Caseware UK (AP4) 2023.0.135 2023.0.135 1006false292023-01-01falseNo description of principal activity31truefalse 05289932 2023-01-01 2023-12-31 05289932 2022-01-01 2022-12-31 05289932 2023-12-31 05289932 2022-12-31 05289932 c:Director1 2023-01-01 2023-12-31 05289932 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 05289932 d:Buildings d:LongLeaseholdAssets 2023-12-31 05289932 d:Buildings d:LongLeaseholdAssets 2022-12-31 05289932 d:PlantMachinery 2023-01-01 2023-12-31 05289932 d:PlantMachinery 2023-12-31 05289932 d:PlantMachinery 2022-12-31 05289932 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05289932 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 05289932 d:MotorVehicles 2023-01-01 2023-12-31 05289932 d:MotorVehicles 2023-12-31 05289932 d:MotorVehicles 2022-12-31 05289932 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05289932 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 05289932 d:FurnitureFittings 2023-01-01 2023-12-31 05289932 d:FurnitureFittings 2023-12-31 05289932 d:FurnitureFittings 2022-12-31 05289932 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05289932 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 05289932 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 05289932 d:OtherPropertyPlantEquipment 2023-12-31 05289932 d:OtherPropertyPlantEquipment 2022-12-31 05289932 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05289932 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 05289932 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05289932 d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 05289932 d:CurrentFinancialInstruments 2023-12-31 05289932 d:CurrentFinancialInstruments 2022-12-31 05289932 d:Non-currentFinancialInstruments 2023-12-31 05289932 d:Non-currentFinancialInstruments 2022-12-31 05289932 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 05289932 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 05289932 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 05289932 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 05289932 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 05289932 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 05289932 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 05289932 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 05289932 d:ShareCapital 2023-12-31 05289932 d:ShareCapital 2022-12-31 05289932 d:RetainedEarningsAccumulatedLosses 2023-12-31 05289932 d:RetainedEarningsAccumulatedLosses 2022-12-31 05289932 c:OrdinaryShareClass1 2023-01-01 2023-12-31 05289932 c:OrdinaryShareClass1 2023-12-31 05289932 c:OrdinaryShareClass1 2022-12-31 05289932 c:FRS102 2023-01-01 2023-12-31 05289932 c:Audited 2023-01-01 2023-12-31 05289932 c:FullAccounts 2023-01-01 2023-12-31 05289932 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05289932 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 05289932 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 05289932 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 05289932 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 05289932 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05289932 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-12-31 05289932 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-12-31 05289932 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-12-31 05289932 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-12-31 05289932 d:LeasedAssetsHeldAsLessee 2023-12-31 05289932 d:LeasedAssetsHeldAsLessee 2022-12-31 05289932 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 05289932










FREEDOM BREWERY LIMITED










Financial statements

Information for filing with the registrar

For the Year Ended 31 December 2023

 
FREEDOM BREWERY LIMITED
Registered number: 05289932

Balance Sheet
As at 31 December 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 3 
2,660,823
2,169,076

  
2,660,823
2,169,076

Current assets
  

Stocks
 4 
510,744
467,215

Debtors: amounts falling due within one year
 5 
890,524
1,049,679

Cash at bank and in hand
 6 
266,440
399,722

  
1,667,708
1,916,616

Creditors: amounts falling due within one year
 7 
(11,145,579)
(9,772,430)

Net current liabilities
  
 
 
(9,477,871)
 
 
(7,855,814)

Total assets less current liabilities
  
(6,817,048)
(5,686,738)

Creditors: amounts falling due after more than one year
 8 
(505,723)
(400,156)

  

Net liabilities
  
(7,322,771)
(6,086,894)


Capital and reserves
  

Called up share capital 
 11 
60,000
60,000

Profit and loss account
  
(7,382,771)
(6,146,894)

  
(7,322,771)
(6,086,894)


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 3 to 9 form part of these financial statements.
Page 1

 
FREEDOM BREWERY LIMITED
Registered number: 05289932

Balance Sheet (continued)
As at 31 December 2023


Page 2

 
FREEDOM BREWERY 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 accounts have been prepared in accordance with the provisions of FRS102 Section 1A small entities. There were no material departures from that standard.
Freedom Brewery 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 05289932.
The financial statements are presented in sterling which is the functional currency of the company
.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
1.2

Going concern

At 31 December 2023 the company had net liabilities of £7,322,771. The directors have reviewed the cash flow forecasts and the facilities provided by the bank and 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 group financing will not be removed until the company has sufficient funds to repay the balance and the parent company shareholders have also signalled their intention to continue to provide adequate financial support to the 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

Revenue

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on despatch of the goods. 

 
1.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
1.5

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.

Page 3

 
FREEDOM BREWERY LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

1.Accounting policies (continued)

 
1.6

Borrowing costs

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

 
1.7

Pensions

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

 
1.8

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:

Leasehold property
-
over the life of the lease
Plant and machinery
-
5% to 33.33% on cost
Motor vehicles
-
25% to 33.33% on cost
Beer dispensers
-
33.33% on cost
Fixtures and fittings
-
20% on cost

 
1.9

Stocks

Stocks are valued at the lower of cost and net realisable value. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

 
1.10

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.

 
1.11

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.

 
1.12

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to or from related parties.


2.


Employees

The average monthly number of employees, including directors, during the year was 29 (2022 - 31).

Page 4

 
FREEDOM BREWERY LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

3.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Beer dispensers
Fixtures and fittings
Total

£
£
£
£
£
£



Cost


At 1 January 2023
88,493
5,065,832
39,788
369,402
12,222
5,575,737


Additions
3,401
1,126,879
-
55,087
-
1,185,367


Disposals
(45,138)
-
-
-
-
(45,138)



At 31 December 2023

46,756
6,192,711
39,788
424,489
12,222
6,715,966



Depreciation


At 1 January 2023
19,805
3,136,189
23,475
226,581
611
3,406,661


Charge for the year on owned assets
1,006
483,731
(43)
72,065
2,444
559,203


Charge for the year on financed assets
-
82,009
7,270
-
-
89,279



At 31 December 2023

20,811
3,701,929
30,702
298,646
3,055
4,055,143



Net book value



At 31 December 2023
25,945
2,490,782
9,086
125,843
9,167
2,660,823



At 31 December 2022
68,688
1,929,643
16,313
142,821
11,611
2,169,076

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


2023
2022
£
£



Plant and machinery
116,852
157,011

Motor vehicles
9,087
16,357

125,939
173,368

Page 5

 
FREEDOM BREWERY LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

4.


Stocks

2023
2022
£
£

Brewing stocks
510,744
467,215

510,744
467,215



5.


Debtors

As restated
2023
2022
£
£


Trade debtors
633,360
690,217

Other debtors
25,277
62,024

Prepayments and accrued income
231,887
297,438

890,524
1,049,679



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
266,440
399,722

266,440
399,722


Page 6

 
FREEDOM BREWERY LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

7.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Invoice financing loan
296,981
252,075

Bank loans
10,119
9,870

Other loans
232,652
156,186

Trade creditors
582,524
453,771

Amounts owed to group undertakings
9,614,786
8,464,536

Other taxation and social security
225,512
341,248

Obligations under finance lease and hire purchase contracts
14,985
4,539

Other creditors
6,518
12,172

Accruals and deferred income
161,502
78,033

11,145,579
9,772,430


Trade finance is provided by Close Brothers and is secured by trade debtors. The security includes a fixed and floating charge.
Obligations under hire purchase contracts and other loans are secured against the assets to which they relate.


8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
15,661
25,780

Other loans
443,615
361,740

Net obligations under finance leases and hire purchase contracts
46,447
12,636

505,723
400,156


Secured loans
The company's assets have been used as security in a fixed and floating charge in respect of its parent company's creditors. The balance secured in the parent company totals £2,782,551 (2022: £1,454,374).
There is also a composite guarantee and debenture in place dated April 2018 which contains a fixed and floating charge over all property or undertakings of the company. 
Trade finance is provided by Close Brothers and is secured by trade debtors. The security includes a fixed and floating charge.
Obligations under hire purchase contracts and other loans are secured against the assets to which they relate. 

Page 7

 
FREEDOM BREWERY LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,119
9,870

Other loans
232,652
156,186

Invoice financing loan
296,981
252,075


539,752
418,131

Amounts falling due 1-2 years

Bank loans
10,375
10,119

Other loans
161,768
171,549


172,143
181,668

Amounts falling due 2-5 years

Bank loans
5,286
15,661

Other loans
281,847
190,191


287,133
205,852


999,028
805,651



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
14,985
4,539

Between 1-5 years
46,447
12,636

61,432
17,175

Page 8

 
FREEDOM BREWERY LIMITED
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



60,000 (2022 - 60,000) Class shares of £1.00 each
60,000
60,000



12.


Prior year adjustment

It was found that for some 2022 sales to a single customer, the risks and rewards of ownership of goods had not actually passed until 2023. An adjustment has been made to reverse sales previously recognised in 2022 and to recognise in 2023, with the related duty moving to prepayments. Prior year sales have decreased by £198,353, VAT liability by £39,671 and trade debtors by £238,024. Stock has increased by £67,059, prepayments have increased by £52,877 and cost of sales have decreased by £119,936. These prior year amendments have therefore reduced brought forward reserves by £78,417.


13.


Capital commitments


At 31 December 2023 the Company had capital commitments as follows:

2023
2022
£
£


Contracted for but not provided in these financial statements
-
361,471

-
361,471


14.


Pension commitments

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £19,995 (2022: £18,168).
Contributions totalling £2,531 (2022: £3,894) were payable to the scheme at the end of the year and are included in other creditors.


15.


Related party transactions

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


16.


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