IRIS Accounts Production v25.1.4.42 00153755 Board of Directors 1.10.23 30.9.24 30.9.24 Medium entities The principal activity of the company in the year under review remains and continues to be that of the manufacture of malt and its supply to the brewing industry. true false true true false false false true false Defined benefit pension plans These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. 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REGISTERED NUMBER: 00153755 (England and Wales)










THOMAS FAWCETT & SONS LTD

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024






THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024










Page

Company Information 1

Strategic Report 2 to 3

Report of the Directors 4 to 5

Report of the Independent Auditors 6 to 9

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15 to 16

Notes to the Financial Statements 17 to 30


THOMAS FAWCETT & SONS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: Mr J A G Fawcett
Mrs S H Fawcett
Mrs J M Pratt
Mrs L S Fawcett
Mr M L P Fawcett
Mr B C Hickman
Mr B M B Fawcett





SECRETARY: Miss J M Tonks





REGISTERED OFFICE: Eastfield Lane
Castleford
West Yorkshire
WF10 4LE





REGISTERED NUMBER: 00153755 (England and Wales)





AUDITORS: UHY Calvert Smith LLP
Statutory Auditor
Chartered Accountants
Heritage House
Murton Way
Osbaldwick
York
North Yorkshire
YO19 5UW

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024


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

REVIEW OF PRINCIPAL RISKS AND UNCERTAINTIES FACING THE BUSINESS
The most significant risk facing the business is the general malaise affecting the hospitality industry post Covid-19, combined with the rise in inflation and an extremely competitive environment at home and abroad. High business rates and a shortage of a willing work force keep many pubs closed which in turn has placed much pressure on the Company’s smaller, but vital customer base. Many breweries are under extreme financial pressure which presents a significant risk of future bad debts.

The continuing war in Ukraine is a constant threat to the stability of cereal prices and conflict in the Middle East threatens the stability of oil prices.

REVIEW OF BUSINESS
Thomas Fawcett & Sons Ltd is an eighth generation family business that has been manufacturing quality malts for over 200 years on its original site in Castleford, West Yorkshire.

The Company's production facilities span its history from four working floor Maltings to the most up to date Germinating Kilning Vessels (GKV's). Coloured malts of all hues and flavours are produced from its bespoke roasting plants. Batch sizes remain small to ensure consistent quality throughout an extensive product range.

The Company manufactures over 30 different malts and supplies small quantities of other key adjuncts in the brewing and food industries.

The Company concentrates on developing and maintaining trade with producers of top quality beers within the UK and in export markets.

USE OF FINANCIAL INSTRUMENTS
The Company's financial risk management objectives are to ensure sufficient working capital for the business. This is achieved by careful management of cash balances and, where necessary, by obtaining short term overdraft finance. The business succeeded in purchasing capital equipment and new crop barley from the 2024 harvest without the use of an overdraft facility.


THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024


THE COMPANY'S PERFORMANCE
Working constantly to manage the level of liquidity, the Company has been able to maintain a strong Current Ratio at a level of 7.9, from 5.8 in the prior year. There has been an inflow of cash from operating activities of £766k in the year, providing the Company with resources to fund capital expenditure as the Company continues in its ability to pay current liabilities without the need to employ external finance.

Controlling costs requires constant attention to the detail of the business. The net margin on operating profit of 2.3% generated in the year (2.8% previous year) shows that, despite an extremely challenging trading environment, the Company has been successful in controlling its costs through active management of its structure.

THE COMPANY'S POSITION
Though proud of its traditional methods of production the Company has consistently invested in new technology to increase capacity and improve energy efficiency, and the capital investments made in recent years continue to perform well. The Company will continue to search for investments that are designed to keep pace with the political environment and especially focus on reducing the use of fossil fuels.

Contributions to the Defined Benefit Pension Scheme in the year have been made in line with actuarial recommendations. The most recent comprehensive tri-annual actuarial valuation of the Scheme identified a surplus, and a revised funding and investment strategy has been agreed by the Company and Trustees of the Scheme which is intended to allow it to meet its obligations without requiring further significant Company contributions. The Company remains committed to the Scheme.

ON BEHALF OF THE BOARD:





Miss J M Tonks - Secretary


28 November 2024

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


The directors present their report with the financial statements of the company for the year ended 30 September 2024.

DIVIDENDS
The total distribution of dividends for the year ended 30th September 2024 has been £129,500.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

Mr J A G Fawcett
Mrs S H Fawcett
Mrs J M Pratt
Mrs L S Fawcett
Mr M L P Fawcett
Mr B C Hickman

Other changes in directors holding office are as follows:

Mr B M B Fawcett - appointed 1 November 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


AUDITORS
The auditors, UHY Calvert Smith LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



Miss J M Tonks - Secretary


28 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THOMAS FAWCETT & SONS LTD


Opinion
We have audited the financial statements of Thomas Fawcett & Sons Ltd (the 'company') for the year ended 30 September 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

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

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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 in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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.

In connection with our audit of the financial statements, 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THOMAS FAWCETT & SONS LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THOMAS FAWCETT & SONS LTD


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

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

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and from our commercial knowledge and experience of the sector; and
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation, employment, and health and safety legislation.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation; and
- enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in the audit procedures described above; any instance of non-compliance with laws and regulations and fraud which is far removed from transactions reflected in the financial statements would diminish the likelihood of detection. Furthermore, the risk of not detecting a material misstatement due to fraud is greater than the risk of not detecting one resulting from error. Fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through an act of collusion that would mitigate internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THOMAS FAWCETT & SONS LTD


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




Hayden Priest BEng BFP FCA (Senior Statutory Auditor)
for and on behalf of UHY Calvert Smith LLP
Statutory Auditor
Chartered Accountants
Heritage House
Murton Way
Osbaldwick
York
North Yorkshire
YO19 5UW

2 December 2024

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £    £    £    £   

TURNOVER 3 13,234,745 13,086,942

Changes in stocks of finished goods and
work in progress

(15,339

)

67,950
13,219,406 13,154,892

Other operating income (32,235 ) 44,301
13,187,171 13,199,193

Raw materials and consumables 8,080,495 7,601,115
Other external expenses 1,521,248 1,430,005
9,601,743 9,031,120
3,585,428 4,168,073

Staff costs 4 2,891,493 3,400,204
Depreciation 395,878 395,417
3,287,371 3,795,621
OPERATING PROFIT 5 298,057 372,452

Foreign exchange and fair value movement 6 - 295,026
298,057 667,478

Income from fixed asset investments 188 -
Interest receivable and similar income 7 134,795 56,341
Other finance income 22 93,000 64,000
227,983 120,341
PROFIT BEFORE TAXATION 526,040 787,819

Tax on profit 8 148,143 191,553
PROFIT FOR THE FINANCIAL YEAR 377,897 596,266

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 377,897 596,266


OTHER COMPREHENSIVE INCOME
Pension: Actuarial gain/(loss) (Note 22) (110,000 ) 205,000
Pension: Return on assets (Note 22) 180,000 147,000
Income tax relating to components of other
comprehensive income

(17,500

)

(88,000

)
OTHER COMPREHENSIVE INCOME FOR THE
YEAR, NET OF INCOME TAX

52,500

264,000
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

430,397

860,266

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 15,000 15,000
Tangible assets 11 5,196,224 5,412,950
Investments 12 33,913 37,513
5,245,137 5,465,463

CURRENT ASSETS
Stocks 13 5,927,731 6,296,640
Debtors 14 1,852,372 2,122,780
Investments 15 52,892 102,912
Cash at bank and in hand 3,197,620 2,580,684
11,030,615 11,103,016
CREDITORS
Amounts falling due within one year 16 1,391,031 1,917,512
NET CURRENT ASSETS 9,639,584 9,185,504
TOTAL ASSETS LESS CURRENT LIABILITIES 14,884,721 14,650,967

PROVISIONS FOR LIABILITIES 19 (468,263 ) (419,906 )

PENSION ASSET 22 1,380,000 1,264,500
NET ASSETS 15,796,458 15,495,561

CAPITAL AND RESERVES
Called up share capital 20 70,000 70,000
Other reserves 21 330,000 330,000
Retained earnings 21 15,396,458 15,095,561
SHAREHOLDERS' FUNDS 15,796,458 15,495,561

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2024 and were signed on its behalf by:





Mr J A G Fawcett - Director


THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

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

Called up
share Retained Other Total
capital earnings reserves equity
£    £    £    £   
Balance at 1 October 2022 70,000 14,352,195 330,000 14,752,195

Changes in equity
Dividends - (116,900 ) - (116,900 )
Total comprehensive income - 860,266 - 860,266
Balance at 30 September 2023 70,000 15,095,561 330,000 15,495,561

Changes in equity
Dividends - (129,500 ) - (129,500 )
Total comprehensive income - 430,397 - 430,397
Balance at 30 September 2024 70,000 15,396,458 330,000 15,796,458

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 765,665 1,228,015
Tax paid - (183,336 )
Net cash from operating activities 765,665 1,044,679

Cash flows from investing activities
Purchase of tangible fixed assets (193,852 ) (777,815 )
Sale of tangible fixed assets 14,700 37,500
Withdrawn from current asset investment 25,301 39,099
Interest received 134,434 53,694
Dividends received 188 -
Net cash from investing activities (19,229 ) (647,522 )

Cash flows from financing activities
Equity dividends paid (129,500 ) (116,900 )
Net cash from financing activities (129,500 ) (116,900 )

Increase in cash and cash equivalents 616,936 280,257
Cash and cash equivalents at beginning of
year

2

2,580,684

2,300,427

Cash and cash equivalents at end of year 2 3,197,620 2,580,684

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 526,040 787,819
Depreciation charges 395,381 412,136
Loss/(profit) on disposal of fixed assets 497 (16,719 )
Adjustment for pension funding 9,000 (43,000 )
Loss / (gain) on investments 28,680 33,001
Finance income (227,983 ) (120,341 )
731,615 1,052,896
Decrease in stocks 368,909 131,843
Decrease in trade and other debtors 270,323 120,805
Decrease in trade and other creditors (605,182 ) (77,529 )
Cash generated from operations 765,665 1,228,015

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2024
30/9/24 1/10/23
£    £   
Cash and cash equivalents 3,197,620 2,580,684
Year ended 30 September 2023
30/9/23 1/10/22
£    £   
Cash and cash equivalents 2,580,684 2,300,427


THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024


3. ANALYSIS OF CHANGES IN NET FUNDS

Other
non-cash
At 1/10/23 Cash flow changes At 30/9/24
£    £    £    £   
Net cash
Cash at bank
and in hand 2,580,684 616,936 3,197,620
2,580,684 616,936 3,197,620

Liquid resources
Current asset
investments 102,912 (25,301 ) (24,719 ) 52,892
102,912 (25,301 ) (24,719 ) 52,892
Total 2,683,596 591,635 (24,719 ) 3,250,512

4. OTHER NON-CASH CHANGES

The non-cash movement on current asset investments relates to net investment income received and fair value movements in investments within the portfolio in the period.

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

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


1. STATUTORY INFORMATION

Thomas Fawcett & Sons Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The directors have considered the financial position and trading projections of the company, and have a reasonable expectation that the company has adequate resources to continue to trade into the foreseeable future. The company therefore continues to adopt the going concern basis in preparing the financial statements.

Significant judgements and estimates
The preparation of the financial statements requires management to make significant judgements and
estimates. The key items in the financial statements where these judgements and estimates have been made include:

Depreciation and residual values:
The directors have reviewed the asset lives and associated residual values of all fixed asset classes, and concluded that the company's depreciation policies are appropriate.

Valuation of stock and work in progress:
Due to the nature of the company's stock and the manufacturing process, a number of estimates are required in the calculation of the value of closing stocks and work in progress. These include provision against expected wastage / weight loss during the manufacturing cycle and the allocation of an appropriate element of overhead costs to work in progress and finished malt.

Defined retirement benefit scheme:
The company is required under FRS102 to disclose information about the assets and liabilities of its defined retirement benefit scheme as at the balance sheet date. The directors engage an independent professionally qualified actuary to produce a report for this purpose, and work with the actuary to establish appropriate assumptions on which to base the calculations.

Turnover
Turnover comprises the value of goods despatched by the company in the course of its principal activity as a maltster, net of value added tax and trade discounts.

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

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


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - Over 30 - 50 years
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 20% straight line
Motor vehicles - 25% on reducing balance

Freehold land is not depreciated.

Included in land and property are a number of properties from which the company receives rental income. These have not been classified as investment properties in the financial statements as the rental income is incidental to their value to the business.

Stocks and work in progress
1) Stocks of barley are valued at the lower of cost and net realisable value, using the average purchase price of barley.

2) Stocks of malt including "malt in process" are valued by the directors at the lower of cost and net realisable value. Cost comprises the direct cost of production and the attributable proportion of all overheads appropriate to location and distribution.

3) Stocks of fuel oil, heating oil and coal are valued at cost, using the first in first out method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction, or at the applicable contracted rate agreed with the customer. Exchange differences are taken into account in arriving at the operating result.

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

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


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates defined contribution pension schemes and defined benefit schemes for its employees and directors, the assets of which are held in independently administered funds. The pension charge in the profit and loss account represents the amounts payable by the company to the fund in respect of the defined contribution scheme and service costs as quantified by the actuary in respect of the defined benefit scheme.

Investments
Investment assets are stated at fair value where this can be reliably measured. Where no reliable fair valuation can be obtained, or the investment is considered to be immaterial, it is included at historic cost. Fair value movements are included in the profit and loss account.

Current asset investments are readily convertible to cash and are utilised as part of the company's management of working capital, as opposed to being held for long term investment return.

Dividends received are accounted for on the basis of cash received.

Operating leases
Operating lease rentals are charged in the profit and loss account on a straight line basis over the lease term.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Brewing Malt 13,166,441 13,042,858
By-products 68,304 44,084
13,234,745 13,086,942

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 7,689,876 6,423,052
Europe 922,701 1,576,162
United States of America 3,906,255 4,548,239
Other 715,913 539,489
13,234,745 13,086,942

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

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


4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,305,781 2,761,394
Social security costs 263,393 330,359
Other pension costs 322,319 308,451
2,891,493 3,400,204

The average number of employees during the year was as follows:
2024 2023

Directors 7 6
Management and administration 7 7
Production and delivery 47 47
61 60

2024 2023
£    £   
Directors' remuneration 773,427 1,230,156
Directors' pension contributions to money purchase schemes 126,549 126,081

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 5 4

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 521,519 981,307
Pension contributions to money purchase schemes 16,568 16,081

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 395,382 412,137
Loss/(profit) on disposal of fixed assets 497 (16,719 )
Property operating lease payments 10,000 10,000
Auditors' remuneration for company audit 13,500 12,300

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

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


6. EXCEPTIONAL ITEMS
2024 2023
£    £   
Foreign exchange and fair value movement - 295,026

A net charge to the profit and loss account of £295,026 was included as an exceptional item on the income statement for the year ended 30 September 2022; the £295,026 comprising of a £443,864 forward exchange contract fair value liability, and a £148,838 foreign exchange gain on retranslation of trade debtors. This arose due to the exceptional fall in the pound against the US dollar in September 2022.

This charge was reversed in full in the prior accounting period to 30 September 2023, with the open foreign exchange contracts settled against export sales.

7. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£    £   
Deposit account interest 134,434 53,694
Other interest received - 85
Net income from investment portfolio 361 2,562
134,795 56,341

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 78,786 -

Deferred tax:
Deferred tax (including on pension obligation) 86,857 279,553
Tax attributable to actuarial gain or loss (17,500 ) (88,000 )
Total deferred tax 69,357 191,553
Tax on profit 148,143 191,553

UK corporation tax has been charged at 25% (2023 - 22.01%).

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

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


8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 526,040 787,819
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 22.008%)

131,510

173,383

Effects of:
Expenses disallowed and differences in tax treatment or timing 2,297 3,792
Depreciation not included in deferred tax - including deferred tax rate changes
16,127

32,135
Unrealised or non-taxable loss / gain on fixed asset investments 7,170 7,263
Non taxable income - investment and non-trading (8,961 ) (11,706 )
Impact of deferred tax rate change on defined benefit obligation - 3,200
provision, net of relief
Difference due to deferred tax rate applied to losses & other short term timing differences
-

(9,877

)
Capital allowance super deduction - (6,637 )
Total tax charge 148,143 191,553

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Pension: Actuarial gain/(loss) (Note 22) (110,000 ) 27,500 (82,500 )
Pension: Return on assets (Note 22) 180,000 (45,000 ) 135,000
70,000 (17,500 ) 52,500

2023
Gross Tax Net
£    £    £   
Actuarial gain/(loss), incl assumptions 205,000 (51,250 ) 153,750
Return on assets, excl. interest income 147,000 (36,750 ) 110,250
352,000 (88,000 ) 264,000

A deferred tax asset has not been recognised in respect of unutilised and unrealised chargeable losses due to uncertainty as to when future chargeable gains will arise against which they can be offset. The value of the unrecognised deferred asset on chargeable losses carried forward at the year end was £25,831 (2023: £25,831).

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

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


9. DIVIDENDS
2024 2023
£    £   
Dividend paid 129,500 116,900

10. INTANGIBLE FIXED ASSETS
Fishing
rights
£   
COST
At 1 October 2023
and 30 September 2024 15,000
NET BOOK VALUE
At 30 September 2024 15,000
At 30 September 2023 15,000

11. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 October 2023 4,180,199 8,554,455 116,074 1,223,508 14,074,236
Additions 25,028 19,853 - 148,971 193,852
Disposals - - - (104,848 ) (104,848 )
At 30 September 2024 4,205,227 8,574,308 116,074 1,267,631 14,163,240
DEPRECIATION
At 1 October 2023 1,219,131 6,445,960 116,074 880,121 8,661,286
Charge for year 63,257 212,835 - 119,290 395,382
Eliminated on disposal - - - (89,652 ) (89,652 )
At 30 September 2024 1,282,388 6,658,795 116,074 909,759 8,967,016
NET BOOK VALUE
At 30 September 2024 2,922,839 1,915,513 - 357,872 5,196,224
At 30 September 2023 2,961,068 2,108,495 - 343,387 5,412,950

Included in cost of land and buildings is freehold land of £ 1,077,277 (2023 - £ 1,077,277 ) which is not depreciated.

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

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


12. FIXED ASSET INVESTMENTS
Listed Unlisted
investments investments Totals
£    £    £   
COST OR VALUATION
At 1 October 2023 27,525 9,988 37,513
Revaluations (3,600 ) - (3,600 )
At 30 September 2024 23,925 9,988 33,913
NET BOOK VALUE
At 30 September 2024 23,925 9,988 33,913
At 30 September 2023 27,525 9,988 37,513

Listed investments have a historic cost of £48,750 (2023: £48,750), and unlisted investments have a historic cost of £9,988 (2023: £9,988).

Listed investments are listed on a recognised United Kingdom investment exchange.

13. STOCKS
2024 2023
£    £   
Raw materials 5,350,351 5,668,888
Work-in-progress 115,704 127,631
Finished goods 461,676 500,121
5,927,731 6,296,640

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,642,927 1,807,685
Other debtors 94,906 217,417
Tax - 85
Prepayments 114,539 97,593
1,852,372 2,122,780

15. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Investment portfolio 52,892 102,912
Market value of listed investments at 30 September 2024 - £ 52,892 (2023 - £ 102,912 ).

The current asset investment comprises of a range of listed equity and fixed interest securities held within a managed investment portfolio, and is included at fair value.

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

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


16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 506,875 626,861
Tax 78,701 -
Social security and other taxes 53,084 85,568
Accrued expenses 752,371 1,205,083
1,391,031 1,917,512

17. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 35,736 28,967
Between one and five years 140,027 40,729
In more than five years 7,500 17,500
183,263 87,196

18. FINANCIAL INSTRUMENTS

Current asset investments of £52,892 (2023: £102,912), and fixed asset investments of £23,925 (2023: £27,525) are included at fair value. Fair value losses of £28,680 (2023: loss of £33,001) have been recognised in the profit and loss in respect of investments.

A fair value reversal of £443,864 was credited to the profit and loss in the prior year in respect of forward foreign currency contracts. Further details are provided in note 6.

All other company financial assets and liabilities (with the exception of the pension liability, as set out in note 22) are measured at amortised cost.

19. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Tax losses carried forward - (82,227 )
Accelerated capital allowances 468,263 502,133
468,263 419,906

Deferred
tax
£   
Balance at 1 October 2023 419,906
Charge to Income Statement during year 69,357
Relating to pension obligation (21,000 )
Balance at 30 September 2024 468,263

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

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


20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
70,000 Ordinary £1 70,000 70,000

21. RESERVES
Retained Other
earnings reserves Totals
£    £    £   

At 1 October 2023 15,095,561 330,000 15,425,561
Profit for the year 377,897 377,897
Dividends (129,500 ) (129,500 )
Actuarial (gains)/losses on
liabilities

(110,000

)

-

(110,000

)

Return on assets, excluding
interest income

180,000

-

180,000

Tax attributable to actuarial loss (17,500 ) - (17,500 )
At 30 September 2024 15,396,458 330,000 15,726,458

22. EMPLOYEE BENEFIT OBLIGATIONS

The Thomas Fawcett & Sons Retirement Benefit Scheme (RBS) provides benefits for company employees. The scheme is closed to new members. A full actuarial tri-annual valuation was last carried out as at 30 September 2023. The valuation was updated to 30 September 2024 for the purposes of these financial statements. All valuations were carried out by a qualified independent actuary.

The net surplus for the scheme at the balance sheet date based on the valuation was £1,380,000 (2023: £1,264,500).

The amounts recognised in the balance sheet are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Present value of funded obligations (2,579,000 ) (2,531,000 )
Fair value of plan assets 4,419,000 4,217,000
1,840,000 1,686,000
Present value of unfunded obligations - -
Surplus 1,840,000 1,686,000
Deferred tax liability (460,000 ) (421,500 )
Net asset 1,380,000 1,264,500

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

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


22. EMPLOYEE BENEFIT OBLIGATIONS - continued

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Current service cost 19,000 22,000
Net interest on the net defined liability (93,000 ) (64,000 )
Past service cost - -
Administration costs covered by the scheme 26,000 -
(48,000 ) (42,000 )

Actual return on plan assets 406,000 345,000

The amounts stated above exclude the professional and other expenses incurred in the running of the scheme which were previously met directly by the company.

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Opening defined benefit obligation 2,531,000 2,669,000
Current service cost 19,000 22,000
Contributions by scheme participants 8,000 9,000
Interest cost 133,000 134,000
Benefits paid (222,000 ) (98,000 )
Remeasurements:
Actuarial (gains)/losses from changes in
demographic assumptions

(50,000

)

(13,000

)
Actuarial (gains)/losses from changes in
financial assumptions

78,000

(192,000

)
Experience (gains) / losses on liabilities 82,000 -
2,579,000 2,531,000

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

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


22. EMPLOYEE BENEFIT OBLIGATIONS - continued

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Opening fair value of scheme assets 4,217,000 3,896,000
Contributions by employer 36,000 65,000
Contributions by scheme participants 8,000 9,000
Administration costs (26,000 ) -
Return on assets, ex interest income 180,000 147,000
Interest income on scheme assets 226,000 198,000
Benefits paid (222,000 ) (98,000 )
4,419,000 4,217,000

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Actuarial (gains)/losses from changes in
demographic assumptions

50,000

13,000
Actuarial (gains)/losses from changes in
financial assumptions

(78,000

)

192,000
Experience (gains) / losses on liabilities (82,000 ) -
Return on assets, excl. interest income 180,000 147,000
70,000 352,000

The major categories of scheme assets as a percentage of total scheme assets are as follows:

Defined benefit
pension plans
2024 2023
Equities 10.50% 63.30%
Cash 8.50% 5.40%
Fixed Interest / Money Market 81.00% 31.30%
100.00% 100.00%

The pension scheme assets did not include any ordinary shares issued by the company nor property occupied by the company.

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

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


22. EMPLOYEE BENEFIT OBLIGATIONS - continued

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2024 2023
Discount rate 5.25% 5.50%
Future salary increases 3.40% 3.35%
Future pension increases - 97-05 3.20% 3.20%
Future pension increases - post 05 2.15% 2.25%
Inflation 3.40% 3.35%

Mortality assumptions:
Life expectancy for a 65 year old male retiring immediately is 21.4 years (2023: 21.4 years)
Life expectancy for a 65 year old female retiring immediately is 24.0 years (2023: 23.9 years)
Life expectancy for a 65 year old male retiring in 20 years time is 22.7 years (2023: 22.7 years)
Life expectancy for a 65 year old female retiring in 20 years time is 25.4 years (2023: 25.3 years)

Characteristics of the Scheme:

Information about the type of Scheme and funding policy:

The Scheme provides pensions in retirement and death benefits to members. Pension benefits are linked to a member's final salary at retirement and their length of service. Since 8 October 2001 the Scheme has been closed to new members.

The Scheme is registered under UK legislation and was contracted in the State Second Pension.

The Scheme is subject to the scheme funding requirements outlined in UK legislation.

The Scheme was established from 30 March 1981 under trust and is governed by the Scheme's trust deed and rules dated 14 April 1999, along with subsequent amending deeds after this date. The Trustees are responsible for the operation and the governance of the Scheme, including making decisions regarding the Scheme's funding and investment strategy in conjunction with the Company.

Information about the most recent actuarial valuation of the scheme:

The most recent comprehensive actuarial valuation of the Scheme was carried out as at 30 September 2023, which revealed a surplus, and the next valuation of the Scheme is due as at 30 September 2026. In the event that the valuation reveals a deficit the Company may be required to increase contributions above those set out in the existing Schedule of Contributions. Conversely, if the position is better than expected, the contributions may be maintained at nil.

The Company expects to pay no contributions in the year to 30 September 2025.

THOMAS FAWCETT & SONS LTD (REGISTERED NUMBER: 00153755)

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


22. EMPLOYEE BENEFIT OBLIGATIONS - continued

Information about the valuation of the defined benefit obligation at the accounting date:

The value of the liabilities at the reporting date have been estimated from the Scheme Funding valuation as at 30 September 2023 prepared for tri-annual valuation, adjusted to allow for the passage of time, the accrual of new benefits for active members, membership movements, benefits paid out of the Scheme and changes in actuarial assumptions and actual inflation over the period from 30 September 2023 to 30 September 2024.

Such an approach is normal for the purpose of accounting disclosures. It is not expected that these projections will be materially different from a summation of individual calculation at the accounting date, although there may be some discrepancy between the actual liabilities for the Scheme at the accounting date and those included in the disclosures.

Defined contribution scheme

The company operates defined contribution pension schemes, the assets of which are held separately from the company in independently administered funds. The pension cost charge for the year in respect of these schemes totalled £126,549 (2023: £126,081) for directors and £85,555 (2023: £85,506) for employees.

23. OTHER FINANCIAL COMMITMENTS

At the balance sheet date the company was committed to forward purchase contracts for barley to the value of £1,404,504 (2023: £1,716,618) which is not provided in these accounts.

At the balance sheet date the company was committed to sell foreign currency to a value of £Nil (2023: £190,802).

24. RELATED PARTY DISCLOSURES

The company paid rent of £10,000 to the Thomas Fawcett & Sons Limited Directors' Pension Scheme (2023: £10,000).

During the year the company paid dividends of £46,676 (2023: £42,134) to the directors, and £31,437 (2023: £28,378) to trusts in which directors have a beneficial interest.

Key management personnel received remuneration of £773,427 (2023: £1,230,156) in the year, plus pension contributions to money purchase schemes of £126,549 (2023: £126,081). This figure includes the benefit calculated on the occupancy of company property on a non arm's length basis.

25. ULTIMATE CONTROLLING PARTY

The company was controlled throughout the year by Mr J A G Fawcett by virtue of his interests in the issued share capital of the company.