REGISTERED NUMBER: 01689532 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

AMATHUS DRINKS PLC

Page

Company Information

1

Strategic Report

2

Report of the Directors

7

Report of the Independent Auditors

9

Income Statement

13

Other Comprehensive Income

14

Statement of Financial Position

15

Statement of Changes in Equity

16

Statement of Cash Flows

17

Notes to the Statement of Cash Flows

18

Notes to the Financial Statements

19

DIRECTORS:

Mr C P Georgiou

Miss I A Georgiou

Mrs L Machlouzarides

SECRETARY:

Mrs L Machlouzarides

REGISTERED OFFICE:

309 Elveden Road

Ealing

London

NW10 7ST

REGISTERED NUMBER:

01689532 (England and Wales)

SENIOR STATUTORY AUDITOR:

Paul Laxton (FCCA)

AUDITORS:

Xeinadin Audit Limited

Level 5A

Maple House

149 Tottenham Court Road

London

W1T 7NF

Amathus Drinks PLC is a specialist drinks importer, distributor and retailer. Operating mainly in the UK, the Company specialises in a diverse range of alcoholic and non-alcoholic beverages supplied to a wide range of customers. The Company offers wholesale services throughout mainland UK and has retail coverage through stores in London and Oxford, together with a branded presence in Brighton and Bath.

REVIEW OF BUSINESS

The directors report revenue growth during the year ended 31 December 2025, alongside a reduction in profitability. Revenue increased by 11.54% to £35,712,856 (2024: £32,018,563). Gross profit increased by approximately 0.55% to £7,968,289 (2024: £7,924,915), with gross margin reducing to 22.31% (2024: 24.75%), principally reflecting higher procurement costs on certain inventory lines. Administrative expenses increased to £6,662,103 (2024: £4,673,637) and operating profit reduced to £327,406 (2024: £2,212,383). Profit before tax reduced to £328,551 (2024: £2,145,993).

The Board remains optimistic that Amathus will continue to maintain a strong financial position, enabling the Company to take advantage of business opportunities as they arise. The Company continues to benefit from its established supplier relationships, purchasing scale and broad product range. During the year, the Company used its buying power to manage the impact of the alcohol duty changes introduced from 1 February 2025, including purchasing selected stock lines in advance where commercially appropriate. These actions helped the Company respond effectively to changes in duty, pricing and consumer demand across the market.

The Company also continued to develop its specialised and award-winning retail portfolio during the year, adding new shops in Oxford and Clapham. The Board has identified further opportunities to expand the Company’s B2C offering, alongside continued improvements in online sales performance, and considers these areas to be important contributors to the Company’s future growth, complementing its established strength in the premium wholesale market.

During the year, the Company acquired 100% of the ordinary share capital of IPA Brands Limited, a beverage distributor. The acquisition represents a strategic investment in the Company's wider drinks distribution activities and is consistent with the Board's objective of developing and strengthening the Company's product and distribution offering. The Board considers that IPA Brands Limited provides opportunities to complement the Company's existing wholesale, retail and distribution operations and to support the longer-term development of the business.

As these are the individual financial statements of Amathus Drinks PLC and the Company is exempt under section 400 of the Companies Act 2006 from preparing consolidated financial statements, the results of IPA Brands Limited are not consolidated within the Company's revenue and operating results. The investment is recognised within fixed asset investments in the Company's Statement of Financial Position.

The Board has reviewed the current market and regulatory risks affecting the business in 2025. These include changes to the UK alcohol duty regime from 1 February 2025, including the end of the temporary wine easement, increased employment costs following the April 2025 changes to employer National Insurance and statutory wage rates, and the introduction of packaging Extended Producer Responsibility requirements during 2025. The Board recognises that these matters may place pressure on margins, pricing and consumer demand. However, the Company continues to monitor these risks through pricing reviews, supplier negotiations, stock management and cost control procedures. Based on its current trading position, strong balance sheet and available financial resources, the Board does not consider these matters to create a material uncertainty for the Company.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Board of Directors has overall responsibility for establishing and overseeing the Company's risk management framework. The Company's risk management policies are designed to identify and assess the principal risks and uncertainties facing the business, establish appropriate controls and monitor developments that may affect the Company's operations, financial performance and financial position.

The Board regularly reviews the principal financial, operational and regulatory risks affecting the Company, taking account of changes in market conditions, legislation, supply chains and the Company's continuing development of its wholesale, retail and online activities.

(i) Credit risk

Credit risk arises principally from trade receivables and cash deposits and represents the risk that a counterparty may fail to meet its contractual obligations.

The Company manages its exposure through credit assessment procedures, the monitoring of customer balances and payment performance and active management of overdue accounts. The Company also seeks to maintain its cash deposits with reputable financial institutions.

(ii) Liquidity risk

Liquidity risk is the risk that the Company may be unable to meet its financial obligations as they fall due.

The Company manages liquidity through regular monitoring of cash flows, working capital requirements and available banking facilities. The Board seeks to maintain sufficient cash resources and access to appropriate credit facilities to meet both normal operating requirements and reasonably foreseeable fluctuations in working capital.

(iii) Interest rate risk

The Company is exposed to movements in interest rates principally in respect of its borrowings and cash deposits.

Management monitors borrowing levels, financing costs and movements in market interest rates on an ongoing basis and considers appropriate action where changes in interest rates could have a significant effect on the Company's financial performance or cash flows.

(iv) Foreign exchange risk

As a specialist importer, the Company purchases products and incurs certain costs in currencies other than Pound Sterling. The Company's principal foreign currency exposures include the Euro, US Dollar and Singapore Dollar. Movements in exchange rates may therefore affect the Sterling cost of imported products and consequently the Company's gross margin and profitability.

Management monitors foreign currency exposures and exchange-rate movements on an ongoing basis. The Company seeks to mitigate this risk through purchasing and pricing decisions, supplier negotiations and management of the timing of foreign currency commitments. Where significant movements in exchange rates arise, selling prices are reviewed where commercially appropriate.

(v) Tariff, customs and import risk

A significant proportion of the Company's products are sourced internationally. Changes in tariffs, customs procedures, trade agreements, border requirements or geopolitical and international trade conditions may increase the cost of imported products or result in delays or disruption to the Company's supply chain.

The Board monitors developments affecting international trade and seeks to manage this exposure through established supplier relationships, appropriate stock management, supplier negotiations and, where commercially appropriate, diversification of supply arrangements. Pricing is reviewed where increases in duties, tariffs, freight or other import costs materially affect product margins.

(vi) Inventory risk

The Company maintains significant levels of inventory in order to support its wholesale and retail operations and ensure the availability of a broad product range. The principal risks relating to inventory include changes in consumer demand, slow-moving or obsolete stock, damage or loss, deterioration in product condition and the risk that products may not be realisable at their recorded cost.

Management monitors inventory levels, stock turnover, historic and post year-end sales and product demand and makes appropriate provisions where the estimated net realisable value of inventory is below cost. Purchasing decisions are also reviewed in light of expected demand, supplier availability, duty changes and prevailing market conditions.

(vii) Regulatory, alcohol duty and compliance risk

The Company operates within a highly regulated sector and is exposed to changes in legislation and regulation relating to alcohol duty, customs and excise requirements, product labelling, licensing, employment legislation, packaging and environmental obligations.

During 2025, the Company was affected by changes to the UK alcohol duty regime, including the end of the temporary wine easement, increases in employment costs and the introduction of packaging Extended Producer Responsibility requirements. The Board monitors regulatory developments and assesses their potential effect on product pricing, margins, operational procedures and consumer demand.

The Company seeks to manage these risks through appropriate compliance procedures, engagement with professional advisers where required and regular review of pricing, procurement and operational processes.

(viii) Specialist manpower and employee risk

The Company's continued growth and ability to provide specialist wholesale, retail and customer services depend upon attracting, developing and retaining appropriately skilled and experienced personnel. Competition for specialist employees, increases in employment costs or the loss of key employees could affect operational efficiency, customer service and future growth.

The Company seeks to mitigate these risks through recruitment, training and development, opportunities for internal progression and regular engagement between employees and senior management. The Board also monitors remuneration and employment costs and considers the impact of changes in National Insurance, statutory wage rates and other employment legislation.

(ix) Supply chain and supplier risk

The Company's operations depend on the continued availability of products from domestic and international suppliers and the effective operation of distribution and logistics networks. Disruption caused by supplier failure, transportation constraints, geopolitical events, extreme weather or other external events may affect product availability, purchasing costs and the Company's ability to meet customer demand.

The Company seeks to maintain strong relationships with key suppliers, monitors stock availability and purchasing requirements and, where possible, maintains alternative supply options and appropriate levels of inventory.

(x) Market and consumer demand risk

The Company's performance may be affected by changes in consumer confidence, disposable income, customer preferences, competition and increases in the retail price of alcoholic and non-alcoholic beverages.

The Board monitors sales performance, gross margins and changing customer preferences across the Company's wholesale, retail and online channels. The Company's broad product range and continuing development of its B2C and online offering are intended to diversify revenue streams and reduce dependence on individual customers or channels.

(xi) Climate and environmental risk

Climate change may affect the Company both directly and indirectly through its supply chain. Changes in weather patterns and extreme weather events may affect agricultural production, including the availability and cost of wine, spirits and other beverages, as well as international transportation and distribution. Environmental regulation may also increase packaging, logistics and compliance costs.

The Board continues to monitor relevant environmental and regulatory developments, including packaging requirements, and considers their implications for procurement, suppliers, logistics and operating costs. The Company seeks to reduce its environmental impact where practicable and to comply with applicable environmental legislation.

Employees

It is the policy of the Company to encourage and develop all employees to realise their full potential. Wherever possible, vacancies are filled internally and opportunities for internal progression are provided. The Board is committed to training and development to support employees in achieving a high level of performance. The Company supports equality of opportunity and values the diversity of its workforce at all levels of the organisation.

Environmental Policy

The Board recognises environmental protection as one of the Company's business responsibilities. It seeks continuous improvement in the Company's environmental performance and compliance with applicable environmental requirements, particularly those relating to packaging and waste. The Company seeks to maintain a high proportion of its records electronically and recycles paper used in its operations where practicable.

SECTION 172(1) STATEMENT

The Directors acknowledge their responsibilities under Section 172(1) of the Companies Act 2006 to act in good faith and promote the success of the Company for the benefit of its members as a whole, having regard to the long-term consequences of their decisions and the interests of relevant stakeholders.

Directors' Duties

The Board considers the long-term consequences of its decisions when determining the Company's strategic direction. During 2025, the Directors focused on developing the Company's wholesale, retail and online operations, including the acquisition of IPA Brands Limited and the expansion of its retail network. Decisions were made with consideration of financial performance, operational risks and the Company's long-term sustainability.

Employees

The Directors recognise that employees are essential to the Company's continued success. The Company maintains regular communication with employees through management meetings, emails and performance appraisals. Training, professional development and opportunities for internal progression are encouraged. The Board also considers employee welfare, equality of opportunity and the impact of increasing employment costs when making business decisions.

Suppliers and Customers

The Company maintains established relationships with its suppliers and customers, recognising their importance to business continuity and long-term growth. Regular communication with key suppliers and ongoing engagement with customers support product availability, service quality and commercial relationships. During 2025, the Directors considered the impact of changes in alcohol duty, procurement costs and consumer demand when reviewing purchasing and pricing decisions.

Environment

The Directors recognise the importance of environmental responsibility and compliance with relevant legislation. The Company seeks to minimise its environmental impact through responsible waste management, recycling and the increased use of electronic records. During 2025, the Board considered the implications of packaging Extended Producer Responsibility requirements and environmental risks affecting procurement, packaging and distribution activities.

Business Conduct

The Board is committed to maintaining high standards of business conduct, integrity and regulatory compliance. The Company operates within a regulated industry and recognises its responsibilities relating to alcohol licensing, excise duties, customs requirements and applicable employment and environmental legislation. The Directors seek to maintain appropriate internal controls and promote responsible business practices in dealings with employees, customers, suppliers and other stakeholders.

Stakeholders

The Directors consider the interests of shareholders and other stakeholders when making significant business decisions. The Board seeks to balance short-term commercial requirements with the Company's long-term financial stability and sustainable growth, having regard to the interests of employees, customers, suppliers and the wider community. The Directors also recognise their responsibility to act fairly between the Company's shareholders and promote the long-term success of the Company for the benefit of its members as a whole.

ENGAGEMENT WITH EMPLOYEES

The Company's relatively flat organisational structure allows employees direct access to senior management. Employees are also engaged through regular staff meetings, email communications and formal processes such as appraisals.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

Suppliers, customers and employees are considered key stakeholders in the business. Regular meetings are held with major suppliers and there is ongoing dialogue with customers. Any disputes are escalated and addressed promptly.

STATEMENT OF CORPORATE GOVERNANCE ARRANGEMENTS

The Board considers audit and risk, investment and remuneration matters through regular Board meetings.

KEY PERFORMANCE-FINANCIAL & NON FINANCIAL

Description

2025 -£'000

2024 -£'000

Revenue

35,713

32,019

Gross profit

7,968

7,925

Operating profit/loss

327

2,212

Profit/Loss before tax

329

2,146

Net assets

21,345

21,277

Gross margin

22.31%

24.75%

Current ratio

3.67

3.73

Quick ratio

2.35

2.44

Average number of employees

121

105

The Board also monitors non-financial indicators, including employee numbers and sales performance across the Company's wholesale, retail and online channels, as part of its assessment of the Company's long-term performance.

FINANCIAL POSITION

At 31 December 2025 the Company had net assets of £21.3 million and net current assets of £19.3 million. The directors consider that the Company has adequate financial resources and headroom to support its operations and planned development.

ON BEHALF OF THE BOARD:

Mr C P Georgiou - Director

28 October 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 specialist drinks importer, distributor and retailer.

DIVIDENDS

The total distribution of dividends for the period ended 31 December 2025 will be £100,000 (2024: £400,000).

EVENTS SINCE THE END OF THE YEAR

On 31 March 2026, Amathus Drinks Plc acquired IPA Trading Limited. The acquisition has been treated as a non-adjusting post balance sheet event. In May 2026, Bablake Wines Ltd, a wholly owned subsidiary, was dissolved. Further details are provided in Note 27 to the financial statements.

DIRECTORS

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

Mr C P Georgiou

Miss I A Georgiou

Mrs L Machlouzarides

Other changes in directors holding office are as follows:

Mr D Sarieddine - removed 17 July 2025

FUTURE DEVELOPMENTS AND FINANCIAL INSTRUMENTS

Details of the Company's future developments are included in the Review of Business on page 2 of the Strategic Report. The Company's financial risk management objectives and policies, including its exposure to credit risk, liquidity risk, interest rate risk and foreign exchange risk, are set out on pages 3 and 4 of the Strategic Report.

POLITICAL DONATIONS AND EXPENDITURE

During the year under review, the company did not make any political donations.

THIRD PARTY INDEMNITY INSURANCE

The Company has maintained throughout the year Directors’ and officers’ liability insurance for the benefit of the Company, the Directors and its officers. The Company has entered into qualifying third party indemnity arrangements for the benefit of all its Directors in a form and scope which comply with the requirements of the Companies Act 2006 and which were in force throughout the year and remain in force.

STREAMLINED ENERGY AND CARBON REPORTING

The directors have considered the Streamlined Energy and Carbon Reporting (SECR) requirements under the Companies Act 2006. Based on their assessment of the applicable statutory size criteria, the Company does not fall within the scope of mandatory SECR reporting for the year ended 31 December 2025. Accordingly, detailed energy consumption and carbon emissions disclosures have not been included in this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable 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 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

Mr C P Georgiou - Director

28 October 2026

Opinion

We have audited the financial statements of Amathus Drinks Plc (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 Statement of Directors' Responsibilities set out on pages seven and eight, 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.

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:

-Enquiry of management and those charged with governance regarding actual and potential litigation and claims;

-Reviewing minutes of meetings of those charged with governance;

-Performing audit work over the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

-Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the Company is subject to laws and regulations that directly affect the financial statements, including the Companies Act 2006, Financial Reporting Standard 102, distributable profits legislation and taxation legislation, including corporation tax, VAT and alcohol duty. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the Company is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: alcohol licensing under the Licensing Act 2003, the Alcohol Wholesaler Registration Scheme (AWRS), customs and import regulations, food and beverage labelling requirements, health and safety legislation, packaging waste and Extended Producer Responsibility regulations, data protection laws, anti-bribery legislation and employment law, recognising the nature of the Company's activities as an importer, wholesaler, distributor and retailer of alcoholic and non-alcoholic beverages.

Auditing standards limit the required audit procedures to identify non-compliance with these operational laws and regulations principally to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit may not detect that breach.

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 regulations. 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.

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.

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.

Paul Laxton (FCCA) (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

Level 5A

Maple House

149 Tottenham Court Road

London

W1T 7NF

28 October 2026

REVENUE

3

35,712,856

32,018,563

Cost of sales

27,744,567

24,093,648

GROSS PROFIT

7,968,289

7,924,915

Distribution costs

1,475,432

1,488,981

Administrative expenses

6,662,103

4,673,637

8,137,535

6,162,618

(169,246

)

1,762,297

Other operating income

496,652

450,086

OPERATING PROFIT

5

327,406

2,212,383

Interest receivable and similar income

12,849

15,693

340,255

2,228,076

Amounts written off investments

7

10,483

-

329,772

2,228,076

Interest payable and similar expenses

8

1,221

82,083

PROFIT BEFORE TAXATION

328,551

2,145,993

Tax on profit

9

160,688

(632,571

)

PROFIT FOR THE FINANCIAL YEAR

167,863

2,778,564

PROFIT FOR THE YEAR

167,863

2,778,564

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

167,863

2,778,564

FIXED ASSETS

Property, plant and equipment

12

1,138,857

1,057,108

Investments

13

427,130

10,483

Investment property

14

878,030

878,030

2,444,017

1,945,621

CURRENT ASSETS

Inventories

15

9,511,206

9,296,245

Debtors

16

15,346,419

15,972,128

Cash in hand

1,659,817

1,449,175

26,517,442

26,717,548

CREDITORS

Amounts falling due within one year

17

7,222,890

7,153,958

NET CURRENT ASSETS

19,294,552

19,563,590

TOTAL ASSETS LESS CURRENT LIABILITIES

21,738,569

21,509,211

CREDITORS

Amounts falling due after more than one year

18

(146,098

)

-

PROVISIONS FOR LIABILITIES

21

(247,748

)

(232,351

)

NET ASSETS

21,344,723

21,276,860

CAPITAL AND RESERVES

Called up share capital

22

100,000

100,000

Retained earnings

23

21,244,723

21,176,860

SHAREHOLDERS' FUNDS

21,344,723

21,276,860

The financial statements were approved by the Board of Directors and authorised for issue on 28 October 2026 and were signed on its behalf by:

Mr C P Georgiou - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2024

100,000

14,335,625

4,462,671

18,898,296

Changes in equity

Dividends

-

(400,000

)

-

(400,000

)

Total comprehensive income

-

7,241,235

(4,462,671

)

2,778,564

Balance at 31 December 2024

100,000

21,176,860

-

21,276,860

Changes in equity

Dividends

-

(100,000

)

-

(100,000

)

Total comprehensive income

-

167,863

-

167,863

Balance at 31 December 2025

100,000

21,244,723

-

21,344,723

Cash flows from operating activities

Cash generated from operations

1

839,507

(7,383,216

)

Interest paid

(1,221

)

(82,083

)

Tax paid

(514,252

)

(423,842

)

Net cash from operating activities

324,034

(7,889,141

)

Cash flows from investing activities

Purchase of tangible fixed assets

(260,584

)

(255,459

)

Sale of tangible fixed assets

12,215

9,437,998

Interest received

12,849

15,693

Net cash from investing activities

(235,520

)

9,198,232

Cash flows from financing activities

New loans in year

222,128

-

Loan repayments in year

-

(1,958,972

)

Equity dividends paid

(100,000

)

(400,000

)

Net cash from financing activities

122,128

(2,358,972

)

Increase/(decrease) in cash and cash equivalents

210,642

(1,049,881

)

Cash and cash equivalents at beginning of year

2

1,449,175

2,499,056

Cash and cash equivalents at end of year

2

1,659,817

1,449,175

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

2025

2024

£

£

Profit before taxation

328,551

2,145,993

Depreciation charges

166,620

176,076

Profit on disposal of fixed assets

-

(12,938

)

Decrease in Amount owed by intercompany

625,875

(8,595,906

)

Amounts written off investments

10,483

1,032,859

Finance costs

1,221

82,083

Finance income

(12,849

)

(15,693

)

1,119,901

(5,187,526

)

(Increase)/decrease in inventories

(214,961

)

600,443

Decrease/(increase) in trade and other debtors

87,830

(2,275,736

)

Decrease in trade and other creditors

(153,263

)

(520,397

)

Cash generated from operations

839,507

(7,383,216

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

1,659,817

1,449,175

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

1,449,175

2,499,056

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

1,449,175

210,642

1,659,817

1,449,175

210,642

1,659,817

Debt

Debts falling due within 1 year

-

(76,030

)

(76,030

)

Debts falling due after 1 year

-

(146,098

)

(146,098

)

-

(222,128

)

(222,128

)

Total

1,449,175

(11,486

)

1,437,689

1.	STATUTORY INFORMATION

Amathus Drinks PLC is a public company limited by shares, incorporated and registered in England and Wales. The company's registered number and registered office address are set out on the Company Information page of this report.

The company's principal place of business is 309 Elveden Road, Park Royal, London, NW10 7ST, United Kingdom.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of investment properties measured at fair value, and in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The company's principal activity during the year under review continued to be that of specialist drinks importer, distributor and retailer.

Investments in subsidiaries

Investments in subsidiary undertakings are stated at cost less any accumulated impairment losses..

Preparation of consolidated financial statements

The financial statements contain information about Amathus Drinks Plc as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Amathus Drinks Group Ltd, 309 Elveden Road Park Royal, London, United Kingdom, NW10 7ST.

Significant judgements and estimates

In preparing these financial statements, the Directors have made the following significant judgements and estimates:

-Tangible Fixed Assets

The useful lives and residual values of tangible fixed assets are reviewed by management, taking into account the nature, condition and expected future use of the assets. Changes in these assumptions may affect depreciation charges.

-Investment Property Valuation

The Company's investment property is carried at fair value. The Directors assess its valuation using an income capitalisation approach, considering contractual rental income, market yields for comparable properties and relevant market conditions. Changes in these assumptions may affect the property's carrying value.

-Inventory Valuation

Inventories are stated at the lower of cost and net realisable value. Management assesses slow-moving and obsolete inventory by reviewing stock ageing, historical and subsequent sales, stock movements and expected selling prices. Appropriate write-downs are recognised where necessary.

-Impairment of Trade Receivables

Management assesses the recoverability of trade receivables by reviewing aged balances, customers' payment history, subsequent receipts and specific circumstances affecting recoverability. Impairment allowances are recognised where considered necessary.

Revenue

Revenue represents amounts receivable from the sale of wines, spirits and other beverages through wholesale, retail and online channels. Revenue is measured at the fair value of the consideration received or receivable, net of discounts, rebates, returns and value added tax.

Trade and wholesale sales

Revenue from trade and wholesale customers is recognised when the significant risks and rewards of ownership have transferred to the customer, normally upon delivery of the goods in accordance with the agreed terms of sale.

Website and online sales

Revenue from website and online orders is recognised when the goods have been delivered to the customer, or collected by the customer where applicable, and the significant risks and rewards of ownership have transferred.

Shop and retail sales

Revenue from retail outlets is recognised at the point of sale when goods are purchased by customers and the significant risks and rewards of ownership are transferred. Retail sales are recorded through the shop till systems and transferred to the central accounting records.

Sales returns, refunds and credit notes are recognised as adjustments to revenue in the appropriate accounting period.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold - Over the life of the lease

Plant and machinery - 15% on reducing balance

Motor vehicles - 25% on reducing balance

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended.

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

The company has adopted a policy not to depreciate the asset in the year of acquisition; however, full depreciation is provided in the year of disposal.

Investment property

Investment property comprises property held to earn rental income and/or for capital appreciation rather than for use in the ordinary course of the Company's operations.

Investment property is initially recognised at cost and is subsequently measured at fair value at each reporting date. Changes in fair value are recognised in the profit and loss account in the period in which they arise.

Fair value is determined by the directors having regard to the contractual rental income receivable from the property and market evidence of yields for comparable industrial properties.

Inventories

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

Costs include all costs incurred in bringing each product to its present location and condition and are determined using the weighted average cost method.

Net realisable value is based on the estimated selling price less any estimated costs of completion and selling costs.