Company Registration No. 09402606 (England and Wales)
Hot Copper Pub Company Limited
Annual report and
group financial statements
for the year ended 28 September 2024
Hot Copper Pub Company Limited
Company information
Directors
Simon Bunn
Kristian Gumbrell
Alexander West
Kelvin Reader
Company number
09402606
Registered office
Highdown House
Yeoman Way
Worthing
West Sussex
BN99 3HH
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Hot Copper Pub Company Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Income statement
9
Group statement of comprehensive income
10
Group statement of financial position
11
Company statement of financial position
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 34
Hot Copper Pub Company Limited
Strategic report
For the period ended 28 September 2024
1

The directors present the strategic report for the period ended 28 September 2024.

Fair review of the business

The results for Hot Copper Pub Company Limited for the period ended 28 September 2024 are shown in the Group income statement on page 9 of the accounts.

Progress in the year was mixed. The backcloth of continuing high energy costs, election jitters, and an unseasonably wet summer did not inspire consumer confidence. Despite a decline in sales, company and group margins showed small improvements for liquor, food and variable costs.

In more recent months the arrival of the Labour government has made our sector even less attractive to investors. The Company does believe that workers rights should be protected but there are aspects of the proposed legislation that will be extremely damaging for a modern hospitality business. Moreover, the sharp increase to National Insurance contributions amounts to nothing more than a punitive tax on employers and jobs; and therefore a brake to growth. This will have consequences for the future profitability of the entire hospitality sector. In response to these increases we have been obliged, like everyone else in our sector, to raise our prices.

In more recent months, and during the current year, we have had to take account of the extra costs of food, liquor, labour, and energy as well as the successive increases in taxation. Because of this and taking into account the on-going shifts in consumer behaviour we have repositioned some of our smaller high street sites into the more viable craft house format. This meant taking out the costly micro-breweries and then providing a more relevant and modern street food offering . We have also introduced a delivery service from the craft houses.

During September 2024, the decision was taken to sell the site in Sutton Coldfield as it no longer fits the operating model.

Financial Performance Hot Copper Pub Company Limited
Principal risks and uncertainties

 

Key performance indicators

The core areas that are measured in each monthly set of management accounts are:

Hot Copper Pub Company Limited
Strategic report (continued)
For the period ended 28 September 2024
2
Future outlook

We have maintained our consultancy with Prestige Purchasing. They presented their outlook on food and drink inflation in December 24; a subject that throughout the period under review remained extremely challenging. The Food Price Index (FPI) rose to 19.4% in 2023. Thankfully, at 5.9% it was more settled in 2024. Likewise, the figures for CPI were 14.7% and 2.9% in 2023 and 2024 respectively. Additionally, micro issues around beef, poultry & cooking oil have continued to drive FPI upwards, although to levels less than in previous years. Nonetheless it remains a challenge to manage. Key drivers of inflation in our sector have been commodities, wages, energy and fuel. The energy markets remain stubborn because it is driven by geopolitical conflicts and high wholesale prices. But we expect the market to settle and stabilise in the next 2 years. We continue to acquire our energy by means of a hybrid model through fixing our non-commodity costs and hedging our energy requirements on the wholesale market.

During the first 35 weeks of the current year like for like sales are flat against prior year. With the subdued market, and the ongoing, and ever increasing, pressures on the hospitality sector, we continue to focus on improving efficiency and productivity whilst striving to protect margins and profitability. The pressure on food margins, energy costs, wages and employment costs, as well as the loss of business rate relief have all conspired to create a perfect storm of operational and financial challenges. The guests can only deal with so many price increases. We are doing all we can to minimise those increases, without reducing our margins.

On 3rd June 2025, the company entered into a new Term Loan for £3,253,636 with Heritage Square Limited to enable it to purchase 6,192,597 A ordinary shares of £0.00001 each from Puma VCT 12 Plc and also refinance the Oasis loan.

Going concern

The Company has a strong management team, a high-quality estate that is being continually enhanced, and a strong balance sheet.

 

The directors have reviewed cash flow forecasts and, following the grant of the new Term Loan with Heritage Square Limited, have a reasonable expectation that the company and group is a going concern at the date of signing the accounts.

 

On behalf of the board

Kristian Gumbrell
Director
23 June 2025
Hot Copper Pub Company Limited
Directors' report
For the period ended 28 September 2024
3

The directors present their annual report and financial statements for the period ended 28 September 2024.

Principal activities

The principal activity of the company and group continued to be that of operating a chain of branded brew pubs.

Results and dividends

The results for the period are set out on page 9.

No ordinary dividends were paid.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

Simon Bunn
Kristian Gumbrell
Alexander West
Kelvin Reader
Auditor

The auditor, Saffery LLP, is deemed to be reappointed under section 487(2) of the 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.

Hot Copper Pub Company Limited
Directors' report (continued)
For the period ended 28 September 2024
4
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Kristian Gumbrell
Director
23 June 2025
Hot Copper Pub Company Limited
Independent auditor's report
To the members of Hot Copper Pub Company Limited
5
Opinion

We have audited the financial statements of Hot Copper Pub Company Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 28 September 2024 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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 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:

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 directors are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

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.

Hot Copper Pub Company Limited
Independent auditor's report (continued)
To the members of Hot Copper Pub Company Limited
6

Opinions on other matters prescribed by the Companies Act 2006

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

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.

Hot Copper Pub Company Limited
Independent auditor's report (continued)
To the members of Hot Copper Pub Company Limited
7

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

 

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent company by discussions with directors and by updating our understanding of the sector in which the group and parent company operates.

 

Laws and regulations of direct significance in the context of the group and parent company include The Companies Act 2006 and UK Tax legislation.

 

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of group and parent company financial statement disclosures. We reviewed the parent company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

As group auditors, our assessment of matters relating to non-compliance with laws or regulations and fraud differed at group and component level according to their particular circumstances. Our communications included a request to identify instances of non-compliance with laws and regulations and fraud that could give rise to a material misstatement of the group financial statements in addition to our risk assessment.

 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Hot Copper Pub Company Limited
Independent auditor's report (continued)
To the members of Hot Copper Pub Company Limited
8

Use of our report

This report is made solely to the parent 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 parent company's members those matters we are required to state to them in an auditors 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 parent company and the parent company's members as a body, for our audit work, for this report, or for the opinions we have formed.

 

Lucy Brennan (Senior Statutory Auditor)
For and on behalf of Saffery LLP
25 June 2025
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
Hot Copper Pub Company Limited
Group income statement
For the period ended 28 September 2024
9
Period
Period
ended
ended
28 September
30 September
2024
2023
Notes
£
£
Turnover
3
6,032,456
7,487,822
Cost of sales
(1,571,846)
(2,078,654)
Gross profit
4,460,610
5,409,168
Administrative expenses
(7,924,591)
(6,530,981)
Exceptional item
4
(35,554)
(66,435)
Operating loss
5
(3,499,535)
(1,188,248)
Interest receivable and similar income
8
24,562
36,427
Interest payable and similar expenses
9
(756)
(1,119)
Loss before taxation
(3,475,729)
(1,152,940)
Tax on loss
10
-
0
-
0
Loss for the financial period
(3,475,729)
(1,152,940)
Loss for the financial period is all attributable to the owners of the parent company.
Hot Copper Pub Company Limited
Group statement of comprehensive income
For the period ended 28 September 2024
10
Period
Period
ended
ended
28 September
30 September
2024
2023
£
£
Loss for the period
(3,475,729)
(1,152,940)
Other comprehensive income
-
-
Total comprehensive income for the period
(3,475,729)
(1,152,940)
Total comprehensive income for the period is all attributable to the owners of the parent company.
Hot Copper Pub Company Limited
Group statement of financial position
As at 28 September 2024
11
28 September 2024
30 September 2023
Notes
£
£
£
£
Fixed assets
Negative goodwill
12
(104,962)
(119,956)
Tangible assets
13
5,147,718
8,726,994
Current assets
Stocks
16
131,475
147,681
Debtors
17
337,401
445,353
Cash at bank and in hand
527,021
1,040,396
995,897
1,633,430
Creditors: amounts falling due within one year
18
(2,850,918)
(2,069,357)
Net current liabilities
(1,855,021)
(435,927)
Total assets less current liabilities
3,187,735
8,171,111
Creditors: amounts falling due after more than one year
19
(12,303)
(21,470)
Net assets
3,175,432
8,149,641
Capital and reserves
Called up share capital
22
198,962
199,014
Share premium account
4,983,057
13,983,057
Capital redemption reserve
63
11
Other reserves
7,501,520
-
0
Profit and loss reserves
(9,508,170)
(6,032,441)
Total equity
3,175,432
8,149,641

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

The financial statements were approved by the board of directors and authorised for issue on 23 June 2025 and are signed on its behalf by:
23 June 2025
Kristian Gumbrell
Director
Company registration number 09402606 (England and Wales)
Hot Copper Pub Company Limited
Company statement of financial position
As at 28 September 2024
28 September 2024
12
28 September 2024
30 September 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
3,087,639
6,116,577
Investments
14
3,787,687
5,254,294
6,875,326
11,370,871
Current assets
Stocks
16
88,054
107,650
Debtors
17
261,957
286,306
Cash at bank and in hand
329,362
169,271
679,373
563,227
Creditors: amounts falling due within one year
18
(4,213,662)
(3,062,133)
Net current liabilities
(3,534,289)
(2,498,906)
Total assets less current liabilities
3,341,037
8,871,965
Creditors: amounts falling due after more than one year
19
(12,303)
(21,470)
Net assets
3,328,734
8,850,495
Capital and reserves
Called up share capital
22
198,962
199,014
Share premium account
4,983,057
13,983,057
Capital redemption reserve
63
11
Other reserves
7,501,520
-
0
Profit and loss reserves
(9,354,868)
(5,331,587)
Total equity
3,328,734
8,850,495

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £4,023,281 (2023 - £584,532 loss).

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 23 June 2025 and are signed on its behalf by:
23 June 2025
Kristian Gumbrell
Director
Company registration number 09402606 (England and Wales)
Hot Copper Pub Company Limited
Group statement of changes in equity
For the period ended 28 September 2024
13
Share capital
Share premium account
Capital redemption reserve
Other reserve
Profit and loss reserves
Total
£
£
£
£
£
£
Balance at 25 September 2022
199,014
13,983,057
11
-
(4,879,501)
9,302,581
Period ended 30 September 2023:
Loss and total comprehensive income
-
-
-
-
(1,152,940)
(1,152,940)
Balance at 30 September 2023
199,014
13,983,057
11
-
(6,032,441)
8,149,641
Period ended 28 September 2024:
Loss and total comprehensive income
-
-
-
-
(3,475,729)
(3,475,729)
Capital reduction
-
(9,000,000)
-
9,000,000
-
-
Own shares acquired
-
-
-
(1,498,480)
-
(1,498,480)
Cancellation of own shares
(52)
-
52
-
-
-
Balance at 28 September 2024
198,962
4,983,057
63
7,501,520
(9,508,170)
3,175,432
Hot Copper Pub Company Limited
Company statement of changes in equity
For the period ended 28 September 2024
14
Share capital
Share premium account
Capital redemption reserve
Other reserve
Profit and loss reserves
Total
£
£
£
£
£
£
Balance at 25 September 2022
199,014
13,983,057
11
-
(4,747,055)
9,435,027
Period ended 30 September 2023:
Loss and total comprehensive income for the period
-
-
-
-
(584,532)
(584,532)
Balance at 30 September 2023
199,014
13,983,057
11
-
(5,331,587)
8,850,495
Period ended 28 September 2024:
Profit and total comprehensive income
-
-
-
-
(4,023,281)
(4,023,281)
Capital reduction
-
(9,000,000)
-
9,000,000
-
-
Own shares acquired
-
-
-
(1,498,480)
-
(1,498,480)
Cancellation of own shares
(52)
-
52
-
-
-
Balance at 28 September 2024
198,962
4,983,057
63
7,501,520
(9,354,868)
3,328,734
Hot Copper Pub Company Limited
Group statement of cash flows
For the period ended 28 September 2024
15
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
27
(549,233)
(1,143,969)
Interest paid
(756)
(1,119)
Net cash outflow from operating activities
(549,989)
(1,145,088)
Investing activities
Purchase of tangible fixed assets
(141,168)
(238,005)
Proceeds from disposal of tangible fixed assets
751,867
-
Interest received
24,562
36,427
Net cash generated from/(used in) investing activities
635,261
(201,578)
Financing activities
Redemption of shares
(1,498,480)
-
0
Proceeds from/(repayment of) borrowings
(9,167)
(10,833)
Proceeds from other loans
909,000
-
Net cash used in financing activities
(598,647)
(10,833)
Net decrease in cash and cash equivalents
(513,375)
(1,357,499)
Cash and cash equivalents at beginning of period
1,040,396
2,397,895
Cash and cash equivalents at end of period
527,021
1,040,396
Hot Copper Pub Company Limited
Company statement of cash flows
For the period ended 28 September 2024
16
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
28
(25,014)
(187,873)
Interest paid
(756)
(1,119)
Net cash outflow from operating activities
(25,770)
(188,992)
Investing activities
Purchase of tangible fixed assets
(101,829)
(181,445)
Proceeds from disposal of tangible fixed assets
877,699
-
0
Interest received
8,638
6,250
Net cash generated from/(used in) investing activities
784,508
(175,195)
Financing activities
Redemption of shares
(1,498,480)
-
0
Proceeds from/(repayment of) borrowings
(9,167)
(10,833)
Proceeds from other loans
909,000
-
Net cash used in financing activities
(598,647)
(10,833)
Net increase/(decrease) in cash and cash equivalents
160,091
(375,020)
Cash and cash equivalents at beginning of period
169,271
544,291
Cash and cash equivalents at end of period
329,362
169,271
Hot Copper Pub Company Limited
Notes to the group financial statements
For the period ended 28 September 2024
17
1
Accounting policies
Company information

Hot Copper Pub Company Limited (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is Highdown House, Yeoman Way, Worthing, West Sussex, BN99 3HH.

 

The group consists of Hot Copper Pub Company 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 and to include investment properties and certain financial instruments 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. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Hot Copper Pub Company Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 28 September 2024.

 

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.

Warm Hearth Limited and Knott End Pub Company Limited have been included in the group financial statements using the purchase method of accounting. Accordingly, the group profit and loss account and statement of cash flows include the results and cash flows of Warm Hearth Limited and Knott End Pub Company Limited.

Hot Copper Pub Company Limited
Notes to the group financial statements (continued)
For the period ended 28 September 2024
1
Accounting policies (continued)
18
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, such as food, drinks and experience days 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.

1.6
Intangible fixed assets - goodwill

Goodwill arising on the acquisition of subsidiary undertakings represents the excess of the fair value of the consideration over the fair value of the identifiable assets and liabilities acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
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 land and buildings
Over the length of the lease
Plant and equipment
10% straight line
Fixtures and fittings
10% straight line
Computers
33.33% 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 income statement.

Hot Copper Pub Company Limited
Notes to the group financial statements (continued)
For the period ended 28 September 2024
1
Accounting policies (continued)
19
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 and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 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.

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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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.

Hot Copper Pub Company Limited
Notes to the group financial statements (continued)
For the period ended 28 September 2024
1
Accounting policies (continued)
20
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 statement of financial position 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, 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.

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.

Hot Copper Pub Company Limited
Notes to the group financial statements (continued)
For the period ended 28 September 2024
1
Accounting policies (continued)
21
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, loans from fellow group companies and preference shares that are classified as debt, 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.

Other financial liabilities

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 finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

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
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.

Hot Copper Pub Company Limited
Notes to the group financial statements (continued)
For the period ended 28 September 2024
1
Accounting policies (continued)
22
1.15
Retirement benefits

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

1.16
Leases

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.

1.17
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.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

Areas of judgement and estimation include the depreciation of fixed assets and classification of income and expenses as follows:

 

Judgement is used to identify and determine whether an item should be classified as Exceptional so to separately disclose and not affect the underlying performance. This involves the nature of the item as well as size and frequency.

 

Estimation is required to determine whether any impairment is required for Property, plant and equipment. These are based on value in use and fair values which are derived from external valuations and market conditions.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Liquor
3,564,886
4,585,715
Food
2,122,061
2,689,036
Other
345,509
213,071
6,032,456
7,487,822
Hot Copper Pub Company Limited
Notes to the group financial statements (continued)
For the period ended 28 September 2024
3
Turnover and other revenue (continued)
23
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
6,032,456
7,487,822
2024
2023
£
£
Other revenue
Interest income
24,562
36,427
4
Exceptional item
2024
2023
£
£
Expenditure
Exceptional costs
35,554
66,435

Exceptional costs in the year relate to property valuation fees, and project craft costs.

 

Exceptional costs in the prior year relate to PILON costs in respect of a disposed site.

5
Operating loss
2024
2023
£
£
Operating loss for the period is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
538,081
518,258
Impairment of owned tangible fixed assets
1,590,646
23,654
Loss on disposal of tangible fixed assets
839,850
-
Amortisation of intangible assets
(14,994)
(14,994)
Operating lease charges
274,147
371,021
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
22,115
18,975
Audit of the financial statements of the company's subsidiaries
33,490
33,000
55,605
51,975
For other services
Taxation compliance services
11,275
11,275
Hot Copper Pub Company Limited
Notes to the group financial statements (continued)
For the period ended 28 September 2024
24
7
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Management
16
19
14
14
Brewery
5
6
4
5
Back of house
37
47
33
35
Front of house
79
93
69
71
Total
137
165
120
125

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,433,892
2,961,064
1,830,168
1,935,679
Social security costs
159,723
179,157
116,648
112,459
Pension costs
36,770
39,907
26,610
26,270
2,630,385
3,180,128
1,973,426
2,074,408
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
24,562
36,427
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
24,562
36,427
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
756
1,119
10
Taxation
Hot Copper Pub Company Limited
Notes to the group financial statements (continued)
For the period ended 28 September 2024
10
Taxation (continued)
25

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

2024
2023
£
£
Loss before taxation
(3,475,729)
(1,152,940)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.96%)
(868,932)
(253,186)
Tax effect of expenses that are not deductible in determining taxable profit
10,817
14,587
Effect of change in corporation tax rate
-
(31,070)
Permanent capital allowances in excess of depreciation
384,922
33,869
Deferred tax not recognised
473,193
235,800
Taxation charge
-
-
11
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
Notes
£
£
In respect of:
Property, plant and equipment
13
1,590,646
23,654
Recognised in:
Administrative expenses
1,590,646
23,654

In respect of Property, plant and equipment:

 

A third party valuation was carried out in the year on all sites held by the group and an impairment has been recognised in respect of two freehold sites, as well as one leasehold site owned by the company and one property held in Knott End Pub Company Limited, a subsidiary.

 

In the prior year, an impairment was recognised in one freehold site owned by the company.

Hot Copper Pub Company Limited
Notes to the group financial statements (continued)
For the period ended 28 September 2024
26
12
Intangible fixed assets
Group
Goodwill
Negative goodwill
Total
£
£
£
Cost
At 1 October 2023 and 28 September 2024
478,863
(284,944)
193,919
Amortisation and impairment
At 1 October 2023
478,863
(164,988)
313,875
Amortisation charged for the period
-
0
(14,994)
(14,994)
At 28 September 2024
478,863
(179,982)
298,881
Carrying amount
At 28 September 2024
-
0
(104,962)
(104,962)
At 30 September 2023
-
0
(119,956)
(119,956)
The company had no intangible fixed assets at 28 September 2024 or 30 September 2023.

More information on impairment movements in the period is given in note 11.

 

Hot Copper Pub Company Limited
Notes to the group financial statements (continued)
For the period ended 28 September 2024
27
13
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
£
Cost
At 1 October 2023
9,416,088
1,922,176
368,435
3,679,007
57,792
15,443,498
Additions
30,000
-
0
5,550
100,689
4,929
141,168
Disposals
(2,117,194)
(800,153)
(467,664)
(346,454)
(9,107)
(3,740,572)
At 28 September 2024
7,328,894
1,122,023
(93,679)
3,433,242
53,614
11,844,094
Depreciation and impairment
At 1 October 2023
2,581,685
1,621,800
249,478
2,228,436
35,105
6,716,504
Depreciation charged in the period
149,592
26,498
29,266
324,425
8,300
538,081
Impairment losses
1,512,263
78,383
-
0
-
0
-
0
1,590,646
Eliminated in respect of disposals
(846,129)
(797,564)
(458,389)
(39,897)
(6,876)
(2,148,855)
At 28 September 2024
3,397,411
929,117
(179,645)
2,512,964
36,529
6,696,376
Carrying amount
At 28 September 2024
3,931,483
192,906
85,966
920,278
17,085
5,147,718
At 30 September 2023
6,834,403
300,376
118,957
1,450,571
22,687
8,726,994
Hot Copper Pub Company Limited
Notes to the group financial statements (continued)
For the period ended 28 September 2024
13
Tangible fixed assets (continued)
28
Company
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
£
Cost
At 1 October 2023
6,094,069
1,122,024
212,984
2,212,055
37,728
9,678,860
Additions
30,000
-
0
-
0
68,889
2,940
101,829
Disposals
(2,117,194)
-
0
(8,557)
(258,155)
(1,229)
(2,385,135)
At 28 September 2024
4,006,875
1,122,024
204,427
2,022,789
39,439
7,395,554
Depreciation and impairment
At 1 October 2023
1,291,267
824,327
142,127
1,280,130
24,432
3,562,283
Depreciation charged in the period
99,588
26,317
16,670
223,178
5,949
371,702
Impairment losses
1,141,676
78,383
-
0
-
0
-
0
1,220,059
Eliminated in respect of disposals
(846,129)
-
0
-
0
-
0
-
0
(846,129)
At 28 September 2024
1,686,402
929,027
158,797
1,503,308
30,381
4,307,915
Carrying amount
At 28 September 2024
2,320,473
192,997
45,630
519,481
9,058
3,087,639
At 30 September 2023
4,802,802
297,697
70,857
931,925
13,296
6,116,577

 

14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
3,787,687
5,254,294

 

Hot Copper Pub Company Limited
Notes to the group financial statements (continued)
For the period ended 28 September 2024
14
Fixed asset investments (continued)
29
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023 and 28 September 2024
6,885,536
Impairment
At 1 October 2023
1,631,242
Impairment losses
1,466,607
At 28 September 2024
3,097,849
Carrying amount
At 28 September 2024
3,787,687
At 30 September 2023
5,254,294
15
Subsidiaries

Details of the company's subsidiaries at 28 September 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Warm Hearth Limited
England and Wales
Ordinary
100.00
Knott End Pub Company Limited
England and Wales
Ordinary
100.00
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
131,475
147,681
88,054
107,650
Hot Copper Pub Company Limited
Notes to the group financial statements (continued)
For the period ended 28 September 2024
30
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
-
0
2,080
-
0
761
Other debtors
112,738
149,482
98,861
90,666
Prepayments and accrued income
224,663
293,791
163,096
194,879
337,401
445,353
261,957
286,306
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
909,000
-
0
909,000
-
0
Other borrowings
20
10,648
10,648
10,648
10,648
Trade creditors
731,257
637,729
522,149
435,428
Amounts owed to group undertakings
-
0
-
0
1,981,065
1,745,933
Other taxation and social security
108,027
163,106
89,309
125,965
Other creditors
155,324
211,508
118,561
131,979
Accruals and deferred income
936,662
1,046,366
582,930
612,180
2,850,918
2,069,357
4,213,662
3,062,133
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other borrowings
20
12,303
21,470
12,303
21,470
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
909,000
-
0
909,000
-
0
Other loans
22,951
32,118
22,951
32,118
931,951
32,118
931,951
32,118
Payable within one year
919,648
10,648
919,648
10,648
Payable after one year
12,303
21,470
12,303
21,470
Hot Copper Pub Company Limited
Notes to the group financial statements (continued)
For the period ended 28 September 2024
20
Loans and overdrafts (continued)
31

 

Included in other loans, is £22,951 which was granted under the Bounce Back Loan Scheme and therefore guaranteed by the UK government. Interest is payable at 2.5% per annum.

 

The Bounce Back loan is repayable, in instalments, until November 2026.

 

Included in bank loans is £909,000 relating to amounts granted by Oasis. The loan is for a term of 1 year and interest accrues at 9.6% per annum.

21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
36,770
39,907

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

22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A shares of 0.001p each
15,591,659
20,395,767
152
204
B shares of 50p each
397,617
397,617
198,809
198,809
C shares of 1p each
134
134
1
1
Deferred share of 1p each
1
1
-
-
15,989,411
20,793,519
198,962
199,014

A, B and C shareholders are all entitled to participate for the purpose of voting rights.

 

A, B, and C shareholders are entitled to participate in dividends and other distributions as set out in the articles of association adopted on 24 December 2020.

 

Deferred shares carry no voting, dividend, or other distribution rights, and are redeemable at the company's discretion.

Hot Copper Pub Company Limited
Notes to the group financial statements (continued)
For the period ended 28 September 2024
32
23
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
180,000
180,000
180,000
180,000
Between two and five years
720,000
720,000
720,000
720,000
In over five years
645,000
825,000
645,000
825,000
1,545,000
1,725,000
1,545,000
1,725,000
24
Events after the reporting date

On 3rd June 2025, the company entered into a new Term Loan agreement with Heritage Square Limited for £3,253,636. The funds were secured to facilitate the purchase of 6,192,597 A ordinary shares (£0.00001 each) from Puma VCT 12 Plc, as well as to refinance the existing Oasis loan.

 

These financing arrangements do not impact the financial position as of the reporting date but provide enhanced funding stability for the company moving forward.

25
Related party transactions

During the period the group incurred franchise fees of £273,000 (2023: £312,000) under franchise arrangements with Brewhouse & Kitchen Limited, a company with common directorship of Kristian Gumbrell and Simon Bunn. A further £34,380 (2023: £42,611) was recharged from Brewhouse & Kitchen Limited in respect of other intercompany recharges. At 30 September 2024 the group was owed a total of £8,409 (2023: £66,268 owed to) from Brewhouse and Kitchen Limited.

 

During the period the company incurred franchise fees of £195,000 (2023: £195,000) under franchise arrangements with Brewhouse & Kitchen Limited, a company with common directorship of Kristian Gumbrell and Simon Bunn. A further £24,780 (2023: £24,686) was recharged from Brewhouse & Kitchen Limited in respect of other intercompany recharges. At 30 September 2024 the company was owed a total of £6,890 (2023: £65,971 owed to) from Brewhouse and Kitchen Limited.

26
Controlling party

The directors do not consider that there is any one ultimate controlling party of the company.

Hot Copper Pub Company Limited
Notes to the group financial statements (continued)
For the period ended 28 September 2024
33
27
Cash absorbed by group operations
2024
2023
£
£
Loss for the period after tax
(3,475,729)
(1,152,940)
Adjustments for:
Finance costs
756
1,119
Investment income
(24,562)
(36,427)
Loss on disposal of tangible fixed assets
839,850
6,081
Amortisation and impairment of intangible assets
(14,994)
(14,994)
Depreciation and impairment of tangible fixed assets
2,128,727
541,912
Movements in working capital:
Decrease in stocks
16,206
38,321
Decrease in debtors
107,952
41,871
Decrease in creditors
(127,439)
(568,912)
Cash absorbed by operations
(549,233)
(1,143,969)
28
Cash absorbed by operations - company
2024
2023
£
£
Loss for the period after tax
(4,023,281)
(584,532)
Adjustments for:
Finance costs
756
1,119
Investment income
(8,638)
(6,250)
Loss on disposal of tangible fixed assets
661,307
-
Depreciation and impairment of tangible fixed assets
1,591,761
386,289
Other gains and losses
1,466,607
73,305
Movements in working capital:
Decrease in stocks
19,596
7,159
Decrease/(increase) in debtors
24,349
(16,265)
Increase/(decrease) in creditors
242,529
(48,698)
Cash absorbed by operations
(25,014)
(187,873)
Hot Copper Pub Company Limited
Notes to the group financial statements (continued)
For the period ended 28 September 2024
34
29
Analysis of changes in net funds/(debt) - group
1 October 2023
Cash flows
28 September 2024
£
£
£
Cash at bank and in hand
1,040,396
(513,375)
527,021
Borrowings excluding overdrafts
(32,118)
(899,833)
(931,951)
1,008,278
(1,413,208)
(404,930)
30
Analysis of changes in net funds/(debt) - company
1 October 2023
Cash flows
28 September 2024
£
£
£
Cash at bank and in hand
169,271
160,091
329,362
Borrowings excluding overdrafts
(32,118)
(899,833)
(931,951)
137,153
(739,742)
(602,589)
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