REGISTERED NUMBER: 11657830 (England and Wales)

Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 December 2025

for

CASK TRADE LTD

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTORS:

S M Aron

L J Tomlinson

C G Hampden-White

REGISTERED OFFICE:

203 Linen Hall 162-168 Regent Street

London

W1B 5TG

REGISTERED NUMBER:

11657830 (England and Wales)

SENIOR STATUTORY AUDITOR:

Neal Brand, ACA, FCCA

AUDITORS:

Whitemoor Audit LLP

5th Floor

111 Charterhouse Street

London

EC1M 6AW

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

REVIEW OF BUSINESS

Despite the continuing global economic uncertainty and the ever-increasing pressure on disposable income, the performance and results this year were slightly ahead of directors' expectations.

The company was successful in maintaining its core business of trading casks to privates and trade customers in key markets whilst successfully growing sales in new regions. The company continues to be able to source exceptional casks at competitive prices meaning it can meet global demands for all customer needs.

Whilst private ownership of Whisky casks continues to be a competitive market, the company maintained its core values of transparency, reliability and exceptional customer service which sets it apart from the competition. The now established bonded warehouse in Forres, Scotland allows the company to offer customers their own account to hold their cask under and even visit their purchase (s) to see how its maturing.

This year the company has also invested in bottling services. It is now able to offer a faster more competitive proposition for private and trade customers who want help putting their whisky into a bottle. This helps further distance the company from the competition and builds upon its core positioning as a true and complete whisky business.

Developing the company's employees remains a key objective of the business. During the year, several employees have been trained and promoted into more senior positions. In addition, the company has given several employees the opportunity to make sideways moves to further develop their skills. Both these initiatives have seen a strong retention amongst staff within the business this year.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing the company include the current state of the world's financial market in particular, the subdued market for luxury goods and alternative investments, tariffs, international conflict especially in the Middle East, interest rates, increasing grain and energy costs affecting the company and/or its suppliers and customers, staff costs, customer's financial stability and ability to pay, competition, other economic and market conditions.

The financial instruments used by the company arise wholly and directly from its activities. The main financial instruments comprise debtors, cash at bank and trade creditors. The financial risks arising from these financial instruments are considered low. The mature financial stability of the business ensures the company maintains excellent terms with preferred suppliers and their credit partners.

Liquidity and cash flow risk

The directors consider the company to have sufficient funds available for operations. The directors are presented with monthly management accounts and future plans, opportunities and risks are discussed.

Price risk

Expenditure made by the company is authorised prior to it being made by management in order to ensure that goods and services are not obtained at a higher price than necessary.

ON BEHALF OF THE BOARD:

S M Aron - Director

16 September 2026

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the sale of casks of whisky and related services.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2025 is £370,000.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

S M Aron

L J Tomlinson

C G Hampden-White

CHARITABLE DONATIONS

The company made charitable donations of £13,525 (2024: £54,100)

MATTERS COVERED IN THE STRATEGIC REPORT

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 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008', in the strategic report.

DISCLOSURE OF INFORMATION TO AUDITOR

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:

So far as the director is aware, there is no relevant information of which the company's auditor is unaware. The directors have taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

DIRECTORS' RESPONSIBILITIES STATEMENT

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

. select suitable accounting policies for the company's financial statements and then apply them consistently;

. make judgments 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Whitemoor Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S M Aron - Director

16 September 2026

Opinion

We have audited the financial statements of Cask Trade Ltd (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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 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 profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page three, 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 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.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

The engagement partner and engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and affect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management.

The 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 company's financial statements to material misstatement, including obtaining on 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 measures 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 controls, we:

- Performed analytical procedures to identify any unusual or unexpected relationships;

- Tested journal entries to identify unusual transactions

- Assessed whether judgements and assumptions made in determining the accounting estimates that were

indicative of potential bias.

- Performed substantive testing on management expenses and 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 available correspondence with HMRC and the company's legal advisors.

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 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 Report of the Auditors.

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 a Report of the Auditors 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.

Neal Brand, ACA, FCCA (Senior Statutory Auditor)

for and on behalf of Whitemoor Audit LLP

5th Floor

111 Charterhouse Street

London

EC1M 6AW

16 September 2026

TURNOVER

3

28,628,251

14,932,307

Cost of sales & direct costs

25,039,822

11,909,119

GROSS PROFIT

3,588,429

3,023,188

Administrative expenses

2,262,203

2,058,208

1,326,226

964,980

Other operating income

-

4,827

OPERATING PROFIT

6

1,326,226

969,807

Interest receivable and similar income

7

32,616

34,753

1,358,842

1,004,560

Amounts written off investments

8

-

652,316

1,358,842

352,244

Interest payable and similar expenses

9

5,477

2,103

PROFIT BEFORE TAXATION

1,353,365

350,141

Tax on profit

10

344,298

242,239

PROFIT FOR THE FINANCIAL YEAR

1,009,067

107,902

PROFIT FOR THE YEAR

1,009,067

107,902

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,009,067

107,902

FIXED ASSETS

Intangible assets

12

39,293

46,545

Tangible assets

13

746,689

626,890

Investments

14

258,977

318,626

1,044,959

992,061

CURRENT ASSETS

Stocks

15

4,426,950

4,550,201

Debtors

16

3,515,857

822,488

Cash at bank and in hand

1,599,310

1,599,933

9,542,117

6,972,622

CREDITORS

Amounts falling due within one year

17

2,528,165

556,884

NET CURRENT ASSETS

7,013,952

6,415,738

TOTAL ASSETS LESS CURRENT LIABILITIES

8,058,911

7,407,799

CREDITORS

Amounts falling due after more than one year

18

(62,400

)

(77,538

)

PROVISIONS FOR LIABILITIES

21

(196,496

)

(169,313

)

NET ASSETS

7,800,015

7,160,948

CAPITAL AND RESERVES

Called up share capital

22

101

101

Share premium

23

999

999

Retained earnings

23

7,798,915

7,159,848

SHAREHOLDERS' FUNDS

7,800,015

7,160,948

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2026 and were signed on its behalf by:

S M Aron - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2024

100

7,851,946

-

7,852,046

Changes in equity

Issue of share capital

1

-

999

1,000

Dividends

-

(800,000

)

-

(800,000

)

Total comprehensive income

-

107,902

-

107,902

Balance at 31 December 2024

101

7,159,848

999

7,160,948

Changes in equity

Dividends

-

(370,000

)

-

(370,000

)

Total comprehensive income

-

1,009,067

-

1,009,067

Balance at 31 December 2025

101

7,798,915

999

7,800,015

Cash flows from operating activities

Cash generated from operations

1

557,323

1,073,966

Interest paid

(2,166

)

(490

)

Interest element of hire purchase payments paid

(3,311

)

(1,613

)

Tax paid

(89,254

)

(284,028

)

Net cash from operating activities

462,592

787,835

Cash flows from investing activities

Purchase of tangible fixed assets

(197,015

)

(71,220

)

Purchase of fixed asset investments

(57,255

)

(210,168

)

Sale of tangible fixed assets

34,892

53,034

Sale of fixed asset investments

119,496

373,577

Impairment of subsidiary investment

-

667,316

Interest received

32,616

34,753

Net cash from investing activities

(67,266

)

847,292

Cash flows from financing activities

Loan repayments in year

(14,167

)

(63,595

)

Capital repayments in year

(11,782

)

(20,107

)

Amount withdrawn by directors

-

(300,000

)

Share issue

-

1

Equity dividends paid

(370,000

)

(800,000

)

Net cash from financing activities

(395,949

)

(1,183,701

)

(Decrease)/increase in cash and cash equivalents

(623

)

451,426

Cash and cash equivalents at beginning of year

2

1,599,933

1,148,507

Cash and cash equivalents at end of year

2

1,599,310

1,599,933

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.25

31.12.24

£

£

Profit before taxation

1,353,365

350,141

Depreciation charges

59,004

58,748

Profit on disposal of fixed assets

(12,020

)

(50,586

)

Finance costs

5,477

2,103

Finance income

(32,616

)

(34,753

)

1,373,210

325,653

Decrease in stocks

123,251

637,034

(Increase)/decrease in trade and other debtors

(2,693,369

)

66,175

Increase in trade and other creditors

1,754,231

45,104

Cash generated from operations

557,323

1,073,966

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

1,599,310

1,599,933

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

1,599,933

1,148,507

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

1,599,933

(623

)

1,599,310

1,599,933

(623

)

1,599,310

Debt

Finance leases

(97,639

)

11,782

(85,857

)

Debts falling due within 1 year

(10,000

)

10,000

-

Debts falling due after 1 year

(4,167

)

4,167

-

(111,806

)

25,949

(85,857

)

Total

1,488,127

25,326

1,513,453

1.	STATUTORY INFORMATION

Cask Trade Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The financial statements are prepared to the nearest whole £ GBP.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

Reducing balance over 3 years

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments

Investments are recognised at cost on initial recognition.

Investments are reviewed annually for indicators of impairment. Any impairment losses are recognised in profit or loss.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.12.25

31.12.24

£

£

Cask sales

27,969,456

14,457,854

Ancillary sales

658,795

474,453

28,628,251

14,932,307

An analysis of turnover by geographical market is given below:

31.12.25

31.12.24

£

£

United Kingdom

28,628,251

14,932,307

28,628,251

14,932,307

The analysis of turnover by country of destination is based on where the casks sold to customers are held.

4.	EMPLOYEES AND DIRECTORS

31.12.25

31.12.24

£

£

Wages and salaries

1,794,924

1,643,927

Social security costs

236,426

195,152

Other pension costs

69,575

52,454

2,100,925

1,891,533

The average number of employees during the year was as follows:

31.12.25

31.12.24

Sales

8

8

Management

3

3

Administration

14

14

25

25

5.	DIRECTORS' EMOLUMENTS

2023

2022

£

£

Directors emoluments

200,000

180,000

Company contributions to defined contribution pension schemes

4,800

3,200

---------------

--------------

204,000

183,200

========

=======

6.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.25

31.12.24

£

£

Depreciation - owned assets

51,752

51,428

Profit on disposal of fixed assets

(12,020

)

(50,586

)

Patents and licences amortisation

452

454

Development costs amortisation

6,800

6,866

Auditors' remuneration

22,270

22,000

Foreign exchange differences

4,754

23

7.

INTEREST RECEIVABLE AND SIMILAR INCOME

31.12.25

31.12.24

£

£

Deposit account interest

32,616

34,753

8.

AMOUNTS WRITTEN OFF INVESTMENTS

31.12.25

31.12.24

£

£

Amounts written off subsidiary undertaking

-

652,316

9.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.25

31.12.24

£

£

Bank loan interest

-

490

Other Interest Charges

2,166

-

Hire purchase

3,311

1,613

5,477

2,103