The directors present the strategic report for the period ended 28 September 2024.
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.
Total Gross profit margin is 74% (2023: 72%)
Group turnover is down by 19% to £6.03m (2023: £7.49m)
Shareholders equity has decreased year on year to £3.2m (2023: £8.1m)
COVID: a fourth wave.
Further disruptions emanating from the war in Ukraine and the Middle East
A significant and adverse change in consumer behaviour: we continue to monitor trends as they emerge.
Economic: the strength of the regional economy is a principal determinant of our success, and reduced consumer spending could adversely affect our performance. However, we mitigate this by proactively responding to changes in all sites. We are also exposed to swings in foreign exchange as we purchase raw materials for the breweries in US$, and also capital items for the breweries from China.
Food Inflation has been incredibly challenging. Because of the extra regulation resulting from Brexit, imported food items are taking longer to enter the UK market. This has driven up cost and reduced shelf life.
Regulation and tax: the drinks industry is heavily regulated and taxed through Excise Duty. There is a risk that future increases could affect the market and our profitability.
Operational Brands and reputation: the Company has an increasing range of brands and an excellent reputation; this could be adversely affected by unexpected events/incidents.
The core areas that are measured in each monthly set of management accounts are:
Year on year sales growth
Liquor gross margin %
Brewery and food gross margin %
Individual unit wages expressed as a % of total sales
EBITDA % improvement per site year on year
Return on capital employed per site %
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.
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
The directors present their annual report and financial statements for the period ended 28 September 2024.
The results for the period are set out on page 9.
No ordinary dividends were paid.
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
The auditor, Saffery LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
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).
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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the 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:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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, 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, 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.
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.
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.
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, 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.
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.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
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.
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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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.
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.
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.
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.
The average monthly number of persons (including directors) employed by the group and company during the period was:
Their aggregate remuneration comprised:
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:
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
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.
More information on impairment movements in the period is given in note 11.
Details of the company's subsidiaries at 28 September 2024 are as follows:
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.
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.
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.
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:
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.
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.