Registered number:
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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THE HOOK NORTON BREWERY COMPANY LIMITED
COMPANY INFORMATION
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THE HOOK NORTON BREWERY COMPANY LIMITED
CONTENTS
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THE HOOK NORTON BREWERY COMPANY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The key performance indicators used by the Directors to monitor performance are turnover, gross profit margin, operating profit, profit for the year, net current assets and shareholders’ funds.
The year ended September 2024 was a year of hugely mixed fortune and challenge. We were already dealing with higher energy prices, and the war in Ukraine continued to affect some of our cost base. The year started well, with a good Christmas, and we entered 2024 in a positive state and looking forward to a celebratory year of 175 years of trading. On May 20th we suffered a catastrophic fire in the stables building. Fortunately, emergency plans worked well, and damage was limited to part of the stable building, and more importantly, no injuries, human or equine, were suffered. Dealing with the disruption and aftermath of this has clearly taken a lot of time and effort, but against this, the year saw reasonable trading. Whilst the summer weather was not great, in some ways it can help cask ale sales, and we had good presence at a number of key events and festivals. Operating costs across the hospitality sector saw further increases, but we continued our policy of trying to protect our customers and manage our cost base and efficiencies as hard as we could. Whilst the fire had a big impact on time, it did not adversely affect operations or the commercial business. Our pub estate performed reasonably well. The pub estate is in good shape, and we exited the year with all pubs let, bar two which we are for sale. Having managed two disposals at the end of the previous year, we have not managed to dispose of either of the other two sites in the year; this was not unexpected as the prospect of the General Election slowed activity. We are now seeing some signs of interest, and hope for the disposals to take place in the current financial year. The traditional pub tenancy model continues to be attractive, and the direct relationships with the Brewery work well. The brewery site facilities saw growth, and it was unfortunate that further plans for retail development have been put on hold until we complete the rebuilding of the stables. The investment in improving our energy efficiency continues, and we will be installing more solar panels in the field to the rear of the site; we are also in the midst of installing a new and much more efficient steam boiler. Rising costs, employer taxes, and potentially inflation present major challenge not just to our sector, but to the whole UK economy. Governments of whatever colour or complexion seem addicted to inflicting even higher taxation, operating costs and regulation on industry, and are then surprised while productivity, investment and the wider economy are sluggish. They also seem increasingly deaf, if not oblivious, to the concerns of the wealth creating private sector. And recent changes to the inheritance tax regime for family companies such as Hook Norton pose yet another massive threat. We note that the present government expressly denied during the election campaign that it had any intention to change the inheritance tax regime for family companies. Recent increases in National Insurance contributions by Employers will add significant cost to all businesses; the increase in the National Minimum Wage will also be significant, and again affect our entire sector. It remains a key focus that the hospitality experience has to be of the best quality possible, and we are continually striving to help this, by supporting our customers across the board. Staff training and product quality are areas where we can really add value to our customers. We are also developing and expanding our portfolio of drinks. As we move into the new financial year, we remain resolute and positive, despite the world being seemingly a dangerous place at present. The pub, and cask ale, remain unique British institutions, and we will continue to do what we do best, and look forward to celebrating our 175 years next year, when we have risen from the fire. Once again, support of all stakeholders – shareholders, licensees, staff and customers has been stalwart, and particularly so during some darker periods of earlier in 2024.
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THE HOOK NORTON BREWERY COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
In the course of its ordinary business the Company faces various risks and uncertainties that could prevent it from achieving its objectives. The Directors regularly review the Company’s exposure to these risks and uncertainties so as to manage and mitigate the impact of them on the Company’s activities wherever possible.
We now have a tough period ahead of us as the economy toughens and we enter a recession. Many of our competitors who have high borrowings will find it very difficult, and not all will survive, and this may provide opportunity for us. As part of the leisure industry there is always the risk from the state of the economy and the impact this has on consumer spending. The Company continues to invest in brands and facilities to ensure it remains strongly placed to take advantage of new opportunities as they arise. However, inflation, unemployment, taxation and interest rates could lower consumer spending and have a negative impact on the Company’s trading and results. The Company’s activities are financed by a structured loan facility with its Bankers and financiers. The company’s cash deposits remain strong as a result of better working capital management. As such, the Directors do not consider the Company to have significant exposure to interest rate or liquidity risk. During the year £1,042,804 debt was paid down (2023: £201,018).
Turnover for the year remained consistent at £9,423,515 (2023: £8,997,559) with a gross profit margin of 40.9% (2023: 39.2%). Combined with tight control of overheads, the Company recorded a profit before tax for the year of £589,786 (2023: £581,009).
The Company remains securely capitalised with net current assets of £1,669,814 (2023: £1,093,037) and shareholder funds of £9,677,377 (2023: £9,170,075) and it continues to invest for the future of the business.
On an underlying basis, the operating performance of the company was much stronger than in the previous year because there were gains of £381,750 on asset sales in 2024 (2023: £464,050).
This report was approved by the board and signed on its behalf.
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THE HOOK NORTON BREWERY COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The Directors present their report and the financial statements for the year ended 30 September 2024.
The Directors who served during the year were:
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £545,230 (2023 - £555,236).
The Directors have declared for a dividend of £51,174 (2023 - £37,928).
The Directors are of the opinion that the aggregate market value of the company's freehold properties exceeds their current book value at the balance sheet date.
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THE HOOK NORTON BREWERY COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The auditor, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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THE HOOK NORTON BREWERY COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE HOOK NORTON BREWERY COMPANY LIMITED
We have audited the financial statements of The Hook Norton Brewery Company Limited for the year ended 30 September 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, 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).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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THE HOOK NORTON BREWERY COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE HOOK NORTON BREWERY COMPANY LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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THE HOOK NORTON BREWERY COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE HOOK NORTON BREWERY COMPANY LIMITED (CONTINUED)
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.
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 will be 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. The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
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THE HOOK NORTON BREWERY COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE HOOK NORTON BREWERY COMPANY LIMITED (CONTINUED)
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.
for and on behalf of
Chartered Accountants and Statutory Auditor
2 Chawley Park
Cumnor Hill
Oxfordshire
OX2 9GG
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THE HOOK NORTON BREWERY COMPANY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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THE HOOK NORTON BREWERY COMPANY LIMITED
REGISTERED NUMBER: 00066594
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 28 form part of these financial statements.
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THE HOOK NORTON BREWERY COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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THE HOOK NORTON BREWERY COMPANY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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THE HOOK NORTON BREWERY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The Company is a limited liability company incorporated and domiciled in England and Wales with registered number 00066594. The Company's registered office can be found on the company information page of these financial statements.
The Company's principal activity is the brewing and distribution of beer. The financial statements cover the period from 3 October 2023 to 28 September 2024.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The functional and presentational currency is Great British Pounds, the amounts included are rounded to the nearest pound.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has prepared forecasts and projections using what the Directors believe to be reasonable assumptions relating to the Company’s financial performance, current financial position and existing financial resources for a period of at least 12 months from signing of the financial statements which show the Company to be a going concern. These forecasts and projections show the Company to be a going concern based on current cash and borrowings available.
Based on the above, the Directors are of the opinion that the going concern principle is applicable and that the Company has the necessary resources to continue as a going concern for the foreseeable future.
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THE HOOK NORTON BREWERY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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THE HOOK NORTON BREWERY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.
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THE HOOK NORTON BREWERY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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THE HOOK NORTON BREWERY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are seperately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
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THE HOOK NORTON BREWERY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Impairment of tangible fixed assets Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm’s length, for similar assets or observable market prices less incremental costs for disposing of the asset. The value in use calculation is based on a multiple of earnings basis. The cash flows are derived from actual earnings. Bad debt provision Each year the Company assesses each of its trade debtors for recoverability and any deemed to not be recoverable are provided for in full. Stock valuation Included within the valuation of own brewed stock is a cost per barrel of brewery overheads. The Company bases this on the total overheads incurred divided by the number of barrels produced.
Analysis of turnover by country of destination:
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THE HOOK NORTON BREWERY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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THE HOOK NORTON BREWERY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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THE HOOK NORTON BREWERY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
10.Taxation (continued)
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THE HOOK NORTON BREWERY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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THE HOOK NORTON BREWERY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
13.Tangible fixed assets (continued)
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THE HOOK NORTON BREWERY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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THE HOOK NORTON BREWERY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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THE HOOK NORTON BREWERY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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THE HOOK NORTON BREWERY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Share premium account
Capital redemption reserve
Profit & loss account
The Company operates a defined contribution pension scheme for the benefit of its employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £97,660 (2023: £91,661). Contributions totalling £14,037 (2023: £13,844) were payable to the fund at the balance sheet date and included in creditors.
During the year, the Company declared aggregate dividends to Directors of £37,928 (2023: £51,174).
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THE HOOK NORTON BREWERY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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