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Company Registration Number 02967193























FENTIMANS LTD


  


FINANCIAL STATEMENTS





 31 DECEMBER 2024
























img617a.png

 
FENTIMANS LTD
 

COMPANY INFORMATION


Directors
E A Robson 
I D Bray 
D J Tobin 




Company secretary
E A Robson



Registered number
02967193



Registered office
Fearless House
Beaufront Park

Anick Road

Hexham

Northumberland

NE46 4TU




Independent auditor
Armstrong Watson Audit Limited
Chartered Accountants & Statutory Auditors

First Floor

One Strawberry Lane

Newcastle upon Tyne

NE1 4BX





 
FENTIMANS LTD
 

CONTENTS



Page
Group Strategic Report
 
1 - 3
Directors' Report
 
4
Directors' Responsibilities Statement
 
5
Independent Auditor's Report
 
6 - 9
Consolidated Statement of Comprehensive Income
 
10
Consolidated Statement of Financial Position
 
11
Company Statement of Financial Position
 
12
Consolidated Statement of Changes in Equity
 
13
Company Statement of Changes in Equity
 
14
Consolidated Statement of Cash Flows
 
15
Notes to the Financial Statements
 
16 - 34


 
FENTIMANS LTD
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present their strategic report together with the audited financial statements for the year ended 31 December 2024.

Principal activity

The principal activity of the Group and Company in the year under review continued to be that of the development and distribution of premium botanically brewed soft drinks and mixers.

Review of business
 
The Board is pleased to report a year of good progress for the Group against an ongoing challenging backdrop. Whilst consumer confidence across our markets has remained low throughout the year, and demand has weakened further, the Group has been able to achieve significant cost savings throughout the business in response. This has resulted in the Group being able to rebuild its margins to a stronger level and post a much improved profit versus the previous year. 
 
The Group delivered £39.6m of Gross Sales in the year ended 31 December 2024 and through continued considered cost base improvements aimed at mitigating lower demand, has posted a creditable, reported Profit before tax of £1.4m, an improvement of over £2.0m on the prior year. The Board would like to thank all our stakeholders and especially our employees for their commitment and effort over the last 12 months.
A summary of the Group’s financial performance, which comprises some of the key financial performance indicators reviewed and monitored by the Directors to manage the business, are presented below for the current and prior financial period:
ole6f5a.png
Gross sales (before promotional credits) for the year under review amounted to £39.6m; a decrease of 7.7% on 2023 gross sales of £42.9m. The Group's revenues are managed and reviewed across three key streams - UK, Export and US – as outlined below.
UK gross sales decreased by 6.4% to £20.2m in the year ended 2024 (2023: £21.6m). Demand across our UK markets has remained suppressed throughout the year as the ongoing cost of living crisis limited consumer spending.  As a result, greater levels of promotional investment have been required to broadly maintain volumes. Pleasingly, our investment strategy delivered a strong result over the Christmas trading period.
Export gross sales decreased by 8.0% to £16.1m (2023: £17.5m) as the global cost of living crisis continued to weaken demand in the Group’s key international markets. Further, the Group took the opportunity over the last 12 months to successfully transition several key distributors with the aim of positioning the business for sustainable long-term growth. 
The Group’s US business achieved gross sales of £3.3m (2023: £3.8m). Whilst a number of new listings were achieved during the year, this was offset by a reduction in volumes with some existing customers. Listing activity remains strong and the Group continues to be well placed for growth in the US.
 
Page 1

 
FENTIMANS LTD
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Overall, the Group was able to post a significant improvement in Profit before tax against a backdrop of weak consumer demand. During this period, the Group has continued to take a number of proactive steps with regard to its cost base which has facilitated a recovery of its margins in 2024. For the year ended 31 December 2024 the Group reported a statutory profit before tax of £1.4m.
Group Net assets increased to £2.5m at the end of 2024, with Company Net assets rising to £5.1m.  The Group has continued to manage its working capital effectively throughout the year, including a continued focus on inventory management and cash collection. As a result, the Directors are pleased to report a strong improvement in net cash / (bank overdraft) balances at year end of £1.4m despite the challenges faced by the Group.

Principal risks and uncertainties
 
The Board has reviewed the principal risks and uncertainties that could impact upon the Group. These are split between the financial and commercial risks.
The business reviews the potential risks on an ongoing basis and ensures that there are appropriate controls and contingencies in place to mitigate any potential adverse effects.
Financial risk
Pricing risk
Major variations in the cost of raw materials and other supplies and services would have an impact on profitability. Where possible, the Group seeks to protect its profitability and to mitigate such risk by agreeing long term supply contracts, forward purchasing, and passing through some of the increases to its customers via price.
Foreign exchange risk
The UK company trades with its overseas customers in sterling and therefore is not directly exposed to foreign exchange risk, although significant exchange rate movements could prompt a change in sterling selling prices.
 
However, the Group’s US trading subsidiary does present some foreign exchange risk to the Group as this entity trades in US dollars and holds a US dollar denominated intercompany balance with the UK parent company.
Liquidity risk
Liquidity risk is the risk that the Group will not have the required cash flow or banking facilities to meet its obligations as and when they fall due. The company actively manages its cash flows and credit facilities to ensure that it can meet its obligations and ensures it maintains a contingent level of headroom availability.  

Page 2

 
FENTIMANS LTD
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Interest rate risk
The company has a number of borrowings which incur interest. However, given the anticipated use of these facilities, management do not consider that there is a material interest rate risk.
Economic environment risk
The current economic environment in both the UK and overseas remains particularly challenging as the Board considers the lasting effects of the COVID-19 pandemic, global supply chain disruption, several international conflicts, new tax burdens in the form of packaging taxes and the ongoing cost of living crisis. 
Commercial risk
Commercial risk arises, inter alia, from:
• Increased competition;
• Loss of key management;
• Disruption or failure of our outsourced production and logistics partners;
• Disruption or failure to procure key ingredients and components; and
• Failure to maintain the quality of our products and the risk of contamination.
The commercial risks are reviewed continuously by the Board including continuous review of supply chain provision in light of significant disruption. Further, the Group maintains appropriate insurance cover and regularly updates contingency plans as necessary should such risks crystallise.
Outlook and future developments

2025 is expected to provide a more stable inflationary environment to operate within, albeit with ongoing effects of weakened consumer demand and the Group is well placed to demonstrate further progress and continued profitability.
The Group plans to mitigate the continued suppressed demand across many of our markets by further expanding our distribution base globally.
One notable development that the Group must contend with in 2025 is significant regulatory change in the form of the incoming Extended Producer Responsibility (EPR) legislation and Packaging Recycling Note (PRN) reform within its UK sales channel. This increased cost has been budgeted for and the Company has plans in place to manage the increased burden.
Notwithstanding the continued challenging backdrop, the Board expects a further improvement in margins and profitability through 2025 as the positive impact of the cost saving initiatives delivered in 2024 is annualised. These proactive efforts over the last 12 months have resulted in improved cashflow and the Board expects this improvement to continue.
On the back of the progress achieved over the last 12 months, the Board is confident it has a platform for sustainable growth and further improved profitability in 2025 and beyond.



On behalf of the board.



................................................
D J Tobin
Director

Date: 27 March 2025

Page 3

 
FENTIMANS LTD
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Principal activity

The principal activity of the Group and Company in the year under review continued to be that of the
development and distribution of premium botanically brewed soft drinks and mixers.

Results and dividends

The profit for the year, after taxation, amounted to £1,011,957 (2023 - loss £514,083).

No ordinary dividends were paid (2023: £nil). The directors do not recommend payment of a dividend.

Directors

The directors who served during the year were:

E A Robson 
I D Bray 
D J Tobin 

Strategic report

The Group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the Group'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 financial risk management policies and objectives and principal risks and uncertainties.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Auditor

The auditor, Armstrong Watson Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
D J Tobin
Director

Date: 27 March 2025

Page 4

 
FENTIMANS LTD
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Page 5

 
FENTIMANS LTD
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FENTIMANS LTD
 

Opinion


We have audited the financial statements of Fentimans Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 31 December 2024 and of the Group's profit 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.


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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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 or 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.


Page 6

 
FENTIMANS LTD
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FENTIMANS LTD (CONTINUED)


Other information


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 ReportOur 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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report 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 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 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 Directors' Responsibilities Statement set out on page 5, 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 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.


Page 7

 
FENTIMANS LTD
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FENTIMANS LTD (CONTINUED)


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 Group 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:

•  We obtained an understanding of laws and regulations that affect the Company, focusing on those that    had a direct effect on the financial statements or that had a fundamental effect on its operations. Key    laws and regulations that we identified included the UK Companies Act, tax legislation and food hygiene    legislation. 
 
•  We enquired of the directors and reviewed correspondence with HMRC and foreign tax authorities for    evidence of non-compliance with relevant laws and regulations. We also reviewed controls the directors    have in place to ensure compliance.
 
•  We gained an understanding of the controls that the directors have in place to prevent and detect fraud.    We enquired of the directors about any incidences of fraud that had taken place during the accounting    period.
 
•  The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit   team and tests were planned and performed to address these risks. We identified the potential for fraud    in the following areas: the recognition of sales promotion credits in revenue and management override of   controls.
 
• We reviewed financial statements disclosures and tested to supporting documentation to assess     compliance with relevant laws and regulations discussed above.
 
•  We enquired of the directors and third-party advisors about actual and potential litigation and claims.
 
•  We performed analytical procedures to identify any unusual or unexpected relationships that might    indicate risks of material misstatement due to fraud.
 
•  In addressing the risk of fraud due to management override of internal controls we tested the     appropriateness of journal entries and assessed whether the judgements made in making accounting    estimates were indicative of a potential bias.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Page 8

 
FENTIMANS LTD
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FENTIMANS LTD (CONTINUED)


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 2006Our 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.





Simon Turner (Senior Statutory Auditor)
for and on behalf of
Armstrong Watson Audit Limited
Chartered Accountants & Statutory Auditors
Newcastle

27 March 2025
Page 9

 
FENTIMANS LTD
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£
Non-UK GAAP Analysis






Gross sales
39,592,960
42,944,282

Promotion sales credit

(3,921,243)
(3,954,970)

  

Turnover
 4 
35,671,717
38,989,312

Cost of sales
  
(24,294,928)
(28,314,136)

Gross profit
  
11,376,789
10,675,176

Administrative expenses
  
(10,020,506)
(10,585,252)

Other operating income
 5 
33,538
7,229

Operating profit before exceptional costs
 6 
1,389,821
97,153

Interest receivable and similar income
  
13,801
-

Interest payable and similar expenses
 10 
-
(35,631)

Profit before exceptional costs
  
1,403,622
61,522

Exceptional costs
 12 
-
(717,230)

Profit/(loss) before taxation
  
1,403,622
(655,708)

Tax on profit/(loss)
 11 
(391,665)
141,625

Profit/(loss) for the financial year
  
1,011,957
(514,083)

Other comprehensive income for the year
  

Currency translation differences
  
(39,646)
107,052

Other comprehensive income for the year
  
(39,646)
107,052

Total comprehensive income for the year
  
972,311
(407,031)

  

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

Profit and total comprehensive income for the financial year is all attributable to the owner of the parent company.

Page 10

 
FENTIMANS LTD
REGISTERED NUMBER: 02967193

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
20,600
68,360

Tangible assets
 14 
326,978
409,108

  
347,578
477,468

Current assets
  

Stocks
 16 
3,769,445
3,924,592

Debtors: amounts falling due after more than one year
 17 
-
177,166

Debtors: amounts falling due within one year
 17 
5,149,473
5,159,548

Cash at bank and in hand
 18 
1,646,401
344,791

  
10,565,319
9,606,097

Creditors: amounts falling due within one year
 19 
(8,370,816)
(8,559,000)

Net current assets
  
 
 
2,194,503
 
 
1,047,097

Deferred taxation
 21 
(45,205)
-

  
 
 
(45,205)
 
 
-

Net assets
  
2,496,876
1,524,565


Capital and reserves
  

Called up share capital 
 22 
31,234
31,234

Share premium account
 23 
56,248
56,248

Revaluation reserve
 23 
9,508
9,508

Profit and loss reserves
 23 
2,399,886
1,427,575

  
2,496,876
1,524,565


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
D J Tobin
Director

Date: 27 March 2025

The notes on pages 16 to 34 form part of these financial statements.

Page 11

 
FENTIMANS LTD
REGISTERED NUMBER: 02967193

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
20,600
20,600

Tangible assets
 14 
326,978
409,108

Investments
 15 
75
75

  
347,653
429,783

Current assets
  

Stocks
 16 
2,864,249
3,066,994

Debtors: amounts falling due after more than one year
 17 
-
177,166

Debtors: amounts falling due within one year
 17 
8,669,800
8,459,695

Cash at bank and in hand
 18 
1,401,332
68,316

  
12,935,381
11,772,171

Creditors: amounts falling due within one year
 19 
(8,162,966)
(8,378,935)

Net current assets
  
 
 
4,772,415
 
 
3,393,236

  

Provisions for liabilities
  

Deferred taxation
 21 
(45,205)
-

  
 
 
(45,205)
 
 
-

Net assets
  
5,074,863
3,823,019


Capital and reserves
  

Called up share capital 
 22 
31,234
31,234

Share premium account
 23 
56,248
56,248

Revaluation reserve
 23 
9,508
9,508

Profit and loss account
 23 
4,977,873
3,726,029

  
5,074,863
3,823,019


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
D J Tobin
Director

Date: 27 March 2025

The notes on pages 16 to 34 form part of these financial statements.

Page 12

 
FENTIMANS LTD
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total equity

£
£
£
£
£


At 1 January 2023
31,234
56,248
9,508
1,834,606
1,931,596


Comprehensive income for the year

Loss for the year
-
-
-
(514,083)
(514,083)

Currency translation differences
-
-
-
107,052
107,052
Total comprehensive income for the year
-
-
-
(407,031)
(407,031)



At 1 January 2024
31,234
56,248
9,508
1,427,575
1,524,565


Comprehensive income for the year

Profit for the year
-
-
-
1,011,957
1,011,957

Currency translation differences
-
-
-
(39,646)
(39,646)
Total comprehensive income for the year
-
-
-
972,311
972,311


At 31 December 2024
31,234
56,248
9,508
2,399,886
2,496,876


The notes on pages 16 to 34 form part of these financial statements.

Page 13

 
FENTIMANS LTD
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total equity

£
£
£
£
£


At 1 January 2023
31,234
56,248
9,508
4,042,336
4,139,326


Comprehensive income for the year

Loss for the year
-
-
-
(316,307)
(316,307)
Total comprehensive income for the year
-
-
-
(316,307)
(316,307)



At 1 January 2024
31,234
56,248
9,508
3,726,029
3,823,019


Comprehensive income for the year

Profit for the year
-
-
-
1,251,844
1,251,844
Total comprehensive income for the year
-
-
-
1,251,844
1,251,844


At 31 December 2024
31,234
56,248
9,508
4,977,873
5,074,863


The notes on pages 16 to 34 form part of these financial statements.

Page 14

 
FENTIMANS LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
1,011,957
(514,083)

Adjustments for:

Amortisation of intangible assets
47,760
61,149

Depreciation of tangible assets
48,201
62,722

Impairments of fixed assets
72,240
120,000

Interest paid
-
35,631

Interest received
(13,801)
-

Taxation charge
391,665
(141,625)

Decrease in stocks
155,146
1,597,680

Decrease in debtors
9,357
413,511

Increase/(decrease) in creditors
613,333
(2,084,433)

Net cash generated from operating activities

2,335,858
(449,448)


Cash flows from investing activities

Purchase of tangible fixed assets
(38,311)
(29,817)

Interest received
13,801
-

Net cash from investing activities

(24,510)
(29,817)

Cash flows from financing activities

Repayment of other loans
(857,586)
(150,977)

Interest paid
-
(35,631)

Net cash used in financing activities
(857,586)
(186,608)

Net increase/(decrease) in cash and cash equivalents
1,453,762
(665,873)

Cash and cash equivalents at beginning of year
232,285
791,106

Foreign exchange gains and losses
(39,646)
107,052

Cash and cash equivalents at the end of year
1,646,401
232,285


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,646,401
344,791

Bank overdrafts
-
(112,506)

1,646,401
232,285


Page 15

 
FENTIMANS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Fentimans Ltd ("the parent Company") is a private company limited by shares and is registered and incorporated in England and Wales. The registered office is Fearless House, Beaufront Park, Anick Road, Hexham, Northumberland, NE46 4TU.
The Group consists of Fentimans Ltd and all of its subsidiaries.
The Company's and the Group's principal activities and nature of its operations are disclosed in the Strategic Report and the Directors' Report.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and 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, modified to include the revaluation of certain fixed assets.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
 .

 
2.3

Going concern

At the balance sheet date, the Group had net current assets of £2,194,503 (2023: £1,047,097) including cash at bank and in hand of £1,646,401 (2023: £344,791). The Group manages its day to day working capital requirements at a group level, through its available cash resources, cash flow from operating activities, and external financing via an invoice discounting facility and from support from shareholders.
The Group's business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic report and the Directors' report. In addition, the financial statements include the principal risks and uncertainties facing the business. The directors have considered the Group's forecast financial performance for the Group for 2025 and beyond.
Consequently, the directors have a reasonable expectation that the Group and Company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the directors continue to adopt the going concern basis in preparing the financial statements.

Page 16

 
FENTIMANS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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.
Certain types of discounts and rebates are provided to customers, which are negotiated and agreed on a customer by customer basis to ascertain whether these discounts and rebates result in a distinct good or service or for a promotional discount. Where payments are made on the basis of a distinct cost, e.g. marketing, these are expensed as administrative costs. Where payments to customers represent a rebate, these payments reduce the underlying transaction price. The directors consider these items of such material nature that to ensure the financial statements are clear to the users, additional non UK GAAP disclosure has been made on the face of the Consolidated Statement of Comprehensive Income.

  
2.5

Soft Drinks Industry Levy (SDIL)

SDIL is a direct liability of the co-packer (entity that physically manufactures) if located in the UK or the importer if manufactured outside of the UK. The co-packer re-charges the brand owner for the liability. Credits are recoverable from HMRC on exportation of leviable inventory. SDIL is held as an inventory cost. The total liability is recognised as an asset and the reverse charge is recognised as a creditor, less the known credits actually exported. Inventory sold into the UK and the associated liability is released to the P&L as a direct expense.

 
2.6

Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income 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 leased asset are consumed.

 
2.7

Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

 
2.8

Finance costs

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

Page 17

 
FENTIMANS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Pensions

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 or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Retirement benefits
For defined contribution schemes the amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.

  
2.10

Taxation

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.
Current and deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.
Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously. 
Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.
Deferred tax 
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date.
Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits. 
Deferred tax is recognised on income and expenses from subsidiaries, associates, branches and interests in jointly controlled entities, that will be assessed to or allow for tax in a future period except where the group is able to control the reversal of the timing difference and it is probable that the timing difference will not reverse in the foreseeable future. 
For non-depreciable assets measured using the revaluation model, deferred tax is measured using the tax rates and allowances that apply to the sale of the asset or property.

 
2.11

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

Page 18

 
FENTIMANS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.12

Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives.

 Amortisation is provided on the following bases:

Trademarks
-
10%
straight line
Customer list
-
20%
straight line

Intellectual property rights are stated at valuation. These are not amortised as the directors review these annually and consider their value not to have been impaired, or materially changed.

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Freehold property
-
2% straight line
Leasehold property
-
straight line over 15 years
Plant and machinery
-
10-20% straight line
Fixtures and fittings
-
20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Freehold property is depreciated at 2% per annum on a straight line basis, except where the directors consider the residual value of the property to be equal to or higher than its carrying value, in which case no depreciation is charged. In 2024, the directors reassessed the residual value of a freehold property, and as a result have booked an impairment charge to reduce the carrying value to the newly assessed, lower, residual value, which the directors consider to be the recoverable value of that asset.

 
2.14

Fixed asset investments

In the separate accounts of the Company, 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 Group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Page 19

 
FENTIMANS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.15

Impairment of fixed assets

At each reporting period end date, the Group reviews the carrying amounts of its tangible and intangible 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).
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset has been impaired.

 
2.16

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. 
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential. 
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling prices 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.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.17

Cash and cash equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.



Page 20

 
FENTIMANS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.18

Financial instruments

Basic financial assets
Basic financial assets, which include trade and other debtors, amounts owed by group undertakings 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest.
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 Group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and other borrowings, 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. 
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Equity instruments
Equity instruments issued by the Group are recorded at the fair value of 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 Group.
Exchange differences arising on the consolidation of foreign subsidiaries
Exchange differences arising on the translation of subsidiaries who report in foreign currencies are recognised through other comprehensive income. 

  
2.19

Foreign exchange

Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction, or, if the asset or liability is measured at fair value, the rate when that fair value was determined.
All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.

Page 21

 
FENTIMANS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgements and key sources of estimation uncertainty

In the application of the Group'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.
Sales promotion accrual 
Sales promotion provision requires an element of judgement as to the quantity and timing of sales.
Stock provision 
Inventory provisions include pricing, ageing and obsolescence considerations which take into account historical information related to usage and stock counts.
Bad debt provision 
Management make an informed judgement on potential bad debts based on ageing of debt and risk within the market.


4.


Turnover

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
17,530,494
19,078,437

Rest of the world
18,141,223
19,910,875

35,671,717
38,989,312



5.


Other operating income

2024
2023
£
£

Sundry income
33,538
7,229

33,538
7,229


Page 22

 
FENTIMANS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Operating profit/(loss)

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

2024
2023
£
£

Depreciation of owned tangible fixed assets
48,201
62,722

Impairment of fixed assets
72,240
120,000

Amortisation of intangible assets
47,760
61,149

Operating lease charges
143,336
124,305


7.


Auditor's remuneration

2024
2023
£
£


Audit of the financial statements of the Group and Company
24,500
24,500

24,500
24,500

2024
2023
£
£

For other services


Taxation compliance services
4,200
4,200

All other non-audit services
-
4,500

4,200
8,700

Page 23

 
FENTIMANS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
3,859,119
3,866,875
3,415,612
3,527,327

Social security costs
386,674
414,162
357,902
392,870

Cost of defined contribution scheme
262,661
271,176
244,409
257,740

4,508,454
4,552,213
4,017,923
4,177,937


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Number of production staff
2
2
2
2



Number of sales and administrative staff
46
57
44
55



Number of management staff
9
8
8
7

57
67
54
64


9.


Directors' remuneration

2024
2023
£
£

Remuneration for qualifying services
881,361
851,578

Company pension contributions to defined contribution schemes
14,752
13,009

896,113
864,587


During the year retirement benefits were accruing to 1 directors (2023 - 1) in respect of defined contribution pension schemes.

Remuneration disclosed above includes the following amounts paid to the highest paid director:


2024
2023
£
£



Remuneration for qualifying services
498,770
420,243

Page 24

 
FENTIMANS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Interest payable and similar expenses

2024
2023
£
£


Other interest payable
-
35,631

-
35,631


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
169,294
-

Total current tax
169,294
-

Deferred tax


Origination and reversal of timing differences
222,371
(141,625)


Taxation on profit/(loss) on ordinary activities
391,665
(141,625)

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
1,403,622
(655,708)


(Loss)/profit on ordinary activities multiplied by average rate of corporation tax in the UK of 25% (2023 - 23.52%)
350,906
(152,223)

Effects of:


Tax effect of expenses that are not deductible in determining taxable profit
1,703
29,369

Other timing differences leading to an increase (decrease) in taxation
-
(4,930)

Effect of differential tax rates
59,971
44,515

Fixed asset differences
(6,988)
(50)

Other differences leading to an increase (decrease) in the tax charge
(13,927)
(58,306)

Total tax charge for the year
391,665
(141,625)

Page 25

 
FENTIMANS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Exceptional items

2024
2023
£
£


Exceptional items
-
717,230

-
717,230

The business recognised £717k of exceptional costs in the previous financial year. Of which, £509k was in relation to a restructuring exercise carried out as the business continued to focus on driving efficiencies and repositioning for future growth. The remaining balance related to the settlement of a supplier dispute.
 


13.


Intangible assets

Group





Customer list
Trademarks
Intellectual property rights
Total

£
£
£
£



Cost


At 1 January 2024
357,833
11,643
20,600
390,076



At 31 December 2024

357,833
11,643
20,600
390,076



Amortisation


At 1 January 2024
310,073
11,643
-
321,716


Charge for the year
47,760
-
-
47,760



At 31 December 2024

357,833
11,643
-
369,476



Net book value



At 31 December 2024
-
-
20,600
20,600



At 31 December 2023
47,760
-
20,600
68,360



Page 26

 
FENTIMANS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
           13.Intangible assets (continued)

Company




Trademarks
Intellectual property rights
Total

£
£
£



Cost


At 1 January 2024
11,643
20,600
32,243



At 31 December 2024

11,643
20,600
32,243



Amortisation


At 1 January 2024
11,643
-
11,643



At 31 December 2024

11,643
-
11,643



Net book value



At 31 December 2024
-
20,600
20,600



At 31 December 2023
-
20,600
20,600


If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Cost
11,092
11,092
11,092
11,092

Accumulated amortisation
-
-
-
-

Carrying value
11,092
11,092
11,092
11,092

The intellectual property rights were valued by the directors on 31 January 1998 at £20,600. The historical cost of these rights at 31 December 2024 is £11,092 (2023: £11,092). The value of these intellectual property rights are reviewed annually by the directors and have not identified any need for impairment for the current year.
Amortisation is recognised in administrative expenses in the statement of comprehensive income.

Page 27

 
FENTIMANS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Tangible fixed assets

Group and Company






Freehold property
Long-term leasehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
581,674
122,459
480,294
260,011
1,444,438


Additions
-
-
27,433
10,878
38,311



At 31 December 2024

581,674
122,459
507,727
270,889
1,482,749



Depreciation


At 1 January 2024
300,000
70,075
455,813
209,442
1,035,330


Charge for the year
-
8,164
25,852
14,185
48,201


Impairment charge
72,240
-
-
-
72,240



At 31 December 2024

372,240
78,239
481,665
223,627
1,155,771



Net book value



At 31 December 2024
209,434
44,220
26,062
47,262
326,978



At 31 December 2023
281,674
52,384
24,481
50,569
409,108

The Company’s freehold property is subject to a legal charge in favour of HSBC Bank PLC. 

Page 28

 
FENTIMANS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
75



At 31 December 2024
75





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Fentimans USA, Inc
71 McMurray Road, Suite 104, Pittsburgh, PA 15214
Sale of botanically brewed beverages
Ordinary
100%


16.


Stocks

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Raw materials and finished goods
3,769,445
3,924,592
2,864,249
3,066,994


Page 29

 
FENTIMANS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Deferred tax asset
-
177,166
-
177,166

-
177,166
-
177,166


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due within one year

Trade debtors
4,795,243
4,830,147
4,551,014
4,739,573

Amounts owed by group undertakings
-
-
3,785,854
3,398,598

Other debtors
154,383
161,653
133,085
153,776

Prepayments and accrued income
199,847
167,748
199,847
167,748

5,149,473
5,159,548
8,669,800
8,459,695



18.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
1,646,401
344,791
1,401,332
68,316

Less: bank overdrafts
-
(112,506)
-
(112,506)

1,646,401
232,285
1,401,332
(44,190)



19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
-
112,506
-
112,506

Other borrowings
2,760,685
3,618,271
2,760,685
3,618,271

Trade creditors
2,225,159
2,180,389
2,137,017
2,090,060

Corporation tax
169,294
-
169,294
-

Other taxation and social security
213,041
247,399
213,041
247,399

Other creditors
134,914
85,372
134,914
85,372

Accruals and deferred income
2,867,723
2,315,063
2,748,015
2,225,327

8,370,816
8,559,000
8,162,966
8,378,935


Page 30

 
FENTIMANS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Borrowings

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Other borrowings
2,760,685
3,618,271
2,760,685
3,618,271

2,760,685
3,618,271
2,760,685
3,618,271

Other borrowings consist of a director's loan as disclosed in note 28.


21.


Deferred taxation


Group



2024


£






At beginning of year
177,166


Charged to profit or loss
(222,371)



At end of year
(45,205)

Company


2024


£






At beginning of year
177,166


Charged to profit or loss
(222,371)



At end of year
(45,205)

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(53,764)
(78,827)
(53,764)
(78,827)

Tax losses carried forward
-
222,870
-
222,870

Short term timing differences
8,559
33,123
8,559
33,123

(45,205)
177,166
(45,205)
177,166

Page 31

 
FENTIMANS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



31,234 (2023 - 31,234) Ordinary shares of £1.00 each
31,234
31,234

Ordinary shares, which carry no right to fixed income, each carry the right to one vote at general meetings of the Company.



23.


Reserves

Share premium

Consideration received for shares issued above their nominal value net of transaction costs.

Revaluation reserve

The cumulative revaluation gains and losses in respect of intellectual property rights, except any revaluation gains or losses recognised in profit or loss.

Profit and loss account

Cumulative profit or loss net of distributions to owners.

24.


Analysis of net debt




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

344,791

1,301,610

1,646,401

Bank overdrafts

(112,506)

112,506

-

Debt due within 1 year

(3,618,271)

857,586

(2,760,685)


(3,385,986)
2,271,702
(1,114,284)

Page 32

 
FENTIMANS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

25.


Share-based payments

Fentimans Ltd operates an equity incentive plan for the benefit of key employees of the Group.
The fair value of the share options is determined at the date of the grant. In the opinion of the directors any charge relating to the share options is not material and therefore has not been recognised.

Weighted average exercise price (pence)
2024
Number
2024
Weighted average exercise price
(pence)
2023
Number
2023

Outstanding at the beginning of the year

179

158

179
 
316
 
Granted


-

-
 
-
 
Forfeited during the year


-

179
 
(158)
 
Exercised


-

-
 
-
 
Expired during the year


-

-
 
-
 
Outstanding at the end of the year
179

158

179
 
158
 

The options outstanding at 31 December 2024 had a weighted average exercise price of £179 and a weighted average remaining contractual life of 6 years.
Group and Company
During a prior year, and subsequent to the year end, directors were granted share options which vest on sale of the Company. No charge has been recognised in the financial statements in relation to the grant of these share options, given that the recognition criteria has not been met at the balance sheet date.
No charge has been recognised in relation to the movement in the fair value of the outstanding options during the year, on the grounds that this charge would not be material. 





26.


Pension commitments

2024
2023
£
£

Defined contribution schemes


Charge to profit or loss in respect of defined contribution schemes
262,661
271,176

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the Group in an independently administered fund. Amounts due by the Group to the scheme at the end of the year included in creditors were £22,085 (2023: £21,494).

Page 33

 
FENTIMANS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

27.


Commitments under operating leases

At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
128,574
143,336
128,574
143,336

Later than 1 year and not later than 5 years
409,146
425,254
409,146
425,254

Later than 5 years
50,878
152,633
50,878
152,633

588,598
721,223
588,598
721,223


28.


Related party transactions

E A Robson maintained a current account with the Company. During the year £225,658 (2023: £254,292) was introduced and £1,083,244 (2023: £405,269) withdrawn, leaving a balance due by the Company at 31 December 2024 included in creditors due in less than one year of £2,760,685 (2023: £3,618,271).
No interest is charged on these amounts, which are repayable on demand.
Amounts totalling £54 (2023: £11,823) were recharged to the Directors' current account in respect of costs incurred by the Company on behalf of related companies.


29.


Controlling party

E A Robson controls the Company by virtue of a controlling interest in the called up share capital of the Company.

Page 34