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Registered number: 08502378










LIBERTY BREWING LIMITED










Financial statements

Information for filing with the registrar

for the year ended 31 December 2023

 
LIBERTY BREWING LIMITED
Registered number: 08502378

Balance sheet
as at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,035
5,467

Investments
 5 
11,250,483
10,100,233

  
11,254,518
10,105,700

Current assets
  

Debtors: amounts falling due within one year
 6 
2,911
2,911

Cash at bank and in hand
 7 
100,755
120,536

  
103,666
123,447

Creditors: amounts falling due within one year
 8 
(855,119)
(652,721)

Net current liabilities
  
 
 
(751,453)
 
 
(529,274)

Total assets less current liabilities
  
10,503,065
9,576,426

Creditors: amounts falling due after more than one year
 9 
(2,007,746)
(810,128)

  

Net assets
  
8,495,319
8,766,298


Capital and reserves
  

Called up share capital 
  
44,147
44,147

Share premium account
  
10,471,425
10,471,425

Profit and loss account
  
(2,020,253)
(1,749,274)

  
8,495,319
8,766,298


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 October 2024.


................................................
Mr M W Willson
Director

The notes on pages 2 to 9 form part of these financial statements.

Page 1

 
LIBERTY BREWING LIMITED
 

 
Notes to the financial statements
for the year ended 31 December 2023

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Liberty Brewing Limited is a private company limited by shares incorporated in England within the
United Kingdom. The registered office address is included on the information page of these accounts
and is the same as the place of business. The company's registration number is 08502378.

The financial statements are presented in Sterling which is the functional currency of the Company.

The following principal accounting policies have been applied:

 
1.2

Going concern

The Company supports a trading subsidiary with a negative balance sheet of £7,322,771 and therefore it has been necessary for the directors to review the cash flow forecasts and the facilities provided by the bank and they have confirmed that the Company has sufficient funds in place to support the business for a period of at least 12 months from the date of signature of these accounts. In addition, confirmation has been received to confirm that the Parent Company financing will not be removed until the subsidiary Company has sufficient funds to repay the balance and the Company shareholders have also signalled their intention to continue to provide adequate financial support to the subsidiary Company to enable it to continue trading and to pay all of its liabilities as they fall due for a period of at least twelve months from the date of signing of the audit report. On this basis we have prepared the accounts on a going concern basis.

 
1.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
1.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
1.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
1.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life.

Depreciation is provided on the following basis:

Plant and machinery
-
20% on cost

Page 2

 
LIBERTY BREWING LIMITED
 

 
Notes to the financial statements
for the year ended 31 December 2023

1.Accounting policies (continued)

 
1.7

Valuation of investments including impairment

Investments in subsidiaries are measured at cost less accumulated impairment.
At each balance sheet date investments are assessed to determine whether there is an indication that the investment may be impaired. If there is such an indication the carrying amount of the asset is compared to the recoverable amount of the asset.
The recoverable amount of the asset is the higher of the fair value less costs to sell and the asset's value in use. Value in use is defined as the present value of the future cash flows before interest and tax obtainable as a result of the asset's continued use. These cash flows are discounted using a pretax discount rate that represents the current market risk-free rate and the risks inherent in the asset.
If the recoverable amount of the asset is estimated to be lower than the carrying amount, the carrying amount is reduced to its recoverable amount. An impairment loss is recognised in the Statement of Comprehensive Income.
If an impairment loss is subsequently reversed, the carrying amount of the investment is increased to the revised estimate of its recoverable amount, but only to the extent that the revised carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised in prior periods.
A reversal of impairment loss is recognised in the Statement of Comprehensive Income.

 
1.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
1.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
1.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
1.11

Financial instruments

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Page 3

 
LIBERTY BREWING LIMITED
 

 
Notes to the financial statements
for the year ended 31 December 2023

1.Accounting policies (continued)


1.11
Financial instruments (continued)


 
1.12

Convertible debt

The proceeds received on issue of the Company's convertible debt are allocated into their liability and equity components and presented separately in the Balance sheet.

The amount initially attributed to the debt component equals the discounted cash flows using a market rate of interest that would be payable on a similar debt instrument that did not include an option to convert.

The difference between the net proceeds of the convertible debt and the amount allocated to the debt component is credited direct to equity and is not subsequently remeasured. On conversion, the debt and equity elements are credited to share capital and share premium as appropriate.

Transaction costs that relate to the issue of the instrument are allocated to the liability and equity components of the instrument in proportion to the allocation of proceeds.


2.


Judgements in applying accounting policies and key sources of estimation uncertainty

The directors make estimates and assumptions concerning the future. The directors are also required to
exercise judgement in the process of applying the Company’s accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including
expectations of future events that are believed to be reasonable under the circumstances.
The estimates and assumptions that have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities within the next financial year are addressed below.
Convertible debt
The selection of an appropriate market interest rate for a similar debt instrument without a conversion option is subject to some judgement and therefore directors have used their industry knowledge and compared to rates attached to similar unsecured debt. This debt was converted in full in 2022.


3.


Employees




The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).

Page 4

 
LIBERTY BREWING LIMITED
 

 
Notes to the financial statements
for the year ended 31 December 2023

4.


Tangible fixed assets





Plant and machinery

£



Cost


At 1 January 2023
7,810



At 31 December 2023

7,810



Depreciation


At 1 January 2023
2,343


Charge for the year on financed assets
1,432



At 31 December 2023

3,775



Net book value



At 31 December 2023
4,035



At 31 December 2022
5,467

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
4,035
5,467

Page 5

 
LIBERTY BREWING LIMITED
 

 
Notes to the financial statements
for the year ended 31 December 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
10,100,233


Additions
1,150,250



At 31 December 2023
11,250,483





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Freedom Brewery Limited
Bagots Park, Abbots Bromley, Rugeley, Staffordshire, WS15 3ER
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Freedom Brewery Limited
(7,322,771)
(1,130,303)


6.


Debtors

2023
2022
£
£


Other debtors
541
541

Called up share capital not paid
2,370
2,370

2,911
2,911


Page 6

 
LIBERTY BREWING LIMITED
 

 
Notes to the financial statements
for the year ended 31 December 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
100,755
120,536



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Obligations under finance lease and hire purchase contracts
2,292
1,910

Other creditors
848,727
647,789

Accruals and deferred income
4,100
3,022

855,119
652,721


The following liabilities were secured:

2023
2022
£
£



Other creditors
775,966
647,789

Details of security provided:

Other creditors are secured by the way of a fixed and floating charge over the assets of the company.
Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

Page 7

 
LIBERTY BREWING LIMITED
 

 
Notes to the financial statements
for the year ended 31 December 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
2,006,585
806,585

Net obligations under finance leases and hire purchase contracts
1,161
3,543

2,007,746
810,128


The following liabilities were secured:

2023
2022
£
£



Other loans
2,006,585
806,585

Details of security provided:

Other loans are secured by way of a fixed and floating charge over the assets of the company.
Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.


10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£


Amounts falling due 1-2 years

Other loans
2,006,585
806,585


2,006,585
806,585





11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
2,292
1,910

Between 1-5 years
1,161
3,453

3,453
5,363

Page 8

 
LIBERTY BREWING LIMITED
 

 
Notes to the financial statements
for the year ended 31 December 2023

12.


Share capital

2023
2022
£
£

Allotted, called up and fully paid


3,829,574 (2022 - 3,829,574) Ordinary A shares of £0.01 each
38,296
38,296

1,360,064 (2022 - 1,360,064) Ordinary B shares of £0.000001 each
1
1

120,000 (2022 - 120,000) Ordinary D shares of £0.01 each
1,200
1,200

25,000 (2021 - 25,000) Growth1 shares of £0.01 each
250
250

40,000 (2021 - 40,000) Growth2 shares of £0.01 each
400
400

75,000 (2021 - 75,000) Growth3 shares of £0.01 each
750
750

125,000 (2021 - 125,000) Growth4 shares of £0.01 each
1,250
1,250

42,147
42,147

2023
2022
£
£

Allotted, called up and partly paid


18,868 (2021 - 18,868) Growth1 shares of £0.01 each
189
189

30,188 (2021 - 30,188) Growth2 shares of £0.01 each
302
302

56,604 (2021 - 56,604) Growth3 shares of £0.01 each
566
566

94,340 (2021 - 94,340) Growth4 shares of £0.01 each
943
943

2,000
2,000


13.


Related party transactions

The company has taken advantage of the FRS 102 exemption not to disclose transactions within wholly owned groups.


14.


Controlling party

The Company is controlled by its shareholders but no single shareholder has significant influence.
Liberty Brewing Limited is exempt from preparing group accounts as a result of the small group status.


15.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 3 October 2024 by James Bagley (Senior statutory auditor) on behalf of PKF Smith Cooper Audit Limited.


Page 9