M W Beer Holdings Limited
Annual Report and Consolidated Financial Statements
For the year ended 31 December 2024
Company Registration No. 03664867 (England and Wales)
M W Beer Holdings Limited
Company Information
Directors
L. Beer
M. Beer
Secretary
C. Holmes
Company number
03664867
Registered office
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Auditor
THP Limited
Chartered Accountants and Statutory Auditors
34-40 High Street
Wanstead
London
E11 2RJ
Business address
6 - 7 Grange Court
The Limes
Ingatestone
Essex
United Kingdom
CM4 0GB
M W Beer Holdings Limited
Contents
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 32
M W Beer Holdings Limited
Strategic Report
For the year ended 31 December 2024
Page 1
The directors present the strategic report and financial statements for the year ended 31 December 2024.
Principal activites
The principal activities of the group throughout the year continued to be that of commodity trading and dealing in vegetable oils and their derivatives. The group is based in and operates from the UK.
Fair review of the business
The results for the year ended 31 December 2024 show that turnover has decreased compared to the previous year at £61,823,887 (2023: £81,058,133). This movement is principally the result of decreased global commodity prices, as volumes traded were 6% higher than the previous year. Gross margins have decreased during the year compared to the previous year at 3.1% (2023: 5.1%). This movement is attributable to increased competition globally for the commodities that the group has traded. As a consequence, gross profits have decreased during the year to £1,875,812 (2023: £4,142,838) and consequently the operating result has fallen this year to a loss of £350,463 (2023: profit of £1,032,068).
The fluctuations in sales values are dependent on the mix of sales between different oils and tallows as well as global commodity prices. Sales values were also dependent on the foreign exchange rate movements during the year. The directors are not concerned or surprised by the movements in the turnover figures as volumes traded by the group still remain satisfactory.
Principal risks and uncertainties
The management of the business and its operation are subject to a number of risks. The directors consider the most significant risk to be the performance of the global commodities market. Given the current economic climate, there is the risk that the market value of commodities will fluctuate significantly over short time periods. The directors consider the group's exposure to these fluctuations to be limited since, in most cases, the group acquires commodities only when a corresponding sales contract has been entered into.
As stated in the previous year, having paid off its bank financing, the group has been able to fund its activities from existing reserves during this financial year. However, the group has secured new bank finance in 2025, and considers this beneficial to increase trade. The group has a good relationship with its bankers and monitors its banking facilities on an ongoing basis.
Due to the nature of the Trade, many transactions are entered into in foreign currencies, most notably US Dollars. There is a risk of adverse changes in foreign exchange rates increasing the value of contracts and adversely effecting margins. The group mitigates this risk by maintaining bank accounts in Euro and US Dollar, making use of forward contracts where necessary and taking advantage of favourable exchange rates where they arise. The net effect of FX movements in the year were a gain of £41,361 (2023: losses of £883,618).
The group is exposed to the credit risk of both customers and other debtors. The Directors mitigate these risks by continuing to utilise credit checks and credit limits for customers.
Future Developments
Despite the difficult economic situation, trading during 2025 continues to be strong, and the directors remain confident that the group will continue to be successful in the coming years.
M W Beer Holdings Limited
Strategic Report (Continued)
For the year ended 31 December 2024
Page 2
Other information and explanations
The directors of the company and the group must act in accordance with a set of general duties. These duties are detailed in Section 172 of the Companies Act 2006 which is summarised as follows:
"A director of a company must act in the way he considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:
the likely consequences of any decision in the long term,
the interests of the company's employees,
the need to foster the company's business relationships with suppliers, customers and others,
the impact of the company's operations on the community and the environment,
the desirability of the company maintaining a reputation for high standards of business conduct, and the need to act fairly as between members of the company."
The following paragraphs summarise how the directors fulfil their duties:
Risk Management
The long-term success of the business is continually managed by identifying, evaluating, managing the risks encountered by the business and ensuring appropriate measures are in place to mitigate those risks. More details on these can be found stated earlier in this Strategic Report.
Our people
Our workforce is key to our business and for our business to continue to succeed we need to manage performance and develop and encourage talent, whilst ensuring the business operates as efficiently and effectively as possible. The directors place the health, safety and wellbeing of our people at the forefront of all decisions.
Business Relationships
The directors and key senior management maintain good working relationships with suppliers, customers and other strategic partners to ensure our business can continue to be effective and successful. Regular contact is maintained throughout the year to ensure we have a better understanding of our customers' requirements and we aim to settle our suppliers promptly to obtain the best possible terms and support.
Community and Environment
We appreciate that, most of all, business operations have an impact on the community and the environment. The directors ensure that operations have no harmful impact on either of these. We work closely with local bodies and any regulatory body to ensure compliance and make changes to our operations to the benefit of the community and environment where possible.
High Standards of Business Conduct
The conduct of our employees is closely monitored by the directors and the wider management team to make sure the business conducts itself in a responsible manner in all activities. High standards are expected throughout our business and the group responds proactively to all feedback it receives.
Shareholders
The board is committed to openly engaging with our shareholders. It is important for the business that shareholders understand our strategy and objectives so these must be explained clearly with any issues and feedback properly considered.
M W Beer Holdings Limited
Strategic Report (Continued)
For the year ended 31 December 2024
Page 3
C. Holmes
Secretary
1 August 2025
M W Beer Holdings Limited
Directors' Report
For the year ended 31 December 2024
Page 4
The directors present their annual report and financial statements for the year ended 31 December 2024.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
L. Beer
M. Beer
Results and dividends
The results for the year are set out on page 10.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Auditor
The auditors, THP Limited, are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Energy and carbon report
As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
M W Beer Holdings Limited
Directors' Report (Continued)
For the year ended 31 December 2024
Page 5
Strategic report
The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial risk management and future developments.
Engagement with suppliers, customers and others
The group have described on page 2 how it engages with these parties.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
By order of the board
C. Holmes
Secretary
1 August 2025
M W Beer Holdings Limited
Independent Auditor's Report
To the Members of M W Beer Holdings Limited
Page 6
Opinion
We have audited the financial statements of M.W.Beer Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of the group's loss 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.
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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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.
M W Beer Holdings Limited
Independent Auditor's Report (Continued)
To the Members of M W Beer Holdings Limited
Page 7
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the 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.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.
M W Beer Holdings Limited
Independent Auditor's Report (Continued)
To the Members of M W Beer Holdings Limited
Page 8
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
M W Beer Holdings Limited
Independent Auditor's Report (Continued)
To the Members of M W Beer Holdings Limited
Page 9
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the group and parent company.
Our approach was as follows:
We obtained an understanding of the legal and regulatory requirements applicable to the group and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, UK taxation legislation and ISCC certification.
We obtained an understanding of how the group complies with these requirements by discussions with management and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. 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.
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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Shahid Hameed FCA FCCA (Senior Statutory Auditor) for and on behalf of THP Limited
1 August 2025
Chartered Accountants
Statutory Auditor
34-40 High Street
Wanstead
London
E11 2RJ
M W Beer Holdings Limited
Group Statement of Comprehensive Income
For the year ended 31 December 2024
Page 10
2024
2023
Notes
£
£
Turnover
3
61,823,887
81,058,133
Cost of sales
(59,948,075)
(76,915,295)
Gross profit
1,875,812
4,142,838
Administrative expenses
(2,247,635)
(3,333,252)
Other operating income
21,360
222,482
Operating (loss)/profit
4
(350,463)
1,032,068
Interest receivable and similar income
8
15,262
Interest payable and similar expenses
9
(28)
(242)
Exchange gains and losses
10
433,642
(883,618)
Exceptional item
11
(8,077,432)
Profit/(loss) before taxation
83,151
(7,913,962)
Tax on profit/(loss)
12
(267,836)
2,037,877
Loss for the financial year
(184,685)
(5,876,085)
Other comprehensive income
Currency translation differences
(12,190)
(9,968)
Total comprehensive income for the year
(196,875)
(5,886,053)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
M W Beer Holdings Limited
Group Balance Sheet
As at 31 December 2024
Page 11
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
7,882
85,048
Investment properties
14
450,000
Investments
15
319,611
313,799
777,493
398,847
Current assets
Stocks
17
117,806
46,669
Debtors
18
2,656,636
7,653,331
Cash at bank and in hand
17
2,823,093
1,750,556
5,597,535
9,450,556
Creditors: amounts falling due within one year
19
(1,047,572)
(4,409,221)
Net current assets
4,549,963
5,041,335
Total assets less current liabilities
5,327,456
5,440,182
Provisions for liabilities
20
(71,959)
-
Net assets
5,255,497
5,440,182
Capital and reserves
Called up share capital
21
100,000
100,000
Other reserves
(12,190)
Profit and loss reserves
5,155,497
5,352,372
Total equity
5,255,497
5,440,182
The financial statements were approved by the board of directors and authorised for issue on 1 August 2025 and are signed on its behalf by:
01 August 2025
M. Beer
Director
M W Beer Holdings Limited
Company Balance Sheet
As at 31 December 2024
31 December 2024
Page 12
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
15
460,000
847,424
Current assets
Debtors
18
1,459,479
1,469,367
Creditors: amounts falling due within one year
19
(1,976)
Net current assets
1,459,479
1,467,391
Total assets less current liabilities
1,919,479
2,314,815
Capital and reserves
Called up share capital
21
100,000
100,000
Profit and loss reserves
1,819,479
2,214,815
Total equity
1,919,479
2,314,815
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 £395,336 (2023: profit of £666,615).
The financial statements were approved by the board of directors and authorised for issue on 1 August 2025 and are signed on its behalf by:
01 August 2025
M. Beer
Director
Company Registration No. 03664867
M W Beer Holdings Limited
Group Statement of Changes in Equity
For the year ended 31 December 2024
Page 13
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
100,000
(2,222)
11,228,457
11,326,235
Year ended 31 December 2023:
Loss for the year
-
-
(5,876,085)
(5,876,085)
Other comprehensive income:
Currency translation differences
-
(9,968)
-
(9,968)
Total comprehensive income for the year
-
(9,968)
(5,876,085)
(5,886,053)
Balance at 31 December 2023
100,000
(12,190)
5,352,372
5,440,182
Year ended 31 December 2024:
Loss for the year
-
-
(184,685)
(184,685)
Other comprehensive income:
Currency translation differences
-
12,190
(12,190)
-
Total comprehensive income for the year
-
12,190
(196,875)
(196,875)
Balance at 31 December 2024
100,000
5,155,497
5,255,497
M W Beer Holdings Limited
Company Statement of Changes in Equity
For the year ended 31 December 2024
Page 14
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
100,000
1,548,200
1,648,200
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
666,615
666,615
Balance at 31 December 2023
100,000
2,214,815
2,314,815
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
(395,336)
(395,336)
Balance at 31 December 2024
100,000
1,819,479
1,919,479
M W Beer Holdings Limited
Group Statement of Cash Flows
For the year ended 31 December 2024
Page 15
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
1,058,590
70,084
Interest paid
(28)
(242)
Income taxes (paid)/refunded
(1,976)
425,321
Net cash inflow from operating activities
1,056,586
495,163
Investing activities
Purchase of tangible fixed assets
-
(5,773)
Proceeds from disposal of tangible fixed assets
15,951
33,344
Purchase of subsidiaries
-
(20,275)
Net cash acquired with subsidiary undertaking
-
17,524
Interest received
15,262
Net cash generated from investing activities
15,951
40,082
Net increase in cash and cash equivalents
1,072,537
535,245
Cash and cash equivalents at beginning of year
1,750,556
1,215,311
Cash and cash equivalents at end of year
2,823,093
1,750,556
M W Beer Holdings Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Page 16
1
Accounting policies
Company information
M W Beer Holdings Limited (“the Company”) is a private company limited by shares domiciled and incorporated in England and Wales. The registered office is Orbital House, 20 Eastern Road, Romford, Essex, RM1 3PJ and the business address is 6 - 7 Grange Court, The Limes, Ingatestone, Essex, CM4 0GB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Basis of consolidation
The cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.
The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date.
The consolidated financial statements incorporate those of M W Beer Holdings Limited, its subsidiaries and all of its jointly controlled entities. All group companies prepare accounts to 31 December and all accounting policies as detailed below are applied consistently across the group.
A subsidiary is an entity that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits. Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated on the date that control passes.
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future and for a period of not less than twelve months following the approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
The group has only one class of business in which turnover represents amounts receivable for the supply of vegetable oils and related commodities, net of sales taxes, trade discounts and VAT, to which the group has a contractual right to income in the period under review.
Turnover is recognised when the risks and rewards of ownership of the related goods transfers to the customer as determined by the underlying contract. In general, this is when the goods have been been loaded onto the transporting vessel for dispatch, or unloaded from the transporting vessel at the delivery destination, depending on the terms of the underlying contract.
M W Beer Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 17
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
No depreciation is charged on leasehold land and buildings as the amount would be immaterial
Fixtures, fittings & equipment
20% per annum on a straight line basis
Motor vehicles
25% per annum on a reducing balance basis
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 profit and loss account.
1.6
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation, net of deferred tax, is recognised in the profit and loss account.
1.7
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
Fixed asset investments are stated at cost less provision for diminution or impairment in value.
1.8
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
M W Beer Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 18
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.
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.
M W Beer Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 19
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price and are subsequently carried at amortised cost.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in or in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. 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 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 company after deducting all of its liabilities.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
M W Beer Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 20
1.12
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.13
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
M W Beer Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 21
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.18
Foreign exchange
Company
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 are included in the profit and loss account for the period.
Group
The group's share of net assets in jointly controlled entities are translated into the presentational currency at the rate of exchange ruling at the balance sheet date. The group's share of profits or losses from jointly controlled entities are translated at exchange rates at the dates of transaction. All resulting differences are recognised in other comprehensive income.
1.19
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
1.20
Financial reporting standard 102 – reduced disclosure exemption
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
- the requirements of Section 7 Statement of Cash Flows for the company in the group accounts.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Stock provision
For each line of stock, a provision is made against the cost of the stock, where the Net Realisable Value is less than cost. Net Realisable Value is the estimated selling price for stocks less all estimated costs of completion and costs necessary to make the sale. The estimated selling price for each stock line is a judgement based mainly on recent selling patterns for that product.
M W Beer Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
Page 22
Value of investments
Investments are measured at amortised cost, not fair value through profit or loss. The directors believe that the difference between amortised cost and the fair value of investments is not material to the accounts. The company has had very little influence over its investments during the year and where there may be doubt over the recoverable amount of an investment the directors will have written down the investment value of these entities to their estimated recoverable value.
Bad debt provision
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
3
Turnover and other revenue
An analysis of the group's turnover and other income is as follows:
2024
2023
£
£
Turnover
Sale of goods
61,823,887
81,058,133
Other significant revenue
Interest income
-
15,262
Turnover analysed by geographical market
2024
2023
£
£
United Kingdom
121,886
5,437,469
Europe
11,074,055
8,200,099
Rest of World
50,627,946
67,420,565
61,823,887
81,058,133
4
Operating (loss)/profit
2024
2023
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Exchange gains
(11,779)
(3,133)
Depreciation of owned tangible fixed assets
3,679
10,308
Profit on disposal of tangible fixed assets
(183)
(17,340)
Operating lease charges
87,804
119,488
M W Beer Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
4
Operating (loss)/profit
(Continued)
Page 23
Exchange differences recognised in profit or loss during the year, except for those arising on financial instruments measured at fair value through profit or loss, amounted to £11,779 (2023: £3,133).
5
Auditors' remuneration
2024
2023
Fees payable to the company's auditor and its associates:
£
£
For audit services
Audit of the financial statements of the group and company
20,000
20,000
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration
5
5
-
-
Selling and distribution
9
9
-
-
Total
14
14
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,378,167
2,238,453
Social security costs
183,230
305,451
-
-
Pension costs
100,886
95,833
1,662,283
2,639,737
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
296,200
353,952
296,200
353,952
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).
M W Beer Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
7
Directors' remuneration
(Continued)
Page 24
Remuneration disclosed above includes the following amounts paid to the highest paid director:
Remuneration for qualifying services
274,167
331,920
Company pension contributions to defined contribution schemes
22,033
22,032
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
-
15,262
9
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
28
242
10
Other gains and losses
2024
2023
£
£
Changes in the fair value of investment properties
392,281
-
Gain/(loss) on foreign currency
41,361
(883,618)
433,642
(883,618)
11
Exceptional items
During the prior year, the company fully impaired the loan with a former director, J Mark, for £7,197 and the investment in Auco Ghana for the full amount of £117,812.
In the prior year, the company conducted a review of impairment and created a provision for the full amount invested in and owing from P.T. Indo Energy Solutions of £7,952,423.
M W Beer Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 25
12
Taxation
2024
2023
£
£
UK corporation tax on profits for the current period
1,976
Deferred tax
Origination and reversal of timing differences
267,836
(2,039,853)
Total tax charge
267,836
(2,037,877)
The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit/(loss) before taxation
83,151
(7,913,962)
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
20,789
(1,978,491)
Tax effect of expenses that are not deductible in determining taxable profit
3,354
3,890
Tax effect of income not taxable in determining taxable profit
(105,570)
Change in unrecognised deferred tax assets
(9,227)
Effect of change in corporation tax rate
-
4,951
Movement in provisions
2,062
1,059
Deferred tax on losses
196,962
(2,039,853)
Losses carried forward
87,507
1,970,567
Deferred tax on revaluation gain
71,959
Tax expense for the year
267,836
(2,037,877)
The group's deferred tax calculations for this accounting year are taxed at an effective rate of 25% (2023: 25%).
There are tax losses of £7,543,758 (2023: £8,462,221) available to carry forward and utilise against future trading profits.
A deferred tax asset of £1,918,410 (2023: £2,114,286) has been reflected in the accounts on the basis that a recovery is expected in the short to medium term.
M W Beer Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 26
13
Tangible fixed assets
Group
Leasehold land and buildings
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
57,719
13,296
75,930
146,945
Disposals
(31,200)
(31,200)
Transfer to investment property
(57,719)
(57,719)
At 31 December 2024
13,296
44,730
58,026
Depreciation and impairment
At 1 January 2024
13,296
48,601
61,897
Depreciation charged in the year
3,679
3,679
Eliminated in respect of disposals
(15,432)
(15,432)
At 31 December 2024
13,296
36,848
50,144
Carrying amount
At 31 December 2024
7,882
7,882
At 31 December 2023
57,719
27,329
85,048
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
14
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 January 2024
-
-
Transfers from owner-occupied property
57,719
-
Revaluation gain
392,281
-
At 31 December 2024
450,000
-
During the year, the group reclassified a leasehold property previously held as an owner-occupied property to investment property. The reclassification was made following a change in use.
The transfer occurred on 31 December 2024, following the decision to lease the property to third parties for rental income, thereby meeting the definition of investment property under FRS 102.
At the date of transfer, the property was revalued to fair value of £450,000, resulting in a gain of £392,281 recognised in the group statement of comprehensive income. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
M W Beer Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 27
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
460,000
847,424
Unlisted investments
319,611
313,799
319,611
313,799
460,000
847,424
The company has not designated any financial assets that are classified as financial assets at fair value through profit or loss.
Movements in fixed asset investments
Group
Investments other than loans
£
Cost or valuation
At 1 January 2024
313,799
Revaluation
5,812
At 31 December 2024
319,611
Carrying amount
At 31 December 2024
319,611
At 31 December 2023
313,799
Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost or valuation
At 1 January 2024
847,424
Impairment
(387,424)
At 31 December 2024
460,000
Carrying amount
At 31 December 2024
460,000
At 31 December 2023
847,424
M W Beer Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 28
16
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
% Held
office
shares held
Direct
Indirect
M.W. Beer & Co Limited
England & Wales
Commodity broking
Ordinary
100.00
0
Auco Energy Limited
England & Wales
Commodity Broking
Ordinary
0
100.00
During the year, M.W. Beer Commodities Limited was liquidated. The company's operations were wound down, and 100% of its shares were dissolved.
During the year, Fairfield Baguley Limited was liquidated. The company's operations were wound down, and 100% of its shares were dissolved.
17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
117,806
46,669
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
684,945
5,428,224
Amounts due from group undertakings
-
-
1,459,479
1,469,367
Other debtors
12,460
7,664
Prepayments and accrued income
40,822
103,157
738,227
5,539,045
1,459,479
1,469,367
Deferred tax asset (note 20)
1,918,409
2,114,286
2,656,636
7,653,331
1,459,479
1,469,367
M W Beer Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 29
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
541,141
2,792,441
Corporation tax payable
1,976
1,976
Other taxation and social security
113,255
90,812
-
-
Other creditors
175,494
451,338
Accruals and deferred income
217,682
1,072,654
1,047,572
4,409,221
1,976
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Tax losses
-
-
1,885,940
2,095,629
Investment property revaluation
71,959
-
-
-
Decelerated capital allowances
-
-
32,469
18,657
71,959
-
1,918,409
2,114,286
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 January 2024
2,114,286
-
Charge to profit and loss
(5,140)
-
Asset at 31 December 2024
2,109,146
-
Deferred tax assets and liabilities are offset where the group has a legally enforceable right to do so.
21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100,000
100,000
100,000
100,000
M W Beer Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 30
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit and loss in respect of defined contribution schemes
100,886
95,833
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.
Included in creditors at the year end are outstanding pension contributions of £17,305 (2023: £12,056).
23
Reserves
Other reserves
Other reserves represent the cumulative effect of changes in foreign currencies applied when consolidating joint venture interests and foreign subsidiaries.
Profit and loss reserves
The profit and loss account represents the accumulation of profits and losses after tax, other comprehensive income and distributions to shareholders.
24
Operating lease commitments
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
104,816
99,541
-
-
Between two and five years
53,441
244,012
-
-
In over five years
-
91,667
-
-
158,257
435,220
-
-
The above leases relate to group's business premises and motor vehicles.
25
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate compensation
857,931
1,528,923
M W Beer Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
25
Related party transactions
(Continued)
Page 31
Included in other creditors at the year end are amounts owed to the executors of the estate of the late M W Beer of £164,508 (2023: £388,318).
The group holds 15% of MUTA Corp, a company incorporated in Delaware, USA. During the year the company made purchases of £nil (2023: £89,621) from Reaceico, who are a 100% subsidiary of MUTA Corp.
26
Directors' transactions
Loans from directors
Description
% Rate
Opening Balance
Amounts Repaid
Closing Balance
£
£
£
Loan from M. Beer
-
(3,669)
-
(3,669)
Loan from M. Beer (deceased)
-
(388,318)
223,810
(164,508)
(391,987)
223,810
(168,177)
27
Controlling party
The ultimate controlling party is considered to be the Will Trust for the estate of the late director, M. W. Beer.
28
Financial commitments, guarantees and contingent liabilities
The group has provided a guarantee of £nil (2023: £110,000) to H M Revenue & Customs in relation to a VAT deferment scheme.
M W Beer Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 32
29
Cash generated from group operations
2024
2023
£
£
Loss for the year after tax
(184,685)
(5,876,085)
Adjustments for:
Taxation charged/(credited)
267,836
(2,037,877)
Finance costs
28
242
Investment income
(15,262)
Gain on disposal of tangible fixed assets
(183)
(17,340)
Fair value gain on investment properties
(392,281)
-
Depreciation and impairment of tangible fixed assets
3,679
10,308
Amounts written off investments
-
122,012
Other gains and losses
(5,812)
8,487
Movements in working capital:
(Increase)/decrease in stocks
(71,137)
2,222,979
Decrease in debtors
4,800,818
12,463,345
Decrease in creditors
(3,359,673)
(6,810,725)
Cash generated from operations
1,058,590
70,084
30
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,750,556
1,072,537
2,823,093
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