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Registered number: 00066594










THE HOOK NORTON BREWERY COMPANY LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
THE HOOK NORTON BREWERY COMPANY LIMITED
 

COMPANY INFORMATION


Directors
Dr J D Paveley 
Mr J W Clarke 
Mr D N V Churton 
Mr C H Williams 
Mrs F E Williams 




Company secretary
Mr D N V Churton



Registered number
00066594



Registered office
The Brewery
Hook Norton

Banbury

Oxfordshire

OX15 5NY




Independent auditor
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

2 Chawley Park

Cumnor Hill

Oxford

Oxfordshire

OX2 9GG





 
THE HOOK NORTON BREWERY COMPANY LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditor's Report
 
5 - 8
Statement of Comprehensive Income
 
9
Balance Sheet
 
10
Statement of Changes in Equity
 
11
Statement of Cash Flows
 
12
Notes to the Financial Statements
 
13 - 28


 
THE HOOK NORTON BREWERY COMPANY LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Business review
 
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.

Page 1

 
THE HOOK NORTON BREWERY COMPANY LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Principal risks and uncertainties

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).
 
Financial key performance indicators

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.



Mr J W Clarke
Director

Date: 11 December 2024

Page 2

 
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.

Directors

The Directors who served during the year were:

Dr J D Paveley 
Mr J W Clarke 
Mr D N V Churton 
Mr C H Williams 
Mrs F E Williams 

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies 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 2006They 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.

Results and dividends

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).

Land and buildings

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.

Page 3

 
THE HOOK NORTON BREWERY COMPANY LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Disclosure of information to auditor

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

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

Auditor

The auditor, James Cowper Kreston Auditwill 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.
 





Mr J W Clarke
Director

Date: 11 December 2024

Page 4

 
THE HOOK NORTON BREWERY COMPANY LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE HOOK NORTON BREWERY COMPANY LIMITED
 

Opinion


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 policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 September 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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.


Conclusions relating to going concern


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


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


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


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 
THE HOOK NORTON BREWERY COMPANY LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE HOOK NORTON BREWERY COMPANY LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the 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.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


Page 6

 
THE HOOK NORTON BREWERY COMPANY LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE HOOK NORTON BREWERY COMPANY LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

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


Page 7

 
THE HOOK NORTON BREWERY COMPANY LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE HOOK NORTON BREWERY COMPANY LIMITED (CONTINUED)


Use of our report
 

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






James Pitt BA BFP FCA (Senior Statutory Auditor)
  
for and on behalf of
James Cowper Kreston Audit
 
Chartered Accountants and Statutory Auditor
  
2 Chawley Park
Cumnor Hill
Oxford
Oxfordshire
OX2 9GG

18 December 2024
Page 8

 
THE HOOK NORTON BREWERY COMPANY LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
9,423,515
8,997,559

Cost of sales
  
(5,561,426)
(5,467,766)

Gross profit
  
3,862,089
3,529,793

Administrative expenses
  
(4,432,502)
(4,165,344)

Exceptional items - profit on disposal of freehold property
 12 
381,750
464,050

Other operating income
 5 
756,822
784,672

Operating profit
  
568,159
613,171

Interest receivable and similar income
  
54,472
40,106

Interest payable and similar expenses
 9 
(32,845)
(72,268)

Profit before tax
  
589,786
581,009

Tax on profit
 10 
(44,556)
(25,773)

Profit for the financial year
  
545,230
555,236

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 13 to 28 form part of these financial statements.

Page 9

 
THE HOOK NORTON BREWERY COMPANY LIMITED
REGISTERED NUMBER: 00066594

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
11,902,066
12,051,140

  
11,902,066
12,051,140

Current assets
  

Stocks
 14 
553,208
555,321

Debtors: amounts falling due within one year
 15 
1,398,444
1,483,527

Cash at bank and in hand
 16 
1,433,981
1,731,325

  
3,385,633
3,770,173

Creditors: amounts falling due within one year
 17 
(1,715,819)
(2,677,136)

Net current assets
  
 
 
1,669,814
 
 
1,093,037

Total assets less current liabilities
  
13,571,880
13,144,177

Creditors: amounts falling due after more than one year
 18 
(355,402)
(419,647)

Provisions for liabilities
  

Deferred tax
 21 
(355,895)
(369,989)

  
 
 
(355,895)
 
 
(369,989)

Net assets
  
12,860,583
12,354,541


Capital and reserves
  

Called up share capital 
 22 
50,820
50,570

Share premium account
 23 
3,108,776
3,110,286

Capital redemption reserve
 23 
23,610
23,610

Profit and loss account
 23 
9,677,377
9,170,075

  
12,860,583
12,354,541


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



Dr J D Paveley
Mr D N V Churton
Director
Director


Date: 11 December 2024
Date:11 December 2024

The notes on pages 13 to 28 form part of these financial statements.

Page 10

 
THE HOOK NORTON BREWERY COMPANY LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 October 2023
50,570
3,110,286
23,610
9,170,075
12,354,541


Comprehensive income for the year

Profit for the year
-
-
-
545,230
545,230
Total comprehensive income for the year
-
-
-
545,230
545,230


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(37,928)
(37,928)

Shares issued during the year
250
-
-
-
250

Shares redeemed during the year
-
(1,510)
-
-
(1,510)


Total transactions with owners
250
(1,510)
-
(37,928)
(39,188)


At 30 September 2024
50,820
3,108,776
23,610
9,677,377
12,860,583



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 October 2022
50,570
3,106,966
23,610
8,666,013
11,847,159


Comprehensive income for the year

Profit for the year
-
-
-
555,236
555,236
Total comprehensive income for the year
-
-
-
555,236
555,236


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(51,174)
(51,174)

Shares issued during the year
-
8,835
-
-
8,835

Shares redeemed during the year
-
(5,515)
-
-
(5,515)


Total transactions with owners
-
3,320
-
(51,174)
(47,854)


At 30 September 2023
50,570
3,110,286
23,610
9,170,075
12,354,541


The notes on pages 13 to 28 form part of these financial statements.

Page 11

 
THE HOOK NORTON BREWERY COMPANY LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
545,230
555,236

Adjustments for:

Depreciation of tangible assets
590,472
641,345

Profit on disposal of tangible assets
(381,750)
(467,550)

Interest paid
32,845
72,268

Interest received
(54,472)
(40,106)

Taxation charge
99,528
25,773

Decrease/(increase) in stocks
2,113
(46,373)

(Increase) in debtors
(118,432)
(210,127)

(Decrease)/increase in creditors
(41,500)
81,804

(Decrease)/increase in provisions
(14,094)
-

Corporation tax (paid)
(40,756)
(127,677)

Net cash generated from operating activities

619,184
484,593


Cash flows from investing activities

Purchase of tangible fixed assets
(500,658)
(708,068)

Sale of tangible fixed assets
644,495
750,000

Interest received
54,472
40,106

Net cash from investing activities

198,309
82,038

Cash flows from financing activities

Issue of ordinary shares
250
8,835

Shares redeemed
(1,510)
(5,515)

Repayment of loans
(1,042,804)
(201,018)

Dividends paid
(37,928)
(51,174)

Interest paid
(32,845)
(72,268)

Net cash used in financing activities
(1,114,837)
(321,140)

Net (decrease)/increase in cash and cash equivalents
(297,344)
245,491

Cash and cash equivalents at beginning of year
1,731,325
1,485,834

Cash and cash equivalents at the end of year
1,433,981
1,731,325


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,433,981
1,731,325


The notes on pages 13 to 28 form part of these financial statements.

Page 12

 
THE HOOK NORTON BREWERY COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

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

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The 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:

 
2.2

Going concern

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. 

Page 13

 
THE HOOK NORTON BREWERY COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Tangible fixed assets

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

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

Depreciation is provided on the following basis:

Freehold property
-
2% to 20% straight line
Plant & machinery
-
10% to 33% straight line
Motor vehicles
-
25% straight line
Fixtures & fittings
-
25% straight line
Computer equipment
-
25% straight line

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

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

Page 14

 
THE HOOK NORTON BREWERY COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

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

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.8

Financial instruments

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.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 15

 
THE HOOK NORTON BREWERY COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.10

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.12

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.13

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 16

 
THE HOOK NORTON BREWERY COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.15

Exceptional items

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

  
2.16

Impairment of fixed assets and goodwill

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.

Page 17

 
THE HOOK NORTON BREWERY COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The directors have had to make the following estimations in preparing the financial statements:
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. 


4.


Turnover

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
9,268,365
8,825,064

Rest of Europe
60,000
-

Rest of the world
95,150
172,495

9,423,515
8,997,559



5.


Other operating income

2024
2023
£
£

Net rents receivable
703,679
727,010

Royalty receivable
-
333

Sundry income
53,143
57,329

756,822
784,672


Page 18

 
THE HOOK NORTON BREWERY COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Auditor's remuneration

 Fees payable to the comapny's auditor and its associates in respect of :


2024
2023
£
£

The audit of the company's financial statements
22,750
21,650

7.


Employees

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


2024
2023
£
£

Wages and salaries
2,364,031
2,235,965

Social security costs
185,424
169,314

Cost of defined contribution scheme
97,660
91,661

2,647,115
2,496,940


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


        2024
        2023
            No.
            No.







Production
10
8



Distribution
5
4



Administration
18
16



Managed house staff
40
44

73
72


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
193,500
177,630

Company contributions to defined contribution pension schemes
18,645
17,398

212,145
195,028


During the year retirement benefits were accruing to no Directors (2023 - NIL) in respect of defined contribution pension schemes.

Page 19

 
THE HOOK NORTON BREWERY COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
32,845
72,268

32,845
72,268


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
99,528
40,952

Adjustments in respect of previous periods
(40,878)
(6,322)


58,650
34,630


Total current tax
58,650
34,630

Deferred tax


Origination and reversal of timing differences
(14,094)
(8,857)

Total deferred tax
(14,094)
(8,857)


Taxation on profit on ordinary activities
44,556
25,773
Page 20

 
THE HOOK NORTON BREWERY COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
589,786
581,009


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
147,447
127,870

Effects of:


Fixed asset differences
49,770
(143,678)

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
8,253
8,730

Adjustments to tax charge in respect of prior periods
(43,878)
(4,310)

Adjustment to tax charge in respect of prior periods - Deferred tax
-
44,014

Remeasurement of deferred tax for changes in tax rates
-
(6,327)

Capital gains
(92,438)
-

Capitalised revenue expenditure
(10,331)
-

Other differences leading to an increase (decrease) in the tax charge
(173)
-

Deferred tax
(14,094)
-

Marginal relief
-
(526)

Total tax charge for the year
44,556
25,773

Page 21

 
THE HOOK NORTON BREWERY COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11.


Dividends

2024
2023
£
£


Dividend
37,928
51,174

37,928
51,174


12.


Exceptional items

2024
2023
£
£


Profit on the sale of freehold property
381,750
464,050

381,750
464,050

13.


Tangible fixed assets





Freehold property
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Other fixed assets

£
£
£
£
£
£



Cost or valuation


At 1 October 2023
16,185,435
2,901,846
258,711
-
473,094
15,900


Additions
361,131
120,887
4,200
203,515
9,440
5,000


Disposals
(439,344)
-
-
-
-
(2,150)



At 30 September 2024

16,107,222
3,022,733
262,911
203,515
482,534
18,750



Depreciation


At 1 October 2023
4,553,135
2,612,113
192,544
-
423,904
2,150


Charge for the year on owned assets
448,706
81,847
34,137
-
25,782
-


Disposals
(176,569)
-
-
-
-
(2,150)



At 30 September 2024

4,825,272
2,693,960
226,681
-
449,686
-



Net book value



At 30 September 2024
11,281,950
328,773
36,230
203,515
32,848
18,750



At 30 September 2023
11,632,300
289,733
66,167
-
49,190
13,750
Page 22

 
THE HOOK NORTON BREWERY COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

           13.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 October 2023
19,834,986


Additions
704,173


Disposals
(441,494)



At 30 September 2024

20,097,665



Depreciation


At 1 October 2023
7,783,846


Charge for the year on owned assets
590,472


Disposals
(178,719)



At 30 September 2024

8,195,599



Net book value



At 30 September 2024
11,902,066



At 30 September 2023
12,051,140




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
11,281,950
11,632,300

11,281,950
11,632,300


Page 23

 
THE HOOK NORTON BREWERY COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14.


Stocks

2024
2023
£
£

Raw materials and consumables
93,408
106,959

Finished goods and goods for resale
459,800
448,362

553,208
555,321



15.


Debtors

2024
2023
£
£


Trade debtors
1,016,831
1,193,684

Other debtors
206,144
139,723

Prepayments and accrued income
175,469
150,120

1,398,444
1,483,527



16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,433,981
1,731,325

1,433,981
1,731,325



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
64,180
1,042,739

Trade creditors
550,192
597,867

Corporation tax
99,528
40,786

Other taxation and social security
343,052
392,593

Other creditors
359,296
384,185

Accruals and deferred income
299,571
218,966

1,715,819
2,677,136


Page 24

 
THE HOOK NORTON BREWERY COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
355,402
419,647

355,402
419,647



19.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
64,180
1,042,739


Amounts falling due 2-5 years

Bank loans
355,402
419,647


419,582
1,462,386


The above amount relates to one business loan (2023: four), with a fixed interest rate of 5.18% (2023: variable 2% above bank base rate, fixed 3.5%, and fixed 5.18%). The loan is secured through a fixed charge over specific freehold properties owned by the Company.


20.


Financial instruments

2024
2023
£
£

Financial assets


Cash at bank
1,433,981
1,731,325

Financial assets that are debt instruments measured at amortised cost
1,277,346
1,213,341

2,711,327
2,944,666


Financial liabilities


Financial liabilities measured at amortised cost
(1,440,369)
(2,369,576)


Financial assets that are debt instruments measured at amortised cost comprises of cash at bank, trade debtors, prepayments and other debtors


Financial liabilites measured at amortised cost comprises of bank loans, trade creditors, other creditors less deposits, accruals and shares treated as debt.
Page 25

 
THE HOOK NORTON BREWERY COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

21.


Deferred taxation




2024


£






At beginning of year
(369,989)


Charged to the profit or loss
14,094



At end of year
(355,895)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(355,895)
(369,989)

(355,895)
(369,989)

Page 26

 
THE HOOK NORTON BREWERY COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



5,082 (2023 - 5,057) Ordinary shares of £10.00 each
50,820
50,570


During the year, the Company issued 25 Ordinary shares for a consideration of £303 per share.




23.


Reserves

Share premium account

Share premium is the amount by which the amount received by a Company for a stock issue exceeds its nominal value.

Capital redemption reserve

A reserve into which amounts are transferred following the redemption or purchase of a Company's own shares.

Profit & loss account

The profit & loss account is a Company's accumulated profit/loss up to the balance sheet date.


24.


Pension commitments

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.


25.


Commitments under operating leases

At 30 September 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
72,602
51,864

Later than 1 year and not later than 5 years
115,373
83,943

187,975
135,807


26.


Transactions with directors

During the year, the Company declared aggregate dividends to Directors of £37,928 (2023: £51,174).

Page 27

 
THE HOOK NORTON BREWERY COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

27.


Related party transactions

During the period, the Company made sales of £10,993 (2023: £10,590) to companies under common directorships. Of which, £5,734 (2023: £7,504) was owed to the Company at the year end. 
During the period, the Company made purchases of £35,849 (2023: £29,229) to companies under common directorships. At the year end £18 owed to these Companies was outstanding (2023: £144).
 


28.


Controlling party

In the opinion of the Directors, there is no ultimate controlling party.
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