CULT WINES LIMITED

• ⚠

  Material uncertainty over going concern

  At the year end, the Group had net current liabilities of £23,218,335 (2023: £24,599,333 as restated) and net liabilities of £21,581,462 (2023: £17,062,415). The net liabilities position including the possibility of deviations on the key assumptions such as the rate of cash collection and payments might heighten the need for further cash injection in the business, and could therefore indicate a material uncertainty with regard to going concern.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

• Turnover

  -42.9%

  £58,778,810 → £33,538,246

• Cash

  -19.3%

  £710,590 → £573,587

  lowest in 5 filed years

• Net assets

  -26.5%

  -£17,062,415 → -£21,581,462

• Employees

  -45.2%

  73 → 40

• Operating profit

  +33.2%

  -£6,853,961 → -£4,580,799

• Profit before tax

  +21.2%

  -£6,350,315 → -£5,003,913

• Wages

  -43.3%

  £6,178,979 → £3,501,835

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

Azets Audit Services

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“At the year end, the Group had net current liabilities of £23,218,335 (2023: £24,599,333 as restated) and net liabilities of £21,581,462 (2023: £17,062,415). The net liabilities position including the possibility of deviations on the key assumptions such as the rate of cash collection and payments might heighten the need for further cash injection in the business, and could therefore indicate a material uncertainty with regard to going concern.”

Group structure

1. CULT WINES LIMITED · parent
   1. Cult Wines HK Limited 100% · Hong Kong
   2. Cult Wines (SG) Pte. Limited 100% · Singapore
   3. Cult Wines Ltd. (Shanghai) 100% · China
   4. Cult Wines Inc 100% · USA
   5. Cult Wines Canada Limited 100% · Canada
   6. Cult X Limited 100% · United Kingdom
   7. Cult Wines GK 100% · Japan
   8. Cult Wines Ireland Limited - Dormant 100% · Ireland
   9. Cult Wines Trading Ltd - Dorman: 100% · United Kingdom
   10. Cult Wines (PCI) Ltd - Dormant 100% · United Kingdom
   11. Cult Wines Arabia FZE 100% · Dubai

Significant events

• “Launch of VinTrade 2: Our new, fully integrated trading and portfolio management platform went live in May 2024.”
• “Operational Transformation: The business continued to digitise key workflows and automate core functions, reducing dependency on manual processes and enabling the company to operate efficiently at lower cost while maintaining scalability.”
• “Investment & Capital Structure: Cult Wines secured £4.25 million in new capital from Coterie Holdings.”
• “Infrastructure & Logistics: The migration of 185,000 cases of client wine to Coterie Vaults was completed smoothly and on schedule in June 2025.”
• “CultX Platform Momentum: CultX, our retail and self-directed trading platform, gained momentum throughout the year.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

3

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.