Company Registration No. 02633943 (England and Wales)
HOPS AND BARLEY LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2024
HOPS AND BARLEY LIMITED
COMPANY INFORMATION
Directors
J K Ravenscroft
C Doran
Secretary
Mrs C A Doran
Company number
02633943
Registered office
Larch Lea Industrial Estate
Castor Street
Liverpool
L6 5AT
Auditor
Royce Peeling Green Limited
The Copper Room
Deva City Office Park
Trinity Way
Manchester
M3 7BG
HOPS AND BARLEY LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Independent auditor's report
3 - 5
Group statement of comprehensive income
6
Group and company balance sheets
7
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 28
HOPS AND BARLEY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JULY 2024
- 1 -

The directors present the strategic report for the year ended 30 July 2024.

Fair review of the business

The results for the year and financial position of the group are as shown in the financial statements.

 

Trading

Turnover in the period was £18.6m (£18.0m last year) and the company maintained its margins at a reasonable level.

 

The company continues to invest in its IT and marketing resources and we have continued to trade profitably and generate cash.

 

Cash

As noted last year, we have agreed the purchase of land and been granted planning permission for the construction of a new 10,000 sq ft warehouse with cash and carry shop attached close to our existing Holywell depot to improve our access to the Welsh market.

 

It is the intention of the directors to continue to support the group financially, and the profits and cash flows generated are considered sufficient to ensure the group has adequate resources. Therefore, the directors have adopted a going concern basis in preparing the accounts.

 

Post year end events

Since August 2024, trading has been satisfactory. Development of the new site in Wales is progressing well and we expect to be in our new premises by June 2025.

Principal risks and uncertainties

The group manages the inherent uncertainty due to the general economic climate by continually reviewing its operations and implementing efficiencies in every area of its business.

 

The group does not use financial instruments as part of its financial risk management. It is exposed to the usual credit and cash flow risk associated with selling on credit and manages this through credit control procedures.

Employees

The group has continued to follow the requirements of Health & Safety at Work Act with concern of the welfare of its employees. 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. The group provides employees with information about the group through internal media methods and newsletters.

On behalf of the board

..............................
J K Ravenscroft
Date: .............................................
Director
HOPS AND BARLEY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JULY 2024
- 2 -

The directors present their annual report and consolidated financial statements for the year ended 30 July 2024.

Principal activities

The principal activity of the company and group continued to be that of wholesalers, distributors and retailers of

beers, spirits and soft drinks and the running of social clubs.

Results and dividends

The results for the year are set out on page 5. Ordinary dividends were paid amounting to £280,107.

The directors do not recommend payment of a further dividend.

Directors

J K Ravenscroft and C A Doran held office as directors during the year and up to the date of signature of financial statements.

Auditor

The auditor, Royce Peeling Green Limited, is deemed to be reappointed under s487(2) Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

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

 

 

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
J K Ravenscroft
17 April 2025
Director
HOPS AND BARLEY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HOPS AND BARLEY LIMITED
- 3 -
Opinion

We have audited the financial statements of Hops and Barley Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 July 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice)("UKGAAP").

In our opinion the financial statements:

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 and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

HOPS AND BARLEY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HOPS AND BARLEY LIMITED
- 4 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements, or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we are less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is located on the FRC's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

HOPS AND BARLEY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HOPS AND BARLEY LIMITED
- 5 -

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 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.

Martin Chatten (Senior statutory auditor)
For and on behalf of Royce Peeling Green Limited
17 April 2025
Chartered Accountants
The Copper Room
Statutory Auditor
Deva City Office Park
Trinity Way
Manchester M3 7BG
HOPS AND BARLEY LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JULY 2024
- 6 -
2024
2023
Notes
£
£
Turnover
3
18,590,841
18,047,988
Cost of sales
(15,168,551)
(14,784,782)
Gross profit
3,422,290
3,263,206
Administrative expenses
(3,152,085)
(2,696,928)
Other operating income
27,312
12,666
Exceptional item
5
64,570
29,221
Operating profit
4
362,087
608,165
Interest receivable and similar income
8,852
3,857
Interest payable and similar expenses
(16,076)
(17,272)
Other charges
-
(51,500)
Profit before taxation
354,863
543,250
Tax on profit
10
(115,424)
(129,327)
Profit for the financial year
239,439
413,923
Other comprehensive income
Revaluation of tangible fixed assets
357,472
-
0
Adjustments to the fair value of financial assets
57,103
-
0
Total comprehensive income for the year
654,014
413,923
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
HOPS AND BARLEY LIMITED
GROUP AND COMPANY BALANCE SHEETS
AS AT
30 JULY 2024
30 July 2024
- 7 -
Company Registration No. 02633943
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,183,518
800,516
683,518
655,304
Investment properties
15
312,625
390,522
312,625
390,522
Investments
13
-
0
-
0
200
200
1,496,143
1,191,038
996,343
1,046,026
Current assets
Stocks
16
1,211,407
1,495,873
1,211,407
1,495,873
Debtors
17
1,794,184
1,521,124
1,805,520
1,532,460
Cash at bank and in hand
560,193
948,792
560,193
948,792
3,565,784
3,965,789
3,577,120
3,977,125
Creditors: amounts falling due within one year
18
(2,967,063)
(3,368,983)
(2,967,163)
(3,369,083)
Net current assets
598,721
596,806
609,957
608,042
Total assets less current liabilities
2,094,864
1,787,844
1,606,300
1,654,068
Creditors: amounts falling due after more than one year
19
(155,438)
(235,487)
(155,438)
(235,487)
Provisions for liabilities
Deferred tax liability
22
(122,945)
(109,783)
(122,945)
(109,783)
Net assets
1,816,481
1,442,574
1,327,917
1,308,798
Capital and reserves
Called up share capital
23
7,666
7,666
7,666
7,666
Revaluation reserve
502,075
87,500
144,603
87,500
Capital redemption reserve
2,334
2,334
2,334
2,334
Profit and loss reserves
1,304,406
1,345,074
1,173,314
1,211,298
Total equity
1,816,481
1,442,574
1,327,917
1,308,798

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £242,124 (2023 - £416,607 profit).

The financial statements were approved by the board of directors and authorised for issue on 17 April 2025 and are signed on its behalf by:
17 April 2025
J K Ravenscroft
Director
HOPS AND BARLEY LIMITED
COMPANY BALANCE SHEET
AS AT 30 JULY 2024
30 July 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
683,518
655,304
Investment property
15
312,625
390,522
Investments
13
200
200
996,343
1,046,026
Current assets
Stocks
16
1,211,407
1,495,873
Debtors
17
1,805,520
1,532,460
Cash at bank and in hand
560,193
948,792
3,577,120
3,977,125
Creditors: amounts falling due within one year
18
(2,967,163)
(3,369,083)
Net current assets
609,957
608,042
Total assets less current liabilities
1,606,300
1,654,068
Creditors: amounts falling due after more than one year
19
(155,438)
(235,487)
Provisions for liabilities
Deferred tax liability
22
122,945
109,783
(122,945)
(109,783)
Net assets
1,327,917
1,308,798
Capital and reserves
Called up share capital
23
7,666
7,666
Revaluation reserve
144,603
87,500
Capital redemption reserve
2,334
2,334
Profit and loss reserves
1,173,314
1,211,298
Total equity
1,327,917
1,308,798
HOPS AND BARLEY LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 JULY 2024
30 July 2024
- 9 -

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £242,124 (2023 - £416,607 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 17 April 2025 and are signed on its behalf by:
17 April 2025
J K Ravenscroft
Director
Company registration number 02633943 (England and Wales)
HOPS AND BARLEY LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JULY 2024
- 10 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 31 July 2022
7,666
87,500
2,334
1,149,131
1,246,631
Year ended 30 July 2023:
Profit and total comprehensive income for the year
29
-
-
-
413,923
413,923
Dividends
11
-
-
-
(217,980)
(217,980)
Balance at 30 July 2023
7,666
87,500
2,334
1,345,074
1,442,574
Year ended 30 July 2024:
Profit for the year
-
-
-
239,439
239,439
Other comprehensive income:
Revaluation of tangible fixed assets
-
357,472
-
-
357,472
Adjustments to fair value of financial assets
-
57,103
-
-
57,103
Total comprehensive income for the year
-
414,575
-
239,439
654,014
Dividends
11
-
-
-
(280,107)
(280,107)
Balance at 30 July 2024
7,666
502,075
2,334
1,304,406
1,816,481
HOPS AND BARLEY LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JULY 2024
- 11 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 31 July 2022
7,666
87,500
2,334
1,012,671
1,110,171
Year ended 30 July 2023:
Profit and total comprehensive income for the year
29
-
-
-
416,607
416,607
Dividends
11
-
-
-
(217,980)
(217,980)
Balance at 30 July 2023
7,666
87,500
2,334
1,211,298
1,308,798
Year ended 30 July 2024:
Profit for the year
-
-
-
242,123
242,123
Other comprehensive income:
Adjustments to fair value of financial assets
-
57,103
-
-
57,103
Total comprehensive income for the year
-
57,103
-
242,123
299,226
Dividends
11
-
-
-
(280,107)
(280,107)
Balance at 30 July 2024
7,666
144,603
2,334
1,173,314
1,327,917
HOPS AND BARLEY LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JULY 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
333,087
244,853
Interest paid
(16,076)
(17,272)
Income taxes refunded/(paid)
1,447
(76,183)
Net cash inflow from operating activities
318,458
151,398
Investing activities
Purchase of tangible fixed assets
(68,855)
(274,211)
Proceeds from disposal of tangible fixed assets
-
1,955
Proceeds from disposal of investment property
135,000
-
(Loans made)/ recovered
(103,186)
3,004
Interest received
8,852
3,857
Net cash used in investing activities
(28,189)
(265,395)
Financing activities
Repayment of bank loans
(94,060)
(92,946)
Payment of finance leases obligations
(32,082)
(13,123)
Dividends paid to equity shareholders
(280,107)
(217,980)
Net cash used in financing activities
(406,249)
(324,049)
Net decrease in cash and cash equivalents
(115,980)
(438,046)
Cash and cash equivalents at beginning of year
174,776
612,822
Cash and cash equivalents at end of year
58,796
174,776
Relating to:
Cash at bank and in hand
560,193
948,792
Bank overdrafts included in creditors payable within one year
(501,397)
(774,016)
HOPS AND BARLEY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2024
- 13 -
1
Accounting policies
Company information

Hops and Barley Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of Hops and Barley Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Hops and Barley Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 30 July 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
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.

HOPS AND BARLEY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JULY 2024
1
Accounting policies
(Continued)
- 14 -
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Leasehold improvements
10% straight line
Plant and equipment
10% straight line
Fixtures and fittings
10% to 33% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss. Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as at cost.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

HOPS AND BARLEY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JULY 2024
1
Accounting policies
(Continued)
- 15 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.10
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.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

HOPS AND BARLEY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JULY 2024
1
Accounting policies
(Continued)
- 16 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

HOPS AND BARLEY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JULY 2024
1
Accounting policies
(Continued)
- 17 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
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. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.18
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

HOPS AND BARLEY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JULY 2024
1
Accounting policies
(Continued)
- 18 -
1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.20

Auditors liability limitation agreement

The company has entered into a liability limitation agreement with Royce Peeling Green Limited, the statutory auditor for the year ended 30th July 2024. The proportionate liability agreement follows the standard terms in Appendix B to the FRC's June 2008 Guidance on Auditor Liability Agreements, and has been approved by the shareholders.

2
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 periods.

3
Turnover and other revenue

All turnover relates to the principal activities of the wholesale, distribution and retail of beers, spirits and soft drinks and the running of social clubs and has been undertaken wholly within the UK.

2024
2023
£
£
Other significant revenue
Grants received
27,312
12,666
Exceptional income - see note xx.
64,570
29,221
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
83,278
62,397
Depreciation of tangible fixed assets held under finance leases
26,187
12,390
Operating lease charges
263,623
238,888
5
Exceptional items

Exceptional income is receipts relating to the historic fraud which is subject to ongoing legal action by the company.

HOPS AND BARLEY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JULY 2024
- 19 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
11,226
10,900
Company pension contributions to defined contribution schemes
140
109
11,366
11,009

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

7
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration
25
23
25
23
Sales and operations
55
53
55
53
Total
80
76
80
76

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,632,547
1,443,996
1,632,547
1,443,996
Social security costs
134,413
102,309
134,413
102,309
Pension costs
28,760
22,520
28,760
22,520
1,795,720
1,568,825
1,795,720
1,568,825
8
Retirement benefit schemes
2024
2023
£
£
Charge to profit or loss in respect of defined contribution schemes
28,760
22,520

A defined contribution pension scheme is operated for all qualifying employees. The assets of the schemes are held separately from those of the group in independently administered funds.

HOPS AND BARLEY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JULY 2024
- 20 -
9
Other gains and losses

Other gains and losses comprise a reduction in the fair value of investment properties of £nil (2023: £51,500).

10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
102,262
55,574
Deferred tax
Origination and reversal of timing differences
900
71,939
Changes in tax rates
-
0
13,747
Adjustment in respect of prior periods
12,262
(11,933)
Total deferred tax
13,162
73,753
Total tax charge
115,424
129,327

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
354,863
543,250
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.00%)
88,716
114,083
Tax effect of expenses that are not deductible in determining taxable profit
13,358
14,907
Adjustments in respect of prior years
12,262
(11,933)
Effect of change in corporation tax rate
-
13,747
Depreciation on assets not qualifying for tax allowances
1,088
1,751
Other non-reversing timing differences
-
0
(3,228)
Taxation charge
115,424
129,327
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
280,107
217,980
HOPS AND BARLEY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JULY 2024
- 21 -
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 31 July 2023
393,117
4,387
191,600
266,969
702,369
1,558,442
Additions
24,677
-
0
29,245
14,933
66,140
134,995
Disposals
-
0
-
0
(54)
-
0
-
0
(54)
Revaluation
315,788
-
0
-
0
-
0
-
0
315,788
At 30 July 2024
733,582
4,387
220,791
281,902
768,509
2,009,171
Depreciation and impairment
At 31 July 2023
62,398
2,195
24,298
189,852
479,183
757,926
Depreciation charged in the year
7,034
439
19,983
15,712
66,297
109,465
Eliminated in respect of disposals
-
0
-
0
(54)
-
0
-
0
(54)
Revaluation
(41,684)
-
0
-
0
-
0
-
0
(41,684)
At 30 July 2024
27,748
2,634
44,227
205,564
545,480
825,653
Carrying amount
At 30 July 2024
705,834
1,753
176,564
76,338
223,029
1,183,518
At 30 July 2023
330,719
2,192
167,302
77,117
223,186
800,516
HOPS AND BARLEY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JULY 2024
12
Tangible fixed assets
(Continued)
- 22 -
Company
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 31 July 2023
208,905
4,387
191,600
266,969
702,369
1,374,230
Additions
24,677
-
0
29,245
14,933
66,140
134,995
Disposals
-
0
-
0
(54)
-
0
-
0
(54)
At 30 July 2024
233,582
4,387
220,791
281,902
768,509
1,509,171
Depreciation and impairment
At 31 July 2023
23,398
2,195
24,298
189,852
479,183
718,926
Depreciation charged in the year
4,350
439
19,983
15,712
66,297
106,781
Eliminated in respect of disposals
-
0
-
0
(54)
-
0
-
0
(54)
At 30 July 2024
27,748
2,634
44,227
205,564
545,480
825,653
Carrying amount
At 30 July 2024
205,834
1,753
176,564
76,338
223,029
683,518
At 30 July 2023
185,507
2,192
167,302
77,117
223,186
655,304

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
44,204
49,354
44,204
49,354
Motor vehicles
114,658
69,555
114,658
69,555
158,862
118,909
158,862
118,909

Certain land and buildings were revalued in 2024 by MO Valuations Limited, independent valuers not connected with the company on the basis of market value at a carrying amount of £500,000 . The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

If revalued land and buildings were measured using the cost model, the carrying amounts would have been approximately £142,528 (2023 - £145,210), being cost £184,211 (2023 - £184,211) and depreciation £41,684 (2023 - £39,000).

HOPS AND BARLEY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JULY 2024
- 23 -
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
200
200
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 31 July 2023 and 30 July 2024
200
Carrying amount
At 30 July 2024
200
At 30 July 2023
200
14
Subsidiaries

Details of the company's subsidiaries at 30 July 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Whiston Social Ltd
L6 5AT
Ordinary
100.00
W Hall & Son (Holywell) Ltd
L6 5AT
Ordinary
100.00
15
Investment property
Group
Company
2024
2024
£
£
Fair value
At 31 July 2023
390,522
390,522
Disposals
(135,000)
(135,000)
Net gains or losses through fair value adjustments
57,103
57,103
At 30 July 2024
312,625
312,625

The directors consider that the current value of investment properties is a fair reflection of their estimated open market value having taken independent professional advice.

16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
1,211,407
1,495,873
1,211,407
1,495,873
HOPS AND BARLEY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JULY 2024
- 24 -
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,139,327
952,324
1,139,327
952,324
Corporation tax recoverable
-
0
219
-
0
-
0
Amounts owed by group undertakings
-
-
11,336
11,555
Other debtors
494,288
399,789
494,288
399,789
Prepayments and accrued income
160,569
168,792
160,569
168,792
1,794,184
1,521,124
1,805,520
1,532,460
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
592,521
861,618
592,521
861,618
Obligations under finance leases
21
48,423
31,898
48,423
31,898
Trade creditors
1,640,072
1,967,644
1,640,072
1,967,644
Amounts owed to group undertakings
-
0
-
0
100
100
Corporation tax payable
159,064
55,574
159,064
55,574
Other taxation and social security
186,986
93,102
186,986
93,102
Other creditors
8,731
6,466
8,731
6,466
Accruals and deferred income
331,266
352,681
331,266
352,681
2,967,063
3,368,983
2,967,163
3,369,083
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
59,796
157,378
59,796
157,378
Obligations under finance leases
21
95,642
78,109
95,642
78,109
155,438
235,487
155,438
235,487
HOPS AND BARLEY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JULY 2024
- 25 -
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
150,920
244,980
150,920
244,980
Bank overdrafts
501,397
774,016
501,397
774,016
652,317
1,018,996
652,317
1,018,996
Payable within one year
592,521
861,618
592,521
861,618
Payable after one year
59,796
157,378
59,796
157,378

The following secured debts were outstanding as at the balance sheet date:

 

Hops and Barley Limited

The Royal Bank of Scotland PLC ("RBS") holds a debenture dated 20 May 2002 on all assets of the Company. It also holds an all monies first legal charge dated 27 November 2009 on The Prince Alfred Public House, 77 High Street, Wavertree, Liverpool, L15 8HB. In addition to the above RBS holds an inter-company guarantee dated 24 May 2012 on the following companies: Hops and Barley Limited, Whiston Social Limited and W. Hall & Son (Holywell) Limited.

 

Whiston Social Limited

RBS holds an all monies legal charge dated 4 July 2010 on Whiston Social Club, Windy Arbor Road, Prescot, L35 3RZ and a debenture dated 23 April 2012 on all assets of the Company. Molson Coors Brewing Company (UK) Limited hold an all monies legal charge dated 6 August 2010 on Pemberton Central Ward Labour Club, Enfield Street, Wigan, WN5 8DJ. The Trustees of the Ravenscroft Family SSAS hold a debenture over the company's freehold assets dated December 2019.

 

W. Hall & Son (Holywell) Limited

RBS also holds a debenture dated 23 April 2012 on all assets of this company.

21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
56,298
37,490
56,298
37,490
In two to five years
111,012
92,077
111,012
92,077
167,310
129,567
167,310
129,567
Less: future finance charges
(23,245)
(19,560)
(23,245)
(19,560)
144,065
110,007
144,065
110,007

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is four years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

HOPS AND BARLEY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JULY 2024
- 26 -
22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group & company
£
£
Accelerated capital allowances
118,144
103,828
Revaluations
6,984
6,984
Retirement benefit obligations
(2,183)
(1,029)
122,945
109,783
2024
Movements in the year:
£
Liability at 31 July 2023
109,783
Charge to profit or loss
13,162
Liability at 30 July 2024
122,945
23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A ordinary share of £1 each
4,155
4,155
4,155
4,155
B ordinary share of £1 each
702
702
702
702
C ordinary share of £1 each
702
702
702
702
D ordinary share of £1 each
702
702
702
702
E ordinary share of £1 each
1
1
1
1
F ordinary share of £1 each
701
702
701
702
G ordinary share of £1 each
702
702
702
702
H ordinary share of £1 each
1
-
1
-
7,666
7,666
7,666
7,666

All shares have identical rights.

HOPS AND BARLEY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JULY 2024
- 27 -
24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
145,833
163,867
145,833
163,867
Between two and five years
313,333
535,833
313,333
535,833
In over five years
-
73,333
-
73,333
459,166
773,033
459,166
773,033
25
Related party transactions
Transactions with related parties

At 30 July 2024 the company was owed an amount of £334,444 (2023: £343,444) by Merseyside Equestrian Centre Limited, a company of which Mr J K Ravenscroft and Ms C A Doran are directors. The amount is unsecured, repayable on demand and interest free.

 

The company leases premises from Ravenscroft Family SSAS. Rental charges in the year were £105,000 (2023: £105,000) including backdated charges following a recent rent review. At 30 July 2024 the company owed the SSAS £230,496 (2023: £311,896).

 

During the year the company sold an investment property to Ms C A Doren and close family members at its market value of £135,000.

26
Directors' transactions

Dividends totalling £280,107 (2023 - £217,980) were paid in the year in respect of shares held by the company's directors and their immediate family.

At 30 July 2024 the directors and connected parties owed the company an amount of £148,557 (2023: £45,371). The amount is unsecured, repayable on demand and interest free.

27
Controlling party

The ultimate controlling party of the company is considered to be Mr J K Ravenscroft by virtue of his majority share holding.

HOPS AND BARLEY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JULY 2024
- 28 -
28
Cash generated from group operations
2024
2023
£
£
Profit after taxation
239,439
413,923
Adjustments for:
Taxation charged
115,424
129,327
Finance costs
16,076
17,272
Investment income
(8,852)
(3,857)
Fair value (gain)/loss on investment properties
-
0
51,500
Depreciation and impairment of tangible fixed assets
109,465
74,786
Movements in working capital:
Decrease/(increase) in stocks
284,466
(485,793)
Increase in debtors
(170,093)
(182,068)
(Decrease)/increase in creditors
(252,838)
229,763
Cash generated from operations
333,087
244,853
29
Analysis of changes in net debt - group
31 July 2023
Cash flows
New finance leases
30 July 2024
£
£
£
£
Cash at bank and in hand
948,792
(388,599)
-
560,193
Bank overdrafts
(774,016)
272,619
-
(501,397)
174,776
(115,980)
-
58,796
Borrowings excluding overdrafts
(244,980)
94,060
-
(150,920)
Obligations under finance leases
(110,007)
32,082
(66,140)
(144,065)
(180,211)
10,162
(66,140)
(236,189)
2024-07-302023-07-31falsefalseCCH SoftwareCCH Accounts Production 2025.100J K RavenscroftC DoranMrs C A 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