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Registered number: 04797361
Quob Park Estate Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2025
Quob Park Estate Limited
Contents
Contents

| Page
--- | ---
Company Information | 1
Strategic Report | 2—5
Directors' Report | 6—7
Income Statement | 8
Statement of Financial Position | 9—10
Statement of Changes in Equity | 11
Notes to the Financial Statements | 12—18

Page 1
Quob Park Estate Limited
Company Information
For The Year Ended 31 December 2025
Company Information

Directors | Mr Robert Simon Terry
| Mrs Louise Tracey Terry
| Mr Stephen Robert Dunn
Company Number | 04797361
Registered Office | Quob Park, Titchfield Lane
| Wickham
| Fareham
| Hampshire
| PO17 5PG
Business | Quob Park, Titchfield Lane
| Wickham
| Fareham
| Hampshire
| PO17 5PG
Bankers | Metro Bank Plc
| 1 Southampton Row
| London
| WC1B 5HA
Solicitors | Blake Morgan LLP
| 6 New Street Square
| London
| EC4A 3DJ

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Quob Park Estate Limited
Strategic Report
For The Year Ended 31 December 2025
Strategic Report
The directors present their strategic report for the year ended 31 December 2025.
Principal Activity
The company's principal activities continue to be the management and commercial exploitation of rights over land at Quob Park Estate, including vineyards, orchards and potager (kitchen garden), together with the operation and leasing of associated facilities such as winery and bonded storage infrastructure.
The Company is engaged in viticulture and the production of English wine, including sparkling wine produced to an exceptional standard, as well as other wine-derived and complementary beverages, including those utilising by-products of wine production. The Company also develops related food and wine products and experiences, including dining propositions and curated hampers. These goods and services are supplied both to its parent undertaking for use within its hospitality and retail operations, including membership and education programmes (wine and cookery schools), weddings and retreats, and to third-party customers through direct sales and distribution channels.
Review of the Business
Turnover for the year was £500,867 (2024: £1,445,362). The reduction year-on-year reflects the planned transition of the business away from discontinued operations, with 2024 including £1,243,407 of revenue from activities no longer undertaken in 2025.
Excluding discontinued operations, the underlying business has delivered significant growth. Continuing turnover increased materially, driven by expansion in both Wine-Led Services and Wine Distribution. Wine-Led Services revenue increased to £105,000 (2024: £34,649), reflecting the continued development of the Company’s wine-led experiences, including membership and education programmes. Wine Distribution revenue increased to £395,867 (2024: £167,306), demonstrating growing demand for the Company’s wines through both direct and trade channels.
The majority of revenues continue to be generated from the Company’s parent undertaking, in line with the Group’s integrated operating model. During the year, the Company also secured a number of new third-party customers, both directly and through distribution partners, supporting the continued diversification of revenue streams. These include relationships with premium international operators within the cruise sector, including Disney Cruise Line and the Ritz-Carlton Yacht Collection. The Company has also commenced working with a new non-exclusive distribution partner whose existing client base has the potential to generate demand materially in excess of the Company’s current production capacity over time.
The directors note that the Company has historically taken a measured approach to third-party distribution. This reflects its prior involvement with Hambledon Vineyard, where entities connected to the Company were both investors and providers of funding prior to its sale in 2023. As a result, the Company did not actively seek to compete in broader distribution channels during this period. With the completion of that transaction, the Company is now focused on developing its own distribution relationships, which is reflected in the growth of Wine Distribution during the year and the establishment of new commercial partnerships.
Gross profit for the year was £224,612 (2024: £764,167). On a comparable basis excluding discontinued operations, margins reflect continued investment in vineyard, winery and estate infrastructure, alongside the scaling of production and inventory. The current year reflects a transition towards a production-led model, with margins normalising as volumes increase and costs are absorbed ahead of the release of higher-value aged stock. This is consistent with the Company’s strategy of building a high-quality, extended-ageing stock profile, which is expected to support premium pricing and margin expansion over the medium term.
This transition has been supported by the continued development of the Company’s operational systems and processes, including the implementation of integrated digital platforms to manage vineyard operations, production and inventory. These systems are expected to enhance operational efficiency and support the scalable growth of the business as production volumes increase.
Operating profit for the year was £116,769 (2024: £134,166), representing a resilient performance during a period of strategic repositioning. The business is now more focused and aligned to its long-term wine production strategy, with reduced reliance on non-core activities.
The Company continues to invest in stock, with total inventories increasing to £1,376,324 (2024: £1,238,658), including a significant increase in work in progress. This reflects the long-term nature of English sparkling wine production, where extended ageing is a key driver of product quality and future value. The increase in work in progress supports the Company’s strategy of producing premium wines capable of achieving higher margins as they are released. The directors consider that the increasing scale and maturity of inventory, combined with established pricing and distribution channels, supports the long-term value realisation of this stock.
The balance sheet has strengthened significantly during the year. Net current assets increased to £1,526,917 (2024: £586,054), driven primarily by the settlement of liabilities and continued investment in stock. All amounts previously owed to the parent undertaking were fully settled during the year, in part through the transfer of certain vineyard-related assets, resulting in a materially strengthened short-term financial position.
...CONTINUED
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Quob Park Estate Limited
Strategic Report (continued)
For The Year Ended 31 December 2025
Review of the Business - continued
Prior to the year end, the Company secured a forward commitment from its parent undertaking to purchase a minimum of 12,000 bottles per annum of Classic Cuvée for a period of at least five years, in support of the parent’s expanding membership and wedding operations. This arrangement includes agreed pricing mechanisms and provides a stable and predictable baseline level of demand for the Company’s core product.
In addition to this contracted minimum, the directors note that, should the parent undertaking achieve its own growth targets over the next three to five years, demand for the Company’s sparkling wine across its product range could increase materially. Based on current planning assumptions, this has the potential to represent demand at levels of four times the contracted minimum volumes. Whilst this level of demand is not guaranteed, it provides a clear indication of the potential scale of internal demand within the Group as operations expand. This forward visibility of demand, combined with the Company’s controlled production model and operational infrastructure, provides a high degree of confidence in the alignment between production growth and future revenue generation.
The strengthened balance sheet, combined with contracted forward sales and the potential for increased intra-group demand, provides a high degree of visibility over future revenues and underpins the Company’s working capital requirements and ongoing operations for the foreseeable future. The Company therefore operates with a high level of forward demand visibility relative to its production cycle.
During the year, the Company achieved a number of key operational milestones which support its future growth plans. All outstanding planning permissions relating to the winery and bonded storage facilities were successfully resolved without material issue. Following this, the Company obtained all relevant licences required to operate the winery, including approvals enabling both its own production activities and the provision of contract winemaking services. These licences were granted following satisfactory site inspections and represent an important step in establishing the Company’s operational capability and future scalability.
Principal Risks and Uncertainties
The Company operates in a specialist sector combining agriculture, production, and hospitality-linked demand. The directors have considered the principal risks and uncertainties facing the business and have implemented appropriate strategies to mitigate these risks where possible.
Agricultural and Climate Risk
The Company’s operations are dependent on vineyard production, which is inherently subject to climatic conditions, including adverse weather, disease, and other environmental factors. The Company mitigates this risk through careful vineyard management, diversification across plantings, and maintaining appropriate stock levels to smooth variations in annual yields.
Production and Inventory Risk
The production of English sparkling wine involves extended ageing periods, resulting in significant levels of stock and work in progress being held over a number of years. This creates exposure to inventory valuation, storage, and timing of cash realisation. The Company manages this risk through a disciplined production strategy, careful stock monitoring, and a focus on producing high-quality wines capable of supporting premium pricing over time.
Market and Demand Risk
Demand for premium English wine and associated experiences may be influenced by broader economic conditions and consumer spending patterns. The Company mitigates this risk through a diversified route to market, including sales to its parent undertaking, direct-to-consumer channels, and third-party distribution relationships.
Customer Concentration Risk
A significant proportion of the Company’s revenues are generated from its parent undertaking. This is mitigated by the strength of the parent undertaking, the strategic alignment of the businesses, and the existence of forward purchase commitments. The Company is also actively developing third-party sales channels to broaden its customer base over time.
Working Capital and Liquidity Risk
The nature of wine production requires investment in stock ahead of revenue realisation. The Company mitigates this through careful cash flow management, maintaining strong net current assets, and securing forward sales commitments which provide visibility over future cash inflows.
Regulatory and Duty Risk
The Company operates within a regulated environment, including compliance with alcohol duty, licensing, and storage requirements. The Company monitors regulatory developments and maintains appropriate compliance procedures.
Operational and Capacity Risk
Future growth is dependent on the efficient utilisation of vineyard, winery, and storage capacity. The Company manages this risk through forward planning and monitoring, with the option to invest in expansion where commercially appropriate.
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Quob Park Estate Limited
Strategic Report (continued)
For The Year Ended 31 December 2025
Future Developments
Looking forward, the Company will continue to focus on the development of its core wine production and estate-based business model, supported by growing demand from both its parent undertaking and third-party customers. The directors consider that the Company’s existing operational platform, management expertise and industry relationships position it to scale efficiently without disproportionate increases in overhead.
Based on the current scale of operations, existing vineyard plantings, winery capability and storage infrastructure, the directors consider that there remains significant opportunity to increase utilisation of existing capacity without the need for material additional capital expenditure. Growth is expected to be driven by the continued expansion of Wine Distribution, further development of wine-led services, and increasing demand from both existing and new commercial relationships.
As more recent vineyard plantings reach maturity, the directors expect production volumes to increase from the current range of approximately 30,000 to 35,000 bottles per annum to an average level of approximately 60,000 bottles per annum over time, without the need for any significant additional capital investment within the vineyard. This increase is expected to support revenue growth, improved operational efficiency, and margin expansion as higher volumes of aged stock are released.
The Company’s strategy of extended ageing for its English sparkling wines, combined with increasing brand recognition and distribution reach, is expected to support both revenue growth and margin expansion over time.
On a prudent basis, and without assuming significant expansion of land under vine, winery production capacity or storage facilities, the directors consider that the business has the potential, over the next three to five years, to achieve operating profit levels in the region of £1,000,000 per annum on a sustainable basis. This assessment is based on the continued growth in production volumes, increasing release of aged inventory, and the further development of both direct and distribution sales channels. Actual outcomes will depend on market conditions, product mix and the timing of inventory release.
The directors also note that, beyond the medium-term outlook, the estate has the potential to support a materially higher level of production over time. Based on current land availability and vineyard planning assumptions, this could extend to production capacity in the region of approximately 240,000 bottles per annum. Any such expansion would be achieved through the phased development of vineyard plantings and associated winery and storage infrastructure, aligned with demand growth and the Company’s premium positioning.
At this level of production, the directors consider that the business could support operating profit levels in the region of £3,000,000 per annum on a sustainable basis over the longer term. This reflects a fully developed operating model and assumes a balanced mix of direct sales and distribution channels, noting that higher volumes sold through distribution channels may result in a different margin profile compared to direct-to-consumer sales. These figures should be considered indicative of potential outcomes rather than forecasts and are subject to market conditions, production strategy and route-to-market dynamics.
The directors’ strategy is to align production growth with high-quality demand, maintaining pricing discipline and avoiding over-supply. They consider this approach to be fundamental to preserving premium brand positioning, supporting long-term margin sustainability and enabling the progressive realisation of higher-value sales as production scales.
The directors believe that the combination of increasing production volumes, extended ageing strategy and improving route to market will support both revenue growth and the progressive realisation of higher-margin sales over the next three to five years, and at larger production levels over the longer term.
Following initial investigations undertaken during 2025, the directors believe that, subject to continued operational progress, market conditions and regulatory considerations, admission of the Company’s shares to trading on the PISCES secondary market platform within the next 18 months may support the continued long-term development of the Company and broader shareholder liquidity.
Any such admission would be intended to support shareholder liquidity and provide an appropriate framework for future capital allocation and growth. The directors currently anticipate that any initial admission would be undertaken with an indicative minimum trading level of approximately £5.00 per share, implying an equity valuation in the region of £15 million based on the current issued share capital of the Company. However, no final decision has been made and any such outcome would remain subject to market conditions, successful execution and all necessary approvals.
The forward-looking statements included in this report are based on current expectations and assumptions and are subject to a number of risks and uncertainties. Actual results may differ materially from those expressed or implied.
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Quob Park Estate Limited
Strategic Report (continued)
For The Year Ended 31 December 2025
Additional Matters
The Company has operated from Quob Park since its incorporation in 2003 and was founded and primarily funded by Mr Robert Simon Terry and Mrs Louise Tracey Terry, who reside on the estate.
Quob Park comprises approximately 180 acres and benefits from a favourable micro-climate, supporting the production of English sparkling wine. The estate is located in Hampshire, a recognised wine-growing region in the United Kingdom.
The Company operates from estate land owned by entities connected to the Terry family. The Company has the benefit of arrangements granting it exclusive rights to use and commercially exploit this land for its operations, including vineyard and estate activities.
Under the terms of these arrangements, the Company also holds a right of first refusal in the event that the land is offered for sale by the current owners. These arrangements provide the Company with a stable and secure operating base for its activities.
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Quob Park Estate Limited
Company No. 04797361
Directors' Report For The Year Ended 31 December 2025
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2025.
Directors
The directors who held office during the year were as follows:

Mr Robert Simon Terry
Mrs Louise Tracey Terry
Mr Stephen Robert Dunn

Employees
The Company employed an average of 7 employees during the year (2024: 7), reflecting a focused and efficient operational structure following the transition away from discontinued activities. The current team is aligned to the Company’s core strategy of premium wine production, distribution and wine-led services.
History, Board and Management Experience
The Company has operated from Quob Park since its incorporation in 2003 and was founded and primarily funded by Mr Robert Simon Terry and Mrs Louise Tracey Terry.
The directors have a track record of developing and scaling businesses across multiple sectors, including technology, hospitality and retail operations. Elements of technology, solutions and services developed at Quob Park were instrumental to the establishment of a UK-listed public company, in which Mr Terry served as Founder and Executive Chairman until 2014. Mr Terry has also been the founder of two prior large scale public companies, the first listed in Canada, the other was also UK-listed. This experience has provided the board with significant expertise in capital allocation, operational scaling and strategic development.
Following their departure from the last UK-listed public company, the directors have focused on the long-term development of Quob Park Estate, with significant investment in vineyard plantings, winery capability and supporting infrastructure. The Company has since transitioned to a production-led model focused on premium English sparkling wine.
Mr Stephen Robert Dunn, a director of the Company, was previously one of a small number of Chief Technology Officers within the last two listed groups. Mr Dunn now leads corporate development activities across the business, including the continued development of the Quob Park Digital Platform. This platform underpins vineyard management, winery operations, stock control and regulatory compliance, and is expected to play an important role in supporting the scalability and operational efficiency of the Company as production volumes increase.
Viticulture Development and Industry Expertise
From the early stages of its development, the Company worked closely with members of the Hambledon Vineyard team in shaping its business plan and production strategy. The directors consider that access to this expertise has been an important factor in accelerating the development of the Company’s vineyard and winery operations.
The Company’s parent undertaking was also an investor in Hambledon Vineyard prior to its sale in 2023 and worked with its founder, Mr Ian Kellett, on certain strategic initiatives. This relationship provided early exposure to large-scale English sparkling wine production and commercialisation.
Key Management Team
A number of key members of the Hambledon team have since joined Quob Park Estate, strengthening its operational and commercial capability.
Mrs Jessica Mead, Managing Director of Quob Park Estate, has extensive experience within the English wine industry. She is the founder of Vineyards of Hampshire, an industry body representing leading vineyards in the region, reflecting her active role in the development of the local wine sector.
Mrs Mead was previously a senior member of the management team at Hambledon Vineyard, where she worked closely with its founder, Mr Ian Kellett, and played a key role in the development of its distribution channels, customer relationships and hospitality operations.
Since joining Quob Park Estate in 2022, Mrs Mead has been central to the development of the Company’s commercial strategy, including the expansion of wine distribution, hospitality-led revenue streams and membership-based offerings.
The Company also benefits from the ongoing involvement of Mr Didier Pierson, a 5th generation Champagne winemaker from Avize with over 30 years’ experience and recognised among the leading producers in Champagne.
...CONTINUED
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Quob Park Estate Limited
Directors' Report (continued)
For The Year Ended 31 December 2025
Employees - continued
Mr Pierson is widely acknowledged as one of the earliest pioneers of English sparkling wine, having been the first Champagne producer to establish vineyards in Hampshire using traditional Champagne varietals and methods, more than a decade before major Champagne houses entered the UK.
He continues to lead his family Champagne house while acting as a consultant to leading producers including Hambledon Vineyard and Champagne Taittinger, and has contributed to globally recognised wines such as Laurent-Perrier Cuvée Rosé.
His long-standing working relationship with the Company’s Managing Director, Mrs Mead, spanning over 15 years, provides continuity of expertise and underpins the Company’s commitment to producing premium traditional method sparkling wines aligned with the highest standards of Champagne.
Strategic Positioning
The directors consider that the combination of industry expertise, established commercial relationships and proprietary operational systems positions the Company to scale production and revenue efficiently as vineyard maturity increases.
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
Statement of Directors' Responsibilities
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 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 the financial statements the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board

Mr Robert Simon Terry Director
06/05/2026

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Quob Park Estate Limited
Income Statement
For The Year Ended 31 December 2025
Income Statement

| 2025 |  | 2024
--- | --- | --- | ---
| Notes | £ |  | £
TURNOVER | 4 | 500,867 |  | 1,445,362
Cost of sales |  | (276,255 ) |  | (681,195 )
GROSS PROFIT |  | 224,612 |  | 764,167
Administrative expenses |  | (107,843 ) |  | (630,001 )
OPERATING PROFIT AND PROFIT BEFORE TAXATION |  | 116,769 |  | 134,166
Tax on Profit | 6 | - |  | 77,797
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR |  | 116,769 |  | 211,963

The notes on pages 12 to 18 form part of these financial statements.
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Quob Park Estate Limited
Statement of Financial Position
As At 31 December 2025
Statement of Financial Position

| 2025 | 2024
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Intangible Assets | 8 |  | 50,000 |  | -
Tangible Assets | 9 |  | - |  | 874,094
|  |  | 50,000 |  | 874,094
CURRENT ASSETS
Stocks | 10 | 1,376,324 |  | 1,238,658 |
Debtors | 11 | 59,151 |  | 147,200 |
Cash at bank and in hand |  | 103,671 |  | 80,386 |
|  | 1,539,146 |  | 1,466,244 |
Creditors: Amounts Falling Due Within One Year | 12 | (12,229 ) |  | (880,190 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 1,526,917 |  | 586,054
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 1,576,917 |  | 1,460,148
NET ASSETS |  |  | 1,576,917 |  | 1,460,148
CAPITAL AND RESERVES
Called up share capital | 13 |  | 3,000,000 |  | 3,000,000
Share premium account |  |  | 1,021,701 |  | 1,021,701
Income Statement |  |  | (2,444,784 ) |  | (2,561,553 )
SHAREHOLDERS' FUNDS |  |  | 1,576,917 |  | 1,460,148

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Quob Park Estate Limited
Statement of Financial Position (continued)
As At 31 December 2025
For the year ending 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
On behalf of the board

Mr Robert Simon Terry Director | Mrs Louise Tracey Terry Director
06/05/2026

The notes on pages 12 to 18 form part of these financial statements.
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Quob Park Estate Limited
Statement of Changes in Equity
For The Year Ended 31 December 2025
Statement of Changes in Equity

| Share Capital | Share Premium | Income Statement | Total
--- | --- | --- | --- | ---
| £ | £ | £ | £
As at 1 January 2024 | 3,000,000 | 1,021,701 | (2,773,516 ) | 1,248,185
Profit for the year and total comprehensive income | - | - | 211,963 | 211,963
As at 31 December 2024 and 1 January 2025 | 3,000,000 | 1,021,701 | (2,561,553 ) | 1,460,148
Profit for the year and total comprehensive income | - | - | 116,769 | 116,769
As at 31 December 2025 | 3,000,000 | 1,021,701 | (2,444,784 ) | 1,576,917

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Quob Park Estate Limited
Notes to the Financial Statements
For The Year Ended 31 December 2025
Notes to the Financial Statements
1. General Information
Quob Park Estate Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04797361 . The registered office is Quob Park, Titchfield Lane, Wickham, Fareham, Hampshire, PO17 5PG.
2. Statement of Compliance
The financial statements have been prepared in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
3. Accounting Policies
3.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention.
3.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
3.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
3.4. Intangible Fixed Assets and Amortisation - Intellectual Property
Intangible assets comprise software licences and are initially recognised at cost.
The Company has acquired a licence to use the Quob Park Digital Platform, an integrated enterprise resource planning system used by the Company to manage vineyard operations, winery production, stock control and regulatory compliance.
It is amortised to the income statement on a straight-line basis over its estimated useful economic life of 10 years, reflecting the expected long-term use of the platform within the Company’s operations.
The asset is reviewed for impairment where indicators of impairment exist.
3.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold | 2% - 4% Straight Line
Leasehold | Over lease term
Plant & Machinery | 5% - 10%
Motor Vehicles | 10% - 20%
Fixtures & Fittings | 10% - 20%

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Quob Park Estate Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
3.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method and includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress includes wine in production and undergoing extended ageing. Due to the nature of premium English sparkling wine production, inventory may be held for a number of years prior to sale in order to achieve the desired quality, characteristics and market positioning.
The directors consider that extended ageing is a key driver of product quality and value, and that the Company’s production approach is designed to support premium pricing over time.
The carrying value of work in progress is supported by expected future selling prices based on current pricing, contracted and anticipated demand, and established distribution channels. The directors review the carrying value of inventory at each reporting date and are satisfied that it is stated appropriately in the context of the Company’s long-term production and sales strategy.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the income statement. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the income statement.
The Company’s production and ageing strategy is designed to build a portfolio of inventory capable of supporting progressively higher realised selling prices as products mature. The directors consider that this approach, combined with the Company’s established and developing routes to market, underpins the long-term recoverability and value realisation of work in progress and finished goods.
3.7. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
3.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
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Quob Park Estate Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
4. Turnover
Analysis of turnover by class of business is as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Discontinued Operations | - |  | 1,243,407
Wine Distribution | 395,867 |  | 167,306
Wine-Led Services | 105,000 |  | 34,649
| 500,867 |  | 1,445,362

Analysis of turnover by geographical market is as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
United Kingdom | 500,867 |  | 1,445,362
| 500,867 |  | 1,445,362

5. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2024: 55)
7 55
6. Tax on Profit
The tax charge/(credit) for the year was as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Current tax
UK Corporation Tax | - |  | (77,797 )
Total tax charge for the period | - |  | (77,797 )

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

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Profit before tax | 116,769 |  | 134,166
Tax on profit at 25% (UK standard rate) | 29,192 |  | 33,541
Goodwill/depreciation not allowed for tax | - |  | 109,557
Expenses not deductible for tax purposes | - |  | 339
Tax losses utilised | (29,192 ) |  | (94,865 )
Capital allowances | - |  | (45,833 )
Research and Development tax credit | - |  | (80,536 )
Total tax charge for the period | - |  | (77,797)

No corporation tax was payable for the current year due to the utilisation of brought forward tax losses. The Company had unutilised trading losses of £125,100 to carry forward at the end of this year.
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Quob Park Estate Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
7. Discontinued Operations
During the prior year, the Company undertook a strategic review of its operations and exited certain non-core activities in order to focus on its core wine production, wine distribution and wine-led services business.
As part of this process, certain activities were transferred to the Company’s parent undertaking as part of the settlement of amounts previously owed to the parent, with the remaining non-core activities being discontinued.
Accordingly, the results of these activities have been presented as discontinued operations in the prior year. No revenue or costs relating to discontinued operations were recognised in the current year.

| 2025 |  | 2024
| £ |  | £
Turnover | - |  | 1,243,407
Cost of sales | - |  | (610,579)
Administrative expenses | - |  | (521,656)
Profit for the year from discontinued operations | - |  | 111,172

The discontinued activities primarily related to operations that were not aligned with the Company’s long-term strategy of developing a vertically integrated premium wine production and distribution business.
The transfer and cessation of these activities has resulted in a more focused operating model and strengthened the Company’s financial position through the settlement of intercompany balances.
8. Intangible Assets

| Intellectual Property
--- | ---
| £
Cost
As at 1 January 2025 | -
Additions | 50,000
As at 31 December 2025 | 50,000
Net Book Value
As at 31 December 2025 | 50,000
As at 1 January 2025 | -

The additions in the year relate to the acquisition of a licence to use the Quob Park Digital Platform, an integrated software system used by the Company to support vineyard management, winery production, inventory control and compliance functions.
The directors consider that the useful economic life of this asset is 10 years, reflecting its central role in the Company’s operations and the expected period over which it will generate economic benefit. No amortisation has been charged in the year due to the timing of acquisition.
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Quob Park Estate Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
9. Tangible Assets

| Land & Property
--- | ---
| Leasehold
| £
Cost
As at 1 January 2025 | 2,076,333
Additions | 131,119
Disposals | (2,207,452 )
As at 31 December 2025 | -
Depreciation
As at 1 January 2025 | 1,202,239
Disposals | (1,202,239 )
As at 31 December 2025 | -
Net Book Value
As at 31 December 2025 | -
As at 1 January 2025 | 874,094

During the year, the Company disposed of certain tangible assets as part of a strategic reorganisation of the business. These assets were transferred in part to the Company’s parent undertaking in settlement of amounts previously owed. The directors consider that the carrying value of the assets transferred was appropriate in the context of the settlement of intercompany balances.
As a result of these transactions, no tangible fixed assets were held by the Company at the year end. The disposal reflects the transition to a more focused operating model centred on wine production and related activities.
10. Stocks

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Stock | 639,170 |  | 855,935
Materials | 13,262 |  | 7,043
Work in progress | 723,892 |  | 375,680
| 1,376,324 |  | 1,238,658

Stocks include finished goods, raw materials and work in progress relating to the production of English wine.
Work in progress primarily comprises wine undergoing production and extended ageing. Due to the nature of premium English sparkling wine production, inventory is typically held for a number of years prior to sale in order to achieve the desired quality and characteristics.
The increase in work in progress during the year reflects continued investment in production and ageing inventory in line with the Company’s strategy of building a premium stock profile.
As inventory matures, the directors expect it to be released at progressively higher price points, supporting revenue growth and margin expansion over time.
The directors consider that the composition and maturity profile of inventory, together with established and developing routes to market, support the recoverability of the carrying value of stocks at the balance sheet date.
...CONTINUED
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Quob Park Estate Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
10. Stocks - continued
The Company’s inventory includes a growing proportion of higher-value aged stock which is expected to be released over the medium term, providing increasing visibility over future revenues.
The directors note that the Company’s current inventory profile reflects several years of production and ageing, with a growing proportion of stock approaching commercial release. As these products are brought to market over the coming years, the directors expect the progressive realisation of higher-value sales, supporting both revenue growth and margin expansion in line with the Company’s long-term strategy.
The directors consider that the scale and maturity of the current inventory base provides increasing visibility over future revenue generation, subject to normal market and operational conditions.
11. Debtors

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Due within one year
Trade debtors | 46,536 |  | 10,802
Other debtors | 12,615 |  | 136,398
| 59,151 |  | 147,200

The reduction in other debtors during the year primarily reflects the settlement of balances associated with discontinued operations and the restructuring of the business. Trade debtors increased in line with the growth in continuing operations.
12. Creditors: Amounts Falling Due Within One Year

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Trade creditors | 2,683 |  | 177,489
Amounts owed to group undertakings | - |  | 519,550
Other creditors | 5,892 |  | 86,597
Taxation and social security | 3,654 |  | 96,554
| 12,229 |  | 880,190

Creditors Narrative
The significant reduction in creditors during the year primarily reflects the settlement of amounts previously owed to the Company’s parent undertaking. This was achieved in part through the transfer of certain activities and associated assets as part of a strategic reorganisation of the business.
As a result, no amounts were owed to the parent undertaking at the year end (2024: £519,550). This has resulted in a materially strengthened short-term financial position.
13. Share Capital

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Allotted, Called up and fully paid | 3,000,000 |  | 3,000,000

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Quob Park Estate Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
14. Related Party Disclosures
The Company’s parent undertaking is Quob Park Limited.
During the year, the Company entered into transactions with its parent undertaking in the normal course of business, including the sale of goods and provision of services. Revenue relating to continuing operations recognised from the parent undertaking during the year amounted to approximately £400,000.
During the year, the Company acquired a software licence from the parent undertaking for consideration of £50,000. The platform is expected to enhance operational efficiency, stock management and regulatory compliance across the Company’s activities.
As part of a strategic reorganisation, certain activities and associated assets were transferred to the parent undertaking. These transfers were undertaken in part to settle amounts previously owed by the Company to the parent.
At the balance sheet date, no amounts were owed to the parent undertaking (2024: £519,550).
The directors consider that all transactions with related parties were undertaken on terms appropriate in the circumstances.
15. Controlling Parties
The company's immediate parent undertaking is Quob Park Limited .
The ultimate parent undertaking is Quob Park Capital Limited (incorporated in England & Wales). Its registered office is Quob Park, Titchfield Lane, Wickham, Fareham, Hampshire, PO17 5PG .
The company’s ultimate controlling party is Robert Simon Terry by virtue of his interest in the share capital of the Company’s ultimate parent undertaking, Quob Park Capital Limited.
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