Company registration number 05142189 (England and Wales)
THE THORNBRIDGE HALL COUNTRY HOUSE BREWING COMPANY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
THE THORNBRIDGE HALL COUNTRY HOUSE BREWING COMPANY LIMITED
COMPANY INFORMATION
Directors
J R Harrison
S D Webster
Secretary
J R Harrison
Company number
05142189
Registered office
Riverside Brewery
Buxton Road
Bakewell
Derbyshire
DE45 1GS
Auditor
BHP LLP
2 Rutland Park
Sheffield
S10 2PD
THE THORNBRIDGE HALL COUNTRY HOUSE BREWING COMPANY LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 27
THE THORNBRIDGE HALL COUNTRY HOUSE BREWING COMPANY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -
The directors present the strategic report for the year ended 30 June 2024.
The Thornbridge Hall Country House Brewing Company Limited ("Thornbridge” or “the company”) is the most highly awarded independent, privately owned brewery in the UK. Based in Bakewell, within the Peak District National Park, it has been brewing beer since 2005. Thornbridge supplies a range of customers, including on-trade venues, national multiple operators, independent bottle shops, and direct consumers through its online shop, taproom, and onsite store. In addition to serving the UK market, the company exports its beers to approximately 40 countries worldwide.
Beyond brewing, Thornbridge operates five community pubs in the Sheffield area, within its subsidiary company, Thornbridge Taps Limited.
Review of the Business and Future Developments
The brewing sector has faced significant challenges in the years following the Covid-19 pandemic, with several high-profile administrations and industry consolidation. Despite this, during the year to June 2024, we made significant progress towards returning the company to profitability, achieving a positive EBITDA of £172k. For the current financial year to December 2024, EBITDA has already exceeded last year’s total, and we have recorded a small profit before tax for the first half of the year.
Over the past 18 months, we have achieved substantial cost reductions, leading to improved financial stability both during and beyond the reporting period.
The cost of raw materials, including malt, hops, cardboard, aluminium, and glass, has stabilised or declined, thanks to strategic procurement efforts across the business. Our gross profit margin (GP%) improved from 34.4% in the prior year to 36.3% in the year to June 2024. This improvement was driven by continued growth in our on-trade business and a reduced reliance on lower-margin off-trade sales.
Additionally, administrative expenses for the company fell by 4.2%, while turnover increased by 2.7%, demonstrating resilience amid ongoing sector challenges.
We remain committed to our Environmental, Social & Governance (ESG) policies and our ongoing efforts to reduce CO2 emissions. Shortly after the year-end, we joined the Zero Carbon Forum and have made excellent progress in calculating our carbon footprint. We continue to develop and implement sustainable processes and invest in more efficient plant and equipment to minimise our environmental impact.
We were honoured to be named 'Brewery Business of the Year 2024' at the Society of Independent Brewers and Associates (SIBA) Beer Awards in March 2024.
THE THORNBRIDGE HALL COUNTRY HOUSE BREWING COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Principal Risks and Uncertainties
Economic Risks
The company, like most UK businesses, is affected by macroeconomic factors, including the ongoing war in Ukraine and conflicts in the Middle East. Although interest rates remain elevated compared to post-2008 levels, inflation has fallen significantly during the financial year. The post-year-end change in UK government, along with National Living Wage and Employer’s National Insurance contributions increases from April 2025, will add cost pressures, particularly for labour-intensive sectors such as brewing and hospitality.
Pricing Challenges
As previously reported, implementing effective price increases remains a challenge, particularly with multiple retailers. The on-trade sector has been more accommodating of cost pressures faced by brewers; however, as a hospitality operator, we understand the financial constraints our customers face. We continue to exercise caution in implementing price increases.
Regulatory Pressures
As a producer and retailer of alcohol, we are directly impacted by changes in alcohol duty levels and licensing laws. Additionally, new Extended Producer Responsibility (EPR) regulations for packaging waste will increase costs. The cost of Packaging Recovery Notes (PRN) has risen in 2024, with an additional retrospective charge for Local Authority (LA) fees being introduced from January 2025, relating to the period from January 2024. While we have submitted all necessary data, the government’s scheme administrator has yet to confirm the final fee rates.
Liquidity Management
Maintaining strong liquidity remains a key priority. In October 2023, we successfully repaid all outstanding Time To Pay (TTP) liabilities to HMRC, related to Covid-19 deferrals, on time and in full. During the year, we secured significant additional funding, ensuring that working capital requirements are met as the company continues its return to profitability.
Past investments in state-of-the-art packaging equipment have positioned us well to meet demand for cans, bottles, casks, and kegs, strengthening our competitive advantage.
Financial key performance indicators
The company’s key financial performance indicators during the year can be summarised as follows:
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(Loss) for the financial year | | |
Outlook
Looking ahead, we will continue focusing on profitability and operational efficiency, building on the progress made over the past 18 months. Key priorities include expanding our on-trade presence, further reducing our reliance on lower-margin channels, and enhancing sustainability initiatives.
Despite economic and regulatory challenges, we are confident in Thornbridge’s ability to adapt to market changes and drive long-term growth and profitability.
THE THORNBRIDGE HALL COUNTRY HOUSE BREWING COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
J R Harrison
Director
23 March 2025
THE THORNBRIDGE HALL COUNTRY HOUSE BREWING COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
The directors present their annual report and financial statements for the year ended 30 June 2024.
Principal activities
The principal activity of the company continued to be that of the brewing and distribution of beer.
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
J R Harrison
S D Webster
Research and development
The company engages in research and development activities with the main activities being process improvement.
Auditor
The auditor, BHP LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report 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 of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments and financial instruments.
THE THORNBRIDGE HALL COUNTRY HOUSE BREWING COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
J R Harrison
Director
23 March 2025
THE THORNBRIDGE HALL COUNTRY HOUSE BREWING COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE THORNBRIDGE HALL COUNTRY HOUSE BREWING COMPANY LIMITED
- 6 -
Opinion
We have audited the financial statements of The Thornbridge Hall Country House Brewing Company Limited (the 'company') for the year ended 30 June 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
THE THORNBRIDGE HALL COUNTRY HOUSE BREWING COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE THORNBRIDGE HALL COUNTRY HOUSE BREWING COMPANY LIMITED (CONTINUED)
- 7 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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 directors' responsibilities statement, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including
fraud and non-compliance with laws and regulations, was as follows:
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
other management, and from our commercial knowledge and experiences of the company's sector;
financial statements or the operations of the company, including Companies Act 2006, taxation legislation
and data protection, employment and health and safety legislation;
enquiries of management and inspecting legal correspondence throughout;
alert to instances of non-compliance throughout the audit.
THE THORNBRIDGE HALL COUNTRY HOUSE BREWING COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE THORNBRIDGE HALL COUNTRY HOUSE BREWING COMPANY LIMITED (CONTINUED)
- 8 -
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;
knowledge of actual, suspected and alleged fraud; and
regulations.
To address the risks of fraud through management bias and override controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; and
discussions with senior management regarding relevant regulations and reviewing the company’s legal and
professional fees.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the director’s and other management and the inspection of regulatory and legal correspondence.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 an auditor's report 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.
Terri Pierpoint (Senior Statutory Auditor)
For and on behalf of BHP LLP, Statutory Auditor
Chartered Accountants
2 Rutland Park
Sheffield
S10 2PD
24 March 2025
THE THORNBRIDGE HALL COUNTRY HOUSE BREWING COMPANY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
13,101,656
12,758,152
Cost of sales
(8,348,857)
(8,373,323)
Gross profit
4,752,799
4,384,829
Administrative expenses
(4,952,374)
(5,166,946)
Other operating income
2,897
2,500
Operating loss
4
(196,678)
(779,617)
Interest receivable and similar income
7
6,056
3,475
Interest payable and similar expenses
8
(226,507)
(180,418)
Loss before taxation
(417,129)
(956,560)
Tax on loss
9
88,856
361,951
Loss for the financial year
(328,273)
(594,609)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
THE THORNBRIDGE HALL COUNTRY HOUSE BREWING COMPANY LIMITED
BALANCE SHEET
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
3,229,529
3,179,043
Investments
11
75
75
3,229,604
3,179,118
Current assets
Stocks
13
1,293,710
1,172,631
Debtors
14
2,408,548
2,487,751
Cash at bank and in hand
51,595
134,811
3,753,853
3,795,193
Creditors: amounts falling due within one year
15
(3,539,992)
(3,791,260)
Net current assets
213,861
3,933
Total assets less current liabilities
3,443,465
3,183,051
Creditors: amounts falling due after more than one year
16
(3,978,613)
(3,384,446)
Provisions for liabilities
Deferred tax liability
19
61,520
67,000
(61,520)
(67,000)
Net liabilities
(596,668)
(268,395)
Capital and reserves
Called up share capital
21
100
100
Profit and loss reserves
(596,768)
(268,495)
Total equity
(596,668)
(268,395)
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 23 March 2025 and are signed on its behalf by:
J R Harrison
Director
Company registration number 05142189 (England and Wales)
THE THORNBRIDGE HALL COUNTRY HOUSE BREWING COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2022
100
326,114
326,214
Year ended 30 June 2023:
Loss and total comprehensive income
-
(594,609)
(594,609)
Balance at 30 June 2023
100
(268,495)
(268,395)
Year ended 30 June 2024:
Loss and total comprehensive income
-
(328,273)
(328,273)
Balance at 30 June 2024
100
(596,768)
(596,668)
THE THORNBRIDGE HALL COUNTRY HOUSE BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
1
Accounting policies
Company information
The Thornbridge Hall Country House Brewing Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Riverside Brewery, Buxton Road, Bakewell, Derbyshire, DE45 1GS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
The Thornbridge Hall Country House Brewing Company Limited is a wholly owned subsidiary of Thornbridge Brewery Holdings Limited and the results of The Thornbridge Hall Country House Brewing Company Limited are included in the consolidated financial statements of Thornbridge Brewery Holdings Limited which are available from Riverside Brewery, Buxton Road, Bakewell, Derbyshire, DE45 1GS.
1.2
Prior year restatement
Comparative amounts in relation to operating lease commitments (Note 22) have been restated to take account of a break clause in a property lease. This has no impact on the profit or reserves.
THE THORNBRIDGE HALL COUNTRY HOUSE BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 13 -
1.3
Going concern
During the year to 30 June 2024, the company has achieved substantial cost reductions, leading to improved financial stability both during and beyond the reporting period. The cost of key raw materials has stabilised or declined, thanks to strategic procurement efforts across the business. The continued growth in on-trade business and a reduced reliance on lower-margin off-trade sales, has resulted in an improved gross profit margin. This year the company achieved a positive EBITDA of £172k, with current year results to date exceeding this.true
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover is measured at fair value of the consideration received or receivable, including beer duty, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised at point of delivery.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
3-10 years straight line
Plant and equipment
5-20 years straight line and 15% reducing balance
Fixtures and fittings
15% reducing balance
Computers
4 years straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
THE THORNBRIDGE HALL COUNTRY HOUSE BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Cost of beer includes relevant production costs and attributable overheads. Net realisable value is based on estimated selling prices less anticipated costs to complete and sell.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
THE THORNBRIDGE HALL COUNTRY HOUSE BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
THE THORNBRIDGE HALL COUNTRY HOUSE BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
THE THORNBRIDGE HALL COUNTRY HOUSE BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Tangible assets
The charge in respect of depreciation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The useful lives and residual values of the company's assets may vary depending on several factors such as, technological innovation, maintenance programmes and future market conditions. They are determined by management at the time the asset is acquired and reviewed annually for appropriateness.
Recoverability of trade debtors
The directors make provisions for doubtful debts based on an assessment of the recoverability of trade debtors. Provisions are applied to trade debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. This methodology is applied on a customer by customer basis.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
12,422,783
11,829,223
Europe
533,434
790,779
Rest of the World
145,439
138,150
13,101,656
12,758,152
THE THORNBRIDGE HALL COUNTRY HOUSE BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
3
Turnover and other revenue
(Continued)
- 18 -
2024
2023
£
£
Other revenue
Interest income
6,056
3,475
4
Operating loss
2024
2023
Operating loss for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
15,000
12,470
Depreciation of owned tangible fixed assets
269,592
270,867
Depreciation of tangible fixed assets held under finance leases
99,007
106,107
Profit on disposal of tangible fixed assets
-
(44,701)
Operating lease charges
466,050
382,036
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Production and logistics
34
34
Sales and marketing
55
52
Finance and administration
11
12
Total
100
98
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
2,372,381
2,312,602
Social security costs
216,067
220,827
Pension costs
99,127
97,746
2,687,575
2,631,175
THE THORNBRIDGE HALL COUNTRY HOUSE BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
161,636
161,914
Company pension contributions to defined contribution schemes
5,945
6,100
167,581
168,014
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
6,056
3,475
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
77,689
70,527
Other interest on financial liabilities
33,465
47,670
Interest on finance leases and hire purchase contracts
115,353
62,221
226,507
180,418
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(83,376)
(158,137)
Adjustments in respect of prior periods
(96,314)
Total current tax
(83,376)
(254,451)
Deferred tax
Origination and reversal of timing differences
(5,480)
(107,500)
Total tax credit
(88,856)
(361,951)
THE THORNBRIDGE HALL COUNTRY HOUSE BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
9
Taxation
(Continued)
- 20 -
The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Loss before taxation
(417,129)
(956,560)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
(104,282)
(196,095)
Tax effect of expenses that are not deductible in determining taxable profit
995
482
Change in unrecognised deferred tax assets
68
(465)
Adjustments in respect of prior years
(96,314)
Group relief
3,013
2,191
Research and development tax credit
(83,376)
(48,892)
Other permanent differences
125
(404)
Deferred tax adjustments in respect of prior years
621
2,552
Adjustment to losses
208,442
Enhanced capital allowances
(4,691)
(5,374)
Remeasurement of deferred tax for changes in tax rates
(19,632)
Additional deduction for R & D expenditure
(109,771)
Taxation credit for the year
(88,856)
(361,951)
THE THORNBRIDGE HALL COUNTRY HOUSE BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
10
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 July 2023
308,417
4,843,041
207,369
250,427
153,054
5,762,308
Additions
253,776
46,587
57,513
12,124
62,520
432,520
Disposals
(250)
(25,453)
(25,703)
At 30 June 2024
562,193
4,889,628
264,882
262,301
190,121
6,169,125
Depreciation and impairment
At 1 July 2023
124,634
2,044,504
111,563
224,562
78,002
2,583,265
Depreciation charged in the year
35,776
271,987
16,532
20,379
23,925
368,599
Eliminated in respect of disposals
(250)
(12,018)
(12,268)
At 30 June 2024
160,410
2,316,491
128,095
244,691
89,909
2,939,596
Carrying amount
At 30 June 2024
401,783
2,573,137
136,787
17,610
100,212
3,229,529
At 30 June 2023
183,783
2,798,537
95,806
25,865
75,052
3,179,043
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Plant and equipment
1,076,850
1,103,573
Motor vehicles
97,535
85,238
Computers
7,571
1,174,385
1,196,382
11
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
12
75
75
THE THORNBRIDGE HALL COUNTRY HOUSE BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
12
Subsidiaries
Details of the company's subsidiaries at 30 June 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Thornbridge Taps Limited
Riverside Brewery, Buxton Road, Bakewell, Derbyshire, DE45 1GS
Operator of Public Houses
Ordinary
75.00
13
Stocks
2024
2023
£
£
Raw materials and consumables
559,460
631,717
Finished goods and goods for resale
734,250
540,914
1,293,710
1,172,631
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,709,018
1,759,318
Corporation tax recoverable
83,376
158,137
Amounts owed by group undertakings
241,614
235,494
Other debtors
96,393
88,494
Prepayments and accrued income
278,147
246,308
2,408,548
2,487,751
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
17
10,000
10,000
Obligations under finance leases
18
381,089
288,479
Other borrowings
17
1,290,904
1,295,072
Trade creditors
733,817
782,248
Taxation and social security
798,412
1,128,405
Other creditors
112,942
136,755
Accruals and deferred income
212,828
150,301
3,539,992
3,791,260
THE THORNBRIDGE HALL COUNTRY HOUSE BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
15
Creditors: amounts falling due within one year
(Continued)
- 23 -
The bank loans are secured by a fixed and floating charge over the company's assets.
Finance lease obligations are secured on the assets acquired under those arrangements, one lease is also secured by way of a cross company guarantee between Thornbridge Brewery Holdings Limited and Thornbridge Limited, and a personal guarantee given by J R Harrison.
Included within other borrowings are amounts due in respect of sales financing of £1,113,960 (2023: £1,099,187). This secured by a fixed and floating charge over the assets of the company.
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
13,333
23,333
Obligations under finance leases
18
755,637
1,055,144
Other borrowings
17
3,209,643
2,305,969
3,978,613
3,384,446
The bank loans and overdrafts are secured by a fixed and floating charge over the company's assets.
Finance lease obligations are secured on the assets acquired under those arrangements, one lease is also secured by way of a cross company guarantee between Thornbridge Brewery Holdings Limited and Thornbridge Limited, and a personal guarantee given by J R Harrison.
17
Loans and overdrafts
2024
2023
£
£
Bank loans
23,333
33,333
Loans from related parties
2,485,933
1,400,933
Other loans
2,014,614
2,200,108
4,523,880
3,634,374
Payable within one year
1,300,904
1,305,072
Payable after one year
3,222,976
2,329,302
The following secured debts are included within creditors:
The bank loans and overdraft are secured by a fixed and floating charge over the company's assets.
THE THORNBRIDGE HALL COUNTRY HOUSE BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -
18
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
381,089
288,479
In two to five years
755,637
1,055,144
1,136,726
1,343,623
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
617,700
626,100
Tax losses
(554,100)
(554,200)
Short term timing differences
(2,080)
(4,900)
61,520
67,000
2024
Movements in the year:
£
Liability at 1 July 2023
67,000
Credit to profit or loss
(5,480)
Liability at 30 June 2024
61,520
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
99,127
97,746
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
THE THORNBRIDGE HALL COUNTRY HOUSE BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
20
Retirement benefit schemes
(Continued)
- 25 -
Accrued pension contributions at the year end in respect of defined contribution schemes amounted to £8,418 (2023: £8,127)
21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
22
Operating lease commitments
Lessee
At the reporting end date, the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Restatement
2024
2023
£
£
Within one year
485,213
297,755
Between two and five years
1,740,271
1,549,177
In over five years
1,479,554
1,442,105
3,705,038
3,289,037
23
Capital commitments
Amounts contracted for but not provided in the financial statements:
2024
2023
£
£
Acquisition of tangible fixed assets
-
51,777
THE THORNBRIDGE HALL COUNTRY HOUSE BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
24
Related party transactions
Transactions with related parties
As permitted by FRS 102, these financial statements do not disclose transactions with the parent undertaking where 100% of the voting rights are held within the group.
During the year, the company entered into the following transactions with related parties:
Thornbridge Taps Limited (subsidiary company not wholly owned within the group)
At the year end, amounts due from Thornbridge Taps Limited were £195,788 (2023: £189,668) and is included within amounts owed from group. During the year, sales were made to Thornbridge Taps Limited totalling £684,946 (2023: £439,934) and purchases were made from Thornbridge Taps Limited totalling £18,164 (2023: £18,699).
Thornbridge Limited (a company jointly controlled by J R Harrison)
During the year sales were made to Thornbridge Limited totalling £2,500 (2023: £2,530) and purchases were made from Thornbridge Limited totalling £24,274 (2023: £26,779). At the year end amounts owed to Thornbridge Limited total £2,400 (2023: £2,400) and is included within trade creditors. At the year end, amounts due from Thornbridge Limited total £250 (2023: £250) and is included within trade debtors
At the year end, amounts due to Thornbridge Limited in respect of loans made were £2,219,830 (2023: £1,507,057) and is included within other borrowings and other creditors. During the year, interest of £32,791 (2023: £47,670) was paid in respect of these loans to Thornbridge Limited.
Thornbridge Limited provided a cross company guarantee in relation to a finance lease obligation included in the financial statements of The Thornbridge Hall Country House Brewing Company Limited. At the year end the amount owed in relation to this lease was £1,009,555 (2023: £1,233,240).
Andromeda Park Limited (a company jointly controlled by J R Harrison)
During the year sales were made to Andromeda Park Limited totalling £24,867 (2023: £24,588) and purchases were made from Andromeda Park Limited totalling £258,155 (2023: £237,728). At the year end amounts owed to Andromeda Park Limited total £85,509 (2023: £81,946) and is included within trade creditors. At the year end, amounts due from Andromeda Park Limited total £6,728 (2023: £1,898) and is included within trade debtors.
At the year end, amounts due to Andromeda Park Limited in respect of loans made were £236,530 (2023: £236,530) and is included within other creditors.
Brewkitchen Limited (a company controlled by J R Harrison)
During the year sales were made to Brewkitchen Limited totalling £20,690 (2023: £30,431) and purchases were made from Brewkitchen totalling £320 (2023: £5,152). At the year end amounts owed from Brewkitchen Limited were £Nil (2023: £4,513) and were previously included within trade debtors.
Thornbridge Bars Limited (a company controlled by the directors)
At the year end, amounts due to Thornbridge Bars Limited in respect of loans made were £220,000 (2023: £Nil) and is included within other creditors.
THE THORNBRIDGE HALL COUNTRY HOUSE BREWING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
25
Directors' transactions
J R Harrison
J R Harrison has provided an interest free loan to the company. At the year end, the amount due to J R Harrison was £546,304 (2023: £546,304) and is included within other creditors. J R Harrison also acted as guarantor on property leases held by the company.
J R Harrison has also given a personal guarantee in respect of a finance lease obligation included in the financial statements of The Thornbridge Hall Country House Brewing Company Limited. At the year end the amount owed in relation to this lease was £1,009,555 (2023: £1,233,240), as referred to in note 15 and 16.
S D Webster
S D Webster, a director of the company, acted as a guarantor on a lease held by the company.
26
Ultimate controlling party
The company is controlled by Thornbridge Brewery Holdings Limited, its parent company, a company incorporated in England and Wales.
Thornbridge Brewery Holdings Limited is the parent undertaking of the smallest and largest group of undertakings for which group financial statements are prepared. Copies of group financial statements may be obtained from Thornbridge Brewery Holdings Limited, Riverside Brewery, Buxton Road, Bakewell, Derbyshire, DE45 1GS.
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