Company registration number SC596065 (Scotland)
OAKWOOD COOPERAGE LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
OAKWOOD COOPERAGE LTD
COMPANY INFORMATION
Directors
Mr B Bowie
C De Lorgeril
(Appointed 19 January 2026)
Company number
SC596065
Registered office
Unit P
Isla Bank Mills
Station Road
Keith
AB55 5DD
Auditor
bk plus Audit Limited
Stannergate House
41 Dundee Road West
Broughty Ferry
Dundee
DD5 1NB
OAKWOOD COOPERAGE LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of income and retained earnings
8
Statement of financial position
9
Statement of cash flows
10
Notes to the financial statements
11 - 24
OAKWOOD COOPERAGE LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

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

Principal activities

The principal activity of Oakwood Cooperage Ltd continued to be the manufacture, refurbishment, supply and distribution of oak barrels and related cooperage products and services to customers operating within the whisky, spirits and associated beverage industries.

Review of the business

The financial year ended 31 March 2025 was another successful year for the company, characterised by strong trading performance and continued investment in the business.

Turnover increased by 27.2% to £23.9 million (2024: £18.8 million), reflecting increased customer demand and the continued strengthening of the company’s market position. Gross profit increased to £6.4 million (2024: £5.3 million), while operating profit rose to £2.9 million (2024: £2.7 million). Profit before taxation for the year amounted to £2.7 million (2024: £2.5 million). The company generated a profit after taxation of £2.0 million (2024: £1.9 million).

During the year, the directors continued to invest in the long-term development of the business, with tangible fixed assets increasing to £2.3 million (2024: £1.6 million) reflecting the investment in specialist equipment to support continued business growth. Stock levels increased in line with trading activity. The company maintained a strong balance sheet position, with net assets increasing to £2.7 million at 31 March 2025 (2024: £1.9 million).

The directors remain satisfied with the company’s financial and operational performance during the year and continue to focus on maintaining high standards of craftsmanship, customer service and operational efficiency.

Principal risks and uncertainties

The directors have identified the principal risks and uncertainties affecting the company as follows:

- Market Risk – Demand within the spirits and cooperage sectors may fluctuate due to economic conditions and changes in customer requirements.

- Supply Chain Risk – Availability and pricing of oak timber, transport and other key materials remain subject to market pressures.

- Operational Risk – Business interruption, equipment failure and labour availability could impact production capacity and service delivery.

- Inflationary Cost Pressures – Increases in energy, labour and raw material costs may affect operating margins.

- Regulatory and Compliance Risk – Changes in environmental, health and safety, and commercial regulations may increase operating costs or compliance requirements.

The directors regularly review these risks and implement measures designed to minimise their impact on the business.

Position at year end

The company continues to maintain a strong financial position. Total equity increased to £3.9 million at 31 March 2025 (2024: £1.9 million), reflecting the profitable performance achieved during the year. Cash balances at the year end amounted to £1.1 million (2024: £1.7 million).

OAKWOOD COOPERAGE LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Key performance indicators

The directors monitor the performance of the company using a range of financial and operational indicators, including:

• Revenue growth;

• Gross profit margin;

• Operating profit;

• Profit before taxation;

• Working capital management;

• Cash generation and liquidity;

• Production efficiency and customer service performance.

These indicators provide management with an effective framework for assessing the performance and financial position of the business.

Future development of the business

The directors remain confident regarding the future prospects of the company. The focus for the forthcoming year will be on continuing to strengthen customer relationships, investing in operational capacity and efficiency, maintaining high quality standards, and identifying opportunities for sustainable growth.

Whilst economic and market conditions remain uncertain, the directors believe that the company’s established market position, specialist expertise and strong customer relationships provide a solid foundation for continued success.

On behalf of the board

Mr B Bowie
Director
27 July 2026
OAKWOOD COOPERAGE LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

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

Results and dividends

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

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

Mr B Bowie
Mr G Hamilton
(Resigned 12 June 2026)
Mr S Charlois
(Resigned 12 June 2026)
Mr N Mahler-Besse
(Resigned 18 December 2025)
C De Lorgeril
(Appointed 19 January 2026)
Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal activities.

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
Mr B Bowie
Director
27 July 2026
OAKWOOD COOPERAGE LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

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; 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.

OAKWOOD COOPERAGE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OAKWOOD COOPERAGE LTD
- 5 -
Opinion

We have audited the financial statements of Oakwood Cooperage Ltd (the 'company') for the year ended 31 March 2025 which comprise the statement of income and retained earnings, the statement of financial position, 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 March 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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' r eport 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.

OAKWOOD COOPERAGE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OAKWOOD COOPERAGE LTD (CONTINUED)
- 6 -
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.

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.

In identifying and assessing the risk of material misstatement due to non-compliance with laws and regulations we have carried out the following:

- Ensured that the engagement team have the appropriate competence, capabilities and skills to identify or recognise non-compliance with laws and regulations;

- Identified the specific laws and regulations applicable to the entity through discussions with directors and management and through our own knowledge of the sector;

- Focused on the laws and regulations we consider may have a direct effect on the financial statements, including FRS 102, the Companies Act 2006 and tax compliance legislation;

- Reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations;

- Made enquiries of management;

- Reviewed minutes of meetings of those charged with governance; and

- Ensured the engagement team remained alert to instances of non-compliance throughout the audit.

OAKWOOD COOPERAGE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OAKWOOD COOPERAGE LTD (CONTINUED)
- 7 -

In identifying and assessing the risk of material misstatement due to irregularities, including fraud and how it may occur, the potential for management bias and the override of controls we have:

- Obtained an understanding of the entity's operations, including the nature of its sources of revenue and of to understand the types of transactions, account balances, financial disclosures and business risks that may result in risk of material misstatement;

- Vouched balances and reconciling items in key control account reconciliations to supporting documentation;

- Carried out detailed testing, on a sample basis, to verify the completeness, existence and accuracy of transactions and balances;

- Made enquiries of management as to where they consider there was a susceptibility to fraud, and their knowledge of any actual, suspected or alleged fraud;

- Performed analytical procedures to identify any significant or unusual transactions;

- Investigated the business rationale behind any significant or unusual transactions

We did not identify any matters relating to non-compliance with laws and regulations, or relating to fraud.

Because of the inherent limitations of an audit, there is an unavoidable risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk of not detecting a material misstatement due to fraud is inherently more difficult than detecting those that result from error as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. In addition, the further removed any 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.

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.

Karen Henderson C.A. (Senior Statutory Auditor)
For and on behalf of bk plus Audit Limited, Statutory Auditor
Chartered Certified Accountants
Stannergate House
41 Dundee Road West
Broughty Ferry
Dundee
DD5 1NB
27 July 2026
OAKWOOD COOPERAGE LTD
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
23,923,967
18,802,206
Cost of sales
(17,489,032)
(13,531,169)
Gross profit
6,434,935
5,271,037
Administrative expenses
(3,562,087)
(2,632,785)
Other operating income
9,375
80,957
Operating profit
4
2,882,223
2,719,209
Interest receivable and similar income
8
1,941
1,509
Interest payable and similar expenses
9
(197,835)
(174,893)
Profit before taxation
2,686,329
2,545,825
Tax on profit
10
(689,431)
(663,565)
Profit for the financial year
1,996,898
1,882,260
Retained earnings brought forward
1,824,536
1,108,503
Dividends
11
-
0
(1,166,227)
Retained earnings carried forward
3,821,434
1,824,536

The income statement has been prepared on the basis that all operations are continuing operations.

The notes on pages 11 to 24 form part of these financial statements.

OAKWOOD COOPERAGE LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2025
31 March 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
2,286,809
1,600,146
Investments
13
63,613
-
0
2,350,422
1,600,146
Current assets
Stocks
15
4,463,914
2,697,310
Debtors
16
1,844,815
2,681,971
Cash at bank and in hand
1,125,354
1,715,473
7,434,083
7,094,754
Creditors: amounts falling due within one year
17
(4,798,189)
(6,062,426)
Net current assets
2,635,894
1,032,328
Total assets less current liabilities
4,986,316
2,632,474
Creditors: amounts falling due after more than one year
18
(668,448)
(416,352)
Provisions for liabilities
Deferred tax liability
21
395,302
290,454
(395,302)
(290,454)
Net assets
3,922,566
1,925,668
Capital and reserves
Called up share capital
23
143
143
Share premium account
100,989
100,989
Profit and loss reserves
3,821,434
1,824,536
Total equity
3,922,566
1,925,668

The notes on pages 11 to 24 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 27 July 2026 and are signed on its behalf by:
Mr B Bowie
Director
Company registration number SC596065 (Scotland)
OAKWOOD COOPERAGE LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
531,822
2,123,708
Interest paid
(197,835)
(174,893)
Income taxes paid
(248,082)
(121,799)
Net cash inflow from operating activities
85,905
1,827,016
Investing activities
Purchase of tangible fixed assets
(685,135)
(800,931)
Proceeds from disposal of associates
(63,613)
-
0
Interest received
1,941
1,509
Net cash used in investing activities
(746,807)
(799,422)
Financing activities
Proceeds from borrowings
109,747
-
0
Repayment of borrowings
(8,285)
-
0
Repayment of bank loans
(10,000)
(10,000)
Payment of finance leases obligations
(20,679)
(107,804)
Net cash generated from/(used in) financing activities
70,783
(117,804)
Net (decrease)/increase in cash and cash equivalents
(590,119)
909,790
Cash and cash equivalents at beginning of year
1,715,473
805,683
Cash and cash equivalents at end of year
1,125,354
1,715,473

The notes on pages 11 to 24 form part of these financial statements.

OAKWOOD COOPERAGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
1
Accounting policies
Company information

Oakwood Cooperage Ltd is a private company limited by shares incorporated in Scotland. The registered office is Unit P, Isla Bank Mills, Station Road, Keith, AB55 5DD.

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 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 directors acknowledge that the company has suffered significantly since the year end due to outside forces to which the company has no control and could not predict.true

Consequently, the company has incurred significant losses which has impacted its ability to trade efficiently and to invest in its facilities.

The company continues to attract good quality custom from its existing customer base and from new opportunities and is actively looking at its mix of work to ensure that it achieves the best possible outcome in future periods.

The company has also taken steps to rationalise its direct costs by reviewing the terms of leases for all assets in use and reorganise these to the most efficient terms as possible.

The company has also reviewed all costs and is now able to reduce overall expenditure to match any future changes in customer demand quickly to ensure that the company can continue to meet all of its obligations as they fall due.

The company has recently received significant equity investment from its immediate parent company as well as an injection of cash funding to allow it to trade through this difficult period. This funding shows that the investors and directors have confidence in the Scottish whisky market and the future prospects of the company.

The directors have prepared several forecasts and projections with various trading scenarios that could occur in the market which show that the company should have sufficient resources to continue to operate for the foreseeable future and specifically for the 12 month period following the approval of these financial statements. For this reason, the directors consider that the going concern basis is appropriate for these financial statements.

1.3
Revenue

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

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.

OAKWOOD COOPERAGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 12 -
1.4
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:

Tenants improvements
20% straight line
Plant and machinery
15% reducing balance
Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

Where a reasonable and consistent basis of allocation can be identified, assets are allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

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.

1.8
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 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.

OAKWOOD COOPERAGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -
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.

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 s ubsequently 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 th r ough 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.

1.9
Taxation

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

OAKWOOD COOPERAGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

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 income statement, 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.

1.10
Retirement benefits

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

1.11
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.12
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

1.13
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.

OAKWOOD COOPERAGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
1.14

Operating Leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Trading Sales
660,741
1,238,219
Select Sales
499,387
464,211
Repaired Barrel
18,500,490
12,626,042
Repair Services
3,657,589
3,788,763
Furniture Sales
27,699
154,614
Other Income
578,061
530,357
23,923,967
18,802,206
2025
2024
£
£
Turnover analysed by geographical market
UK
22,544,551
15,205,712
Overseas
1,379,416
3,596,495
23,923,967
18,802,206
2025
2024
£
£
Other revenue
Interest income
1,941
1,509
Grants received
13,694
11,894
OAKWOOD COOPERAGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(21,889)
70,621
Government grants
(13,694)
(11,894)
Depreciation of tangible fixed assets
369,534
191,337
Operating lease charges
882,899
737,390
5
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
19,000
18,000
6
Employees

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

2025
2024
Number
Number
168
121

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
7,668,428
4,924,487
Social security costs
626,071
400,363
Pension costs
138,565
84,237
8,433,064
5,409,087
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
184,321
146,659
Company pension contributions to defined contribution schemes
2,643
2,535
186,964
149,194

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).

OAKWOOD COOPERAGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
7
Directors' remuneration
(Continued)
- 17 -

Directors consider themselves to be the key management personnel of the company.

8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
1,941
1,509
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
1,941
1,509
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost
Interest on bank overdrafts and loans
113,105
144,172
Other finance costs
Interest on finance leases and hire purchase contracts
40,326
30,721
Other interest
44,404
-
0
197,835
174,893
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
584,585
513,587
Deferred tax
Origination and reversal of timing differences
104,846
149,978
Total tax charge
689,431
663,565
OAKWOOD COOPERAGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
10
Taxation
(Continued)
- 18 -

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
2,686,329
2,545,825
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
671,582
636,456
Tax effect of expenses that are not deductible in determining taxable profit
17,849
7,864
Permanent capital allowances in excess of depreciation
-
0
19,245
Taxation charge for the year
689,431
663,565
11
Dividends
2025
2024
£
£
Final paid
-
0
1,166,227
12
Tangible fixed assets
Tenants improvements
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2024
438,760
1,515,261
18,799
51,496
2,024,316
Additions
225,385
734,505
56,512
39,795
1,056,197
At 31 March 2025
664,145
2,249,766
75,311
91,291
3,080,513
Depreciation and impairment
At 1 April 2024
70,066
336,803
3,794
13,507
424,170
Depreciation charged in the year
91,740
252,036
7,062
18,696
369,534
At 31 March 2025
161,806
588,839
10,856
32,203
793,704
Carrying amount
At 31 March 2025
502,339
1,660,927
64,455
59,088
2,286,809
At 31 March 2024
368,694
1,178,458
15,005
37,989
1,600,146
OAKWOOD COOPERAGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
12
Tangible fixed assets
(Continued)
- 19 -

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Plant and machinery
1,038,361
617,417
Motor vehicles
42,234
24,367
1,080,595
641,784
13
Fixed asset investments
2025
2024
Notes
£
£
Investments in associates
14
63,613
-
0
Movements in fixed asset investments
Shares in associates
£
Cost or valuation
At 1 April 2024
-
Additions
63,613
At 31 March 2025
63,613
Carrying amount
At 31 March 2025
63,613
At 31 March 2024
-
14
Associates

Details of the company's associates at 31 March 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
R&A Engineering (Scotland) Ltd
Scotland
Ordinary
50.00
15
Stocks
2025
2024
£
£
Cask and barrel stock
4,463,914
2,697,310
OAKWOOD COOPERAGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
16
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,615,971
2,404,315
Other debtors
228,844
277,656
1,844,815
2,681,971
17
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
19
10,000
10,000
Obligations under finance leases
20
297,429
165,454
Other borrowings
19
44,080
-
0
Trade creditors
2,103,695
2,404,090
Corporation tax
850,088
513,587
Other taxation and social security
488,400
1,231,725
Other creditors
756,524
1,183,492
Accruals and deferred income
247,973
554,078
4,798,189
6,062,426
18
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
19
1,667
11,667
Obligations under finance leases
20
561,363
342,955
Other borrowings
19
57,382
-
0
Other creditors
48,036
61,730
668,448
416,352

Included within bank loans and overdrafts is a Bounce Back Loan balance. The balance is secured by a way

of government backed guarantee.

OAKWOOD COOPERAGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
19
Loans and overdrafts
2025
2024
£
£
Bank loans
11,667
21,667
Other loans
101,462
-
0
113,129
21,667
Payable within one year
54,080
10,000
Payable after one year
59,049
11,667

The long-term loans are not secured and the bank loan is backed by government (see creditors due after one year note).

Other long term loans are repayable in instalments over three years.

20
Finance lease obligations
2025
2024
Amounts due:
£
£
Within one year
297,429
165,454
After more than one year
561,363
342,955
858,792
508,409
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
359,355
201,715
In two to five years
654,186
421,665
1,013,541
623,380
Less: future finance charges
(154,749)
(114,971)
858,792
508,409

Finance lease payments represent amounts payable by the company for certain items of plant and machinery and motor vehicles. No restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

OAKWOOD COOPERAGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
403,539
294,770
Retirement benefit obligations
(8,237)
-
Unpaid remuneration
-
(4,316)
395,302
290,454
2025
Movements in the year:
£
Liability at 1 April 2024
290,454
Charge to profit or loss
104,848
Liability at 31 March 2025
395,302

The deferred tax liability set out above is expected to reverse within [12 months] and relates to accelerated capital allowances that are expected to mature within the same period.

22
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
138,565
84,237

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

23
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
14,285
14,285
143
143
OAKWOOD COOPERAGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
24
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
916,623
916,263
Years 2-5
1,702,446
2,494,238
2,619,069
3,410,501
25
Related party transactions
Transactions with related parties

During the year the company carried out a number of arms-length transactions with Brent Consultancy (Aberdeenshire) Limited totalling £809,929.49 (2024 - £1,558,435 ), a company controlled by one of the Directors, Brent Bowie. As at the year end the Company was due to repay Mr. Bowie, including Brent Consultancy (Aberdeenshire) Limited a total of £88,157.40 (2024- £124,527). This amount is shown within Trade Creditors.

The company carried out arm-length transactions with its associate R&A engineering, in which it obtained a shareholding during the year end 31 March 2025, totalling £86,943.69. As at the year end the company was due to pay them £5,271.60 which is shown within the Trade Creditors.

The company made purchases from 3 fellow group companies totalling £336,851. Amounts were owed to these group companies at 31 December 2025 of £1,029,435 which is shown within Trade Creditors.

The company's immediate parent, is a French private company Blue Oak SAS.

26
Cash generated from operations
2025
2024
£
£
Profit after taxation
1,996,898
1,882,260
Adjustments for:
Taxation charged
689,431
663,565
Finance costs
197,835
174,893
Investment income
(1,941)
(1,509)
Depreciation and impairment of tangible fixed assets
369,534
191,337
Movements in working capital:
Increase in stocks
(1,766,604)
(2,297,907)
Decrease/(increase) in debtors
837,156
(937,453)
(Decrease)/increase in creditors
(1,790,487)
2,448,522
Cash generated from operations
531,822
2,123,708
OAKWOOD COOPERAGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
27
Analysis of changes in net funds
1 April 2024
Cash flows
New leases
31 March 2025
£
£
£
£
Cash at bank and in hand
1,715,473
(590,119)
-
1,125,354
Borrowings excluding overdrafts
(21,667)
(91,462)
-
(113,129)
Lease liabilities
(508,409)
20,679
(371,062)
(858,792)
1,185,397
(660,902)
(371,062)
153,433
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