Berkmann Wine Cellars Limited

Contents

Berkmann Wine Cellars Limited

Company Information

Berkmann Wine Cellars Limited

Strategic Report for the Year Ended 31 March 2025

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

Introduction

Berkmann Wine Cellars is the largest independent, family-owned and family-run wine importer in the UK.

The company has deep roots in the hospitality industry, selling fine wine to the country’s leading restaurants and hotels since 1964. The wineries Berkmann represent are of worldwide renown, offering wines of character, a true sense of place, and the perfect accompaniment to food.

From its origins in the restaurant business, the company’s scale and reach now extends across all trade channels, bringing renowned Berkmann brands, service and on-trade flair into broader channels.

More than a wine importer, Berkmann is a brand builder, continually striving to develop its sales and marketing capability to deliver an unparalleled offer and unbeatable wine experience for all its customers. A consistent and service-focused approach both to the customers it supplies and to the producers it represents fosters proactive, long-term partnerships and creates sustainable mutual success.

As a leading player in such a diverse and complicated marketplace, Berkmann remains dedicated to building the culture of wine, a rare specialism that avoids the distraction of a composite business model, with a consistent and unwavering focus on building brands, which it sees as the key to its long-term future.

Business Review

This has been another growth year for Berkmann Wine Cellars, with solid financial results and progress made on many fronts. We continue to increase revenue and have kept profits at a similar level to 2024, which in a high inflationary environment is a good achievement.

The company’s net turnover for the year ending 31st March 2025 was £110.9m (2024: £107.2m). This positive result vindicates our strategic focus in building agency distribution, pivotal in offsetting an industry-wide contraction in wine consumption, driven by mounting inflationary pressures, a younger generation more apathetic toward wine, and wider health concerns around alcohol.

Gross profit has grown to £21.8m (2024: £21.6m), a direct result of the organisation investing in its commercial talent, essential in building more profitable brands through increased market penetration. Increased brand sales yielded a higher case margin; this focus on strategic agencies has paid dividends increasing our average selling price per case by +2%. Simultaneously, enhanced emphasis on the quality of customer service and improved in-house operational capabilities embellish our class-leading customer support, essential in backing up our premium market positioning.

Profit before tax for the year was £3.2m (2024: £3.9m), with continued close management of business costs plus the growth in gross profit being the main reasons for approaching the strong performance of 2024.

In line with the result for the year, the balance sheet has continued to strengthen, with net assets increasing to £27.0m (2024: £25.0m).

Berkmann Wine Cellars Limited

Strategic Report for the Year Ended 31 March 2025

On-trade revenue improved by 4%. This on-trade revenue growth was particularly pleasing in the North of England, where our own warehouse and van operations provide best-in-class customer service. The breadth and desirability of our portfolio continues to grow, helping attract new customers. Training and investment in commercial capabilities have allowed the business to flourish within this hard-to-reach channel.

Spirit Cartel, the standalone spirit division of Berkmann, recorded a 41% growth in revenue; this specialist venture is ideally positioned to satisfy consumer demand for luxury spirits and the thirst for cocktails when dining out.

As a brand builder, investment in marketing remains central to our endeavours. Significant recruitment was undertaken to further enhance our brand building capability as well as differentiating our trade marketing with compelling, added-value initiatives that build customer engagement and loyalty. Trade insights recognised that the organisation needed to support hospitality by improving wine knowledge in the younger generation joining the industry; Berkmann Wine Cellars acknowledged this marketing need with a clear statement of intent, offering to train 20,000 hospitality staff in the culture and service of wine.

Trading into 2025 has continued in line with our expectations, with regards to both profitability and headroom, and the directors remain very positive about the future prospects of the business.

With a dogged focus on quality, service levels and added value, Berkmann has continued to differentiate from its competitor set. This differential has been further enhanced by ongoing investments in training, marketing and fine wine, to inspire new customers and to attract like-minded talent and exclusive producers to the business.

By continuing to invest in its commercial capability and brand building, Berkmann continues to grow its reputation and footprint within the UK trade. The company is set to meet future challenges with confidence.

Principal Risks & Uncertainties

Economy - economic and political uncertainty continues to test the hospitality sector. Berkmann has a robust balance sheet, strong financial stewardship aligned to proactive cost management, and longstanding partnerships with its customers and suppliers, placing it in a strong position to weather the challenges ahead.

Foreign exchange - a significant proportion of Berkmann’s trading is undertaken in foreign currencies. To avoid adverse fluctuations the company enters into forward exchange contracts.

Credit risk - a substantial balance of business is within HORECA. Such businesses traditionally carry significant credit risk. The business protects itself through thorough due diligence during the account opening process, operating via direct debit, and regular credit control meetings with the commercial teams to monitor performance.

Talent & culture - the company continues to enhance its benefits package and remuneration to complement its focus on training and succession planning, in order to attract and retain talent while developing the wider company culture.

Competition - UK hospitality is a competitive marketplace. Brand marketing and corporate differentiation are therefore paramount to attracting new and retaining existing customers to drive growth. Berkmann is increasingly reliant on IT solutions to improve customer interaction and ease of conducting business. The company remains flexible and agile, able to respond quickly to any changes within the competitor set.

Berkmann Wine Cellars Limited

Strategic Report for the Year Ended 31 March 2025

Key performance indicators

Given the straightforward nature of the business, the directors are of the opinion that analysis using KPIs other than those disclosed in the financial statements is not necessary for an understanding of the development, performance or position of the business.

Directors' statement of compliance with duty to promote the success of the company

As the largest family-run wine importer in the UK, we have the benefit of being able to make decisions with a long-term view, thereby promoting success in a sustainable and ongoing manner. We recognise, though, that our current and future success is dependent upon building and maintaining relationships with all our stakeholders, who include:
 

Employees
Our greatest asset: successfully maintaining this relationship is the foundation upon which our success is built. We ensure employees understand our values and corporate strategy by ensuring full business-wide inductions for new starters and running an annual company conference for 360º feedback. Increasing investment in training and education, which is a repeat agenda item at board meetings, ensures that our ‘People’ are at the forefront of the board’s decision-making. We also have a flat corporate structure allowing excellent communication through all levels of management.

Customers
We work hard to foster proactive, long-term partnerships and create sustainable mutual success with our customers. Our origins are in the restaurant business, so we understand our customers’ needs and how best to fulfil them. We have many customers with whom we have worked successfully for decades.

Suppliers
The wineries we represent are just like us: progressive and fiercely independent. Most are family-run and share our core values. We regularly meet and speak with our suppliers to inform them of our progress as well as to listen to their feedback and advice. As with our customers, we have strong and mutually beneficial relationships our suppliers, many dating back to the 1990s or earlier.
 

Berkmann Wine Cellars Limited

Strategic Report for the Year Ended 31 March 2025

Community and The Environment
As a distributor, a large part of our environmental impact is the importing and subsequent delivery of wine.

Berkmann Wine Cellars is committed to reducing its impact on the environment, playing our part in creating a brighter future for our world. Our approach involves vigilant adherence to long-term carbon reduction, whilst continually striving to introduce more environmental practices that support the delivery of an enduring and sustainable business.

Thereby Berkmann has set ambitious targets:
• To be carbon neutral in our own operations by 2026
• Offer fully carbon neutral deliveries between our warehouses and customers by 2026
• To be part of a carbon net zero supply chain by 2050

Accountability for delivering our ambitious plan is the responsibility of all Berkmann employees. To maintain our exacting standards, we have appointed a dedicated team that have jurisdiction across all departments to scrutinise possible actions that will improve our environmental, social and corporate governance (ESG) and achieve the ambitious target.

Work has been ongoing to optimise our supply chain to minimise the number of shipments we make, and to ensure our delivery vehicles meet rigorous EU emissions standards. We have successfully transitioned to electric cars where possible for our remote sales team and have eliminated all non-hybrid cars from our fleet. Our London Head Office has zero waste to landfill and is powered by renewable electricity. Our York warehouse has solar panels and adds more electricity to the grid than it utilises.

Berkmann Wine Cellars Limited

Strategic Report for the Year Ended 31 March 2025

Carbon Energy reporting

In this section of the report:

The consumption figures were calculated as follows:

During the period, the company continued to pursue measures to improve the group’s energy efficiency, including continuing detailed monitoring of meter usage and further refining our transport planning to increase the efficiency of deliveries.

We have successfully transitioned to electric cars where possible, for our remote sales team and have eliminated all non-hybrid cars from our fleet. Our London Head Office has zero waste to landfill and is powered by renewable electricity. Our York warehouse has solar panels and adds more electricity to the grid than it utilises.

Approved and authorised by the Board on 30 December 2025 and signed on its behalf by:
 

Berkmann Wine Cellars Limited

Directors' Report for the Year Ended 31 March 2025

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

Results for the year and dividends

The profit for the year, after taxation, amounted to £2,008,109 (2024 - £2,773,938).

A dividend of £Nil (2024 - £Nil) was paid in the year.

Directors of the company

The directors who held office during the year were as follows:

J K Berkmann

R A Berkmann

A J Hunt

A Levett (ceased 30 June 2025)

C E Marshall

F J McGuire

N R Vimala-Raj

Financial instruments

Objectives and policies

The company's principal financial instruments comprise bank balances, trade and group debtors and creditors, and forward exchange rate contracts. The company’s operations expose it to a variety of financial risks that include currency risk, credit risk and liquidity risk. The company has in place a risk management programme that seeks to limit adverse effects on its financial performance.

Price risk, credit risk, liquidity risk and cash flow risk

Currency risk
The company is exposed to currency risk when it has binding commercial or financial obligations in a currency other than its functional currency and the related cash inflows and outflows are not equal in amounts and timing.

The company operates a number of currency accounts and enters into forward exchange contracts, where considered necessary, to mitigate against adverse currency fluctuations.

Credit risk
The company’s credit risk is primarily attributable to its trade debtors. The company has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to any individual counterparty is subject to a limit, which is regularly reassessed by the management of the company.

Liquidity risk
Liquidity risk is regularly assessed through a regular cash forecasting process, designed to ensure the company is well positioned to support the business strategy and growth plans of the group, and to ensure that the company has sufficient available funds for its operations.

Berkmann Wine Cellars Limited

Directors' Report for the Year Ended 31 March 2025

Future developments

The company has taken advantage of Section 414C (11) of the Companies Act 2006 and has included details of future developments in the Strategic Report.

Disclosure of information to the auditors

Auditors

The auditors, PKF Francis Clark, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Approved and authorised by the Board on 30 December 2025 and signed on its behalf by:
 

Berkmann Wine Cellars Limited

Statement of Directors' Responsibilities

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:

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.

Berkmann Wine Cellars Limited

Independent Auditor's Report to the Members of Berkmann Wine Cellars Limited

Opinion

We have audited the financial statements of Berkmann Wine Cellars Limited (the 'company') for the year ended 31 March 2025, which comprise the Statement of Income and Retained Earnings, Balance Sheet, 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:

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 director's 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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.

We have nothing to report in this regard.

Berkmann Wine Cellars Limited

Independent Auditor's Report to the Members of Berkmann Wine Cellars Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

Auditor 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 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.

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:

Berkmann Wine Cellars Limited

Independent Auditor's Report to the Members of Berkmann Wine Cellars Limited

As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the company. We gained an understanding of the industry in which the company operates as part of this assessment to identify the key laws and regulations affecting the company. As part of this, we reviewed the company’s website for indication of any regulations and certification in place and discussed these with the relevant individuals responsible for compliance. The key regulations we identified were employment law and tax regulations (including VAT and Customs Duties). We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.

We discussed with management how the compliance with these laws and regulations is monitored and discussed policies and procedures in place. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the company’s ability to continue operating and the risk of material misstatement to the accounts. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:

As part of our enquiries, we discussed with management whether there had been any instances of known or alleged fraud, of which management confirmed there were none.

We assessed the susceptibility of the financial statements to material misstatement through management override or fraud, including in relation to income and expenditure, and obtained an understanding of the controls in place to mitigate the risk of fraud. We also evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements. The key risks we identified were the reduction of tax liabilities and the overstatement of the financial position of the company for commercial purposes. Based upon our understanding we designed and conducted audit procedures including:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. 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, collusion, omission or misrepresentation.

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

Berkmann Wine Cellars Limited

Independent Auditor's Report to the Members of Berkmann Wine Cellars Limited

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.

......................................
Nicholas Farrant BA MSc FCA (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor

Ground Floor
90 Victoria Street
Bristol
BS1 6DP

30 December 2025

Berkmann Wine Cellars Limited

Statement of Income and Retained Earnings

Year Ended 31 March 2025

Berkmann Wine Cellars Limited

Balance Sheet

31 March 2025

Approved and authorised by the Board on 30 December 2025 and signed on its behalf by:
 

Company Registration Number: 02190816

Berkmann Wine Cellars Limited

Notes to the Financial Statements

Year Ended 31 March 2025

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office and principal place of business is:
70 Rosebery Avenue
London
EC1R 4RR

These financial statements were authorised for issue by the Board on 30 December 2025.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

Basis of preparation

Summary of disclosure exemptions

This company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its individual financial statements. Exemptions have been taken in relation to financial instruments, presentation of a cash flow statement, intra-group transactions and remuneration of key management.

Going concern

The financial statements have been prepared on a going concern basis.

In making their going concern assessment, the directors have considered the company's financial position and resources and are satisfied that the company will continue to meet its liabilities as they fall due, and that the company will continue to operate with sufficient cash headroom for a period of at least 12 months from the date of approval of these financial statements.

Berkmann Wine Cellars Limited

Notes to the Financial Statements

Year Ended 31 March 2025

Key judgements and sources of estimation uncertainty

In the application of the company’s accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key accounting judgement that has a significant impact on these financial statements is that of going concern, as described above.

The treatment on ‘En Primeur’ stock also requires judgement on the part of the directors. It is the directors opinion that whilst the relevant wine in the maturation process has not been physically received by the company from the suppliers, and in the absence of related consignment stock or bill and hold documentation, the payments made are appropriately accounted for as stock in order to give a true and fair view of the financial position of the company to the reader of the accounts. In forming their opinion the directors have made reference to The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 and concluded that En Primeur stocks fall under the definition of payments on account as part of stocks. The carrying amount is £1,022,734 (2024 - £1,324,779).

The classification of an intercompany debtor also required judgement to determine whether the balance should be presented as an investment rather than a receivable. This assessment considered the economic substance of the arrangement, including the absence of fixed repayment terms and the intention to provide long-term strategic funding. Presenting the balance as an investment aligns with accounting principles of substance over form. The carrying amount is £1,810,846 (2024 - £1,481,712 included in amounts due to group undertakings in note 14).

The key estimates that have a significant effect on the amounts recognised in the financial statements are as follows.

The carrying value of goods for resale held at year end requires estimation as to the recoverable value of stock held. Provision is made against amounts which are considered irrecoverable on a line-by-line basis. The carrying amount is £24,853,302 (2024 - £22,895,639).

Trade debtors. Provision is made against amounts which are considered doubtful on a specific customer by customer basis. The carrying amount is £15,019,972 (2024 - £14,921,044).

Management has assessed the recoverability of loans to group undertakings totaling £2,310,846 (see note 12). This assessment requires significant judgement regarding the financial position and future cash flows of the borrowing entities. Based on current performance, forecasted liquidity, and repayment capacity, management has recognised a provision of £500,000 (2024: £Nil) against these balances where recovery is considered uncertain. Given the inherent uncertainty in these forecasts, any adverse changes in group performance or market conditions could result in a material adjustment to this provision. The carrying amount is £1,810,846 (2024 - £1,481,712 included in amounts due to group undertakings in note 14).

Berkmann Wine Cellars Limited

Notes to the Financial Statements

Year Ended 31 March 2025

Revenue recognition

Government grants

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

Intangible assets

Berkmann Wine Cellars Limited

Notes to the Financial Statements

Year Ended 31 March 2025

Amortisation

Tangible assets

Depreciation

Leasehold improvements relate to the company's new offices which are not yet in use and hence no depreciation is being charged on these assets.

Investments

Stocks

Leases

Berkmann Wine Cellars Limited

Notes to the Financial Statements

Year Ended 31 March 2025

Defined contribution pension obligation

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Intercompany debtors and creditors;
• Bank loans;
• Cash and bank balances; and
• Forward exchange rate contracts.

Except for forward contracts, all financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS 102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans and forward contracts, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

Forward exchange rate contracts are classified as other financial instruments. They are initially recognised at fair value at the date the contract is entered into and are subsequently remeasured to fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately. Contracts with a positive fair value are recognised as a financial asset, whereas contracts with a negative fair value are recognised as a financial liability.

Berkmann Wine Cellars Limited

Notes to the Financial Statements

Year Ended 31 March 2025

The analysis of the company's Turnover for the year from continuing operations is as follows:

An analysis of the company's turnover for the year by market has not been provided as, in the opinion of the directors, disclosure of such analysis would be prejudicial to the company's interests.

Arrived at after charging/(crediting)

The aggregate payroll costs (including directors' remuneration) were as follows:

Berkmann Wine Cellars Limited

Notes to the Financial Statements

Year Ended 31 March 2025

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

The directors' remuneration for the year was as follows:

During the year the number of directors who were receiving benefits and share incentives was as follows:

In respect of the highest paid director:

Berkmann Wine Cellars Limited

Notes to the Financial Statements

Year Ended 31 March 2025

Tax charged/(credited) in the profit and loss account

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).

The differences are reconciled below:

Berkmann Wine Cellars Limited

Notes to the Financial Statements

Year Ended 31 March 2025

Deferred tax

Deferred tax assets and liabilities

	Trademarks, patents and licenses  £	Total £
Cost or valuation
At 1 April 2024	76,980	76,980
Additions acquired separately	38,830	38,830
At 31 March 2025	115,810	115,810
Amortisation
At 1 April 2024	68,470	68,470
Amortisation charge	5,672	5,672
At 31 March 2025	74,142	74,142
Carrying amount
At 31 March 2025	41,668	41,668
At 31 March 2024	8,510	8,510

Berkmann Wine Cellars Limited

Notes to the Financial Statements

Year Ended 31 March 2025

	Leasehold improvements £	Furniture, fittings and equipment  £	Works of art  £	Plant and machinery £	Total £
Cost or valuation
At 1 April 2024	916,982	252,253	77,850	1,420,865	2,667,950
Additions	939,004	5,189	-	257,532	1,201,725
Disposals	-	-	-	(657)	(657)
At 31 March 2025	1,855,986	257,442	77,850	1,677,740	3,869,018
Depreciation
At 1 April 2024	-	67,031	-	888,303	955,334
Charge for the year	-	24,971	-	279,378	304,349
Eliminated on disposal	-	-	-	(41)	(41)
At 31 March 2025	-	92,002	-	1,167,640	1,259,642
Carrying amount
At 31 March 2025	1,855,986	165,440	77,850	510,100	2,609,376
At 31 March 2024	916,982	185,222	77,850	532,562	1,712,616

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

Berkmann Wine Cellars Limited

Notes to the Financial Statements

Year Ended 31 March 2025