Company No: 11022607 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	3	194,074		234,591
		194,074		234,591
Current assets
Stocks		109,631		143,109
Debtors	4	33,055		46,018
Cash at bank and in hand	5	6,377		1,168
		149,063		190,295
Creditors: amounts falling due within one year	6	( 265,169)		( 194,897)
Net current liabilities		(116,106)		(4,602)
Total assets less current liabilities		77,968		229,989
Creditors: amounts falling due after more than one year	7	( 1,829,675)		( 1,923,317)
Net liabilities		( 1,751,707)		( 1,693,328)
Capital and reserves
Called-up share capital	8	125		125
Share premium account		99,975		99,975
Profit and loss account		( 1,851,807 )		( 1,793,428 )
Total shareholders' deficit		( 1,751,707)		( 1,693,328)

For the financial year ending 31 March 2026 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Piston Distillery Limited (registered number: 11022607) were approved and authorised for issue by the Board of Directors on 16 July 2026. They were signed on its behalf by:

Nicholas Mark Weatherall Director

1. Accounting policies

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

General information and basis of accounting

Piston Distillery Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 2 Bamfurlong Industrial Park, Staverton, Cheltenham, GL51 6SX, United Kingdom. The principal place of business is Danks 2, Diglis Basin, Worcester, WR5 3BW, United Kingdom.

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

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

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £1,751,707. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

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

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Leasehold improvements	10 years straight line
Plant and machinery	15 years straight line
Vehicles	4 years straight line
Fixtures and fittings	25 % reducing balance
Computer equipment	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Ordinary share capital

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

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	8		8

3. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Fixtures and fittings		Computer equipment		Total
	£		£		£		£		£		£
Cost
At 01 April 2025	158,166		75,472		46,139		98,941		13,361		392,079
At 31 March 2026	158,166		75,472		46,139		98,941		13,361		392,079
Accumulated depreciation
At 01 April 2025	59,020		27,723		6,820		53,521		10,404		157,488
Charge for the financial year	15,817		5,031		10,918		7,348		1,403		40,517
At 31 March 2026	74,837		32,754		17,738		60,869		11,807		198,005
Net book value
At 31 March 2026	83,329		42,718		28,401		38,072		1,554		194,074
At 31 March 2025	99,146		47,749		39,319		45,420		2,957		234,591

4. Debtors

	2026		2025
	£		£
Trade debtors	14,676		33,635
Prepayments	18,379		12,383
	33,055		46,018

5. Cash and cash equivalents

	2026		2025
	£		£
Cash at bank and in hand	6,377		1,168
Less: Bank overdrafts	( 8,462)		( 9,815)
	(2,085)		(8,647)

6. Creditors: amounts falling due within one year

	2026		2025
	£		£
Bank loans and overdrafts	13,471		15,508
Trade creditors	77,928		72,515
Accruals	115,458		31,900
Other taxation and social security	48,395		50,945
Obligations under finance leases and hire purchase contracts	5,175		4,700
Other creditors	4,742		19,329
	265,169		194,897

There are no amounts included above in respect of which any security has been given by the small entity.

7. Creditors: amounts falling due after more than one year

	2026		2025
	£		£
Bank loans	19,619		23,944
Amounts owed to directors	835,916		835,337
Other loans	950,683		927,707
Accruals	0		106,820
Obligations under finance leases and hire purchase contracts	23,457		29,509
	1,829,675		1,923,317

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
100 Ordinary A shares of £ 1.00 each	100		100
25 Ordinary B shares of £ 1.00 each	25		25
	125		125

9. Related party transactions

Transactions with owners holding a participating interest in the entity

	2026		2025
	£		£
Amounts owed to a company under common control	950,683		927,707

Transactions with the entity's directors

	2026		2025
	£		£
Amounts owed to directors	835,916		835,337

These balances are repayable on demand and no interest is charged on these balances.