Company No: 09801099 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Andrew William Rankin
	Dan Lawrence Zaum

REGISTERED OFFICE	49 St. James's Street
	London
	SW1A 1JT
	United Kingdom

COMPANY NUMBER

09801099 (England and Wales)

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	525,554		507,838
		525,554		507,838
Current assets
Stocks		28,128,361		20,051,283
Debtors	4	1,509,024		1,555,254
Cash at bank and in hand		350,024		595,641
		29,987,409		22,202,178
Creditors: amounts falling due within one year	5	( 33,669,427)		( 25,097,757)
Net current liabilities		(3,682,018)		(2,895,579)
Total assets less current liabilities		(3,156,464)		(2,387,741)
Net liabilities		( 3,156,464)		( 2,387,741)
Capital and reserves
Called-up share capital		1		1
Profit and loss account		( 3,156,465 )		( 2,387,742 )
Total shareholders' deficit		( 3,156,464)		( 2,387,741)

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Greenwood Spirits Limited (registered number: 09801099) were approved and authorised for issue by the Board of Directors on 16 December 2025. They were signed on its behalf by:

Dan Lawrence Zaum Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Greenwood Spirits Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 49 St. James's Street, London, SW1A 1JT, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Furthermore, the parent company has agreed not to seek repayment of the balances owed for at least 12 months from the date of approval of these accounts and to provide additional funding as needed. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities 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 Account in the period in which they arise.

Turnover

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

The principal activity of the company is the sale of spirits. Turnover is recognised when the significant risks and rewards of ownership are considered to have been transferred to the customer, which is usually when the customer is able to remove goods from the warehouse. Revenue from the welcome packs is recognised on the signing of the membership contract. Turnover from operational recharges is recognised when services are supplied to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

Tangible fixed assets

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

Land and buildings	depreciated over the life of the lease
Plant and machinery etc.	4 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.

Leases

The company as lessee
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Stocks

Stocks are stated at the lower of cost and net realisable value.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Inventory includes mature liquids, new fill distillate and dry goods stock. Net realisable value represents estimated selling price less costs to complete and sell.

Financial instruments

Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the company during the year, including directors	21		20

3. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 April 2024	517,234		575,480		1,092,714
Additions	0		96,352		96,352
At 31 March 2025	517,234		671,832		1,189,066
Accumulated depreciation
At 01 April 2024	126,102		458,774		584,876
Charge for the financial year	20,689		57,947		78,636
At 31 March 2025	146,791		516,721		663,512
Net book value
At 31 March 2025	370,443		155,111		525,554
At 31 March 2024	391,132		116,706		507,838

4. Debtors

	2025		2024
	£		£
Trade debtors	3,957		43,917
Amounts owed by group undertakings	0		378,695
Other debtors	1,505,067		1,132,642
	1,509,024		1,555,254

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	90,845		200,425
Amounts owed to group undertakings	32,049,858		22,250,000
Other creditors	1,528,724		2,647,332
	33,669,427		25,097,757

6. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2025		2024
	£		£
within one year	1,254,467		850,000
between one and five years	5,017,868		3,400,000
after five years	16,749,546		11,335,480
Total future minimum lease payments under non-cancellable operating leases	23,021,881		15,585,480