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

The principal activity of the Company continued to be that of the wholesale supply of Spirits and Sake. In 2025, the Company has operated in a more challenging economic, market and category environment. The hospitality and Spirits industry been particularly impacted by increased business taxation and increases in duty. Revenue decreased in the year as a result. However, we have seen a strengthening performance from several channels of trade and have diversified our customer and brand base.

Our priority brands have grown significantly above the category norms as we continue to invest in brand building for the long term.

The following table summarises the main areas of movement between 2025 and 2024:

The loss on foreign exchange of £27,376 (2024: £19,190) is mainly due to the impact of the Euro and USD exchange rates on trade payables.

As noted in the summary of operating costs, foreign exchange movements can have a significant impact on trading results as purchases are denominated in a range of currencies i.e. Sterling, Euro, United States Dollar and Japanese Yen. Sales price lists are issued in March for April based on predicted costs converted to Sterling using an estimated exchange rate. This results in fluctuations in profit margin where the exchange rates vary from the assumed rates.

Performance in 2025 was impacted by the trading conditions but development continued unabated.

Although the economic environment has worsened in the UK and hospitality continues to face challenges, we believe there will be an unsatisfied demand for premium spirits in the trade and the business is well positioned to take advantage of this. The full return of on premise trade combined with its increased presence in eCommerce and bricks and mortar off-trade, represents an opportunity for growth. Whilst we continue to work with excellent, long standing "Third Party Supplier" partners, the parent company also continues to strengthen its position via the acquisition and development of owned brands. Such vertical integration provides strong financial stability for Marussia Beverages UK Limited.

On behalf of the board

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

The principal activity of the company continued to be that of the wholesale supply of Spirits and Sake.

The loss for the year, after taxation, amounted to £166,911 (2024: profit of £151,974).

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

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

The Directors constantly monitor the financial risks and uncertainties facing the Company with particular reference to the exposure of interest rate, foreign currency, credit, liquidity and cash flow risk. They are confident that suitable policies are in place and that all material financial risks have been considered. The Company's overall risk management policy seeks to ensure that adequate resources are available to manage the above risks. It is not the Company's policy to engage in speculative transactions.

The Company's financial management policies and practices which seek to mitigate these financial risks are described below:

Liquidity risk is the risk that the Company will encounter difficulty in raising funds to meet commitments associated with its financial instruments. Liquidity risk may also result from an inability to sell a financial asset quickly at its fair value. The objective of liquidity management is to ensure that the Company has sufficient funds to meet its contractual and financial obligations. To manage liquidity risk, the Company monitors its liquidity risk and maintains a level of cash and cash equivalents deemed adequate by management to finance the Company's operation. The Company also maintains sufficient committed credit facilities from the parent company to ensure the continued availability of funding for its future needs.

The table below summarises the maturity profile of the Company's financial liabiliites at the reporting date based on contractual undiscounted payments.

Please see note 17 of the financial statements for details on the maturity profile on the maturity profile of bank borrowings and intercompany loans.

The Company has sufficient cover with an amount of £433,313 (2024 - £361,808) held in cash and cash equivalents as well as sufficient cover expected from its trading receipts from the Company's customers as part of the working capital cycle.

The main source of interest rate risk comes from the variable rate loan provided by the parent company. Details of the loan are shown in note 17 of the financial statements. The interest on the government guaranteed Bounce Back Loan which was taken out during the year ended 31 December 2020, is fixed. Cash and cash equivalents earn interest at rates based on the banks' deposit rates.

This is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of a change in foreign exchange rates. The Company seeks to mitigate this risk by dealing in the local currency of each country that it operates in.

The analysis below shows the Company's sensitivity to fluctuation in foreign exchange rates as at 31 December 2025:

Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company's exposure to credit risk arises primarily from trade and other receivables. For other financial assets including cash and cash equivalents, the Company minimises credit risk by dealing exclusively with counterparties which have a high credit rating.

The Company's objective is to seek continual revenue growth while minimising losses incurred due to increased credit risk exposure. The Company aims to trade with recognised and creditworthy third parties. In addition, receivable balances are monitored on an ongoing basis and the credit quality of customers is assessed based on past experiences with those customers. Where considered necessary, an allowance is made for possible loss.

Exposure to credit risk

At the reporting date, the Company's maximum exposure to credit risk is represented by the carrying amount of each class of financial asset recognised in the Statement of Financial Position with positive fair values. The Company determines concentrations of credit risk by analysing and monitoring the split of its trade and other receivables by jurisdiction on an ongoing basis. The credit risk concentration profile of the Company's trade and other receivables is entirely within the UK.

Moore Kingston Smith LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom 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 adopted International Accounting Standards. 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, International Accounting Standard 1 requires that directors:

• properly select and apply accounting policies;

• present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

• provide additional disclosures when compliance with the specific requirements in United Kingdom adopted International Accounting Standards are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and

• make an assessment of the company's ability to continue as a going concern.

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.

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 the review of the business, principal risks and uncertainties, development and performance, key performance indicators (KPIs) and future developments.

Each director in office at the date of approval of this annual report confirms that:

• so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

• the director has taken all the steps that he / she ought to have taken as a director in order to make himself / herself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

Having considered the financial position of the Company, post year end financial results and forecasts, and after making enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, the Directors continue to adopt the going concern basis in preparing the financial statements.

We have audited the financial statements of Marussia Beverages UK Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, the Statement of Financial Position, the Statement of Changes in Equity, 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 adopted International Accounting Standards.

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its loss for the year then ended;

• have been properly prepared in accordance with United Kingdom adopted International Accounting Standards; 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' Report 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.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

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.

As explained more fully in the Directors' Responsibilities Statement, 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.

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.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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 objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

• We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

• We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

• We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

• Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

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

Marussia Beverages UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Edison House, 223-231 Old Marylebone Road, London, United Kingdom, NW1 5QT. The company's principal activities and nature of its operations are disclosed in the directors' report.

The financial statements have been prepared in accordance United Kingdom adopted International Accounting Standards and with the requirements of the Companies Act 2006 applicable to companies, except as otherwise stated.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts 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.

Having considered the financial position of the Company, post year end financial results and forecasts, and after making inquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved.true

Furthermore, the Company has a loan from its immediate parent undertaking of £185,467 which was contractually due for repayment on 31 December 2025. As such, the loan is included within borrowings due within one year. Post year-end a signed addendum has been put in place between the Company and immediate parent undertaking to extend the repayment date to 31 December 2030, outside the going concern period. The directors have received signed assurance that the immediate parent company will not recall the loan within the going concern period or until such time as the company is able to repay without compromising its ability to continue to trade and to meet its liabilities as they fall due.

Sales of goods

Revenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for spirits and other alcoholic beverages supplied, stated net of discounts, returns and value added tax. The Company recognises revenue when the amount of revenue can be reliably measured; when it is probable that future economic benefits will flow to the entity; and when specific criteria have been met for each of the Company's activities. This usually occurs upon shipment or delivery of the goods to the customer.

Intangible fixed assets consists of computer software purchased from third parties. Such assets are defined as having finite useful lives and the costs are amortised on a straight line basis over their estimated useful lives of 4 years. Intangible fixed assets are stated at cost less amortisation and are reviewed for impairment whenever there is an indication that the carrying value may be impaired.

Property, plant and equipment 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:

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 the Statement of Comprehensive Income.

Investment in subsidiaries are measured at cost less accumulated impairment.

At each reporting 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Inventories represent spirits and related products held for resale and are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. The cost of finished goods comprises direct costs of purchase and related landing and duty costs which are incurred in bringing the inventories to their present location and condition.

At each reporting date, inventories are assessed for impairment. If inventories are impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

For trade receivables, the simplified approach permitted by IFRS 9 is applied, which requires expected lifetime losses to be recognised from initial recognition of the receivables.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of current tax and deferred 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 is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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.

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 inventories or non-current 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.

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

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently adjusted for remeasurements of the lease liability and applies the relevant cost model, fair value model or revaluation model as set out within the accounting policies for the applicable asset class. Where the cost model is applied, the asset is depreciated from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term, and is periodically reduced by impairment losses, if any.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is reassessed at each financial period end to reflect lease modifications and any changes to the factors considered at initial measurement, as set out above. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

Group financial statements

The financial statements present information about the Company as an individual undertaking and not about its group. The Company has not prepared group financial statements as it is exempt from the requirement to do so by section 405(2) of the Companies Act 2006 as the inclusion of the results of its subsidiary undertakings is not deemed to be material for the purpose of giving a true and fair view. The subsidiary undertakings have therefore been excluded from consolidation and are included in fixed asset investments.

Standards in effect in 2025 adopted by the Company

The following new and revised Standards and Interpretations have been issued and are effective for the current financial period of the partnership.

• Lack of Exchangeability (amendments to IAS 21)

The revisions to these standards do not have any impact on the financial statements.

A number of IFRS and IFRIC interpretations are also currently in issue which are not relevant for the Company’s activities and which have not therefore been adopted in preparing these financial statements.

New and Revised Standards

IFRS in issue but not applied in the current financial statements

The following IFRS and IFRIC Interpretations have been issued but have not been applied by the Company in preparing these financial statements as they are not as yet effective and in some cases hav not yet been adopted by the UK. The Company intends to adopt these Standards and Interpretations when they become effective, rather than adopt them early.

• IFRS 18 Presentation and Disclosure in Financial Statements - Effective from 1st January 2027

• Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7 -Effective 1 January 2026

• IFRS 19 Subsidiaries without Public Accountability: Disclosures - Effective 1 January 2027

• Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures - Effective 1 January 2026

• Annual Improvements to IFRS Accounting Standards - Amendments to: (Effective 1 January

2026)

-IFRS 1 First-time Adoption of International Financial Reporting Standards;

-IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7;

-IFRS 10 Consolidated Financial Statements; and

-IAS 7 Statement of Cash flows

The members do not expect that the adoption of the Standards and revisions listed above will have a material impact on the Company in future periods, with the exception of IFRS 18 which will be effective from 1st January 2027.

Other new and amended standards and Interpretations issued by the IASB that will apply for the first time in the next annual financial statements are not expected to impact the Company as they are either not relevant to the Company’s activities or require accounting which is consistent with the Company’s current accounting policies.

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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

The Company reviews trade receivable balances for impairment and this is performed on a regular basis. Those balances which are considered to be recoverable remain in receivables and those which are not, are impaired and the impairment loss is recorded in the Statement of Comprehensive Income. In making his judgement, the Company evaluates, among other factors, the duration and the financial health of and short-term business outlook for the trade receivables, including factors such as industry and sector performance, changes in regulations and operational and financing cash flow.

Inventories are valued at the lower cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires judgements to be made, which include forecast consumer demand, the promotional, competitive and economic environment and inventory loss trends.

UK sales made up 100% of total revenue (2024 - 100%). Other operating income of £334,652 (2024 - £156,617) relates to the recharge of payroll costs incurred to a group company.

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

Their aggregate remuneration comprised:

During the year retirement benefits were accruing to 1 Director (2024 - 1) in respect of defined contribution pension schemes. The Directors are considered the only key management personnel.

The charge for the year can be reconciled to the (loss)/profit per the income statement as follows:

Factors that may affect future tax charges

Aside from the availability of group relief, there are no other factors that may affect future tax charges.

Property, plant and equipment includes right-of-use assets, as follows:

Except as detailed below the directors believe that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.

Details of the company's subsidiaries at 31 December 2025 are as follows:

The registered office address of the subsidiary undertakings is Edison House, 223-231 Old Marleybone Road, London, NW1 5QT.

The investments in subsidiaries are all stated at cost.

Amounts owed by fellow group undertakings are unsecured, interest free and repayable on demand within one year.

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

No significant receivable balances are impaired at the reporting end date.

Ageing of impaired trade receivables As at 31 December 2025, trade receivables of £75,639 (2024 - £87,695) were impaired and provided for Please see note 24 for details on amounts provided against related party debt.

Loans from parent undertaking relate to an unsecured credit facility advanced to the Company by the immediate parent company. This loan matured on 31 December 2025 and bears an interest rate of the equivalent of 12-month EURIBOR plus a margin of 1% (2024 - 1%). The intention of the immediate parent company is to extend the loan and it has been agreed with the Company that interest will continue to be incurred at the rate per the original agreement.

The carrying value of the loan approximates its fair value and the impact of discounting is therefore not significant.

The underlying currency of the Company's borrowings is Sterling (£).

The principal loan balance outstanding at the year end was £174,496 (2024 - £428,200).

Interest payable for the year was £10,771 (2024- £26,496). Interest accrued at the year end was £10,771 (2024 - £26,496) and is included in current accruals and deferred income.

During the year ended 31 December 2020, the Company took out a loan of £50,000 under the Bounce Back Loan Scheme. The UK Government guarantees 100% of the loan and no repayments were due for the first year. The loan will be fully repaid by 31 December 2026.

The Directors consider that the carrying amount of trade payables approximates to their fair value.

Amounts owed to fellow group undertakings are unsecured, interest free and repayable on demand within one year.

Finance lease payments represent rentals payable by the company for the property it operates in. 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.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

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. The pension charge represents contributions payable by the Company to the fund and amounted to £123,157 (2024 - £100,980).

Contributions totalling £14,136 (2024 - £14,165) were payable to the defined contribution pension scheme fund at the reporting date and are included in other payables.

The Company's objectives when managing capital are:

• to safeguard the Company's ability to continue as a going concern so that it can continue to provide returns for shareholders and benefits for other stakeholders;

• and to maintain a strong capital base to support the development of its business.

In order to maintain or adjust the capital structure, the Company may return capital to shareholders, issue new shares or sell assets to reduce debt.

The Company adopts the following policies and procedures in order to manage its capital requirements:

• regular monitoring of its current and expected levels of liquidity to ensure that it has sufficient funds for working capital requirements; and .

• regular monitoring of the return on capital or ROE (Return on Equity) and maintaining a balance between the higher returns that might be possible with higher levels of borrowings and the advantages and security afforded by a sound capital position.

The ROE is the amount of net income returned as a percentage of shareholders' equity.

Included in current liabilities is an amount of £174,696 (2024 - £428,200), due to the parent company, Marussia Beverages AG. Interest of £10,771 (2024 £26,496) has been accrued in respect of this loan and is included in current accruals and deferred income.

During the year, loan interest payable to the parent company of £10,771 (2024 £26,496) was charged to the Statement of Comprehensive Income.

During the year, revenue arising from trading with companies under common control was as follows:

Akashi Sake Brewery Co. Ltd - £5,722 (2024 - £3,485)

Mossburn Distillers Limited - £190,823 (2024 - £42,894)

Torabhaig Distillery Limited - £97,678 (2024 - £1,274)

Marussia Beverages Export GmbH & Co KG - £1,594 (2024 - £1,709)

Marussia Beverages AG - £149,705 (2024 - £121,600)

During the year, purchases existing from trading with companies under common control were as follows:

Akashi Sake Brewery Co. Ltd - £854,255 (2024 - £605,197)

Mossburn Distillers Limited - £419,142 (2024 - £435,148)

Marussia Beverages Export GmbH & Co KG - £596,779 (2024 - £729,658)

Marussia Beverages AG - £279,703 (2024 - £241,036)

Kindschi Sohne AG - £4,445 (2024 - £nil)

Schlumburger AG - £1,564 (2024 - £nil)

At the year end, the Company had a trade receivables balance of £2,046 (2024 - £828) due from Akashi Sake Brewery Co. Ltd, £66,854 (2024 - £39,977) due from Mossburn Distillers Limited, £14,297 due from Torabhaig Distillery Limited, £28 (2024 - £1,467) due from Marussia Beverages Export GmbH & Co KG and £11,200 (2024 - £8,000) due from Marussia Beverages AG. These amounts are included in amounts owed by fellow group undertakings or netted against amounts owed to fellow group undertakings where applicable.

At the year end, the Company had a trade and other payables balance of £42,461 (2024: £134,432) due to Akashi Sake Brewery Co. Ltd, £208,455 (2024 - £51,283) due to Mossburn Distillers Limited and £355,953 (2024 - £209,334) due to Marussia Beverages AG. These amounts are included in amounts owed to fellow group undertakings or netted against amounts owed by fellow group undertakings where applicable.

The immediate parent company is Marussia Beverages AG, a company incorporated in Switzerland, which holds 100% of the issued share capital.

The ultimate parent company is Haydn Holding S.á.r.l., a company incorporated in Luxembourg. The ultimate controlling party is the Paulsen Familae Foundation, a foundation established in the law of Guernsey.

The smallest group of companies which prepares consolidated financial statements which this Company is included in is Haydn Holding AB. Consolidated financial statements can be obtained from the Company Secretary, Haydn Holding AB, C/O Thalamus AB, Box 30127, 20061 Limhamn, Sweden.

The largest group of companies which prepares consolidated financial statements which this Company is included in is Haydn Holding S.á.r.l. Consolidation financial statements can be obtained from 4, 7 Boulevard Prince Henri, L-1724 Luxembourg, Luxembourg.