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Registered number: 05289932










FREEDOM BREWERY LTD










Financial statements

Information for filing with the registrar

For the Year Ended 31 December 2024

 
FREEDOM BREWERY LTD
Registered number: 05289932

Balance Sheet
As at 31 December 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 3 
19,037
-

Tangible assets
 4 
2,088,731
2,660,823

  
2,107,768
2,660,823

Current assets
  

Stocks
 5 
282,244
510,744

Debtors: amounts falling due within one year
 6 
678,135
890,524

Cash at bank and in hand
 7 
254,095
266,440

  
1,214,474
1,667,708

Creditors: amounts falling due within one year
 8 
(11,356,234)
(11,145,579)

Net current liabilities
  
 
 
(10,141,760)
 
 
(9,477,871)

Total assets less current liabilities
  
(8,033,992)
(6,817,048)

Creditors: amounts falling due after more than one year
 9 
(429,641)
(505,723)

  

Net liabilities
  
(8,463,633)
(7,322,771)


Capital and reserves
  

Called up share capital 
 12 
60,000
60,000

Profit and loss account
  
(8,523,633)
(7,382,771)

  
(8,463,633)
(7,322,771)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 June 2025.




................................................
Mr M W Willson
Director

The notes on pages 3 to 10 form part of these financial statements.
Page 1

 
FREEDOM BREWERY LTD
Registered number: 05289932

Balance Sheet (continued)
As at 31 December 2024


Page 2

 
FREEDOM BREWERY LTD
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2024

1.Accounting policies

 
1.1

Basis of preparation of financial statements

Freedom Brewery Limited is a private company limited by shares incorporated in England within the United Kingdom. The registered office address is included on the information page of these accounts and is the same as the place of business. The company’s registration number is 05289932.
The financial statements have been prepared on the going concern basis under the historical cost convention. The financial statements have been prepared in accordance with the provisions of FRS102 Section 1A small entities the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland, and the Companies Act 2006. There were no material departures from that standard.
The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £1.
.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
1.2

Going concern

At 31 December 2024 the company had net liabilities of £8,463,633. The directors have reviewed the cash flow forecasts and the facilities provided by the bank and have confirmed that the company has sufficient funds in place to support the business for a period of at least 12 months from the date of signature of these accounts. In addition confirmation has been received to confirm that the group financing will not be removed until the company has sufficient funds to repay the balance and the parent company shareholders have also signalled their intention to continue to provide adequate financial support to the company to enable it to continue trading and to pay all of its liabilities as they fall due for a period of at least twelve months from the date of signing of the audit report. On this basis we have prepared the accounts on a going concern basis.

 
1.3

Revenue

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on despatch of the goods. 

 
1.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 3

 
FREEDOM BREWERY LTD
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2024

1.Accounting policies (continued)

 
1.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
1.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
1.7

Pensions

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

 
1.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
1.9

Tangible fixed assets

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

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life.

Depreciation is provided on the following basis:

Leasehold property
-
over the life of the lease
Plant and machinery
-
5% to 33.33% on cost
Motor vehicles
-
25% to 33.33% on cost
Beer dispensers
-
33.33% on cost
Fixtures and fittings
-
20% on cost

 
1.10

Stocks

Stocks are valued at the lower of cost and net realisable value. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

 
1.11

Debtors

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

Page 4

 
FREEDOM BREWERY LTD
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2024

1.Accounting policies (continued)

 
1.12

Creditors

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

 
1.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.


2.


Employees

The average monthly number of employees, including directors, during the year was 26 (2023 - 29).


3.


Intangible assets




Intangible assets

£



Cost


Additions
21,111



At 31 December 2024

21,111



Amortisation


Charge for the year on owned assets
2,074



At 31 December 2024

2,074



Net book value



At 31 December 2024
19,037



At 31 December 2023
-



Page 5

 
FREEDOM BREWERY LTD
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2024

4.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Beer dispensers
Fixtures and fittings
Total

£
£
£
£
£
£



Cost


At 1 January 2024
46,756
6,192,711
39,788
424,489
12,222
6,715,966


Additions
-
113,209
2,999
25,058
-
141,266


Disposals
-
(276,787)
-
-
-
(276,787)



At 31 December 2024

46,756
6,029,133
42,787
449,547
12,222
6,580,445



Depreciation


At 1 January 2024
20,811
3,701,929
30,702
298,646
3,055
4,055,143


Charge for the year on owned assets
2,885
362,374
665
68,793
2,444
437,161


Charge for the year on financed assets
-
178,656
7,270
-
-
185,926


Disposals
-
(186,516)
-
-
-
(186,516)



At 31 December 2024

23,696
4,056,443
38,637
367,439
5,499
4,491,714



Net book value



At 31 December 2024
23,060
1,972,690
4,150
82,108
6,723
2,088,731



At 31 December 2023
25,945
2,490,782
9,086
125,843
9,167
2,660,823

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
647,217
795,240

Motor vehicles
1,817
9,087

649,034
804,327

Page 6

 
FREEDOM BREWERY LTD
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2024

5.


Stocks

2024
2023
£
£

Brewing stocks
282,244
510,744

282,244
510,744



6.


Debtors

2024
2023
£
£


Trade debtors
566,592
633,360

Other debtors
37,114
25,277

Prepayments and accrued income
74,429
231,887

678,135
890,524



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
254,095
266,440

254,095
266,440


Page 7

 
FREEDOM BREWERY LTD
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Invoice financing loan
311,185
296,981

Bank loans
10,375
10,119

Other loans
193,592
232,652

Trade creditors
382,856
582,524

Amounts owed to group undertakings
9,971,503
9,614,786

Other taxation and social security
399,213
225,512

Obligations under finance lease and hire purchase contracts
16,218
14,985

Other creditors
10,864
6,518

Accruals and deferred income
60,428
161,502

11,356,234
11,145,579


Trade finance is provided by Close Brothers and is secured by a fixed and floating charge over trade debtors.
Obligations under hire purchase contracts and other loans are secured against the assets to which they relate.


9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
5,286
15,661

Other loans
394,126
443,615

Net obligations under finance leases and hire purchase contracts
30,229
46,447

429,641
505,723


Secured loans
The company's assets have been used as security in a fixed and floating charge in respect of its parent company's creditors. The balance secured in the parent company totals £3,525,114 (2023: £2,855,312).
There is also a composite guarantee and debenture in place dated April 2018 which contains a fixed and floating charge over all property or undertakings of the company. 
Trade finance is provided by Close Brothers and is secured by a fixed and floating charge over trade debtors.
Obligations under hire purchase contracts and other loans are secured against the assets to which they relate. 

Page 8

 
FREEDOM BREWERY LTD
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,375
10,119

Other loans
193,592
232,652

Invoice financing loan
311,185
296,981


515,152
539,752

Amounts falling due 1-2 years

Bank loans
5,286
10,375

Other loans
176,609
161,768


181,895
172,143

Amounts falling due 2-5 years

Bank loans
-
5,286

Other loans
217,517
281,847


217,517
287,133


914,564
999,028



11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
16,218
14,985

Between 1-5 years
30,229
46,447

46,447
61,432

Page 9

 
FREEDOM BREWERY LTD
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2024

12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



60,000 (2023 - 60,000) Class shares of £1.00 each
60,000
60,000



13.


Prior year adjustment

There has been a reclassification of interest and bank charges from sundry admin expenses of £37,252 which has seen a reduction in administration expenses and an increase in interest payable and similar expenses.


14.


Pension commitments

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £17,345 (2023: £19,995).
Contributions totalling £3,232 (2023: £2,531) were payable to the scheme at the end of the year and are included in other creditors.


15.


Related party transactions

The company has taken advantage of the FRS 102 exemption not to disclose transactions with companies within the group.


16.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 25 June 2025 by Julie Stringer (Senior Statutory Auditor) on behalf of PKF Smith Cooper Audit Limited.


Page 10