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REGISTERED NUMBER: 03571101 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023

FOR

CAMERONS BREWERY LIMITED

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023










Page

Company Information 1

Group Strategic Report 2 to 4

Report of the Directors 5 to 8

Report of the Independent Auditors 9 to 12

Consolidated Statement of Comprehensive Income 13

Consolidated Statement of Financial Position 14

Company Statement of Financial Position 15 to 16

Consolidated Statement of Changes in Equity 17

Company Statement of Changes in Equity 18

Consolidated Statement of Cash Flows 19

Notes to the Consolidated Statement of Cash Flows 20 to 21

Notes to the Consolidated Financial Statements 22 to 46


CAMERONS BREWERY LIMITED

COMPANY INFORMATION
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023







DIRECTORS: C D Soley
D J Soley
J R Foots



SECRETARY: J R Foots



REGISTERED OFFICE: Main Gate House
Waldon Street
Hartlepool
Cleveland
TS24 7QS



BUSINESS ADDRESS: Lion Brewery
Stockton Street
Hartlepool
TS24 7QS



REGISTERED NUMBER: 03571101 (England and Wales)



AUDITORS: Sumer Auditco Limited
Chartered Accountants & Statutory Auditors
Stone House
Stone Road Business Park
Stoke-on-Trent
ST4 6SR



BANKERS: HSBC Bank PLC
8 Canada Square
London
E14 5HQ

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

GROUP STRATEGIC REPORT
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023


The directors present their strategic report of the company and the group for the period 2 January 2023 to 31 December 2023.

The principal activities of the group are those of brewing and selling beer and related products together with the ownership of Public Houses.

REVIEW OF BUSINESS
The group has performed very well in the year with a significant improvement in EBITDA from £2.8m in the prior year to £4.3m. This was even more impressive given that the current year only included 6 months trading of the 26 freehold tenanted pub estate (Project Lion) that was sold on 30 June 2023.

Brewing volumes have continued to increase, as has margin, due not only to the uplift in volumes, but also because of the group being able to fully pass on cost increases it experienced in the latter part of the prior year.

Pubs have performed well against a difficult economic back drop; our now largely managed estate has traded robustly, and it is pleasing to see our bigger city centre venues enjoying the extra footfall arising from more employees returning to their respective offices to work rather than from home.

Total number of pubs at the year end stood at 47 this compared with 75 at the end of the previous year. The reduction due to the Project Lion sale and exit of two Bar Soba leases. One freehold pub has been sold since the year end and two more units are expected to be sold before Dec 24.

The director's main objective continues to be reducing high gearing levels and is very pleased that at the year-end gross borrowings (including hire purchase) had reduced by £7.4m from £33.7m to £26.3m on an improving EBITDA base.

The directors are furthermore delighted to have completed a debt refinancing with new funder Sandton Investments X (Luxembourg) on 23 October 2024. This is a transformational transaction for the business and has resulted in £11m of debt reduction, and as a result, net debt to EBITDA has materially reduced from 5.9 times to a projected 2.7 times by Dec 24.

This significant reduction of write down of our debt, which results in much lower debt service costs, means the group is excitedly looking forward to returning to growing both its brewery and pub operations
We are now able to reestablish the strategic expansion of our national flagship Head of Steam pub brand alongside our Urban Country Pubs estate which was bourn out of the acquisition of the Leeds Brewery pubs.

We continue to invest in the development of the brewery including increasing our small pack capabilities and have a number of energy projects in process to support our route to Net Zero including the construction of a substantial Solar Panel array on our warehouse roof.

PRINCIPAL RISKS AND UNCERTAINTIES
The group operates and monitors any key principal risks that could be considered material to have an adverse effect on its activities. The Board and Senior Management team can do this by reviewing operational and financial performance to identifying any such risks. This is a key point of discussion in Management meetings throughout the year, particularly so this year, and is always one the main areas for consideration. As well as recognising any new challenges, the group also makes sure it keeps ahead of current best practice within its market sector.

Credit risk is addressed by carrying out regular checks of our customers with a reputable credit risk agency and holding a provision for doubtful debts on the balance sheet if required.

The group at all times ensures the business adheres to external rules and internal controls. This minimises environmental, health and safety, quality, social and process risks within the business.


CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

GROUP STRATEGIC REPORT
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023

SECTION 172(1) STATEMENT
The directors of the group must act collectively and individually with a set of general duties

These duties are detailed in section 172 of the UK Companies Act 2006. The directors and the group are committed to ensuring that in all business dealings they have regards to:

- The likely consequences of any decisions in the long term.
- The interests of the group's employees.
- Fostering good business relationships with customers and suppliers.
- The impact of the group in the communities and the environment in which it operates.
- Maintaining a good reputation for high standards of business conduct; and
- The need to act fairly and in the interests of the company and its shareholders

The group actively supports its directors to fulfil their duties under section 172 and the Strategic Report gives clear examples of how the Company and the directors have acted in accordance with section 172.

Stakeholders

The directors believe it is important to work together with its stakeholders, building positive long-standing relations to deliver long term company success, the stakeholders include:

Shareholders

The group is privately owned and the majority shareholder plays an active role in the business, the other minority shareholder is kept up to date through regular dialogue and meetings.

Employees

The group has strong two-way communication in place and all levels, and the senior team regularly deliver business briefs to the employees.

Debt Holders

The group is mainly financed through a secured loan and revolving credit facility with one funder. The debt provider receives regular financial reporting including the latest performance and forecasts.

Publicans

The group operates with three main operating models across a broad spectrum of tied lease:, free of tie leases, franchises and fully managed outlets and looks to enhance the experience of its publicans through regular dialogue, advice, and joint development.

Suppliers

The group seeks to maintain strong, long term, relationships with key suppliers to ensure high quality service levels are maintained. Senior members of the team regularly meet with key suppliers to ensure relationships are upheld and enhanced. It is the company's policy that payments to suppliers are made in accordance with those terms and conditions between the company and supplier.

Equality & Diversity

The group is committed to promoting diversity across the group. It provides equal opportunities in recruitment, promotion, career development, training and reward to all employees without discrimination.


CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

GROUP STRATEGIC REPORT
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023

WORKING CAPITAL
The group meets its day to day working capital requirements through cash receipts from customers. These are closely monitored to ensure adherence to agreed credit terms. Stock is regularly reviewed to ensure that the valuations is in line with UK accounting standards and is deemed fully recoverable. Any obsolete stock that is identified is fully provided for within these financial statements.

GOING CONCERN
The group has performed strongly and continues to increase its EBITDA to pre pandemic levels even with a reduced asset base.

The sale of the 26 freehold tenanted pubs in June 2023 enabled the group to significantly reduce its borrowings and interest burden and gearing consequently has been materially reduced.

Gearing has been further materially lowered because of the completion of our refinance bringing a new debt funder, Sandton, into the business.

The actions we have taken have ensured we have always had sufficient liquidity in the system.

The directors are confident that the measures taken are sufficient for the group to continue to trade for the foreseeable future.

The group has the full support of its new debt funders and wider creditor base, this has been the case since the beginning of the pandemic and bank facilities are in place until 31 Dec 2026.

Accordingly, the accounts have been prepared on a going concern basis.

FINANCIAL SUMMARY
In the 12 months to Dec 2023, turnover of £61.5m, which compared with £62.0m for the 12 months to 2 Jan 2022, slightly reduced because of the sale of the Project Lion estate.

EBITDA of c£4.3m is an increase of £1.5m from the prior year period.

CORPORATE SOCIAL RESPONSIBILITY
The group recognises its responsibilities in terms of equality and human rights towards its employees and individuals involved with the company. To these ends a high priority is given to ethical considerations in supplier and employee selection and partnership. The company has well established codes in respect of employee welfare and respect for the community and the Company operates these.

POST BALANCE SHEET EVENTS
The group is very pleased to confirm that a successful refinancing of its debts was completed on 23 October 2024. As a consequence, some £11.2m of debt has been written off and facilities of £15.0m have been extended to Dec 2026, this forms a secure firm and certain platform, and growth can now therefore be accelerated.

ON BEHALF OF THE BOARD:





C D Soley - Director


23 October 2024

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

REPORT OF THE DIRECTORS
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023


The directors present their report with the financial statements of the company and the group for the period 2 January 2023 to 31 December 2023.

DIVIDENDS
Particulars of recommended dividends are detailed in the notes to the financial statements.

EVENTS SINCE THE END OF THE PERIOD
Information relating to events since the end of the period is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 2 January 2023 to the date of this report.

C D Soley
D J Soley
J R Foots

EMPLOYMENT OF DISABLED PERSONS
The group gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the group's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.

EMPLOYEE INVOLVEMENT
During the year, the policy of providing employees with information about the group has been continued through internal media methods in which employees have also been encouraged to present their suggestions and views on the group's performance. Regular meetings are held between local management and employees to allow a free flow of information and ideas.

STREAMLINED ENERGY AND CARBON REPORTING
Under the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon) Regulations 2018, we are mandated to disclose our UK energy use and associated greenhouse gas (GHG) emissions. As a minimum, we are required to report the GHG emissions from fuel combustion, purchased energy and transport vehicles, under Streamlined Energy and Carbon Reporting (SECR). Additionally, the use of an intensity ratio and an outline of implemented efficiency measures are required under the Streamlined Energy and Carbon Reporting (SECR) regulations.

To ensure a high level of transparency is achieved, robust and recognised reporting methods are implemented. The reporting methodology involves usage of the 2023 DEFRA (Department for Environment, Food and Rural Affairs) emissions factors to calculate and assess our UK operational emissions.

The SECR reporting period covers Camerons Brewery Limited's operations from the 2nd January 2023 to the 31st December 2023 and our calculations are for the following scopes:

Building-related energy - Onsite fuel combustion (Scope 1), gas consumption (Scope 1), and purchased electricity consumption (Scope 2).

Transportation - Combustion of fuel in company owned or operated vehicles (Scope 1), usage of company Electric Vehicles (EVs) (Scope 2) and business travel in expensed employee and hire vehicles (Scope 3).








CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

REPORT OF THE DIRECTORS
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023

Calculation Methodology

Camerons Brewery Limited's emissions have been assessed in accordance with the 'GHG Protocol Corporate Accounting and Reporting Standard' and in line with DEFRA's 'Environmental reporting guidelines: including Streamlined Energy and Carbon Reporting Requirements'. The DEFRA 2023 emissions conversion factors were used to quantify the emissions associated with Camerons Brewery Limited's UK operations for the specified reporting period. Where first hand energy consumption data was unavailable, pro-rata extrapolation, data benchmarking, and direct comparison estimation methodologies has been used.

Organisational Boundary

We have used the operational control approach.

Results

02/01/2023 -
31/12/2023
03/01/2022 -
01/01/2023
Area / Metric UK & Offshore UK & Offshore
Emissions from combustion of fuel in company owned or
operated vehicles (Scope 1) - Energy (kWh)

692,356

487,928
Emissions from combustion of fuel in company owned or
operated vehicles (Scope 1) - Emissions (tCO2e)

161.3

117.5
Emissions from combustion of natural gas at site (Scope 1) -
Energy (kWh)

18,128,361

15,890,493
Emissions from combustion of natural gas at site (Scope 1) -
Emissions (tCO2e)

3,316.2

2,900.7
Emissions from combustion of fuel at site (Scope 1) - Energy
(kWh)

61,188

76,962
Emissions from combustion of fuel at site (Scope 1) - Emissions
(tCO2e)

13.1

16.5
Emissions from purchased electricity (Scope 2) - Energy (kWh) 9,325,485 9,987,537
Emissions from purchased electricity (Scope 2) - Emissions
(tCO2e)

1,931.1

1,931.4
Emissions from Electric Vehicles (EVs) (Scope 2) - Energy
(kWh)

49,661

57,911
Emissions from Electric Vehicles (EVs) (Scope 2) - Emissions
(tCO2e)

10.3

11.2
Emissions from expensed business travel in employee and hire
vehicles (Scope 3) - Energy (kWh)

174,143

13,086
Emissions from expensed business travel in employee and hire
vehicles (Scope 3) - Emissions (tCO2e)

41.0

3.3
Intensity Ratio - (tCO2e / £m Turnover) 88.1 80.3
Intensity Ratio - (tCO2e/HI Brewery Throughput) 0.01 0.01
Total Energy Consumption - Used for Emissions Calculation
(kWh)

28,431,193

26,513,916
Total Emissions 5,473.0 4,980.5

Intensity Metrics

We have chosen two intensity metrics, which both facilitate comparisons with previous reporting periods. These are:
- tCO2e per £M turnover,
- tCO2e per Hl Brewery Throughput.

We have included £M turnover as a standard reporting metric, and Hl Brewery Throughput as it is relevant for our industry sector.




CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

REPORT OF THE DIRECTORS
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023

Energy Efficiency Measures

We have continued to replace fluorescent strip lights in the general brewery with LED equivalents. During the reporting period, we implemented LED lighting in the main brewhouse and sugar storage area, and panel lights in the offices.

We have also purchased inverters to control the speed of our pumps/fans, in order to reduce our energy consumption.

As well as this, we recycle cardboard, plastic, glass bottles and cans. We are also in the process of planning a solar panels project.

DISCLOSURE IN THE STRATEGIC REPORT
The group has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the group's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, including the future developments of the company.

The strategic report can be found on pages 2 of these financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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). 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

REPORT OF THE DIRECTORS
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023


AUDITORS
The auditors are deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

ON BEHALF OF THE BOARD:





C D Soley - Director


23 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CAMERONS BREWERY LIMITED


Opinion
We have audited the financial statements of Camerons Brewery Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 December 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 December 2023 and of the group's loss for the period 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 group 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 group's and the parent 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.

Emphasis of matter
In forming our opinion, we have considered the adequacy of the disclosures concerning the group's ability to continue as a going concern in the strategic report and note 3 of these financial statements. The group's loan facilities were due to expire in December 2024, which has resulted in the debt being shown as falling due within one year and the group showing a high level of net current liabilities. Following the year-end the group has agreed a long-term deal to extend the loan facilities to December 2026. The strategic report and note 3 of the financial statements outlines the directors' expectations for the rest of 2024 and beyond, which indicate that the group will continue to trade for the foreseeable future in line with the director's forecasts and projections and expected continued support of the group's lenders. Our opinion is not modified in this respect.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CAMERONS BREWERY LIMITED


Other information
The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 page seven, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CAMERONS BREWERY LIMITED


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:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

o the nature of the industry and sector, control environment and business performance including the
design of the group remuneration policies, key drivers for directors' remuneration, bonus levels and
performance targets;
o results of our enquiries of management about their own identification and assessment of the risks of
irregularities;
o any matters we identified having obtained and reviewed the group's documentation of their policies and
procedures relating to:


-
Identifying, evaluating and complying with laws and regulations and whether they were aware of
any instances of noncompliance;


-
detecting and responding to the risks of fraud and whether they have knowledge of any actual,
suspected or alleged fraud;


-
the internal controls established to mitigate risks of fraud or non-compliance with laws and
regulations;
o the matters discussed among the audit engagement team regarding how and where fraud might occur
in the financial statements and any potential indicators of fraud.

Based on this approach, we were able to assess the company risks and ensure the risks were considered throughout all areas of audit testing across all group companies. The audit team was professionally sceptical throughout the audit and remained alert for inaccurate or misleading information.

Audit response to risks identified
As a result of performing the above, we identified Food Safety and Health and Safety compliance risk as key audit matters related to the potential risk of fraud or irregularities. Our procedures to respond to risks identified included the following:

o reviewing any audits completed by regulatory bodies in the year and the outcomes of these to
ensureno breach of laws and regulations;
o reviewing the financial statement disclosures and testing to supporting documentation to assess
compliance with provisions of relevant laws and regulations described as having a direct effect on the
financial statements;
o enquiring of management concerning actual and potential litigation and claims;
o performing analytical procedures to identify any unusual or unexpected relationships that may indicate
risks of material misstatement due to fraud;
o obtaining an understanding of provisions and held discussions with management to understand the
basis of recognition or non-recognition of tax provisions; and
o in addressing the risk of fraud through management override of controls, testing the appropriateness of
journal entries and other adjustments; assessing whether the judgements made in making accounting
estimates are indicative of a potential bias; and evaluating the business rationale of any significant
transactions that are unusual or outside the normal course of business.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CAMERONS BREWERY LIMITED

Audit testing was completed on a targeted sample basis based on our assessment of risk and materiality. Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express and opinion on the consolidated financial statements.

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.

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.




Helen Tidyman (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Limited
Chartered Accountants & Statutory Auditors
Stone House
Stone Road Business Park
Stoke-on-Trent
ST4 6SR

23 October 2024

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023

Period Period
2.1.23 3.1.22
to to
31.12.23 1.1.23
Notes £    £   

TURNOVER 4 61,552,307 62,047,080

Cost of sales (44,053,044 ) (45,533,968 )
GROSS PROFIT 17,499,263 16,513,112

Administrative expenses (16,229,100 ) (16,778,697 )
1,270,163 (265,585 )

Other operating income 5 573,166 647,635
OPERATING PROFIT 7 1,843,329 382,050

Exceptional items 8 - (4,332,277 )
1,843,329 (3,950,227 )

Interest receivable and similar income 9 2,633 1,849
1,845,962 (3,948,378 )

Interest payable and similar expenses 10 (2,393,622 ) (1,566,741 )
LOSS BEFORE TAXATION (547,660 ) (5,515,119 )

Tax on loss 11 51,404 857,392
LOSS FOR THE FINANCIAL PERIOD (496,256 ) (4,657,727 )

OTHER COMPREHENSIVE INCOME
Deferred tax on fair value reserve 167,920 -
Income tax relating to other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE PERIOD, NET OF INCOME
TAX


167,920


-
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

(328,336

)

(4,657,727

)

Loss attributable to:
Owners of the parent (496,256 ) (4,657,727 )

Total comprehensive income attributable to:
Owners of the parent (328,336 ) (4,657,727 )

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

31.12.23 1.1.23
Notes £    £   
FIXED ASSETS
Intangible assets 13 1,822,127 2,368,999
Tangible assets 14 29,102,013 37,888,866
Investments 15 - -
30,924,140 40,257,865

CURRENT ASSETS
Stocks 16 2,281,995 2,313,453
Debtors 17 5,183,464 6,741,293
Cash at bank and in hand 1,586,324 717,591
9,051,783 9,772,337
CREDITORS
Amounts falling due within one year 18 (37,856,755 ) (16,017,784 )
NET CURRENT LIABILITIES (28,804,972 ) (6,245,447 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,119,168

34,012,418

CREDITORS
Amounts falling due after more than one
year

19

(581,415

)

(31,927,207

)

PROVISIONS FOR LIABILITIES 23 (911,340 ) (1,130,462 )
NET ASSETS 626,413 954,749

CAPITAL AND RESERVES
Called up share capital 24 166,350 166,350
Share premium 25 8,318 8,318
Revaluation reserve 25 6,237,542 6,069,622
Capital redemption reserve 25 127,651 127,651
Retained earnings 25 (5,913,448 ) (5,417,192 )
SHAREHOLDERS' FUNDS 626,413 954,749

The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2024 and were signed on its behalf by:




C D Soley - Director



J R Foots - Director


CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

COMPANY STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

31.12.23 1.1.23
Notes £    £   
FIXED ASSETS
Intangible assets 13 358,615 445,244
Tangible assets 14 26,695,397 35,356,855
Investments 15 4,529,803 4,529,803
31,583,815 40,331,902

CURRENT ASSETS
Stocks 16 2,019,839 2,029,052
Debtors 17 6,524,046 7,823,810
Cash at bank and in hand 828,321 336,887
9,372,206 10,189,749
CREDITORS
Amounts falling due within one year 18 (37,014,293 ) (14,672,203 )
NET CURRENT LIABILITIES (27,642,087 ) (4,482,454 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,941,728

35,849,448

CREDITORS
Amounts falling due after more than one
year

19

(581,415

)

(31,927,207

)

PROVISIONS FOR LIABILITIES 23 (1,291,248 ) (1,449,750 )
NET ASSETS 2,069,065 2,472,491

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

COMPANY STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2023

31.12.23 1.1.23
Notes £    £   
CAPITAL AND RESERVES
Called up share capital 24 166,350 166,350
Share premium 25 8,318 8,318
Revaluation reserve 25 6,237,542 6,069,622
Capital redemption reserve 25 127,651 127,651
Retained earnings 25 (4,470,796 ) (3,899,450 )
SHAREHOLDERS' FUNDS 2,069,065 2,472,491

Company's loss for the financial year (571,346 ) (3,891,259 )


The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2024 and were signed on its behalf by:




C D Soley - Director



J R Foots - Director


CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 3 January 2022 166,350 133,164 8,318

Changes in equity
Total comprehensive income - (5,550,356 ) -
Balance at 1 January 2023 166,350 (5,417,192 ) 8,318

Changes in equity
Total comprehensive income - (496,256 ) -
Balance at 31 December 2023 166,350 (5,913,448 ) 8,318
Capital
Revaluation redemption Total
reserve reserve equity
£    £    £   
Balance at 3 January 2022 5,176,993 127,651 5,612,476

Changes in equity
Total comprehensive income 892,629 - (4,657,727 )
Balance at 1 January 2023 6,069,622 127,651 954,749

Changes in equity
Total comprehensive income 167,920 - (328,336 )
Balance at 31 December 2023 6,237,542 127,651 626,413

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 3 January 2022 166,350 884,438 8,318

Changes in equity
Total comprehensive income - (4,783,888 ) -
Balance at 1 January 2023 166,350 (3,899,450 ) 8,318

Changes in equity
Total comprehensive income - (571,346 ) -
Balance at 31 December 2023 166,350 (4,470,796 ) 8,318
Capital
Revaluation redemption Total
reserve reserve equity
£    £    £   
Balance at 3 January 2022 5,176,993 127,651 6,363,750

Changes in equity
Total comprehensive income 892,629 - (3,891,259 )
Balance at 1 January 2023 6,069,622 127,651 2,472,491

Changes in equity
Total comprehensive income 167,920 - (403,426 )
Balance at 31 December 2023 6,237,542 127,651 2,069,065

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023

Period Period
2.1.23 3.1.22
to to
31.12.23 1.1.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,798,181 2,221,096
Interest paid (2,279,734 ) (1,440,686 )
Interest element of hire purchase
payments paid

(108,788

)

(120,955

)
Finance costs paid (5,100 ) (5,100 )
Taxation refund 116,501 293,113
Net cash from operating activities 1,521,060 947,468

Cash flows from investing activities
Purchase of tangible fixed assets (663,947 ) (619,065 )
Sale of intangible fixed assets (51,693 ) 39,722
Sale of tangible fixed assets 7,951,801 373,854
Interest received 2,633 1,849
Net cash from investing activities 7,238,794 (203,640 )

Cash flows from financing activities
Loan repayments in year (7,255,000 ) (2,550,000 )
Capital repayments in year (419,549 ) (288,074 )
Amount introduced by directors 2,990 -
Net cash from financing activities (7,671,559 ) (2,838,074 )

Increase/(decrease) in cash and cash equivalents 1,088,295 (2,094,246 )
Cash and cash equivalents at
beginning of period

2

498,029

2,592,275

Cash and cash equivalents at end of
period

2

1,586,324

498,029

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023


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

Period Period
2.1.23 3.1.22
to to
31.12.23 1.1.23
£    £   
Loss before taxation (547,660 ) (5,515,119 )
Depreciation charges 2,072,415 2,463,230
Loss/(profit) on disposal of fixed assets 369,011 (74,372 )
Impairment of fixed assets - 4,332,277
Finance costs 2,393,622 1,566,741
Finance income (2,633 ) (1,849 )
4,284,755 2,770,908
Decrease/(increase) in stocks 31,458 (142,924 )
Decrease in trade and other debtors 1,441,328 686,919
Decrease in trade and other creditors (1,959,360 ) (1,093,807 )
Cash generated from operations 3,798,181 2,221,096

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:

Period ended 31 December 2023
31.12.23 2.1.23
£    £   
Cash and cash equivalents 1,586,324 717,591
Bank overdrafts - (219,562 )
1,586,324 498,029
Period ended 1 January 2023
1.1.23 3.1.22
£    £   
Cash and cash equivalents 717,591 2,592,275
Bank overdrafts (219,562 ) -
498,029 2,592,275


CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 2.1.23 Cash flow changes At 31.12.23
£    £    £    £   
Net cash
Cash at bank
and in hand 717,591 868,733 1,586,324
Bank overdrafts (219,562 ) 219,562 -
498,029 1,088,295 1,586,324
Debt
Finance leases (935,286 ) 419,549 (343,862 ) (859,599 )
Debts falling due
within 1 year (1,445,000 ) 1,445,000 (25,497,000 ) (25,497,000 )
Debts falling due
after 1 year (31,358,000 ) 5,810,000 25,497,000 (51,000 )
(33,738,286 ) 7,674,549 (343,862 ) (26,407,599 )
Total (33,240,257 ) 8,762,844 (343,862 ) (24,821,275 )

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023


1. STATUTORY INFORMATION

Camerons Brewery Limited 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 General Information page.

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


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.

Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosure exemptions available under FRS 102:

(a) Disclosures in respect of each class of share capital have not been presented.

(b) No cash flow statement has been presented for the company.

(c) Disclosures in respect of financial instruments have not been presented.

(d) No disclosure has been given for the aggregate remuneration of key management personnel.

Basis of consolidation
The financial statements consolidate the financial statements of the Group and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not included its individual statement of comprehensive income.

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.

Going concern
The group has performed strongly and continues to increase its EBITDA to pre pandemic levels even with a reduced asset base.

The sale of the 26 freehold tenanted pubs in June 2023 enabled the group to significantly reduce its borrowings and interest burden and gearing consequently has been materially reduced.

Gearing has been further materially lowered because of the completion of our refinance bringing a new debt funder, Sandton, into the business.

The actions we have taken have ensured we have always had sufficient liquidity in the system.

The directors are confident that the measures taken are sufficient for the company to continue to trade for the foreseeable future.

The group has the full support of its new debt funders and wider creditor base, this has been the case since the beginning of the pandemic and bank facilities are in place until 31 Dec 2026.

Accordingly, the accounts have been prepared on a going concern basis.

Revenue recognition
Turnover is the fair value of the consideration received or receivable for goods and services provided in the normal course of the business, net of discounts, volume rebates and VAT. Sales of beverages and food are recognised when these goods are delivered to our patrons. Property rental income is recognised on a straight line basis over the life of the lease. Amusement machine royalties are recognised in the accounting period to which the income relates.

Goodwill
Goodwill and negative goodwill is written off over 10 years from the date of transition to FRS 102 which was 5 May 2014.

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued

Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Licence
The licence relates to the brewing and racking of Trophy Special Beer.

The licence was not amortised under previous GAAP, because the directors were of the opinion that the licence had an indefinite life. FRS 102 prohibits the non-amortisation of intangible assets. The directors are of the opinion that, as at the date of transition to FRS102, a 10 year remaining life is appropriate for this asset.

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under finance lease, over the lease term, whichever is the shorter.

Freehold property-5% straight line and 2% straight line
Short leasehold-4% straight line and straight line over the life of the lease
Long leasehold-straight line over the life of the lease
Leasehold improvements-4% straight line and straight line over the life of the lease
Plant and machinery-10% straight line and 5% straight line -
Fixtures and fittings-33% straight line, 25% straight line and 12.5% straight line
Motor vehicles-25% straight line
Assets under construction-not provided

No depreciation has been charged on brewery land and buildings as the directors are of the opinion that the residual value of the brewery land and buildings is not materially different to the fair value. An annual impairment review is carried out on all licensed properties and the directors are of the opinion that the market value of the licensed estate in its entirety after provision for impairments is in excess of the net book value at 31st December 2023.

Tangible fixed assets are stated at cost, deemed cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs capitalised.

(i) Land and buildings

Brewery land and buildings held at valuation at the date of transition to FRS 102 continued to be held at valuation with regular valuations carried out.

(ii) Public houses

Public houses are stated at cost less impairment.

(iii) Leasehold Property and leasehold improvements

Leasehold property is stated at cost less accumulated depreciation.

(iv) Plant and machinery

Plant and machinery is stated at deemed cost less accumulated depreciation.

(v) Fixtures & Fittings

Fixtures and fittings are stated at cost less accumulated depreciation. Such costs include the costs directly attributable to preparing a public house for opening to the public. In the period prior to a public house opening, all costs relevant to preparing the site are included in tangible fixed assets.

(vi) Motor Vehicles

Motor vehicles are stated at cost less accumulated depreciation.





CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued

(vii) Assets under construction

Costs related to assets under construction are capitalised where, in the opinion of the Directors, the related project is highly likely to be successfully developed and the economic benefits arising from future operations will exceed the amount of capitalised expenditure incurred to date, and the cost can be measured reliably. Costs incurred prior to meeting the criteria for capitalisation are recorded as an expense within operating costs in the profit and loss account.


A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.

The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.

The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Corporation tax
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 statement of financial position date.


CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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.

Dividends
Interim dividends are recorded in the financial year in which they are declared payable. Final dividends are recorded in the financial year in which the dividends are approved by the shareholders.

Hire purchase and leasing commitments
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Pension costs and other post-retirement benefits
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.

Exceptional items
Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued

Employee benefits
The company provides a range of benefits to employees.

Short term benefits, including holiday pay, are recognised as an expenses in the profit and loss account in the period in which they are incurred.

4. TURNOVER

The turnover and loss before taxation are attributable to the principal activities of the group.

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

Period Period
2.1.23 3.1.22
to to
31.12.23 1.1.23
£    £   
Brewing & associated trades 31,130,025 31,934,373
Pub estates 30,344,715 30,036,694
Rent receivable 77,567 76,013
61,552,307 62,047,080

5. OTHER OPERATING INCOME
Period Period
2.1.23 3.1.22
to to
31.12.23 1.1.23
£    £   
Sundry receipts 49,788 84,160
Machine income 225,309 257,462
Sale of waste products 298,069 302,409
Rates grants received - 3,604
573,166 647,635

6. EMPLOYEES AND DIRECTORS
Period Period
2.1.23 3.1.22
to to
31.12.23 1.1.23
£    £   
Wages and salaries 12,696,901 12,710,982
Social security costs 958,711 1,015,668
Other pension costs 290,041 305,902
13,945,653 14,032,552

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023


6. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the period was as follows:
Period Period
2.1.23 3.1.22
to to
31.12.23 1.1.23

Management and administration 154 177
Public houses 493 538
647 715

Period Period
2.1.23 3.1.22
to to
31.12.23 1.1.23
£    £   
Directors' remuneration 781,674 862,964

Information regarding the highest paid director is as follows:
Period Period
2.1.23 3.1.22
to to
31.12.23 1.1.23
£    £   
Emoluments etc 374,756 430,499

In addition to the directors remuneration above, the directors received additional benefits of £61,992 (01.01.2023: £60,121). The additional remuneration for the highest paid director was £33,598 (01.01.2023: £32,718).

7. OPERATING PROFIT

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

Period Period
2.1.23 3.1.22
to to
31.12.23 1.1.23
£    £   
Hire of plant and machinery 23,379 13,736
Depreciation - owned assets 1,383,830 1,699,336
Depreciation - assets on hire purchase contracts 90,020 95,789
Loss/(profit) on disposal of fixed assets 369,011 (74,372 )
Goodwill amortisation 583,425 652,170
Patents and licences amortisation 15,140 18,925
Auditors' remuneration 47,329 54,971

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023


8. EXCEPTIONAL ITEMS
Period Period
2.1.23 3.1.22
to to
31.12.23 1.1.23
£    £   
Exceptional items - (4,332,277 )

Exceptional costs relate to a fixed asset impairment charge of £4.2m resulting form the sale of 26 freehold pubs on 30th June 2023 and a £100k fixed asset impairment charge relating to other pubs within the estate.

Included within administrative costs are c£0.7m of exceptional non-recurring costs resulting from the extension of the bank loan facilities.

9. INTEREST RECEIVABLE AND SIMILAR INCOME
Period Period
2.1.23 3.1.22
to to
31.12.23 1.1.23
£    £   
Deposit account interest 2,633 1,849

10. INTEREST PAYABLE AND SIMILAR EXPENSES
Period Period
2.1.23 3.1.22
to to
31.12.23 1.1.23
£    £   
Bank interest 2,038,411 1,276,765
Factoring interest 241,323 163,921
Hire purchase interest 108,788 120,955
Dividend paid on preference
shares 5,100 5,100
2,393,622 1,566,741

11. TAXATION

Analysis of the tax credit
The tax credit on the loss for the period was as follows:
Period Period
2.1.23 3.1.22
to to
31.12.23 1.1.23
£    £   
Current tax:
Adjustment in respect of prior
period (152,587 ) (13,007 )

Deferred tax 101,183 (844,385 )
Tax on loss (51,404 ) (857,392 )

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023


11. TAXATION - continued

Reconciliation of total tax credit included in profit and loss
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period Period
2.1.23 3.1.22
to to
31.12.23 1.1.23
£    £   
Loss before tax (547,660 ) (5,515,119 )
Loss multiplied by the standard rate of corporation tax in the UK of
23.520 % (2023 - 19 %)

(128,810

)

(1,047,873

)

Effects of:
Expenses not deductible for tax purposes 171,806 1,066,856
Income not taxable for tax purposes (3,038 ) -
Capital allowances in excess of depreciation - (521,316 )
Adjustments to tax charge in respect of previous periods (117,217 ) 13,007
Tax losses carried forward - (39,921 )
future changes in tax rates 25,855 (328,145 )
Total tax credit (51,404 ) (857,392 )

Tax effects relating to effects of other comprehensive income

2.1.23 to 31.12.23
Gross Tax Net
£    £    £   
Deferred tax on fair value reserve 167,920 - 167,920

12. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023


13. INTANGIBLE FIXED ASSETS

Group
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 2 January 2023 8,616,620 1,050,000 9,666,620
Disposals (3,882,899 ) - (3,882,899 )
Reclassification/transfer 226,807 - 226,807
At 31 December 2023 4,960,528 1,050,000 6,010,528
AMORTISATION
At 2 January 2023 6,323,322 974,299 7,297,621
Amortisation for period 583,425 15,140 598,565
Eliminated on disposal (3,934,592 ) - (3,934,592 )
Reclassification/transfer 226,807 - 226,807
At 31 December 2023 3,198,962 989,439 4,188,401
NET BOOK VALUE
At 31 December 2023 1,761,566 60,561 1,822,127
At 1 January 2023 2,293,298 75,701 2,368,999

Company
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 2 January 2023 4,036,092 1,050,000 5,086,092
Disposals (3,882,899 ) - (3,882,899 )
Reclassification/transfer 226,807 - 226,807
At 31 December 2023 380,000 1,050,000 1,430,000
AMORTISATION
At 2 January 2023 3,666,549 974,299 4,640,848
Amortisation for period 123,182 15,140 138,322
Eliminated on disposal (3,934,592 ) - (3,934,592 )
Reclassification/transfer 226,807 - 226,807
At 31 December 2023 81,946 989,439 1,071,385
NET BOOK VALUE
At 31 December 2023 298,054 60,561 358,615
At 1 January 2023 369,543 75,701 445,244

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023


13. INTANGIBLE FIXED ASSETS - continued

Company

The licence relates to the brewing and racking of Trophy Special beer.

Included in Goodwill is an amount of negative goodwill at a cost of £3,110,000 (01.01.2023 - £3,110,000). Amortisation recognised in the profit or loss totalled £42,667 (01.01.2023 - £80,000). Total amortisation charged against negative goodwill totalled £3,110,000 (01.01.2023 - £3,067,333).

14. TANGIBLE FIXED ASSETS

Group
Freehold Short Long
property leasehold leasehold
£    £    £   
COST
At 2 January 2023 22,602,416 2,519,097 1,788,058
Additions 4,790 13,391 -
Disposals (7,704,027 ) (234,159 ) -
At 31 December 2023 14,903,179 2,298,329 1,788,058
DEPRECIATION
At 2 January 2023 1,909,546 946,348 483,026
Charge for period 28,912 138,343 75,050
Eliminated on disposal (14 ) (221,419 ) -
At 31 December 2023 1,938,444 863,272 558,076
NET BOOK VALUE
At 31 December 2023 12,964,735 1,435,057 1,229,982
At 1 January 2023 20,692,870 1,572,749 1,305,032

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023


14. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 2 January 2023 18,776,822 16,011,517 746,925 62,444,835
Additions 506,230 293,269 190,129 1,007,809
Disposals (245,289 ) (3,423,620 ) (239,275 ) (11,846,370 )
At 31 December 2023 19,037,763 12,881,166 697,779 51,606,274
DEPRECIATION
At 2 January 2023 9,557,346 11,411,667 248,036 24,555,969
Charge for period 517,801 631,306 82,438 1,473,850
Eliminated on disposal (113,177 ) (3,012,176 ) (178,772 ) (3,525,558 )
At 31 December 2023 9,961,970 9,030,797 151,702 22,504,261
NET BOOK VALUE
At 31 December 2023 9,075,793 3,850,369 546,077 29,102,013
At 1 January 2023 9,219,476 4,599,850 498,889 37,888,866

A specialised property, Lion Brewery Hartlepool, and associated land and buildings on the brewery site were valued by BNP Paribas Real Estate Chartered Surveyors in November 2014 on a depreciated replacement cost/market value basis of £9,667,000.

The total net book value of the brewery as at Dec 2023 including plant & machinery is £18.9m . As part of the recent renewal of bank facilities the directors commissioned an operational use valuation of the Lion Brewery . The directors feel that the resulting valuation , undertaken by CBRE , of £23.3m in Dec 2023 more accurately reflects its full market value , however no adjustments have been reflected in the accounts

In respect of tangible assets held at valuation, the aggregate cost, depreciation and carrying amount that would have been recognised if the assets had been carried under the historical cost model are: Aggregate cost £2,149,007 (01.01.2023: £2,149,007), Aggregate depreciation £562,328 (01.01.2023: £533,417) and carrying value £1,586,679 (01.01.2023: £1,615,590).

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023


14. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 2 January 2023 752,009 661,649 1,413,658
Additions 204,812 190,129 394,941
Disposals - (239,275 ) (239,275 )
Transfer to ownership - (54,074 ) (54,074 )
At 31 December 2023 956,821 558,429 1,515,250
DEPRECIATION
At 2 January 2023 238,741 194,107 432,848
Charge for period 33,985 56,035 90,020
Eliminated on disposal - (178,772 ) (178,772 )
Transfer to ownership - (24,177 ) (24,177 )
At 31 December 2023 272,726 47,193 319,919
NET BOOK VALUE
At 31 December 2023 684,095 511,236 1,195,331
At 1 January 2023 513,268 467,542 980,810

Company
Freehold Long Plant and
property leasehold machinery
£    £    £   
COST
At 2 January 2023 22,602,417 1,861,803 18,530,936
Additions 4,790 - 499,543
Disposals (7,704,027 ) - (116,355 )
At 31 December 2023 14,903,180 1,861,803 18,914,124
DEPRECIATION
At 2 January 2023 1,909,546 586,940 9,370,309
Charge for period 28,912 74,458 488,194
Eliminated on disposal (14 ) - -
At 31 December 2023 1,938,444 661,398 9,858,503
NET BOOK VALUE
At 31 December 2023 12,964,736 1,200,405 9,055,621
At 1 January 2023 20,692,871 1,274,863 9,160,627

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023


14. TANGIBLE FIXED ASSETS - continued

Company

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 2 January 2023 13,264,791 746,925 57,006,872
Additions 142,464 190,129 836,926
Disposals (3,191,527 ) (239,275 ) (11,251,184 )
At 31 December 2023 10,215,728 697,779 46,592,614
DEPRECIATION
At 2 January 2023 9,535,185 248,037 21,650,017
Charge for period 543,951 82,438 1,217,953
Eliminated on disposal (2,791,967 ) (178,772 ) (2,970,753 )
At 31 December 2023 7,287,169 151,703 19,897,217
NET BOOK VALUE
At 31 December 2023 2,928,559 546,076 26,695,397
At 1 January 2023 3,729,606 498,888 35,356,855

A specialised property, Lion Brewery Hartlepool, and associated land and buildings on the brewery site were valued by BNP Paribas Real Estate Chartered Surveyors in November 2014 on a depreciated replacement cost/market value basis of £9,667,000.

The total net book value of the brewery as at Dec 2023 including plant & machinery is £18.9m . As part of the recent renewal of bank facilities the directors commissioned an operational use valuation of the Lion Brewery . The directors feel that the resulting valuation , undertaken by CBRE , of £23.3m in Dec 2023 more accurately reflects its full market value , however no adjustments have been reflected in the accounts

In respect of tangible assets held at valuation, the aggregate cost, depreciation and carrying amount that would have been recognised if the assets had been carried under the historical cost model are: Aggregate cost £2,149,007 (01.01.2023: £2,149,007), Aggregate depreciation £562,328 (01.01.2023: £533,417) and carrying value £1,586,679 (01.01.2023: £1,615,590).

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023


14. TANGIBLE FIXED ASSETS - continued

Company

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 2 January 2023 752,009 661,649 1,413,658
Additions 204,812 190,129 394,941
Disposals - (239,275 ) (239,275 )
Transfer to ownership - (54,074 ) (54,074 )
At 31 December 2023 956,821 558,429 1,515,250
DEPRECIATION
At 2 January 2023 238,741 194,108 432,849
Charge for period 33,985 56,035 90,020
Eliminated on disposal - (178,772 ) (178,772 )
Transfer to ownership - (24,177 ) (24,177 )
At 31 December 2023 272,726 47,194 319,920
NET BOOK VALUE
At 31 December 2023 684,095 511,235 1,195,330
At 1 January 2023 513,268 467,541 980,809

15. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertaking
£   
COST
At 2 January 2023
and 31 December 2023 4,529,803
NET BOOK VALUE
At 31 December 2023 4,529,803
At 1 January 2023 4,529,803

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023


15. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

The Head of Steam Limited
Registered office: Main Gate House, Waldon Street, Hartlepool, Cleveland, TS24 7QS
Nature of business: Operating a group of public houses
%
Class of shares: holding
Ordinary shares 100.00

The Leeds Brewery Holding Company Limited
Registered office: Main Gate House, Waldon Street, Hartlepool, Cleveland, TS24 7QS
Nature of business: Operating a group of public houses
%
Class of shares: holding
Ordinary shares 100.00

SCC Leisure Ltd
Registered office: Bar Soba Merchant City, 79 Albion Street, Glasgow, G1 1NY, United Kingdom
Nature of business: Operating a group of restaurants
%
Class of shares: holding
Ordinary 100.00



Class of
share

% holding
Bar Soba Group Ltd Ordinary 100
S C E Leisure Ltd Ordinary 100
SAS Leisure Ltd Ordinary 100
SCCA Leisure Ltd Ordinary 100
SCCL Leisure Ltd Ordinary 100
SJL 01 Ltd Ordinary 100
SMS Leisure Ltd Ordinary 100
St Jude's Licensing Ltd Ordinary 100
SWE Leisure Ltd Ordinary 100

The registered office for all of the above companies is Bar Soba Merchant City, 79 Albion Street, Glasgow, United Kingdom, G1 1NY. All of the companies were dormant during the year.

16. STOCKS

Group Company
31.12.23 1.1.23 31.12.23 1.1.23
£    £    £    £   
Stocks 1,290,558 1,325,236 1,028,402 1,040,835
Raw materials 991,437 988,217 991,437 988,217
2,281,995 2,313,453 2,019,839 2,029,052

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023


17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 1.1.23 31.12.23 1.1.23
£    £    £    £   
Trade debtors 3,714,689 4,852,822 3,712,613 4,852,277
Amounts owed by group undertakings - - 1,786,861 1,763,178
Other debtors 62,999 73,108 - 50,120
Tax 48,898 165,399 48,898 48,898
Social security and other tax 30,804 - - -
Prepayments and accrued income 1,326,074 1,649,964 975,674 1,109,337
5,183,464 6,741,293 6,524,046 7,823,810

The debtors above include trade debtors falling due after more than one year of £32,023 (01.01.2023 - £33,083).

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 1.1.23 31.12.23 1.1.23
£    £    £    £   
Bank loans and overdrafts (see note 20) 25,497,000 1,664,562 25,497,000 2,293,486
Hire purchase contracts (see note 21) 404,184 366,079 404,184 366,079
Trade creditors 5,247,324 5,635,244 3,700,296 4,072,996
Amounts owed to group undertakings - - 1,785,823 772,284
Social security and other taxes 263,083 401,810 178,425 191,191
Duty 1,206,818 1,187,559 1,206,818 1,187,559
VAT 983,425 1,696,057 534,340 1,170,388
Other creditors 2,769,036 3,091,458 2,685,290 2,934,336
Directors' current accounts 2,990 - - -
Accruals and deferred income 1,482,895 1,975,015 1,022,117 1,683,884
37,856,755 16,017,784 37,014,293 14,672,203

19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
31.12.23 1.1.23 31.12.23 1.1.23
£    £    £    £   
Bank loans (see note 20) - 31,307,000 - 31,307,000
Preference shares (see note 20) 51,000 51,000 51,000 51,000
Hire purchase contracts (see note 21) 455,415 569,207 455,415 569,207
Other creditors 75,000 - 75,000 -
581,415 31,927,207 581,415 31,927,207

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023


20. LOANS

An analysis of the maturity of loans is given below:

Group Company
31.12.23 1.1.23 31.12.23 1.1.23
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 219,562 - 848,486
Bank loans 25,497,000 1,445,000 25,497,000 1,445,000
25,497,000 1,664,562 25,497,000 2,293,486
Amounts falling due between one and two years:
Bank loans - 1-2 years - 31,307,000 - 31,307,000
Amounts falling due between two and five years:
Preference shares 51,000 51,000 51,000 51,000

On 23 October 2024 the company completed a refinancing of its borrowings. The existing facility which terminated in Dec 24 has been amended and restated and has resulted in £15m of debt, including £1m of new monies to be used for working capital, therefore some £11.2m of the original debt outstanding of £25.2m has been written off.

The terms of the £15m are interest only, with £1.9m being the annual interest charge (12.67%) , and facilities are in place until Dec 26.

Total bank loans as of 23 October 2024 are £15.0m which represent a reduction of £17.8m from the amount outstanding as of Dec 22 (£32.8m).

Details of shares shown as liabilities are as follows:

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 1.1.23
value: £    £   
51,000 10% Preference shares £1 51,000 51,000

21. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.12.23 1.1.23
£    £   
Net obligations repayable:
Within one year 404,184 366,079
Between one and five years 455,415 569,207
859,599 935,286

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023


21. LEASING AGREEMENTS - continued

Company
Hire purchase contracts
31.12.23 1.1.23
£    £   
Net obligations repayable:
Within one year 404,184 366,079
Between one and five years 455,415 569,207
859,599 935,286

Group
Non-cancellable operating leases
31.12.23 1.1.23
£    £   
Within one year 2,597,818 2,781,917
Between one and five years 9,146,519 10,297,749
In more than five years 13,293,635 15,841,947
25,037,972 28,921,613

Company
Non-cancellable operating leases
31.12.23 1.1.23
£    £   
Within one year 1,369,988 1,385,467
Between one and five years 4,487,330 5,010,819
In more than five years 5,438,396 6,280,104
11,295,714 12,676,390

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023


22. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
31.12.23 1.1.23 31.12.23 1.1.23
£    £    £    £   
Bank overdraft - 219,562 - 848,486
Bank loans 25,497,000 32,752,000 25,497,000 32,752,000
Hire purchase contracts 859,599 935,286 859,599 935,286
Other creditors - 2,886,035 2,460,602 2,886,035
26,356,599 36,792,883 28,817,201 37,421,807

The following security has been given on the bank current account and bank loans in favour of the HSBC Bank Plc:-

(i) Fixed and floating charges exist dated 29 December 2015 over all licensed premises and a legal charge on the brewery. (ii) Fixed and floating charge and negative pledge exists dated 6th July 2016 in favour of HSBC Bank Plc, secured against all land and intellectual property.

A Composite Company Limited Multilateral Guarantee exists dated 29 December 2015 given by Camerons Brewery Limited and it's subsidiary undertaking The Head of Steam Limited.

A mortgage charge exists in favour of HSBC Bank Plc dated 7th March 2018 incorporating a fixed charge and negative pledge over the following leasehold land and buildings: The Midnight Bell, 101 Water Lane, Leeds.

A mortgage charge exists in favour of HSBC Bank Plc dated 7th June 2017 incorporating a fixed charge and negative pledge over the following leasehold land and buildings: The Duke of York, 3-4 and 4A Kings Square, York.

A mortgage charge exists in favour of HSBC Bank Plc dated 1st August 2016 incorporating a fixed charge and negative pledge over the following leasehold land and buildings: The Brewery Tap, 18-24 New Station Street, Leeds.

A mortgage charge exists in favour of HSBC Bank Plc dated 13th December 2016 incorporating a fixed charge and negative pledge over the following leasehold land and buildings: The Lamb & Flag, 1 Church Row, Leeds. The Eagle & Child, 9-11 High Petergate, York. The Crowd of Favours, 4-12 Harper Street, Leeds and The White Swan, Swan Street, Leeds.

A fixed charge and negative pledge exists in favour of HSBC Plc secured against The Station Buildings, Huddersfield; 2 Neville Street, Newcastle upon Tyne; and 3 Reform Place, Durham. Created on 29 December 2015.

A fixed charge and negative pledge exists in favour of HSBC Plc secured against Units 3&4, Fairfax House, Cardiff. Created on 3 August 2018.

A fixed charge and negative pledge exists in favour of HSBC Plc secured over land transferred in part on 26 March 2024. Created on 26 March 2024.

All loans are secured against the freehold property and leasehold assets of the company.

Also included within other creditors is an invoice finance advance which is secured against selected brewing customers.


CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023

Amounts due under finance leases and hire purchase contracts are secured on the related assets.

23. PROVISIONS FOR LIABILITIES

Group Company
31.12.23 1.1.23 31.12.23 1.1.23
£    £    £    £   
Deferred tax
Accelerated capital allowances 4,300,925 2,638,879 4,078,813 2,453,997
Tax losses carried forward (3,249,552 ) (1,676,135 ) (2,647,532 ) (1,171,965 )
Other timing differences (140,033 ) 167,718 (140,033 ) 167,718
911,340 1,130,462 1,291,248 1,449,750

Group
Deferred
tax
£   
Balance at 2 January 2023 1,130,462
Provided during period (219,122 )
Balance at 31 December 2023 911,340

Company
Deferred
tax
£   
Balance at 2 January 2023 1,449,750
Provided during period 162,005
Deferred tax on taxable losses
Deferred tax charge in OCI for (320,507 )
Balance at 31 December 2023 1,291,248

24. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 1.1.23
value: £    £   
126,426 Ordinary £1 126,426 126,426
39,924 Ordinary Non-voting £1 39,924 39,924
166,350 166,350

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023


24. CALLED UP SHARE CAPITAL - continued

The Equity Shares shall, save as expressly set out in the Articles of Association, rank pari passu as if the Ordinary Shares and the Non-voting Shares constituted one class of share.

The rights of the preference shares are as follows: -
(i) In priority to any rights of the holders of any other issued shares in the capital of the company and before the setting aside of the appropriation of profit for any other purpose, whether or not formally declared, the right to a cumulative preferential dividend out of profits after tax equal to 10% per annum of the aggregate of the capital and any premium for the time being paid up thereon to be calculated and paid in cash on 22 June and 22 December in each year.
(ii) No recommendation or resolution of the directors or the company is required for payment of the preferential dividend.
(iii) If on the relevant payment date the company cannot comply with the provisions of the Act relating to distributions or does not pay the preferential dividend, the preferential dividend shall become a debt due to the holders payable forthwith on the first date on which the company shall become able to comply together with the additional dividend on the arrears of the preferential dividend at the said rate of ten percent per annum compounded every six months from the original date due for payment until the date of actual payment and such payment shall be in priority to any other preferential dividend or redemption of the Preference shares.
(iv) The right on winding-up or other return of capital to repayment, in priority to any payment to the holders of any other shares in the capital of the company, of : -
- any arrears or accruals of the preferential dividend, whether or not declared or earned, calculated down to the date of payment;
- the capital and any premium paid up on the Preference shares.
(v) The right to receive notice of and to attend and speak at every general meeting of the company but no right to vote.

25. RESERVES

Group
Capital
Retained Share Revaluation redemption
earnings premium reserve reserve Totals
£    £    £    £    £   

At 2 January 2023 (5,417,192 ) 8,318 6,069,622 127,651 788,399
Deficit for the period (496,256 ) (496,256 )
Deferred tax on revaluation
reserve - - 167,920 - 167,920
At 31 December 2023 (5,913,448 ) 8,318 6,237,542 127,651 460,063

Company
Capital
Retained Share Revaluation redemption
earnings premium reserve reserve Totals
£    £    £    £    £   

At 2 January 2023 (3,899,450 ) 8,318 6,069,622 127,651 2,306,141
Deficit for the period (571,346 ) (571,346 )
Deferred tax on revaluation
reserve - - 167,920 - 167,920
At 31 December 2023 (4,470,796 ) 8,318 6,237,542 127,651 1,902,715

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 2 JANUARY 2023 TO 31 DECEMBER 2023


25. RESERVES - continued

Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs.

Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. The revaluation reserve arose on the revaluation of certain fixed assets on transition to FRS 102 and includes the associated deferred tax of £nil (01.01.2023: £167,920). Amounts representing the equivalent depreciation and deferred tax are transferred to retained earnings each year.

Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company.

Profit and loss account - This reserve records retained earnings and accumulated losses.

26. RELATED PARTY DISCLOSURES

The key personnel of the Group and Company are the directors. Directors' remuneration is disclosed in note 6 of the financial statements.

Ramscove Limited, a connected company
31.12.23 1.1.23
£    £   
Transactions in the year 377,128 430,499

Clive Owen & Co LLP, a connected company
31.12.23 1.1.23
£    £   
Transactions in the year 1,003 837

27. POST BALANCE SHEET EVENTS

The business is very pleased to confirm that a successful refinancing of its debts was completed on 23 October 2024. As a consequence, some £11.2m of debt has been written off and facilities of £15.0m have been extended to Dec 2026, this forms a secure firm and certain platform, and growth can now therefore be accelerated

28. ULTIMATE CONTROLLING PARTY

The controlling party is D J Soley.