Company registration number 06891852 (England and Wales)
E I WINES LIMITED
TRADING AS EHRMANNS
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
E I WINES LIMITED
TRADING AS EHRMANNS
COMPANY INFORMATION
Directors
P. J. P. Dauthieu
H. A. Campbell
P. D. Dauthieu
S.L.Cutler
(Appointed 11 May 2026)
Company number
06891852
Registered office
483 Liverpool Road
London
England
N7 8PG
Auditor
Goodman Jones LLP
1st Floor Arthur Stanley House
40-50 Tottenham Street
London
W1T 4RN
E I WINES LIMITED
TRADING AS EHRMANNS
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 23
E I WINES LIMITED
TRADING AS EHRMANNS
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Fair review of the business

Ehrmanns principal business activity is the import of wines, beers and spirits sourced worldwide and sold predominantly within the United Kingdom.

The results of the company for the year show a pre-tax profit of £813,449 (£546,380 for the 12 month period of 2024) on turnover of £22,697,513 (£22,962,557 for the 12 month period of 2024) and gross profits of £2,880,463 (£2,633,094 for the 12 month period of 2024). The directors consider that these are fair results, reflecting the company’s long-term investment strategy by further diversifying its product offering and distribution channels.

The wine industry remains sensitive to fluctuations in global economic conditions, including tariffs, trade regulations, and currency exchange rates. Additionally, inflationary pressures and shifts in consumer spending habits could impact pricing strategies and overall demand. These factors may influence the company’s future performance and profitability, and management continues to monitor developments closely to mitigate potential risks.

The recent changes introduced by HMRC on the applicable rates of excise duty that came into effect in February 2025 have had material implications on the industry, the company successfully made all the necessary changes to its IT infrastructure so as to correctly account for the new rates and has not been negatively impacted by the new rate structure.

January 2025 saw the introduction of a new recycling tax, known as Extended Producer Responsibility (“EPR”). While the EPR rates where not fully confirmed by the government until July 2025, the company used the government guideline rates provided in December 2024 and was therefore fully provisioned for the 2025 financial year and onwards.

The Directors, remain confident in the Company´s long term strategy and its ability to deliver the projected results in the year ending 31 December 2026.

Principal risks and uncertainties

The management of the business and the execution of the company's strategies are subject to a number of risks including competition from both national and regional wine merchants, stock availability, foreign exchange movements, employee retention and the uncertainties that are still present within the global economy.

The directors undertake careful planning and monitoring to control costs and retain sustainable margins. They believe that the company's multi-channel set up continues to reduce its margin exposure to any one sector.

Development and performance

The directors monitor the performance of the company on an on-going basis with particular emphasis on turnover, margins, cash flow and customer service. They do not consider that, due to the straightforward nature of the business, the use of complex KPIs is necessary to understand the performance, position and development of the business.

On behalf of the board

P. D. Dauthieu
Director
4 June 2026
E I WINES LIMITED
TRADING AS EHRMANNS
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

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

The Directors have also presented the strategic report for the year ended 31 December 2025. This report offers a review of performance, the principal risks and uncertainties and the future development of the Company.

Principal activities

The principal activity of the company continued to be that of the import of wines, beers and spirits.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £600,000. The directors do not recommend payment of a further dividend.

Directors

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

P. J. P. Dauthieu
H. A. Campbell
P. D. Dauthieu
S.L.Cutler
(Appointed 11 May 2026)
Future developments

Organic growth and the increasing volume of business from new agencies taken on in 2025 are expected to continue growth of turnover and operating profits in 2026.

Auditor

In accordance with the company's articles, a resolution proposing that Goodman Jones LLP be reappointed as auditor of the company will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

E I WINES LIMITED
TRADING AS EHRMANNS
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
Statement of disclosure to auditor

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

On behalf of the board
P. D. Dauthieu
Director
4 June 2026
E I WINES LIMITED
TRADING AS EHRMANNS
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF E I WINES LIMITED
- 4 -
Opinion

We have audited the financial statements of E I Wines Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of

accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or

conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a

going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the

relevant sections of this report.

Other information

The Directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material m is-s tatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the

work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

E I WINES LIMITED
TRADING AS EHRMANNS
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF E I WINES LIMITED (CONTINUED)
- 5 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, 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.

E I WINES LIMITED
TRADING AS EHRMANNS
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF E I WINES LIMITED (CONTINUED)
- 6 -
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.

Based on our understanding of the company and industry, we identified that the principal risks of noncompliance

with laws and regulations related to industry sector regulations and unethical and prohibited business practices,

and we considered the extent to which noncompliance might have a material effect on the financial statements.

We also considered those laws and regulations that have a direct impact on the preparation of the financial

statements such as the Companies Act 2006 and and UK Tax Legislation. We evaluated management’s

incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override

of controls). Appropriate audit procedures in response to these risks were carried. These procedures included:

- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;

- Reading minutes of meetings of those charged with governance;

- Obtaining and reading correspondence from legal and regulatory bodies including HMRC;

- I dentifying and testing journal entries;

- Challenging assumption and judgements made by management in their significant accounting estimes.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team

members; and remained alert to any indications of fraud or non-compliance with laws and regulations throughout

the audit.

There are inherent limitations in the audit procedures described above and the further removed non-compliance

with laws and regulations is from the events and transactions reflected in the financial statements, the less likely

we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than

the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example,

forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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.

E I WINES LIMITED
TRADING AS EHRMANNS
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF E I WINES LIMITED (CONTINUED)
- 7 -
Amit Sharma (Senior Statutory Auditor)
For and on behalf of Goodman Jones LLP, Statutory Auditor
Chartered Accountants
1st Floor Arthur Stanley House
40-50 Tottenham Street
London
W1T 4RN
4 June 2026
E I WINES LIMITED
TRADING AS EHRMANNS
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
22,697,513
22,962,557
Cost of sales
(19,817,050)
(20,329,463)
Gross profit
2,880,463
2,633,094
Administrative expenses
(2,070,331)
(2,059,399)
Operating profit
8
810,132
573,695
Interest receivable and similar income
7
29,192
1,155
Interest payable and similar expenses
9
(25,875)
(28,470)
Profit before taxation
813,449
546,380
Taxation
13
(211,523)
(146,446)
Profit for the financial year
601,926
399,934
Other comprehensive income
-
-
Total comprehensive income for the year
601,926
399,934

The profit and loss account has been prepared on the basis that all operations are continuing operations.

E I WINES LIMITED
TRADING AS EHRMANNS
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
11
165,279
211,191
Tangible assets
12
24,846
26,774
190,125
237,965
Current assets
Stocks
14
3,422,333
3,402,700
Debtors
15
4,624,056
5,261,543
Cash at bank and in hand
1,555,701
1,087,940
9,602,090
9,752,183
Creditors: amounts falling due within one year
17
(3,801,928)
(4,001,787)
Net current assets
5,800,162
5,750,396
Net assets
5,990,287
5,988,361
Capital and reserves
Called up share capital
19
100,000
100,000
Profit and loss reserves
5,890,287
5,888,361
Total equity
5,990,287
5,988,361
The financial statements were approved by the board of directors and authorised for issue on 4 June 2026 and are signed on its behalf by:
P. D. Dauthieu
Director
Company registration number 06891852 (England and Wales)
E I WINES LIMITED
TRADING AS EHRMANNS
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2024
100,000
5,488,427
5,588,427
Year ended 31 December 2024:
Profit and total comprehensive income
-
399,934
399,934
Balance at 31 December 2024
100,000
5,888,361
5,988,361
Year ended 31 December 2025:
Profit and total comprehensive income
-
601,926
601,926
Dividends
10
-
(600,000)
(600,000)
Balance at 31 December 2025
100,000
5,890,287
5,990,287
E I WINES LIMITED
TRADING AS EHRMANNS
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
984,684
1,190,441
Interest paid
(25,875)
(28,470)
Income taxes refunded/(paid)
89,463
(227,678)
Net cash inflow from operating activities
1,048,272
934,293
Investing activities
Proceeds from disposal of intangibles
850
-
0
Purchase of tangible fixed assets
(10,553)
(17,452)
Interest received
29,192
1,155
Net cash generated from/(used in) investing activities
19,489
(16,297)
Financing activities
Dividends paid
(600,000)
-
0
Net cash used in financing activities
(600,000)
-
Net increase in cash and cash equivalents
467,761
917,996
Cash and cash equivalents at beginning of year
1,087,940
169,944
Cash and cash equivalents at end of year
1,555,701
1,087,940
E I WINES LIMITED
TRADING AS EHRMANNS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
1
Accounting policies
Company information

E I Wines Limited is a private company limited by shares incorporated in England and Wales. The registered office is 483 Liverpool Road, London, England, N7 8PG.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life of 20 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

E I WINES LIMITED
TRADING AS EHRMANNS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
33% Straight line basis
Plant and machinery
25% Straight line basis
Fixtures, fittings & equipment
40% Straight line basis
Computer equipment
25% Straight line basis
Motor vehicles
25% Straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

E I WINES LIMITED
TRADING AS EHRMANNS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

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

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

E I WINES LIMITED
TRADING AS EHRMANNS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
Basic financial liabilities

Basic financial liabilities, including 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. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

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

Current tax

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

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

E I WINES LIMITED
TRADING AS EHRMANNS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

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

1.14
Leases
As lessee

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

1.15
Foreign exchange

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account. Provision is made for the difference between the contracted rate on forward exchange contracts taken out during the year and the rate ruling at the balance sheet date.

2
Judgements and key sources of estimation uncertainty

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

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

E I WINES LIMITED
TRADING AS EHRMANNS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
3
Turnover and other revenue

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

2025
2024
£
£
Turnover analysed by class of business
Import and distribution of wines, beers and spirits
22,697,513
22,962,557
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
20,263,152
21,181,310
North America
157,225
166,446
South America
109,843
-
Europe
1,578,690
1,483,478
Asia
588,603
131,323
22,697,513
22,962,557
2025
2024
£
£
Other revenue
Interest income
29,192
1,155
4
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
19,392
19,392
For other services
Taxation compliance services
1,600
1,050
All other non-audit services
3,070
3,010
4,670
4,060
E I WINES LIMITED
TRADING AS EHRMANNS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
5
Employees

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

2025
2024
Number
Number
Adminstrative staff
16
16
Directors
2
2
Total
18
18

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,176,145
1,153,482
Social security costs
140,405
136,423
Pension costs
107,966
72,974
1,424,516
1,362,879
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
207,280
222,280
Company pension contributions to defined contribution schemes
31,704
23,863
238,984
246,143
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
112,040
133,040

Directors received taxable benefits during the year totalling £3,649 (2024: £3,649).

E I WINES LIMITED
TRADING AS EHRMANNS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
-
0
1,155
Other interest income
29,192
-
0
Total income
29,192
1,155
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
-
0
1,155
8
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
36,850
(23,669)
Depreciation of owned tangible fixed assets
12,481
16,077
Amortisation of intangible assets
45,912
45,912
Profit on disposal of intangible assets
(850)
-
Operating lease charges
55,000
51,467
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost
Interest on bank overdrafts and loans
17,595
20,190
Other interest on financial liabilities
8,280
8,280
25,875
28,470
10
Dividends
2025
2024
£
£
Final paid
600,000
-
0
E I WINES LIMITED
TRADING AS EHRMANNS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
11
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2025 and 31 December 2025
919,039
Amortisation and impairment
At 1 January 2025
707,848
Amortisation charged for the year
45,912
At 31 December 2025
753,760
Carrying amount
At 31 December 2025
165,279
At 31 December 2024
211,191

The goodwill held by the company has historically been amortised over its expected useful economic life of 20 years on a straight line basis. The goodwill underwent an impairment review in the year. This review concluded that amortisation over the useful economic life of 20 years was still appropriate.

12
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2025
32,660
5,376
12,389
178,238
7,500
236,163
Additions
-
0
-
0
-
0
10,553
-
0
10,553
Disposals
-
0
-
0
-
0
-
0
(7,500)
(7,500)
At 31 December 2025
32,660
5,376
12,389
188,791
-
0
239,216
Depreciation and impairment
At 1 January 2025
32,660
5,376
12,389
151,464
7,500
209,389
Depreciation charged in the year
-
0
-
0
-
0
12,481
-
0
12,481
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(7,500)
(7,500)
At 31 December 2025
32,660
5,376
12,389
163,945
-
0
214,370
Carrying amount
At 31 December 2025
-
-
0
-
0
24,846
-
0
24,846
At 31 December 2024
-
0
-
0
-
0
26,774
-
0
26,774
E I WINES LIMITED
TRADING AS EHRMANNS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
13
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
211,523
146,446

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

2025
2024
£
£
Profit before taxation
813,449
546,380
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
203,362
136,595
Tax effect of expenses that are not deductible in determining taxable profit
(3,469)
(1,131)
Capital allowances in excess of depreciation
364
(496)
Amortisation on assets
11,478
11,478
Profit on disposal of motor vehicle
(212)
-
0
Taxation charge for the year
211,523
146,446
14
Stocks
2025
2024
£
£
Finished goods and goods for resale
3,422,333
3,402,700
15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
4,534,284
5,107,706
Corporation tax recoverable
-
0
89,463
Other debtors
13,995
13,995
Prepayments and accrued income
75,777
50,379
4,624,056
5,261,543
16
Financial instruments
2025
2024
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
4,548,279
5,121,701
E I WINES LIMITED
TRADING AS EHRMANNS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
16
Financial instruments
(Continued)
- 22 -
Carrying amount of financial liabilities
Measured at amortised cost
3,003,480
3,543,096
17
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
2,742,776
3,202,122
Corporation tax
211,523
-
0
Other taxation and social security
586,925
458,691
Other creditors
14,024
63,569
Accruals and deferred income
246,680
277,405
3,801,928
4,001,787

18
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
107,966
72,974
19
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100,000
100,000
100,000
100,000
20
Operating lease commitments
As lessee

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

2025
2024
£
£
Within 1 year
57,000
27,500
Years 2-5
142,500
-
0
199,500
27,500
E I WINES LIMITED
TRADING AS EHRMANNS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
21
Related party transactions

P J Dauthieu is director of the company and also director of Viniberia S.A., a supplier to E I Wines Limited. During the year, the company disposed of a fully depreciated motor vehicle to the director for £1,020.

The company made purchases to the value of £2,585,511 (2024 - £2,641,894) from Viniberia S.A., and at the balance sheet date owed it £723,809 (2024 - £836,610). £19,762 (2024: £13,557) has been charged as late payment interest on the balances during the year.

Global Vintners Holdings Ltd is the parent company, the company owed £7,437 (2024: £19,083) as at balance sheet date.

22
Ultimate controlling party

The parent undertaking is Global Vintners Holding Ltd a company registered in Gibraltar.

23
Cash generated from operations
2025
2024
£
£
Profit after taxation
601,926
399,934
Adjustments for:
Taxation charged
211,523
146,446
Finance costs
25,875
28,470
Investment income
(29,192)
(1,155)
Gain on disposal of intangible assets
(850)
-
Amortisation and impairment of intangible assets
45,912
45,912
Depreciation and impairment of tangible fixed assets
12,481
16,077
Movements in working capital:
(Increase)/decrease in stocks
(19,633)
1,467,667
Decrease/(increase) in debtors
548,024
(114,304)
Decrease in creditors
(411,382)
(798,606)
Cash generated from operations
984,684
1,190,441
24
Analysis of changes in net funds
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
1,087,940
467,761
1,555,701
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