Company registration number 07459012 (England and Wales)
KAL WINE SOURCE UK LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
6th Floor Kings House
9-10 Haymarket
London
United Kingdom
SW1Y 4BP
KAL WINE SOURCE UK LTD
CONTENTS
Page
Company information
1
Statement of financial position
2
Notes to the financial statements
3 - 10
KAL WINE SOURCE UK LTD
COMPANY INFORMATION
- 1 -
Director
Mr. Tristan Torlach
(Appointed 23 December 2025)
Company number
07459012
Registered office
6th Floor Kings House
9-10 Haymarket
London
United Kingdom
SW1Y 4BP
Auditor
TC Group
6th Floor Kings House
9-10 Haymarket
London
United Kingdom
SW1Y 4BP
KAL WINE SOURCE UK LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 2 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
4
16,958
23,310
Tangible assets
5
1,500
-
0
18,458
23,310
Current assets
Stocks
1,331,930
713,234
Debtors
6
908,567
1,114,426
Cash at bank and in hand
41,003
32,293
2,281,500
1,859,953
Creditors: amounts falling due within one year
7
(4,259,391)
(3,513,802)
Net current liabilities
(1,977,891)
(1,653,849)
Total assets less current liabilities
(1,959,433)
(1,630,539)
Capital and reserves
Called up share capital
8
1,451,092
1,451,092
Profit and loss reserves
(3,410,525)
(3,081,631)
Total equity
(1,959,433)
(1,630,539)

The director of the company has elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 17 July 2026 and are signed on its behalf by:
Mr. Tristan Torlach
Director
Company Registration No. 07459012
KAL WINE SOURCE UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
1
Accounting policies
Company information

Kal Wine Source UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor Kings House, 9-10 Haymarket, London, United Kingdom, SW1Y 4BP.

The principal activity of the company continues to be that of a global premium fine wine and spirits provider.

1.1
Accounting convention

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company is a subsidiary of the Wine Source Group (WSG) which is diversified over multiple revenue channels (On Trade, Merchant, Private & Melchior) and over multiple geographies (UK, USA, France & Asia) and as a result is not dependent upon one individual market.true

At the balance sheet date, the company owed £3,186,069 (202 4: £1,767,042) to Kal Wine Source SAS, a fellow subsidiary. The directors of Kal Wine Source SAS have made a commitment not to seek repayment of this amount within the foreseeable future. Hence the accounts have been drawn up on a going concern basis.

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents the total amount receivable for the sale of wines and spirits net of discounts and value added tax sold in the ordinary course of business.

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is recognised when the significant risks and rewards of ownership have been transferred to the buyer and there is reasonable certainty over recovery of the consideration.

KAL WINE SOURCE UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -
1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Development Costs
Over a period of 3 years
1.6
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.

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:

Computer equipment
33.33% straight line

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.

1.7
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.

1.8
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, 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.

KAL WINE SOURCE UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -

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.

1.9
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

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

Financial instruments are recognised in the company's statement of financial position 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.

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.

Basic financial liabilities

Basic financial liabilities, including creditors, loans from fellow group companies a re 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 paymen ts 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.

1.11
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.

KAL WINE SOURCE UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 6 -
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

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 s asset are consumed.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 6 (2024 - 5).

KAL WINE SOURCE UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
4
Intangible fixed assets
Other
£
Cost
At 1 January 2025
131,549
Additions
17,783
At 31 December 2025
149,332
Amortisation and impairment
At 1 January 2025
108,239
Amortisation charged for the year
24,135
At 31 December 2025
132,374
Carrying amount
At 31 December 2025
16,958
At 31 December 2024
23,310
5
Tangible fixed assets
Fixtures, fittings and computer equipment
£
Cost
At 1 January 2025
11,691
Additions
2,250
At 31 December 2025
13,941
Depreciation and impairment
At 1 January 2025
11,691
Depreciation charged in the year
750
At 31 December 2025
12,441
Carrying amount
At 31 December 2025
1,500
At 31 December 2024
-
0
KAL WINE SOURCE UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
6
Debtors: amounts falling due within one year
2025
2024
£
£
Trade debtors
220,426
186,795
Amounts owed by group undertakings
670,032
912,312
Other debtors
18,109
15,319
908,567
1,114,426
7
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
-
0
1,860
Trade creditors
250,190
126,774
Amounts owed to group undertakings
3,186,069
1,767,042
Taxation and social security
54,669
157,962
Other creditors
768,463
1,460,164
4,259,391
3,513,802
8
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,451,092
1,451,092
1,451,092
1,451,092
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Robert Keen FCCA
Statutory Auditor:
TC Group
Date of audit report:
22 July 2026
KAL WINE SOURCE UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
10
Operating lease commitments
Lessee

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

2025
2024
£
£
119,712
21,090
11
Parent company

The parent company is Wine Source Group Holding SAS, a limited liability company incorporated in France.

The u ltimate parent company is 360 Wine SAS, a limited liability company incorporated in France.

The consolidated financial statements of the above company are not made available to the public.

KAL WINE SOURCE UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
12
Prior period adjustment
Reconciliation of changes in equity
1 January
31 December
2024
2024
£
£
Adjustments to prior year
Stock adjustment
-
(552,403)
Equity as previously reported
(525,792)
(1,078,136)
Equity as adjusted
(525,792)
(1,630,539)
Analysis of the effect upon equity
Profit and loss reserves
-
(552,403)
Reconciliation of changes in loss for the previous financial period
2024
£
Adjustments to prior year
Stock adjustment
(552,403)
Loss as previously reported
(552,344)
Loss as adjusted
(1,104,747)
Notes to reconciliation
Restatement of closing stock

The main driver of the restatement of stock relates to intercompany invoicing, primarily from France, where there is a timing difference between the intercompany invoice date and the physical receipt of the bottles into the stock.

Previously, stock held by suppliers were recorded as KAL Wine stock based on pro-forma invoices. Management now consider that stock at suppliers, for which the company has not been invoiced for, should not be part of KAL Wine stock.

The above matters resulted in stock at 31 December 2024 being overstated by £552,403. The restatement of the comparative figures is to reflect a more true and fair view in the financial statements.

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