Company No:
Contents
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| 984 | 233 | |||
| Current assets | ||||
| Stocks | 4 |
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| Debtors | 5 |
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| Cash at bank and in hand |
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| 9,214,976 | 8,845,503 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current assets | 4,369,076 | 7,346,134 | ||
| Total assets less current liabilities | 4,370,060 | 7,346,367 | ||
| Creditors: amounts falling due after more than one year | 7 | (
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| Provision for liabilities | 8 |
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 9 |
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| Profit and loss account |
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| Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Casks of Significance Limited (formerly Glenor Cask Company Ltd) (registered number:
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Rickesh Kumar Kishnani
Director |
Li Hua Tan
Director |
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.
Glenor Cask Company Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 7-11 Melville Street, Edinburgh, EH3 7PE, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention 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 £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due 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.
Exchange differences are recognised in the Profit and Loss Account 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 is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
| Fixtures and fittings |
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| Computer equipment |
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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.
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.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.
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. 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.
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.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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, loans to fellow group companies and cash and bank balances, are initially measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, 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.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
The Company has entered into a structured financing arrangements with Ferovinum Ltd, under which whisky inventory is sold with a binding obligation to repurchase the same goods at a future date at a fixed price.
Although legal title to the inventory transfers to Ferovinum, the Company retains the risks and rewards of ownership and continues to recognise the full inventory on its balance sheet. These transactions are accounted for as secured financing and not as sales.
The consideration received is recorded as a financial liability measured at amortised cost. The liability includes an initial fee and compounding monthly charges linked to an interest reference rate.
The Company also pays a refundable deposit to Ferovinum at the inception of each agreement. This deposit is recorded separately as a financial asset and is offset against the Forward Sale Price at maturity. At the reporting date, inventory with a carrying value of £1,669,114 (2024 - £1,316,847) has been pledged as collateral under these financing arrangements.
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Fixtures and fittings | Computer equipment | Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 01 January 2025 |
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| Additions |
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| At 31 December 2025 |
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| Accumulated depreciation | |||||
| At 01 January 2025 |
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| Charge for the financial year |
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| At 31 December 2025 |
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| Net book value | |||||
| At 31 December 2025 | 0 | 984 | 984 | ||
| At 31 December 2024 | 0 | 233 | 233 |
| 2025 | 2024 | ||
| £ | £ | ||
| Stocks (secured) |
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| £ | £ | ||
| Trade debtors |
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| Amounts owed by Group undertakings |
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| Deferred tax asset |
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| Corporation tax |
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| Other debtors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Trade creditors |
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| Amounts owed to Parent undertakings |
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| Taxation and social security |
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| Other creditors |
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Amounts owed to Group undertakings are repayable on demand. Interest of 3% per annum (2024: 5% per annum) is charged on the balance.
| 2025 | 2024 | ||
| £ | £ | ||
| Other creditors |
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| 2025 | 2024 | ||
| £ | £ | ||
| Deferred tax |
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| 2025 | 2024 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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Commitments
| 2025 | 2024 | ||
| £ | £ | ||
| Total future minimum lease payments under non-cancellable operating leases |
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Transactions with owners holding a participating interest in the entity
| 2025 | 2024 | ||
| £ | £ | ||
| Costs recharged to the company by Rare Whisky Holdings (Parent) | 554,545 | 518,043 | |
| Amounts owed to Rare Whisky Holdings | 608,185 | 692,473 |
The loan balance is shown within creditors: amounts due within one year. Interest is charged on the loan at 3% (2024: 5%) per annum. Rare Whisky Holdings Ltd can request repayment of the loan in full on or before a specified date providing 6 months notice is given.
Rickesh Kishnani and Li Tan are directors and shareholders of the parent company Rare Whisky Holdings Ltd. Advertising, business trip expenditure, cleaning, consulting, excise duty, insurance and office supplies and rent are recharged to the Company from Rare Whisky Holdings Ltd.
Transactions with the entity's directors
| 2025 | 2024 | ||
| £ | £ | ||
| Consultancy fees invoiced by Li Tan (Director) | 113,164 | 97,599 | |
| Consultancy fees invoiced by Rickesh Kishnani (Director) | 49,516 | 35,000 |
Li Tan and Rickesh Kishnani are directors of the company and hold no shares in Casks of Significance Ltd.
Other related party transactions
| 2025 | 2024 | ||
| £ | £ | ||
| Sales invoiced to Glenor Cask Company Limited incorporated in Island of Grand Cayman | 6,523 | 1,396,425 | |
| Amounts owed by Glenor Cask Company Limited incorporated in Island of Grand Cayman | 3,767,924 | 4,848,644 |
Glenor Cask Company Limited incorporated in Island of Grand Cayman is a related company that shares the same parent company, Rare Whisky Holdings Ltd.
The loan balance is shown within debtors. Interest is due on the loan at 3% (2024: 5%) per annum. Glenor Cask Company Ltd can request repayment of the loan in full on or before a specified date providing 6 months notice is given.