IRIS Accounts Production v24.3.2.46 03571101 Board of Directors Board of Directors 5.1.25 1.1.24 5.1.25 5.1.25 brewing and selling beer and related products together with the ownership of Public Houses. true true true false true true false false false false false false true false 10% Preference shares 0 Ordinary 0 Ordinary Non-voting 0 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REGISTERED NUMBER: 03571101 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025

FOR

CAMERONS BREWERY LIMITED

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025










Page

Company Information 1

Group Strategic Report 2 to 4

Report of the Directors 5 to 7

Report of the Independent Auditors 8 to 11

Consolidated Statement of Comprehensive Income 12 to 13

Consolidated Statement of Financial Position 14

Company Statement of Financial Position 15 to 16

Consolidated Statement of Changes in Equity 17

Company Statement of Changes in Equity 18

Consolidated Statement of Cash Flows 19

Notes to the Consolidated Statement of Cash Flows 20 to 21

Notes to the Consolidated Financial Statements 22 to 49


CAMERONS BREWERY LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025







DIRECTORS: C D Soley
D J Soley
J R Foots



SECRETARY: J R Foots



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



BUSINESS ADDRESS: Lion Brewery
Stockton Street
Hartlepool
TS24 7QS



REGISTERED NUMBER: 03571101 (England and Wales)



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



BANKERS: Metro Bank PLC
1 Southampton Row
London
WC1B 5HA



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

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

GROUP STRATEGIC REPORT
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025


The directors present their strategic report of the company and the group for the period 1 January 2024 to 5 January 2025.

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

REVIEW OF BUSINESS
The group has performed very well in the year with a significant improvement in EBITDA from £3.9m in the prior year to £4.6m. Both the main divisions of brewing and managed house pubs have traded well.

Brewing volumes have continued to increase on prior year and at slightly better margins as a result of product mix changes with a higher proportion of small pack product being manufactured.

Pubs have generally performed well and are trading in line with prior year. We enter 2025 cautiously optimistic despite the headwinds the industry faces due to the labour budget initiatives and in particular the changes to employers' national insurance that take effect in April 2025.

Total number of pubs within the group stood at 5 Jan 2025 stood at 45; this compared with 47 at the end of the previous year.

The director's main objective of reducing high gearing levels has been achieved following completion of a debt refinancing with new funder Sandton Investments X (Luxembourg) S.a.R.L. on 23rd October 2024.

It is very pleasing to report that gearing levels at the year-end have reduced to 2.9x with gross borrowings (including hire purchase) now standing at £15.5m, a reduction of £10.8m from the position as of Dec 23.

This significant reduction of our debt has resulted in much lower debt service costs, meaning more focus is now being spent on growing both the brewery and pub operations. We have re-established our strategic expansion actions and are keen to grow our national flagship Head of Steam pub brand alongside our Urban Country Pubs estate. We continue to invest in the development of the brewery and have progressed a number of energy projects in our desire to hit our Net Zero Targets, including installation of solar panels on our warehouse roof.

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

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

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


CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

GROUP STRATEGIC REPORT
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025

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

These duties are detailed in section 172 of the UK Companies Act 2006. The directors and the group are committed to ensuring that in all business dealings they have regards to:
- The likely consequences of any decisions in the long term.
- The interests of the group's employees.
- Fostering good business relationships with customers and suppliers.
- The impact of the group in the communities and the environment in which it operates.
- Maintaining a good reputation for high standards of business conduct; and
- The need to act fairly and in the interests of the group and its shareholders

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

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

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

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

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

At the balance sheet date, the group had net current liabilities of £1.9m (31.12.23: £28.8m) and the actions we have taken have ensured we have always had sufficient liquidity in the system.

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

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

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

FINANCIAL SUMMARY
In the 12 months to Dec 2024, turnover of £60.2m was generated which compared with £61.5m for the previous 12 months, the slight reduction was due to the prior year having six months trading from a group of 26 pubs that were sold (Project Lion) on 30 June 2023.

EBITDA of c£4.6m is an increase of £0.7m from the prior year period .


CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

GROUP STRATEGIC REPORT
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025

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

ON BEHALF OF THE BOARD:





C D Soley - Director


4 April 2025

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

REPORT OF THE DIRECTORS
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025


The directors present their report with the financial statements of the company and the group for the period 1 January 2024 to 5 January 2025.

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

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

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

C D Soley
D J Soley
J R Foots

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

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

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

To ensure a high level of transparency is achieved, robust and recognised reporting methods are implemented. The reporting methodology involves usage of the 2024 DEFRA (Department for Environment, Food and Rural Affairs) emissions factors to calculate and assess our UK operational emissions.

The SECR reporting period covers Camerons Brewery Limited's operations from the 1st January 2024 to the 5th January 2025 and our calculations are for the following scopes:

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

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

Calculation Methodology


CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

REPORT OF THE DIRECTORS
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025

Camerons Brewery Limited's emissions have been assessed in accordance with the 'GHG Protocol Corporate Accounting and Reporting Standard' and in line with DEFRA's 'Environmental reporting guidelines: including Streamlined Energy and Carbon Reporting Requirements'. The DEFRA 2024 emissions conversion factors were used to quantify the emissions associated with Camerons Brewery Limited's UK operations for the specified reporting period. Where first hand energy consumption data was unavailable, pro-rata extrapolation, data benchmarking, and direct comparison estimation methodologies have been used.

Organisational Boundary

We have used the operational control approach.

Results

01/01/2024 -
05/01/2025
02/01/2023 -
31/12/2023
Area / Metric UK & Offshore UK & Offshore
Emissions from combustion of fuel in company owned or
operated vehicles (Scope 1) - Energy (kWh)

646,287

692,356
Emissions from combustion of fuel in company owned or
operated vehicles (Scope 1) - Emissions (tCO2e)

150.02

161.3
Emissions from combustion of natural gas at site (Scope 1) -
Energy (kWh)

18,551,810

18,128,361
Emissions from combustion of natural gas at site (Scope 1) -
Emissions (tCO2e)

3,393.1

3,316.2
Emissions from combustion of fuel at site (Scope 1) - Energy
(kWh)

2,713

61,188
Emissions from combustion of fuel at site (Scope 1) - Emissions
(tCO2e)

0.58

13.1
Emissions from purchased electricity (Scope 2) - Energy (kWh) 9,040,366 9,325,485
Emissions from purchased electricity (Scope 2) - Emissions
(tCO2e)

1,871.8

1,931.1
Emissions from Electric Vehicles (EVs) (Scope 2) - Energy
(kWh)

25,490

49,661
Emissions from Electric Vehicles (EVs) (Scope 2) - Emissions
(tCO2e)

5.3

10.3
Emissions from expensed business travel in employee and hire
vehicles (Scope 3) - Energy (kWh)

203,262

174,143
Emissions from expensed business travel in employee and hire
vehicles (Scope 3) - Emissions (tCO2e)

48.2

41.0
Intensity Ratio - (tCO2e / £m Turnover) 89.1 88.1
Intensity Ratio - (tCO2e/HI Brewery Throughput) 0.01 0.01
Total Energy Consumption - Used for Emissions Calculation
(kWh)

28,469,929

28,431,193
Total Emissions 5,469.0 5,473.0

Intensity Metrics

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

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

Energy Efficiency Measures

During the reporting period, we replaced all lighting with LEDs in the main bottling hall. We also have future plans to have solar panels fitted.

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

REPORT OF THE DIRECTORS
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025


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

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

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

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

ON BEHALF OF THE BOARD:





C D Soley - Director


4 April 2025

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


Opinion
We have audited the financial statements of Camerons Brewery Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 5 January 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 5 January 2025 and of the group's profit for the period then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page seven, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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

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

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


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


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


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

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

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

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


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

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

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

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




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

4 April 2025

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025

Period Period
1.1.24 2.1.23
to to
5.1.25 31.12.23
Notes £    £   

TURNOVER 4 60,246,097 61,552,307

Cost of sales (43,023,192 ) (44,053,044 )
GROSS PROFIT 17,222,905 17,499,263

Administrative expenses (16,574,608 ) (16,229,101 )
648,297 1,270,162

Other operating income 5 531,747 573,166
OPERATING PROFIT 7 1,180,044 1,843,328

Exceptional items 8 10,650,228 -
11,830,272 1,843,328

Interest receivable and similar income 9 - 2,633
11,830,272 1,845,961

Interest payable and similar expenses 10 (2,327,923 ) (2,393,622 )
PROFIT/(LOSS) BEFORE TAXATION 9,502,349 (547,661 )

Tax on profit/(loss) 11 283,094 62,484
PROFIT/(LOSS) FOR THE FINANCIAL
PERIOD

9,785,443

(485,177

)

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

-

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


(167,920


)


167,920
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

9,617,523

(317,257

)

Profit/(loss) attributable to:
Owners of the parent 9,785,443 (485,177 )

Total comprehensive income attributable to:
Owners of the parent 9,617,523 (317,257 )

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025

Period Period
1.1.24 2.1.23
to to
5.1.25 31.12.23
£    £   

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
5 JANUARY 2025

5.1.25 31.12.23
Notes £    £   
FIXED ASSETS
Intangible assets 13 572,932 1,822,127
Tangible assets 14 27,626,205 29,102,013
Investments 15 - -
28,199,137 30,924,140

CURRENT ASSETS
Stocks 16 2,102,216 2,281,995
Debtors 17 4,987,556 5,183,464
Cash at bank and in hand 1,643,349 1,586,324
8,733,121 9,051,783
CREDITORS
Amounts falling due within one year 18 (10,653,362 ) (37,856,756 )
NET CURRENT LIABILITIES (1,920,241 ) (28,804,973 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

26,278,896

2,119,167

CREDITORS
Amounts falling due after more than one
year

19

(15,287,693

)

(581,415

)

PROVISIONS FOR LIABILITIES 23 (736,188 ) (900,260 )
NET ASSETS 10,255,015 637,492

CAPITAL AND RESERVES
Called up share capital 24 166,350 166,350
Share premium 25 8,318 8,318
Revaluation reserve 25 6,069,622 6,237,542
Capital redemption reserve 25 127,651 127,651
Retained earnings 25 3,883,074 (5,902,369 )
SHAREHOLDERS' FUNDS 10,255,015 637,492

The financial statements were approved by the Board of Directors and authorised for issue on 4 April 2025 and were signed on its behalf by:




C D Soley - Director



J R Foots - Director


CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

COMPANY STATEMENT OF FINANCIAL POSITION
5 JANUARY 2025

5.1.25 31.12.23
Notes £    £   
FIXED ASSETS
Intangible assets 13 130,755 358,615
Tangible assets 14 25,354,517 26,695,397
Investments 15 4,399,743 4,529,803
29,885,015 31,583,815

CURRENT ASSETS
Stocks 16 1,888,772 2,019,839
Debtors 17 4,478,384 6,524,046
Cash at bank and in hand 675,222 828,321
7,042,378 9,372,206
CREDITORS
Amounts falling due within one year 18 (10,672,236 ) (37,014,293 )
NET CURRENT LIABILITIES (3,629,858 ) (27,642,087 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

26,255,157

3,941,728

CREDITORS
Amounts falling due after more than one
year

19

(15,287,693

)

(581,415

)

PROVISIONS FOR LIABILITIES 23 (668,306 ) (853,903 )
NET ASSETS 10,299,158 2,506,410

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

COMPANY STATEMENT OF FINANCIAL POSITION - continued
5 JANUARY 2025

5.1.25 31.12.23
Notes £    £   
CAPITAL AND RESERVES
Called up share capital 24 166,350 166,350
Share premium 25 8,318 8,318
Revaluation reserve 25 6,069,622 6,237,542
Capital redemption reserve 25 127,651 127,651
Retained earnings 25 3,927,217 (4,033,451 )
SHAREHOLDERS' FUNDS 10,299,158 2,506,410

Company's profit/(loss) for the financial
year

7,960,668

(134,001

)


The financial statements were approved by the Board of Directors and authorised for issue on 4 April 2025 and were signed on its behalf by:




C D Soley - Director



J R Foots - Director


CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 2 January 2023 166,350 (5,417,192 ) 8,318

Changes in equity
Total comprehensive income - (485,177 ) -
Balance at 31 December 2023 166,350 (5,902,369 ) 8,318

Changes in equity
Total comprehensive income - 9,785,443 -
Balance at 5 January 2025 166,350 3,883,074 8,318
Capital
Revaluation redemption Total
reserve reserve equity
£    £    £   
Balance at 2 January 2023 6,069,622 127,651 954,749

Changes in equity
Total comprehensive income 167,920 - (317,257 )
Balance at 31 December 2023 6,237,542 127,651 637,492

Changes in equity
Total comprehensive income (167,920 ) - 9,617,523
Balance at 5 January 2025 6,069,622 127,651 10,255,015

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 2 January 2023 166,350 (3,899,450 ) 8,318

Changes in equity
Total comprehensive income - (134,001 ) -
Balance at 31 December 2023 166,350 (4,033,451 ) 8,318

Changes in equity
Total comprehensive income - 7,960,668 -
Balance at 5 January 2025 166,350 3,927,217 8,318
Capital
Revaluation redemption Total
reserve reserve equity
£    £    £   
Balance at 2 January 2023 6,069,622 127,651 2,472,491

Changes in equity
Total comprehensive income 167,920 - 33,919
Balance at 31 December 2023 6,237,542 127,651 2,506,410

Changes in equity
Total comprehensive income (167,920 ) - 7,792,748
Balance at 5 January 2025 6,069,622 127,651 10,299,158

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025

Period Period
1.1.24 2.1.23
to to
5.1.25 31.12.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 13,959,218 3,798,181
Interest paid (2,216,685 ) (2,279,734 )
Interest element of hire purchase
payments paid

(106,138

)

(108,788

)
Finance costs paid (5,100 ) (5,100 )
Tax paid 555 -
Taxation refund - 116,501
Net cash from operating activities 11,631,850 1,521,060

Cash flows from investing activities
Purchase of tangible fixed assets (510,167 ) (663,947 )
Sale of intangible fixed assets 12,848 (51,693 )
Sale of tangible fixed assets 261,148 7,951,801
Interest received - 2,633
Net cash from investing activities (236,171 ) 7,238,794

Cash flows from financing activities
Loan repayments in year (10,497,000 ) (7,255,000 )
Capital repayments in year (838,664 ) (419,549 )
Amount introduced by directors - 2,990
Amount withdrawn by directors (2,990 ) -
Net cash from financing activities (11,338,654 ) (7,671,559 )

Increase in cash and cash equivalents 57,025 1,088,295
Cash and cash equivalents at
beginning of period

2

1,586,324

498,029

Cash and cash equivalents at end of
period

2

1,643,349

1,586,324

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025


1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

Period Period
1.1.24 2.1.23
to to
5.1.25 31.12.23
£    £   
Profit/(loss) before taxation 9,502,349 (547,661 )
Depreciation charges 2,454,549 2,072,415
Loss on disposal of fixed assets 11,409 369,011
Impairment of fixed assets 980,184 -
Finance costs 2,327,923 2,393,622
Finance income - (2,633 )
15,276,414 4,284,754
Decrease in stocks 179,779 31,458
Decrease in trade and other debtors 147,012 1,441,328
Decrease in trade and other creditors (1,643,987 ) (1,959,359 )
Cash generated from operations 13,959,218 3,798,181

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Period ended 5 January 2025
5.1.25 1.1.24
£    £   
Cash and cash equivalents 1,643,349 1,586,324
Period ended 31 December 2023
31.12.23 2.1.23
£    £   
Cash and cash equivalents 1,586,324 717,591
Bank overdrafts - (219,562 )
1,586,324 498,029


CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.1.24 Cash flow changes At 5.1.25
£    £    £    £   
Net cash
Cash at bank
and in hand 1,586,324 57,025 1,643,349
1,586,324 57,025 1,643,349
Debt
Finance leases (859,599 ) 838,664 - (505,907 )
Debts falling due
within 1 year (25,497,000 ) 25,497,000 - -
Debts falling due
after 1 year (51,000 ) (15,000,000 ) - (15,051,000 )
(26,407,599 ) 11,335,664 - (15,556,907 )
Total (24,821,275 ) 11,392,689 - (13,913,558 )

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025


1. STATUTORY INFORMATION

Camerons Brewery Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.

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

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

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

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

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

BASIS OF CONSOLIDATION
The financial statements consolidate the financial statements of the Group and all of its subsidiary undertakings.

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

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

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025


3. ACCOUNTING POLICIES - continued

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

Key sources of estimation uncertainty

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

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

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

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

Gearing has been further materially lowered because of the completion of our refinance bringing a new debt funder, Sandton Investments X (Luxembourg) S.a.R.L, into the business.

At the balance sheet date, the group had net current liabilities of £1.9m (31.12.23: £28.8m) and the actions we have taken have ensured we have always had sufficient liquidity in the system.

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

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

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

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

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

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025


3. ACCOUNTING POLICIES - continued

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

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

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

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

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025


3. ACCOUNTING POLICIES - continued

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

Freehold property-5% straight line and 2% straight line
Short leasehold-4% straight line and straight line over the life of the lease
Long leasehold-straight line over the life of the lease
Leasehold improvements-4% straight line and straight line over the life of the lease
Plant and machinery-20% straight line and 5% straight line -
Fixtures and fittings-33% straight line, 20% straight line and 12.5% straight line
Motor vehicles-25% straight line
Assets under construction-not provided

Depreciation os assets are after adjusting for residual values.

No depreciation has been charged on brewery land and buildings as the directors are of the opinion that the residual value of the brewery land and buildings is not materially different to the fair value.

An annual impairment review is carried out on all licensed properties and the directors are of the opinion that the market value of the licensed estate in its entirety after provision for impairments is in excess of the net book value at 31st December 2024.

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

(i) Land and buildings

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

(ii) Public houses

Public houses are stated at cost less impairment.

(iii) Leasehold Property and leasehold improvements

Leasehold property is stated at cost less accumulated depreciation.

(iv) Plant and machinery

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

(v) Fixtures & Fittings

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

(vi) Motor Vehicles

Motor vehicles are stated at cost less accumulated depreciation.


CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025


3. ACCOUNTING POLICIES - continued

(vii) Assets under construction

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


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

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

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

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

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

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

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

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

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

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025


3. ACCOUNTING POLICIES - continued

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

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

Debt instruments are subsequently measured at amortised cost.

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

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

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

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

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

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

CORPORATION TAX
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025


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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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

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

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

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

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

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

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

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

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

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025


3. ACCOUNTING POLICIES - continued

EMPLOYEE BENEFITS
The company provides a range of benefits to employees.

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

4. TURNOVER

The turnover and profit (2023 - loss) before taxation are attributable to the principal activities of the group.

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

Period Period
1.1.24 2.1.23
to to
5.1.25 31.12.23
£    £   
Brewing & associated trades 30,982,227 31,130,025
Pub estates 29,176,391 30,344,715
Rent receivable 87,479 77,567
60,246,097 61,552,307

5. OTHER OPERATING INCOME
Period Period
1.1.24 2.1.23
to to
5.1.25 31.12.23
£    £   
Sundry receipts 117,403 49,788
Machine income 184,398 225,309
Sale of waste products 229,946 298,069
531,747 573,166

6. EMPLOYEES AND DIRECTORS
Period Period
1.1.24 2.1.23
to to
5.1.25 31.12.23
£    £   
Wages and salaries 12,886,040 12,696,901
Social security costs 1,000,262 958,711
Other pension costs 246,924 290,041
14,133,226 13,945,653

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025


6. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the period was as follows:
Period Period
1.1.24 2.1.23
to to
5.1.25 31.12.23

Management and administration 130 154
Public houses 480 493
610 647

Period Period
1.1.24 2.1.23
to to
5.1.25 31.12.23
£    £   
Directors' remuneration 675,610 843,666

Information regarding the highest paid director is as follows:
Period Period
1.1.24 2.1.23
to to
5.1.25 31.12.23
£    £   
Emoluments etc 260,677 408,354

In addition to the directors remuneration above, the directors received additional benefits of £45,169 (31.12.2023: £61,992).

7. OPERATING PROFIT

The operating profit is stated after charging:

Period Period
1.1.24 2.1.23
to to
5.1.25 31.12.23
£    £   
Hire of plant and machinery 23,887 23,379
Depreciation - owned assets 1,253,826 1,383,829
Depreciation - assets on hire purchase contracts 77,984 90,021
Loss on disposal of fixed assets 11,409 369,011
Goodwill amortisation 1,110,631 583,425
Patents and licences amortisation 12,112 15,140
Auditors' remuneration 38,928 47,329
Impairment of fixed assets 980,184 -

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025


8. EXCEPTIONAL ITEMS
Period Period
1.1.24 2.1.23
to to
5.1.25 31.12.23
£    £   
Exceptional items 10,650,228 -

Included within exceptional items is a large credit balance of £10.6m which arose as a result of the refinance of borrowings in October 2024.This refinancing was necessary to secure the medium to longer term viability of the business and it has resulted in a much needed improvement to net assets. As part of the transaction some £11.2m of debt was formally released offset by £0.6m of associated professional costs.

Also included in the exceptional items relate to the closure of the Albion street and rental credits received from this of £37k.

9. INTEREST RECEIVABLE AND SIMILAR INCOME
Period Period
1.1.24 2.1.23
to to
5.1.25 31.12.23
£    £   
Deposit account interest - 2,633

10. INTEREST PAYABLE AND SIMILAR EXPENSES
Period Period
1.1.24 2.1.23
to to
5.1.25 31.12.23
£    £   
Bank interest 1,967,039 2,038,411
Factoring interest 249,646 241,323
Hire purchase interest 106,138 108,788
Dividend paid on preference
shares 5,100 5,100
2,327,923 2,393,622

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025


11. TAXATION

Analysis of the tax credit
The tax credit on the profit for the period was as follows:
Period Period
1.1.24 2.1.23
to to
5.1.25 31.12.23
£    £   
Current tax:
Adjustment in respect of prior
period 48,898 (152,587 )

Deferred tax:
Deferred tax (354,500 ) 90,103
Over/under provision 22,508 -
Total deferred tax (331,992 ) 90,103
Tax on profit/(loss) (283,094 ) (62,484 )

RECONCILIATION OF TOTAL TAX CREDIT INCLUDED IN PROFIT AND LOSS
The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below:

Period Period
1.1.24 2.1.23
to to
5.1.25 31.12.23
£    £   
Profit/(loss) before tax 9,502,349 (547,661 )
Profit/(loss) multiplied by the standard rate of corporation tax in the
UK of 25 % (2023 - 23.520 %)

2,375,587

(128,810

)

Effects of:
Expenses not deductible for tax purposes 656,116 171,806
Income not taxable for tax purposes (3,142,094 ) (3,038 )
Capital allowances in excess of depreciation (190,926 ) -
Utilisation of tax losses (53,184 ) (11,080 )
Adjustments to tax charge in respect of previous periods 71,407 (117,217 )

future changes in tax rates - 25,855
Total tax credit (283,094 ) (62,484 )

Tax effects relating to effects of other comprehensive income

1.1.24 to 5.1.25
Gross Tax Net
£    £    £   
Deferred tax on fair value reserve (167,920 ) - (167,920 )


CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025


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

12. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

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


13. INTANGIBLE FIXED ASSETS

Group
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 January 2024 4,960,528 1,050,000 6,010,528
Disposals (100,000 ) - (100,000 )
Impairments (1,050,000 ) - (1,050,000 )
At 5 January 2025 3,810,528 1,050,000 4,860,528
AMORTISATION
At 1 January 2024 3,198,962 989,439 4,188,401
Amortisation for period 1,110,631 12,112 1,122,743
Eliminated on disposal (87,152 ) - (87,152 )
Impairments (936,396 ) - (936,396 )
At 5 January 2025 3,286,045 1,001,551 4,287,596
NET BOOK VALUE
At 5 January 2025 524,483 48,449 572,932
At 31 December 2023 1,761,566 60,561 1,822,127

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025


13. INTANGIBLE FIXED ASSETS - continued

Company
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 January 2024 380,000 1,050,000 1,430,000
Disposals (100,000 ) - (100,000 )
Impairments (1,050,000 ) - (1,050,000 )
At 5 January 2025 (770,000 ) 1,050,000 280,000
AMORTISATION
At 1 January 2024 81,946 989,439 1,071,385
Amortisation for period 89,296 12,112 101,408
Eliminated on disposal (87,152 ) - (87,152 )
Impairments (936,396 ) - (936,396 )
At 5 January 2025 (852,306 ) 1,001,551 149,245
NET BOOK VALUE
At 5 January 2025 82,306 48,449 130,755
At 31 December 2023 298,054 60,561 358,615

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

Included in Goodwill is an amount of negative goodwill at a cost of £3,110,000 (31.12.2023 - £3,110,000). Amortisation recognised in the profit or loss totalled £Nil (31.12.2023 - £42,667). Total amortisation charged against negative goodwill totalled £3,110,000 (31.12.2023 - £3,110,000).

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025


14. TANGIBLE FIXED ASSETS

Group
Freehold Short Long
property leasehold leasehold
£    £    £   
COST
At 1 January 2024 14,903,179 2,298,329 1,788,058
Additions - - -
Disposals (212,734 ) - -
Impairments (19,000 ) - (505,841 )
At 5 January 2025 14,671,445 2,298,329 1,282,217
DEPRECIATION
At 1 January 2024 1,938,444 863,271 558,076
Charge for period 19,242 93,852 75,050
Eliminated on disposal - - -
Impairments - - (232,185 )
At 5 January 2025 1,957,686 957,123 400,941
NET BOOK VALUE
At 5 January 2025 12,713,759 1,341,206 881,276
At 31 December 2023 12,964,735 1,435,058 1,229,982

Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2024 19,037,763 12,881,166 697,779 51,606,274
Additions 475,438 432,643 87,058 995,139
Disposals - (149,193 ) (67,654 ) (429,581 )
Impairments (257,636 ) (2,181,368 ) - (2,963,845 )
At 5 January 2025 19,255,565 10,983,248 717,183 49,207,987
DEPRECIATION
At 1 January 2024 9,961,970 9,030,797 151,703 22,504,261
Charge for period 449,856 570,344 123,466 1,331,810
Eliminated on disposal - (131,844 ) (25,180 ) (157,024 )
Impairments (243,805 ) (1,621,275 ) - (2,097,265 )
At 5 January 2025 10,168,021 7,848,022 249,989 21,581,782
NET BOOK VALUE
At 5 January 2025 9,087,544 3,135,226 467,194 27,626,205
At 31 December 2023 9,075,793 3,850,369 546,076 29,102,013

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025


14. TANGIBLE FIXED ASSETS - continued

Group

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

The total net book value of the brewery as at Dec 2024 including plant & machinery is £18.3m . As part of the recent renewal of bank facilities the directors commissioned an operational use valuation of the Lion Brewery . The directors feel that the resulting valuation , undertaken by CBRE , of £23.3m in Dec 2024 more accurately reflects its full market value , however no adjustments have been reflected in the accounts

In respect of tangible assets held at valuation, the aggregate cost, depreciation and carrying amount that would have been recognised if the assets had been carried under the historical cost model are: Aggregate cost £2,149,007 (31.12.2023: £2,149,007), Aggregate depreciation £581,570 (31.12.2023: £562,328) and carrying value £1,567,437 (31.12.2023: £1,586,679).

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2024 956,821 - 558,429 1,515,250
Additions - - 87,058 87,058
Disposals - - (67,654 ) (67,654 )
Transfer to ownership (486,883 ) - (74,684 ) (561,567 )
Reclassification/transfer - 32,500 - 32,500
At 5 January 2025 469,938 32,500 503,149 1,005,587
DEPRECIATION
At 1 January 2024 272,726 - 47,194 319,920
Charge for period 7,052 2,844 68,088 77,984
Eliminated on disposal - - (25,180 ) (25,180 )
Reclassification/transfer - 6,906 - 6,906
At 5 January 2025 279,778 9,750 90,102 379,630
NET BOOK VALUE
At 5 January 2025 190,160 22,750 413,047 625,957
At 31 December 2023 684,095 - 511,235 1,195,330

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025


14. TANGIBLE FIXED ASSETS - continued

Company
Freehold Long Plant and
property leasehold machinery
£    £    £   
COST
At 1 January 2024 14,903,180 1,861,803 18,914,124
Additions - - 475,438
Disposals (212,734 ) - -
Impairments (19,000 ) (505,841 ) -
At 5 January 2025 14,671,446 1,355,962 19,389,562
DEPRECIATION
At 1 January 2024 1,938,444 661,398 9,858,503
Charge for period 19,242 74,457 443,514
Eliminated on disposal - - -
Impairments - (232,185 ) -
At 5 January 2025 1,957,686 503,670 10,302,017
NET BOOK VALUE
At 5 January 2025 12,713,760 852,292 9,087,545
At 31 December 2023 12,964,736 1,200,405 9,055,621

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 January 2024 10,215,728 697,779 46,592,614
Additions 239,339 87,058 801,835
Disposals (149,193 ) (67,654 ) (429,581 )
Impairments (1,486,670 ) - (2,011,511 )
At 5 January 2025 8,819,204 717,183 44,953,357
DEPRECIATION
At 1 January 2024 7,287,169 151,703 19,897,217
Charge for period 445,774 123,466 1,106,453
Eliminated on disposal (131,844 ) (25,180 ) (157,024 )
Impairments (1,015,621 ) - (1,247,806 )
At 5 January 2025 6,585,478 249,989 19,598,840
NET BOOK VALUE
At 5 January 2025 2,233,726 467,194 25,354,517
At 31 December 2023 2,928,559 546,076 26,695,397

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025


14. TANGIBLE FIXED ASSETS - continued

Company

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

The total net book value of the brewery as at Dec 2024 including plant & machinery is £18.3m . In the prior year the directors commissioned an operational use valuation of the Lion Brewery . The directors feel that the resulting valuation , undertaken by CBRE , of £23.3m in Dec 2024 more accurately reflects its full market value , however no adjustments have been reflected in the accounts.

In respect of tangible assets held at valuation, the aggregate cost, depreciation and carrying amount that would have been recognised if the assets had been carried under the historical cost model are: Aggregate cost £2,149,007 (31.12.2023: £2,149,007), Aggregate depreciation £581,570 (31.12.2023: £562,328) and carrying value £1,567,437 (31.12.2023: £1,586,679).

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2024 956,821 - 558,429 1,515,250
Additions - - 87,058 87,058
Disposals - - (67,654 ) (67,654 )
Transfer to ownership (486,883 ) - (74,684 ) (561,567 )
Reclassification/transfer - 32,500 - 32,500
At 5 January 2025 469,938 32,500 503,149 1,005,587
DEPRECIATION
At 1 January 2024 272,726 - 47,194 319,920
Charge for period 7,052 2,844 68,088 77,984
Eliminated on disposal - - (25,180 ) (25,180 )
Reclassification/transfer - 6,906 - 6,906
At 5 January 2025 279,778 9,750 90,102 379,630
NET BOOK VALUE
At 5 January 2025 190,160 22,750 413,047 625,957
At 31 December 2023 684,095 - 511,235 1,195,330

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025


15. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertaking
£   
COST
At 1 January 2024 4,529,803
Impairments (130,060 )
At 5 January 2025 4,399,743
NET BOOK VALUE
At 5 January 2025 4,399,743
At 31 December 2023 4,529,803

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

SUBSIDIARIES

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

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

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


CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025


15. FIXED ASSET INVESTMENTS - continued



Class of
share

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

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

16. STOCKS

Group Company
5.1.25 31.12.23 5.1.25 31.12.23
£    £    £    £   
Stocks 1,265,233 1,290,558 1,051,789 1,028,402
Raw materials 836,983 991,437 836,983 991,437
2,102,216 2,281,995 1,888,772 2,019,839

17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
5.1.25 31.12.23 5.1.25 31.12.23
£    £    £    £   
Trade debtors 3,565,822 3,714,689 3,534,465 3,712,613
Amounts owed by group undertakings - - - 1,786,861
Other debtors 68,760 62,999 10,463 -
Tax - 48,898 - 48,898
Social security and other tax - 30,804 - -
Prepayments and accrued income 1,352,974 1,326,074 933,456 975,674
4,987,556 5,183,464 4,478,384 6,524,046

The debtors above include trade debtors falling due after more than one year of £Nil (31.12.2023 - £32,023).

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025


18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
5.1.25 31.12.23 5.1.25 31.12.23
£    £    £    £   
Bank loans and overdrafts (see note 20) - 25,497,000 - 25,497,000
Hire purchase contracts (see note 21) 269,214 404,184 269,214 404,184
Trade creditors 3,870,676 5,247,324 2,756,298 3,700,296
Amounts owed to group undertakings - - 2,248,382 1,785,823
Tax 555 - - -
Social security and other taxes 348,110 263,083 231,935 178,425
Duty 1,447,689 1,206,818 1,447,689 1,206,818
VAT 867,849 983,426 438,564 534,340
Other creditors 2,220,141 2,769,036 2,082,086 2,685,290
Directors' current accounts - 2,990 - -
Accruals and deferred income 1,629,128 1,482,895 1,198,068 1,022,117
10,653,362 37,856,756 10,672,236 37,014,293

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

Group Company
5.1.25 31.12.23 5.1.25 31.12.23
£    £    £    £   
Bank loans (see note 20) 15,000,000 - 15,000,000 -
Preference shares (see note 20) 51,000 51,000 51,000 51,000
Hire purchase contracts (see note 21) 236,693 455,415 236,693 455,415
Other creditors - 75,000 - 75,000
15,287,693 581,415 15,287,693 581,415

20. LOANS

An analysis of the maturity of loans is given below:

Group Company
5.1.25 31.12.23 5.1.25 31.12.23
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans - 25,497,000 - 25,497,000
Amounts falling due between one and two years:
Bank loans - 1-2 years 15,000,000 - 15,000,000 -
Amounts falling due between two and five years:
Preference shares 51,000 51,000 51,000 51,000

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025


20. LOANS - continued

On 23 October 2024 the company completed a refinancing of its borrowings. As a result of this transaction, the existing facility, which was due to terminate in Dec 24, was assigned, amended and restated and extended to Dec 26, the new debt provider is Sandton Investments X (Luxembourg) S.a.R.L. This has resulted in a new lower carrying debt of £15m which included an advance of £1m to assist with working capital. As part of this transaction some £11.2m of debt was formally released.

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

Total bank loans as of 5 January 2025 are £15.0m which represent a reduction of £10.5m from the
amount outstanding as of 31 December 2023.

Details of shares shown as liabilities are as follows:

Allotted, issued and fully paid:
Number: Class: Nominal 5.1.25 31.12.23
value: as
restated
£    £   
51,000 10% Preference shares £1 51,000 51,000

21. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
5.1.25 31.12.23
£    £   
Gross obligations repayable:
Within one year 237,611 404,184
Between one and five years 214,965 455,415
452,576 859,599

Finance charges repayable:
Within one year (31,603 ) -
Between one and five years (21,728 ) -
(53,331 ) -

Net obligations repayable:
Within one year 269,214 404,184
Between one and five years 236,693 455,415
505,907 859,599

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025


21. LEASING AGREEMENTS - continued

Company
Hire purchase contracts
5.1.25 31.12.23
as restated
£    £   
Gross obligations repayable:
Within one year 237,611 404,184
Between one and five years 214,965 455,415
452,576 859,599

Finance charges repayable:
Within one year (31,603 ) -
Between one and five years (21,728 ) -
(53,331 ) -

Net obligations repayable:
Within one year 269,214 404,184
Between one and five years 236,693 455,415
505,907 859,599

Group
Non-cancellable operating leases
5.1.25 31.12.23
as restated
£    £   
Within one year 2,587,071 2,597,818
Between one and five years 9,210,273 9,146,519
In more than five years 12,096,965 13,293,635
23,894,309 25,037,972

Operating leases - lessor

The below amounts are the future minimum lease payments under non-cancellable operating leases due to the group:

2024 2023
£    £   
Within one year 135,807 135,807
Between one and five years 483,550 519,357
In more than five years 475,000 575,000
1,094,357 1,230,164

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025


21. LEASING AGREEMENTS - continued

Company
Non-cancellable operating leases
5.1.25 31.12.23
as restated
£    £   
Within one year 1,338,613 1,369,988
Between one and five years 4,294,440 4,487,330
In more than five years 5,128,305 5,438,396
10,761,358 11,295,714

Operating leases - lessor

The below amounts are the future minimum lease payments under non-cancellable operating leases due to the company:

2024 2023
£    £   
Within one year 35,807 35,807
Between one and five years 83,550 119,357
In more than five years - -
119,357 155,164

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025


22. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
5.1.25 31.12.23 5.1.25 31.12.23
£    £    £    £   
Bank loans 15,000,000 25,497,000 15,000,000 25,497,000
Hire purchase contracts 505,907 859,599 505,907 859,599
Other creditors - - - 2,460,602
15,505,907 26,356,599 15,505,907 28,817,201

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

(i) Fixed and floating charges exist dated 29 December 2015 over all licensed premises and a legal charge on the brewery.

(ii) Fixed and floating charge and negative pledge exists dated 6th July 2016 in favour of HSBC Bank Plc, secured against all land and intellectual property.

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

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

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

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

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

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

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

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

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

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


CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025

As a result of the refinancing which completed on 23 October 2024,
(a) subject to para (b) below all and any HSBC security has been assigned to new funder Sandton Investments X (Luxembourg) S.a.R.L. , by way of a first fixed & floating charge and to new funder IGF Business Credit Limited , by way of a second fixed & floating charge.

(b) All Non-Vesting Debts, Accounts Receivables and Inventory the first priority is to IGF Business Credit Limited and second priority to Sandton Investments X (Luxembourg) S.a.R.L.

23. PROVISIONS FOR LIABILITIES

Group Company
5.1.25 31.12.23 5.1.25 31.12.23
£    £    £    £   
Deferred tax
Accelerated capital allowances 4,124,467 4,289,845 3,884,345 3,641,468
Tax losses carried forward (3,153,967 ) (3,249,552 ) (2,981,727 ) (2,647,532 )
Other timing differences (234,312 ) (140,033 ) (234,312 ) (140,033 )
736,188 900,260 668,306 853,903

Group
Deferred
tax
£   
Balance at 1 January 2024
As previously reported 911,340
Prior year adjustment (11,080 )
As restated 900,260
Provided during period (164,072 )
Balance at 5 January 2025 736,188

Company
Deferred
tax
£   
Balance at 1 January 2024
As previously reported 1,291,248
Prior year adjustment (437,345 )
As restated 853,903
Utilised during period (185,597 )
Balance at 5 January 2025 668,306

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025


24. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 5.1.25 31.12.23
value: as
restated
£    £   
126,426 Ordinary £1 126,426 126,426
39,924 Ordinary Non-voting £1 39,924 39,924
166,350 166,350

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

25. RESERVES

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

At 1 January 2024 (5,902,369 ) 8,318 6,237,542 127,651 471,142
Profit for the period 9,785,443 9,785,443
Deferred tax on revaluation
reserve - - (167,920 ) - (167,920 )
At 5 January 2025 3,883,074 8,318 6,069,622 127,651 10,088,665

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025


25. RESERVES - continued

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

At 1 January 2024 (4,033,451 ) 8,318 6,237,542 127,651 2,340,060
Profit for the period 7,960,668 7,960,668
Deferred tax on revaluation
reserve - - (167,920 ) - (167,920 )
At 5 January 2025 3,927,217 8,318 6,069,622 127,651 10,132,808

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

Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. The revaluation reserve arose on the revaluation of certain fixed assets on transition to FRS 102 and includes the associated deferred tax of £nil (31.12.2023: £nil). Amounts representing the equivalent depreciation and deferred tax are transferred to retained earnings each year.

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

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

26. RELATED PARTY DISCLOSURES

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

Ramscove Limited, a connected company
5.1.25 31.12.23
as restated
£    £   
Transactions in the year 266,128 377,128

Clive Owen & Co LLP, a connected company
5.1.25 31.12.23
as restated
£    £   
Transactions in the year - 1,003

27. POST BALANCE SHEET EVENTS

There have been no material post balance sheet events, up to the date of approval of the financial statements by the board.

CAMERONS BREWERY LIMITED (REGISTERED NUMBER: 03571101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025


28. ULTIMATE CONTROLLING PARTY

The controlling party is D J Soley.