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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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CRU LONDON LIMITED
COMPANY INFORMATION
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CRU LONDON LIMITED
CONTENTS
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CRU LONDON LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their strategic report accompanying the financial statements for the year ended 31 December 2025.
The principal activity of the company in the year under review was operating a fine wine and spirits market access, ownership management, custody, and trading platform.
In 2025 Cru World Wine consolidated its position as the world’s largest fine wine marketplace - measured by total liquidity (live bids and offers). The total value of offers on the Cru World Wine marketplace ended the year at £252.2 million, with total bids rising to £41.3 million (as at year end). To our knowledge, no platform has a greater amount of total potential liquidity anywhere in the world. Cru World Wine’s mission is to build the most comprehensive and user-friendly digital platform for the sale and purchase of fine wine & spirits. In 2025, we evolved further from pure ‘retailer’ to neutral facilitation platform by on boarding a significant number of trade intermediaries - via automated connectivity. This connectivity materially increased the number and value of products available for sale in 2025 and also increased bid liquidity significantly. Our strategic goal is twofold: i) to position Cru World Wine as the world’s dominant trading marketplace, and ii) to supplement marketplace spread revenue with ancillary service fees. Although the overall state of the fine wine market was a headwind for marketplace trading volumes in 2025, we made strong progress developing our ancillary services in 2025. Total revenues from ancillary services rose by +14.59% during the year. The overall fine wine market remains challenging. The index of fine wine prices declined by -5.5% during 2025 (Liv-ex.com Investibles index), and trading volume remained subdued. The Bordeaux en primeur campaign in 2025 was especially weak, with sales -73.0% from the prior year. We regard this drop as a one-off, however, with the 2025 Bordeaux vintage (sold in 2026) receiving a much better critical response. Fine wine prices and trading volumes have been in decline since 2022, but the Directors do not regard the current challenging environment is wholly negative for Cru World Wine. The reduction in trading volumes is a greater challenge for companies with higher cost bases and less automated processes. The Directors believe that competitors are being affected more severely than we are, because they have not been able to reduce administrative costs as fast as we have. The financial performance of our main competitors has been materially weaker than ours over the past two years. Our investments in automation and (in 2025) AI have enabled us to remain profitable and position us to continue to continue to gain market share. In addition to our on-going automation, in 2025 we introduced our new AI ‘Wine Agent’ technology to take over administrative tasks in areas such as marketing. These efficiency gains allowed us to reduce our total administrative expenses (ex. amortisation) by -28.5% in 2025. This meant that while our gross profit declined by -24% to £2.2 million yoy, we were able to increase EBITDA by +149% to £591k. In Q4 2025, fine wine showed signs of bottoming, with the main price index recording a gain on the quarter. The Directors are therefore confident that the anticipated market recovery in 2026, underpinned by an expected materially stronger Bordeaux en primeur performance, will result in a further increase in profitability and continued market share gains for the company in 2026.
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CRU LONDON LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The company’s key performance indicators are turnover and profit on ordinary activities before taxation. The Directors were satisfied with the performance against these objectives in 2025. During the year, the company improved profit through tight cost management, despite the decrease in revenue, resulting in the following reported profit:
2025 2024 Revenue £17,757,783 £18,181,179 Profit/(loss) before tax £378,818 £123,357
The directors believe the main risk to the business is a severe global recession that would reduce the disposable income of the company's customers.
The company is able to scale revenue growth, while maintaining gross margins and without increasing headcount proportionally, by levering its digital platform and employing a capital light business model. The company therefore focuses on the key metrics of revenue growth, gross margin, and underlying net profit.
The company measures the sales and margin delivered by individual staff members and has structured remuneration packages to reward strong performance.
This report was approved by the board and signed on its behalf.
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CRU LONDON LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £325,026 (2024 - £91,552).
Dividends totalling £250,000 (2024: £250,000) were paid during the year.
The directors who served during the year were:
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CRU LONDON LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
No post balance sheet events have been noted which require disclosure.
The auditors, Barnes Roffe Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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CRU LONDON LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CRU LONDON LIMITED
We have audited the financial statements of Cru London Limited (the 'company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Balance sheet, the 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 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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CRU LONDON LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CRU LONDON LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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 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.
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CRU LONDON LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CRU LONDON LIMITED (CONTINUED)
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 Auditors' 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.
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 company through discussion with directors and other management, and from our commercial knowledge and experience of the sector that the company operates in;
∙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 company, including the Companies Act 2006 and the Alcohol Wholesaler Registration Scheme ("AWRS");
∙We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes, relevant correspondence and certificates held; and
∙Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
∙Making enquires of management and the board as to where they consider there was susceptibility to fraud along with their knowledge of actual, suspected and alleged fraud;
∙Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
∙Our review of financial statements and testing the disclosures against supporting documentation.
To address the risk of fraud through management bias and override of controls we:
∙Performed analytical procedures to identify any unusual or unexpected trends or anomalies;
∙Inspected and tested journal entries to identify unusual or unexpected transactions;
∙Assessed whether judgement and assumptions made in determining significant accounting estimates, including revaluations of tangible fixed assets and the useful economic life of tangible fixed assets, were indicative of management bias; and
∙Investigated the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.
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CRU LONDON LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CRU LONDON LIMITED (CONTINUED)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' 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 Auditors' 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
Charles Lake House
Claire Causeway
Crossways Business Park
Kent
DA2 6QA
Date:
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CRU LONDON LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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CRU LONDON LIMITED
REGISTERED NUMBER: 08560327
BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 24 form part of these financial statements.
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CRU LONDON LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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CRU LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Cru London Limited is a private company limited by shares and incorporated in England and Wales. The registered office of the company is Charles Lake House, Claire Causeway, Crossways Business Park, Dartford, Kent DA2 6QA.
The principal activity of the company in the year under review was operating a fine wine and spirits market access, ownership management, custody, and trading platform.
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 management to exercise judgment in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Wine Holdings (International) Limited as at 31 December 2025 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
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CRU LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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CRU LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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CRU LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases:
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CRU LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance sheet.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
No significant judgments have had to be made by management in preparing these financial statements. b) Key accounting estimates and assumption In preparing these financial statements, the directors have applied the following key accounting estimates and assumptions: 1. A provision has been made for invoices not yet received as at the year end totalling £730,475 (2024: £533,519). This estimate is based on goods ordered and received but not invoiced, usually from European suppliers. 2. A provision has been made for the return of goods sold of £207,112 (2024: £492,551). This estimate is based upon managements view of the likely percentage of committed sales which are eventually not completed. 3. Management have applied the assumption the all group debts are fully recoverable and are repayable on demand, in lieu of contractual terms. As such, group debts are shown as being due within one year (Note 14).
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CRU LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The whole of the turnover is attributable to company's principal activity.
A geographical analysis of turnover has not been provided as permitted by Companies Act 2006.
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CRU LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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CRU LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
There were no factors that may affect future tax charges.
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CRU LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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CRU LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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CRU LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The company's bank overdraft facility is secured by way of a fixed and floating charge over all assets and undertakings of of the company.
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CRU LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £6,274 (2024 - £11,860). Contributions totalling £Nil (2024 - £Nil) were payable to the fund at the balance sheet date.
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CRU LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Wine Holdings (International) Limited is regarded by the directors as being the company's ultimate parent undertaking.
Pamalio Investment Limited is regarded as the ultimate controlling party, a company incorporated in Cyprus.
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