financial statements of Still Life Ltd which are available from Balinshaw, Forgandenny, Perth, Scotland, PH2 9HR.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least the next 12 months. The directors have reviewed business plans and prepared projections until March 2027 to consider the expected performance of the company and are satisfied that there are adequate resources available. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.

Revenue is recognised on an accruals basis. Revenue from auctions and the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill arises on business combination and represents any excess of consolidation given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Existing goodwill has been fully amortised.

Intangible assets are stated at cost, net of amortisation and any provision for impairment.

Amortisation is provided on all intangible assets at rates to write off the cost of each assert over its expected useful life as follows:

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated

residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Assets are assessed for indicators of impairment at each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the income statement as described below.

At each reporting date, the company reviews its tangible and intangible 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.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, which is equivalent to the net realisable value. Cost is determined using the first-in, first-out (FIFO) method.

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.

Cash and cash equivalents are basic financial assets and include cash at hand and deposits held at call with banks.

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.

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 assets, which include debtors, amounts owed by group companies and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities, including creditors and amounts owed to group undertakings are recognised at transaction price.

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.

Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised a liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 assets.

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.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities are denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date. Exchange differences are recognised in the profit and loss accounts in the period in which they arise.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

In the opinion of the directors, there are no significant estimates or judgements that may affect both current and previous years.

An analysis of the company's turnover is as follows:

Included in sundry income is £76,566 relating to US Tariff recharges.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

The website development costs are not being amortised as the updated website was brought into use in April 2025, and amortisation will be charged from this point.

Details of the company's subsidiaries at 31 March 2025 are as follows:

Included in Stock are casks secured under Ferovinum lending platform of £651,722 (2024: £1,069,903).

Amounts owed by group undertakings are repayable on demand, unsecured and interest-free.

Amounts owed to group undertakings are repayable on demand, unsecured and interest-free.

Other borrowings relates to a lending platform that allows the Company to draw down funds against Cask stock. Interest of 6% above Bank of England base rate is charged on outstanding amounts and is secured by the casks borrowed against.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the year end £11,714 (2024: £12,015) was accrued in relation to outstanding pension contributions.

All shares carry equal voting and dividend rights and are entitled to participate in distribution on a winding up.

Cumulative profit and loss net of distributions to owners.

Whisky Auctioneer has provided security by way of bonds and floating charges over the assets of the company in favour of Barclays Security Trustee Limited and Barclays Bank PLC.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

During the year the company entered into the following transactions with related parties:

The company has taken advantage of the exemption with FRS 102 Section 33 paragraph 33.1A, not to disclose transactions entered into between two or more members of the group, as the company is a wholly owned subsidiary of the group to which it is party to the transactions.

The company's banking facilities are secured by an unlimited guarantee by Still Life Ltd and Vintage Saga Ltd.

The immediate parent company is Vintage Saga Ltd. The ultimate parent company and the parent of the smallest and largest group for which consolidated accounts are drawn up of which the company is a member is Still Life Ltd. The immediate parent company is registered at West Building, Ruthvenfield Grove, Inveralmond Industrial Estate, Perth, PH1 3FN and the ultimate parent company are registered at Balinshaw, Forgandenny, Perth, PH2 9HR.