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Registered number:
FOR THE YEAR ENDED 30 JUNE 2025
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CORDIER UK LIMITED
CONTENTS
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CORDIER UK LIMITED
COMPANY INFORMATION
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CORDIER UK LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
The directors are pleased to present their strategic report on the group for the year ended 30th June 2025. The group’s principal activity remained the importation and sale of fine wines, strengthened by deep relationships with renowned Italian and French wineries whose heritage and craftsmanship continue to define the group’s portfolio. These trusted partnerships, alongside a loyal customer base, reinforce the group’s strong position in the premium wine sector.
The group operated in a challenging trading environment throughout the year, marked by subdued consumer confidence and a moderation in demand for premium wines. Despite this, the group continued to demonstrate resilience, supported by its strong brand reputation and robust supplier partnerships.
Turnover for the year was £14,086,241 (2024: £17,787,728), reflecting both market-wide pressures and deliberate strategic adjustments to channel management. Although revenue softened, the group successfully protected value through improvements in sales mix, with higher-margin En Primeur activity contributing positively to gross margin stability. Gross profit closed at £4,617,050 (2024: £5,266,599). The group continues to benefit from a committed and experienced workforce, strengthened further by the appointment of Court of Master Sommelier Svet Manolev as Portfolio Director. This addition enhances the group’s expertise and reinforces its position as a trusted partner for premium, niche wineries across Italy, France and beyond - producers who continue to view the group as a key contributor to their brand equity in the UK market.
The group delivered a profit of £433,456 for the period (2024: £792,200) and maintained a strong balance sheet, with current assets exceeding current liabilities by £2,505,046 (2024: £2,048,217). The group continues to manage cash prudently, utilising operating cash flows to reduce intra-group loan balances.
The group is fully financed by group loans, and the directors remain confident in the ongoing support of Invivo Group. Invivo Group has provided a formal letter of support and has reaffirmed its willingness and capacity to provide financial assistance should it be required. The directors regularly review group performance, past, present and forecast across P&L and working capital metrics, and these assessments continue to support a positive view of future liquidity. Based on the financial position, planned initiatives and confirmed group support, the directors consider it appropriate to prepare the financial statements on a going-concern basis.
The group operates in a market influenced by global and domestic economic conditions, including inflationary pressures, cost-of-living impact on discretionary spending, and evolving government policy such as changes to employment costs and additional sustainability related taxes. The directors monitor these external factors closely and continue to implement measures to manage costs and enhance operational efficiency.
Geopolitical uncertainty, including conflicts in Europe and the Middle East and potential changes to US trade tariffs, also present challenges indirectly i.e. consumer confidence and pricing risks. The group is trying to mitigate these through strict internal cost control, maintain strong supplier relationships and proactive scenario planning. Financial risk management objectives and policies The group has various financial instruments such as trade debtors and creditors that arise directly from its operations. The main risks arising from the group's financial instruments are discussed below.
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CORDIER UK LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
Credit risk
The group's principal financial assets are bank balances, trade and other debtors and amounts due from other group undertakings. The group's credit risk is primarily attributable to its trade debtors. The amounts presented in the balance sheet are net of allowances for doubtful debts. The credit risk is limited due to the stringent credit verification procedure in place and the group's preference to work with creditworthy customers. Each customer is assessed using international credit-rating agencies. The group has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers Liquidity risk Liquidity risk is mitigated through careful cash-flow forecasting, disciplined working capital management and the support of both the group’s banking partners and Invivo Group. Foreign currency risk The group undertakes transactions in foreign currency and the directors are aware of the foreign currency risks. The potential financial impact of this risk is periodically reviewed and mitigation options considered as appropriate. Accordingly, the group enters into foreign exchange forward contracts based on the group's current exposure through Invivo Group. Future Developments The group continues to work closely with its principal parent company, Invivo Group, alongside the Wine division Cordier by Invivo, to optimise profitability across each of its core routes to market. Strategic focus remains on strengthening the group’s premium portfolio, deepening customer engagement and enhancing operational efficiency, while maintaining disciplined working capital management. In addition, the directors are actively exploring opportunities to modernise the group’s IT and operational infrastructure. This includes reviewing the potential benefits of an upgraded ERP system. Whilst no commitments have been made at this stage, early discussions have been positive, and the group continues to assess the timing, scope and investment requirements of such an enhancement. Any future technology improvements will be carefully evaluated to ensure they support long-term growth and operational resilience.
The primary financial indicators continue to be sustainable turnover, gross profit, gross margin and the disciplined management of net working capital. These measures reflect the group’s ongoing focus on building a stable path to profitability while maintaining effective control of cashflow and inventory levels.
Alongside core financial metrics, the group also tracks commercial KPIs that provide insight into market performance and customer engagement. These include portfolio mix, customer retention, performance across key sales channels and the development of premium categories such as Italy and France. Monitoring these indicators helps the group assess the effectiveness of its commercial strategy, strengthen supplier partnerships and identify opportunities to enhance market presence and customer value.
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CORDIER UK LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
This report was approved by the board and signed on its behalf.
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CORDIER UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
The directors present their report and the financial statements for the year ended 30 June 2025.
The profit for the year, after taxation, amounted to £433,456 (2024 - £792,200).
The directors do not recommend the payment of a dividend in the current year (2024: £nil).
Existence of branches outside the UK The group has no branches, as defined in section 1046(3) of the Companies Act 2006, outside the UK. The parent company owns one subsidiary, Armit Wines Limited.
The directors who served during the year were:
On 31 July 2025 B M Fleming was appointed as a director.
As permitted by s414c(11) of the Companies Act 2006, the directors have elected to disclose information, required to be in the directors' report by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008', in the strategic report.
There have been no significant events affecting the group since the year end.
This report was approved by the board and signed on its behalf.
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CORDIER UK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2025
The directors are responsible for preparing the group strategic report, the directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the group and of the profit or loss of the group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the group's financial statements 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;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group 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 the group and to 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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CORDIER UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CORDIER UK LIMITED
FOR THE YEAR ENDED 30 JUNE 2025
We have audited the financial statements of Cordier UK Limited (the 'company') and its subsidiaries (the 'group') for the year ended 30 June 2025, which comprise the consolidated profit and loss account, the consolidated balance sheet, the company balance sheet, the consolidated statement of cash flows, the consolidated statement of changes in equity, the company statement of changes in equity and the related notes, including a summary of 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 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 group's or 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.
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CORDIER UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CORDIER UK LIMITED (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the group 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 group strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the group and the company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the directors' report.
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CORDIER UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CORDIER UK LIMITED (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
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 Group 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:
∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we identified the laws and regulations applicable to the group and company through discussions with directors and other management, and from our commercial knowledge and experience of the fine wine sector;
∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group and company, including the Companies Act 2006, taxation legislation, employment legislation and anti-bribery legislation;
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙tested a sample of journal entries to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and
∙investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙enquiring of management as to actual and potential litigation and claims; and
∙reviewing correspondence with HMRC and relevant regulators.
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CORDIER UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CORDIER UK LIMITED (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
16 Great Queen Street
Covent Garden
WC2B 5AH
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CORDIER UK LIMITED
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2025
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CORDIER UK LIMITED
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 36 form part of these financial statements.
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CORDIER UK LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 36 form part of these financial statements.
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CORDIER UK LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
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CORDIER UK LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
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CORDIER UK LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
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CORDIER UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
The Cordier UK Limited group buys and sells fine wines.
The company is a private company limited by shares and incorporated in England and Wales. The address of its registered office and principal place of business is 2nd Floor, The Triangle, 5-17 Hammersmith Grove, London, W6 0LG. The financial statements are presented in Sterling (£), which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgement in applying the group's accounting policies (see note 3).
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 April 2014.
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CORDIER UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.Accounting policies (continued)
For the year ended 30 June 2025, the group has delivered a profit in the amount of £433,456 (2024: £792,200). As of the reporting date, the group’s current assets exceeded its current liabilities by £2,505,046 (2024: £2,048,217). The group is financed in full by current liabilities, including loans from group companies.
The group is fully financed by group loans, and the directors remain confident in the ongoing support of Invivo Group. Invivo Group has provided a formal letter of support and has reaffirmed its willingness and capacity to provide financial assistance should it be required. The directors regularly review group performance, past, present and forecast across P&L and working capital metrics, and these assessments continue to support a positive view of future liquidity. Based on the financial position, planned initiatives and confirmed group support, the directors consider it appropriate to prepare the financial statements on a going-concern basis.
Functional and presentation currency
Transactions and balances
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the consolidated profit and loss account within 'interest receivable and similar income' or 'interest payable and similar expenses". All other foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.
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CORDIER UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.Accounting policies (continued)
Sales of En Primeur wine is recognised when the wine is made available to the customer. This may be up to several months after the amount is invoiced to the customer, during which time it is held as deferred revenue. The cost of the wine is carried as a supplier En Primeur prepayment until the point that wines become available to the group and/or to the customer, at which time it becomes cost of sales.
Rental income included in turnover relates to the recharge of customer annual storage charges.
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CORDIER UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.Accounting policies (continued)
The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income. Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
At each reporting date the group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following bases:
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CORDIER UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.Accounting policies (continued)
At each reporting date the group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Ordinary shares are classified as equity.
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CORDIER UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.Accounting policies (continued)
The group has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the group becomes 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 group after deducting all of its liabilities.
The group’s policies for its major classes of financial assets and financial liabilities are set out below.
Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors, intercompany working capital balances, and intercompany financing 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the group would receive for the asset if it were to be sold at the reporting date.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
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CORDIER UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.Accounting policies (continued)
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 and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.
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CORDIER UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
Stock provision The carrying value of stock, at the lower of cost and net realisable value, is dependent on key judgements and estimates that are made by management. The judgements relating to stock include an estimation of future expected average sales prices and disposal costs. These judgements also include consideration of specific factors, including the age of the stock and expected condition and the current popularity of the stock to determine future realisable value. Actual outcomes could be different to the assumptions used in determining the estimates. Recoverability of investment in subsidiary The Company's investment in Armit Wines Limited is carried at £10,536,139 at 30 June 2025 following the recognition of an impairment charge of £2,484,996 during the year. The recoverable amount of the investment has been determined using a discounted cash flow model based on management forecasts covering the period to June 2031 and a terminal value calculation thereafter. The valuation incorporates a discount rate of 8.4% and a long-term growth rate of 2%. The principal source of estimation uncertainty relates to the forecast recovery in turnover. The forecasts assume a gradual increase in revenues over the forecast period, with a more significant improvement in trading performance between 2029 and 2031 arising from increased sales volumes and the successful implementation of commercial initiatives currently underway. Forecast operating margins have been assumed to remain broadly consistent with historical performance. The recoverable amount is dependent on the achievement of forecast revenue growth over the forecast period. As a result, the valuation is sensitive to the timing and extent of future revenue growth. Should actual trading performance differ from management's expectations, the recoverable amount of the investment may be materially different from that currently estimated and this could result in a material adjustment to the carrying value of the investment within the next financial year.
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CORDIER UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
Analysis of turnover by country of destination:
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CORDIER UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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CORDIER UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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CORDIER UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
9.Taxation (continued)
There were no factors that may affect future tax charges.
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CORDIER UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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CORDIER UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
All of the group's tangible fixed assets are held in the subsidiary entity.
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CORDIER UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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CORDIER UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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CORDIER UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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CORDIER UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
''A' shareholders receive the right to one vote per share at any General Meeting. 'B' shareholders do not have any rights. 'A' and 'B' shares rank pari passu in all other respects.
Profit and loss account
The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £74,286 (2024 - £77,251). Contributions totalling £15,751 (2024 - £21,874) were payable to the fund at the balance sheet date and are included in creditors.
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CORDIER UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
24.Other financial commitments
At 30 June 2025, the group had no (2024: five) pending forward foreign exchange contracts to acquire a maximum of €nil (2024: €988,058) at a future maximum cost of £nil (2024: £852,364).
At 30 June 2025, the group had guaranteed a Duty Bond of £250,000 (2024: £250,000) to HM Revenue & Customs.
The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.
Transactions with (other) related parties are as follows:
Included in amounts due to entities with control or significant influence is £690,694 (2024: £nil) that bears interest at LIBOR GBP 1 month+0.8%.
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CORDIER UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
The parent undertaking of the smallest group of undertakings for which group financial statements are drawn up and of which the Company is a member is Invivo Group, whose registered office is at 83 Avenue De La Grande Armee, 75016 Paris, France. Copies of group financial statements are available to the public from www.infogreffe.fr.
The ultimate parent undertaking is Union Invivo SAS, a Union registered in France.
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