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Registered number: 01609571 ARMIT WINES LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
ARMIT WINES LIMITED CONTENTS
| Page
Company information | 1
Strategic report | 2 - 4
Directors' report | 5
Directors' responsibilities statement | 6
Independent auditor's report | 7 - 10
Profit and loss account | 11
Balance sheet | 12
Statement of changes in equity | 13
Notes to the financial statements | 14 - 30
ARMIT WINES LIMITED COMPANY INFORMATION
Directors | Cordier Group Holding B.V.
| B M Fleming
Registered number | 01609571
Registered office | The Triangle 2nd Floor
| 5-17 Hammersmith Grove
| London
| W6 0LG
Independent auditor | Blick Rothenberg Audit LLP
| Chartered Accountants & Statutory Auditor
| 16 Great Queen Street
| Covent Garden
| London
| WC2B 5AH
Page 1 -
ARMIT WINES LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 30 JUNE 2025
Introduction
The directors are pleased to present the strategic report for Armit Wines Limited for the year ended 30 June 2025. The company’s principal activity remained the importation and sale of fine wines, strengthened by deep relationships with renowned Italian and French wineries whose heritage and craftsmanship continue to define Armit’s portfolio. These trusted partnerships, alongside a loyal customer base, reinforce the company’s strong position in the premium wine sector.
Business review
Armit Wines operated in a challenging trading environment throughout the year, marked by subdued consumer confidence and a moderation in demand for premium wines. Despite this, the company continued to demonstrate resilience, supported by its strong brand reputation and robust supplier partnerships. Turnover for the year was £14,086,241 (2024: £17,787,728), reflecting both market-wide pressures and deliberate strategic adjustments to channel management. Although revenue softened, the company successfully protected value through improvements in sales mix, with higher-margin En Primeur activity contributing positively to gross margin stability. Gross profit closed at £4,617,050 (2024: £5,266,599). The company continues to benefit from a committed and experienced workforce, strengthened further by the appointment of Court of Master Sommelier Svet Manolev as Portfolio Director. This addition enhances Armit’s expertise and reinforces its position as a trusted partner for premium, niche wineries across Italy, France and beyond - producers who continue to view Armit as a key contributor to their brand equity in the UK market. Going concern The company delivered a profit of £433,456 for the period (2024: £792,200) and maintained a strong balance sheet, with current assets exceeding current liabilities by £3,950,848 (2024: £3,494,019). Armit Wines continues to manage cash prudently, utilising operating cash flows to reduce intra-group loan balances. The company is fully financed by group loans, and the directors remain confident in the ongoing support of Invivo Group. Invivo Group has provided a formal letter of support and has reaffirmed its willingness and capacity to provide financial assistance should it be required. The directors regularly review group performance, past, present and forecast across P&L and working capital metrics, and these assessments continue to support a positive view of future liquidity. Based on the financial position, planned initiatives and confirmed group support, the directors consider it appropriate to prepare the financial statements on a going-concern basis. Principal risks and uncertainties The company operates in a market influenced by global and domestic economic conditions, including inflationary pressures, cost-of-living impact on discretionary spending, and evolving government policy such as changes to employment costs and additional sustainability related taxes. The directors monitor these external factors closely and continue to implement measures to manage costs and enhance operational efficiency. Geopolitical uncertainty, including conflicts in Europe and the Middle East and potential changes to US trade tariffs, also present challenges indirectly i.e. consumer confidence and pricing risks. The company is trying to mitigate these through strict internal cost control, maintain strong supplier relationships and proactive scenario planning.
Financial risk management objectives and policies
The company has various financial instruments such as trade debtors and creditors that arise directly from its operations. The main risks arising from the company's financial instruments are discussed below. Page 2 -
ARMIT WINES LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 Credit risk The company's principal financial assets are bank balances, trade and other debtors and amounts due from other group undertakings. The company's credit risk is primarily attributable to its trade debtors. The amounts presented in the balance sheet are net of allowances for doubtful debts. The credit risk is limited due to the stringent credit verification procedure in place and the company's preference to work with creditworthy customers. Each customer is assessed using international credit-rating agencies. The company has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers. Liquidity risk Liquidity risk is mitigated through careful cash-flow forecasting, disciplined working capital management and the support of both the company’s banking partners and Invivo Group. Foreign currency risk The company undertakes transactions in foreign currency and the directors are aware of the foreign currency risks. The potential financial impact of this risk is periodically reviewed and mitigation options considered as appropriate. Accordingly, the company enters into foreign exchange forward contracts based on the company's current exposure through Invivo Group. Future Developments The company continues to work closely with its principal parent company, Invivo Group, alongside the Wine division Cordier by Invivo, to optimise profitability across each of its core routes to market. Strategic focus remains on strengthening the company’s premium portfolio, deepening customer engagement and enhancing operational efficiency, while maintaining disciplined working capital management. In addition, the directors are actively exploring opportunities to modernise the company’s IT and operational infrastructure. This includes reviewing the potential benefits of an upgraded ERP system. Whilst no commitments have been made at this stage, early discussions have been positive, and the company continues to assess the timing, scope and investment requirements of such an enhancement. Any future technology improvements will be carefully evaluated to ensure they support long-term growth and operational resilience.
Financial & Commercial KPIs
The primary financial indicators continue to be sustainable turnover, gross profit, gross margin and the disciplined management of net working capital. These measures reflect the company’s ongoing focus on building a stable path to profitability while maintaining effective control of cashflow and inventory levels. Alongside core financial metrics, the company also tracks commercial KPIs that provide insight into market performance and customer engagement. These include portfolio mix, customer retention, performance across key sales channels and the development of premium categories such as Italy and France. Monitoring these indicators helps the company assess the effectiveness of its commercial strategy, strengthen supplier partnerships and identify opportunities to enhance market presence and customer value. Page 3 -
ARMIT WINES LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 This report was approved by the board and signed on its behalf.
B M Fleming Director
Date: 30 March 2026
Page 4 -
ARMIT WINES LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2025 The directors present their report and the financial statements for the year ended 30 June 2025.
Results and dividends
The profit for the year, after taxation, amounted to £433,456 (2024 - £792,200). The company has not paid and does not propose to pay any dividends for the year ended 30 June 2025 (2024: £nil).
Directors
The directors who served during the year were:
Cordier Group Holding B.V.
B M Fleming
Matters covered in the Strategic report
As permitted by s414c(11) of the Companies Act 2006, the directors have elected to disclose information, required to be in the directors' report by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008', in the strategic report.
Disclosure of information to auditor
Each of the persons who are directors at the time when this directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Post balance sheet events
There have been no significant events affecting the company since the year end. This report was approved by the board and signed on its behalf.
B M Fleming Director
Date: 30 March 2026
Page 5 -
ARMIT WINES LIMITED DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 30 JUNE 2025 The directors are responsible for preparing the strategic report, the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙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 to 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. Page 6 -
ARMIT WINES LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ARMIT WINES LIMITED FOR THE YEAR ENDED 30 JUNE 2023
Opinion
We have audited the financial statements of Armit Wines Limited (the 'company') for the year ended 30 June 2025, which comprise the profit and loss account, the balance sheet, the statement of changes in equity and the related notes, 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 30 June 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's 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 United Kingdom, including the Financial Reporting Council'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 other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. Page 7 -
ARMIT WINES LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ARMIT WINES LIMITED (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
Opinion 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.
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 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.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement set out on page 6, 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. Page 8 -
ARMIT WINES LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ARMIT WINES LIMITED (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
Auditor's 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: ∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; ∙we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the fine wine sector; ∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, employment legislation and anti-bribery legislation; ∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and ∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: ∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and ∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: ∙performed analytical procedures to identify any unusual or unexpected relationships; ∙tested a sample of journal entries to identify unusual transactions; ∙assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and ∙investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: ∙agreeing financial statement disclosures to underlying supporting documentation; ∙enquiring of management as to actual and potential litigation and claims; and ∙reviewing correspondence with HMRC and relevant regulators. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Page 9 -
ARMIT WINES LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ARMIT WINES LIMITED (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 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 auditor's report.
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. Mark Cunningham (senior statutory auditor) for and on behalf of Blick Rothenberg Audit LLP Chartered Accountants Statutory Auditor 16 Great Queen Street Covent Garden London WC2B 5AH Date: 30 March 2026 Page 10 -
ARMIT WINES LIMITED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 JUNE 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 14,086,241 | 17,787,728
Cost of sales |  | (9,469,191) | (12,521,129)
Gross profit |  | 4,617,050 | 5,266,599
Distribution costs |  | (639,770) | (729,951)
Administrative expenses |  | (3,372,309) | (3,439,719)
Operating profit | 5 | 604,971 | 1,096,929
Interest payable and similar expenses | 8 | (17,979) | (40,662)
Profit before tax |  | 586,992 | 1,056,267
Tax on profit | 9 | (153,536) | (264,067)
Profit for the financial year |  | 433,456 | 792,200
There are no items of other comprehensive income for either the year or the prior year other than the profit for the year. Accordingly, no statement of other comprehensive income has been presented.
Page 11 -
|  | REGISTERED NUMBER: 11933185
ARMIT WINES LIMITED BALANCE SHEET AS AT 30 JUNE 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 10 |  | 22,972 |  | 8,334
Tangible assets | 11 |  | 19,022 |  | 59,294
|  |  | 41,994 |  | 67,628
Current assets |  |  |  |  |
Stocks | 12 | 3,967,622 |  | 3,543,309 |
Debtors: amounts falling due within one year | 13 | 4,690,893 |  | 6,822,997 |
Cash at bank and in hand | 14 | 855,428 |  | 917,884 |
|  | 9,513,943 |  | 11,284,190 |
Creditors: amounts falling due within one year | 15 | (5,563,095) |  | (7,790,171) |
Net current assets |  |  | 3,950,848 |  | 3,494,019
Total assets less current liabilities |  |  | 3,992,842 |  | 3,561,647
Creditors: amounts falling due after more than one year | 16 |  | - |  | (2,261)
Net assets |  |  | 3,992,842 |  | 3,559,386
Capital and reserves |  |  |  |  |
Called up share capital | 18 |  | 486,132 |  | 486,132
Share premium account | 19 |  | 628,430 |  | 628,430
Profit and loss account | 19 |  | 2,878,280 |  | 2,444,824
Total equity |  |  | 3,992,842 |  | 3,559,386
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
B M Fleming
Director
Date: 30 March 2026
The notes on pages 14 to 30 form part of these financial statements. Page 12 -
ARMIT WINES LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2025
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 July 2023 | 486,132 | 628,430 | 1,652,624 | 2,767,186
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 792,200 | 792,200
At 1 July 2024 | 486,132 | 628,430 | 2,444,824 | 3,559,386
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 433,456 | 433,456
At 30 June 2025 | 486,132 | 628,430 | 2,878,280 | 3,992,842
| The notes on pages 14 to 30 form part of these financial statements.
Page 13 -
ARMIT WINES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
1. | General information
Armit Wines Limited buys and sells fine wines. The company is a private company limited by shares and incorporated in England and Wales. The address of its registered office and principal place of business is The Triangle 2nd Floor, 5-17 Hammersmith Grove, London, W6 0LG. The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3). The company was, at the end of the year, a wholly-owned subsidiary of Cordier UK Limited, whose registered address is The Triangle 2nd Floor, 5-17 Hammersmith Grove, London, W6 0LG. Cordier UK Limited prepares consolidated financial statements, in which the company is included. The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102: ∙Section 3 Financial Statement Presentation paragraph 3.17(d) (inclusion of statement of cash flows); ∙Section 7 Statement of Cash Flows (inclusion of statement of cash flows); ∙Section 11 Financial Instruments paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c) (disclosures relating to financial instruments); ∙Section 26 Share based payments (disclosure of share based payments); ∙Section 33 Related Party Disclosures paragraph 33.7 (disclosures of key management personnel compensation). The following principal accounting policies have been applied:
| 2.2 | Going concern
For the year ended 30 June 2025, the company has delivered a profit in the amount of £433,456 (2024: £792,200). As of the reporting date, the company’s current assets exceeded its current liabilities by £3,950,848 (2024: £3,494,019). The company is financed in full by current liabilities/long- term debts, including loans from group companies. The company is fully financed by group loans, and the directors remain confident in the ongoing support of Invivo Group. Invivo Group has provided a formal letter of support and has reaffirmed its willingness and capacity to provide financial assistance should it be required. The directors regularly review group performance, past, present and forecast across P&L and working capital metrics, and these assessments continue to support a positive view of future liquidity. Based on the financial position, planned initiatives and confirmed group support, the directors consider it appropriate to prepare the financial statements on a going-concern basis. Page 14 -
ARMIT WINES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.3 | Foreign currency translation
Functional and presentation currency The company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'interest receivable and similar income' or 'interest payable and similar expenses. All other foreign exchange gains and losses are presented in profit or loss within 'administration expenses'.
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the company has transferred the significant risks and rewards of ownership to the buyer; ∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Sales of En Primeur wine is recognised when the wine is made available to the customer. This may be up to several months after the amount is invoiced to the customer, during which time it is held as deferred revenue. The cost of the wine is carried as a supplier En Primeur prepayment until the point that wines become available to the company and/or to the customer, at which time it becomes cost of sales. Rental income Rental income included in turnover relates to the recharge of customer annual storage charges. Page 15 -
ARMIT WINES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.5 | Operating leases: the company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.7 | Pensions
Defined contribution pension plan The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. Page 16 -
ARMIT WINES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.8 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income. Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.9 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Amortisation is provided on the following bases:
|  |  |  | Website | - | 20% | straight line
|  |  |  | Computer software | - | 20% | straight line
|  |  |  | Trademarks | - | 20% | straight line
Page 17 -
ARMIT WINES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.10 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Fixtures and fittings | - | 20% | straight line
|  |  |  | Computer equipment | - | 20% | to 33% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.11 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.12 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Page 18 -
ARMIT WINES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.13 | Financial instruments
The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments. Financial assets and financial liabilities are recognised when the company becomes 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. The company’s policies for its major classes of financial assets and financial liabilities are set out below. Financial assets Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Financial liabilities Basic financial liabilities, including trade and other 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 transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Page 19 -
ARMIT WINES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
|  | Financial instruments (continued)
Impairment of financial assets Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Derecognition of financial assets and financial liabilities Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Offsetting of financial assets and financial liabilities Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.
| 2.14 | Share capital
Ordinary shares are classified as equity. Page 20 -
ARMIT WINES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of the company’s accounting policies, which are described in note 2, the following judgements and key estimates have been made by the directors: Stock provision The carrying value of stock, at the lower of cost and net realisable value, is dependent on key judgements and estimates that are made by management. The judgements relating to stock include an estimation of future expected average sales prices and disposal costs. These judgements also include consideration of specific factors, including the age of the stock and expected condition and the current popularity of the stock to determine future realisable value. Actual outcomes could be different to the assumptions used in determining the estimates..
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Sale of goods | 13,624,252 | 17,297,278
| Rental income | 348,284 | 356,701
| Other income | 113,705 | 133,749
|  | 14,086,241 | 17,787,728
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 13,937,087 | 17,593,724
| Rest of Europe | 96,805 | 112,296
| Rest of the world | 52,349 | 81,708
|  | 14,086,241 | 17,787,728
Page 21 -
ARMIT WINES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | (88,721) | (177,528)
| Depreciation of fixed assets | 40,892 | 42,256
| Amortisation of intangible assets | 5,224 | 16,137
| Fees payable to the company's auditor for the audit of the company's annual financial statements | 45,500 | 38,000
| Rentals under land and buildings | 65,111 | 65,111
| Defined contribution pension costs | 74,286 | 77,251
| Stock recognised in cost of sales | 9,371,999 | 12,521,129
| Stock provision movement | 111,360 | (105,688)
| Bad debt expense | (44,472) | 145,400
| Other operating lease rentals | 5,087 | 4,909
6. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 1,948,137 | 1,868,595
| Social security costs | 223,670 | 204,392
| Cost of defined contribution scheme | 74,286 | 77,251
|  | 2,246,093 | 2,150,238
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Office and management staff | 35 | 38
Page 22 -
ARMIT WINES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
7. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 158,076 | 188,722
| Company contributions to defined contribution pension schemes | 11,935 | 11,848
|  | 170,011 | 200,570
| During the year retirement benefits were accruing to 1 director (2024 - 1) in respect of defined contribution pension schemes. The highest paid director received remuneration of £158,076 (2024 - £188,722). The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £11,935 (2024 - £11,848).
8. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Loans from group undertakings | 17,979 | 40,662
9. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 178,206 | 264,067
| Deferred tax |  |
| Origination and reversal of timing differences | (24,670) | -
|  | 153,536 | 264,067
Page 23 -
ARMIT WINES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 9.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - the same as) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 586,992 | 1,056,267
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 146,748 | 264,067
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 1,831 | 377
| Capital allowances for year in excess of depreciation | 5,745 | 7,492
| Short-term timing difference leading to an increase (decrease) in taxation | 23,882 | (2,148)
| Other timing differences leading to an increase (decrease) in taxation | (24,670) | (5,721)
| Total tax charge for the year | 153,536 | 264,067
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 24 -
ARMIT WINES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
10. | Intangible assets
|  | Website | Computer software | Trademarks | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 July 2024 | 74,209 | 206,863 | 8,774 | 289,846
| Additions | - | 19,862 | - | 19,862
| At 30 June 2025 | 74,209 | 226,725 | 8,774 | 309,708
| Amortisation |  |  |  |
| At 1 July 2024 | 74,209 | 202,114 | 5,189 | 281,512
| Charge for the year | - | 4,348 | 876 | 5,224
| At 30 June 2025 | 74,209 | 206,462 | 6,065 | 286,736
| Net book value |  |  |  |
| At 30 June 2025 | - | 20,263 | 2,709 | 22,972
| At 30 June 2024 | - | 4,749 | 3,585 | 8,334
Page 25 -
ARMIT WINES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
11. | Tangible fixed assets
|  | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 July 2024 | 155,719 | 62,550 | 218,269
| Additions | - | 620 | 620
| At 30 June 2025 | 155,719 | 63,170 | 218,889
| Depreciation |  |  |
| At 1 July 2024 | 116,534 | 42,441 | 158,975
| Charge for the year | 31,110 | 9,782 | 40,892
| At 30 June 2025 | 147,644 | 52,223 | 199,867
| Net book value |  |  |
| At 30 June 2025 | 8,075 | 10,947 | 19,022
| At 30 June 2024 | 39,185 | 20,109 | 59,294
12. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finished goods and goods for resale | 3,967,622 | 3,543,309
| The carrying value of stocks are stated net of impairment losses totaling £120,282 (2024 - £231,642). Stock impairment losses totaling £134,039 (2024 - £208,633) were recognised in profit and loss.
Page 26 -
ARMIT WINES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
13. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 1,073,196 | 2,140,929
| Amounts owed by group undertakings | 1,554,484 | 1,502,950
| Other debtors | 61,392 | 218,209
| Prepayments and accrued income | 1,974,130 | 2,957,888
| Deferred taxation | 27,691 | 3,021
|  | 4,690,893 | 6,822,997
14. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 855,428 | 917,884
15. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 1,567,809 | 2,551,818
| Amounts owed to group undertakings | 606,389 | 114,748
| Corporation tax | 62,739 | 107,533
| Other taxation and social security | 238,029 | 351,606
| Other creditors | 170,854 | 225,603
| Accruals and deferred income | 2,917,275 | 4,438,863
|  | 5,563,095 | 7,790,171
16. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other creditors | - | 2,261
Page 27 -
ARMIT WINES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
17. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | 3,021
| Charged to profit or loss | 24,670
| At end of year | 27,691
| The deferred tax asset is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (1,660) | (4,595)
| Other short term timing differences | 29,351 | 7,616
|  | 27,691 | 3,021
18. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 476,132 (2024 - 476,132) Ordinary A shares of £1.00 each | 476,132 | 476,132
|  | 100,000 (2024 - 100,000) Ordinary B shares of £0.10 each | 10,000 | 10,000
|  |  | 486,132 | 486,132
| Voting ‘A’ shareholders receive the right to one vote per share at the General Meeting. ‘B’ shareholders do not have any voting rights, unless under specific circumstances. Winding up ‘A’ shareholders have the right to participate in the distribution of surplus assets on the winding up of the company. ‘B’ shareholders have no rights to participate in the distribution of surplus assets. Proceeds of sale ‘A’ shareholders have the right to participate in the net proceeds of sale of the entire issued share capital of the company. ‘B’ shareholders have the right to participate in the proceeds of a Qualifying Disposal. The shares rank pari passu in all other aspects.
Page 28 -
ARMIT WINES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
19. | Reserves
Share premium account The share premium reserve includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium. Profit and loss account The profit and loss account includes all current and prior period retained profits and losses.
20. | Contingent liabilities
The company has an ongoing dispute with a customer, the outcome of which remains uncertain. As such no provision has been recognised regarding the matter.
21. | Pension commitments
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £74,286 (2024 - £77,251). Contributions totaling £15,751 (2024 - £21,874) were payable to the fund at the balance sheet date and are included in creditors.
22. | Commitments under operating leases
| At 30 June 2025 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 17,199 | 103,194
| Later than 1 year and not later than 5 years | - | 17,199
|  | 17,199 | 120,393
23.Other financial commitments At 30 June 2025, the company had no (2024: five) pending forward foreign exchange contracts to acquire a maximum of €nil (2024: €988,058) at a future maximum cost of £nil (2024: £852,364). At 30 June 2025, the company had guaranteed a Duty Bond of £250,000 (2024: £250,000) to HM Revenue & Customs. Page 29 -
ARMIT WINES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
24. | Related party transactions
The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group. Transactions with (other) related parties are as follows:
| Relationship | Transaction | Amount | Amount due (to)/from related parties |
|  |  | 2025 |  | 2024 | 2025 | 2024 |
|  |  | £ |  | £ | £ | £ |
| Entities with control or significant influence | Interest | 17,979 | 40,662 | (462,878) | (57,475) |
|  | Management fees | 179,630 | 274,046 | - | - |
|  | Administration fees | - | - | - | - |
| Other related parties | Purchase | - | - | - | (1,305) |
Included in amounts due to entities with control or significant influence is £690.694 (2024: £nil) that bears interest at LIBOR GBP 1 month+0.8%.
25. | Controlling party
The parent undertaking of the smallest group of undertakings for which group financial statements are drawn up and of which the company is a member is Cordier UK Limited, whose registered office is at 2nd Floor, The Triangle, 5-17 Hammersmith Grove, London, W6 0LG. Copies of group financial statements are available to the public from Companies House. The ultimate parent undertaking is Union Invivo SAS, a Union registered in France. Group financial statements are not available to the public.
Page 30 -