The directors present the strategic report of PerfectDraft UK Limited (the 'Company') for the year ended 31 December 2024.

PerfectDraft UK Limited aims to deliver the ultimate beer experience to people's homes across the UK.

In 2024 the company saw a reduction in revenues of £3.4m. This reduction in revenues was anticipated due to a number of initiatives designed to establish the business with a more sustainable operating model. The first key driver of this performance was challenges experienced following transitioning to a new warehouse and third-party-logistics provider. The final measure of note, was the business focusing on capturing significant synergies with UK-based Budweiser Brewing Group UK&I.

Despite reporting an increased loss in 2024, largely driven by intercompany transactions reflecting group support, we made solid progress in our core objectives. Excluding these intercompany impacts, we delivered underlying cost efficiencies and operational improvements, while successfully growing customer numbers, expanding store presence, and achieving higher consumer feedback scores. These outcomes demonstrate that we are building brand awareness and enhancing customer experience, laying a strong foundation for future growth and long-term value creation.

AB InBev remain committed to supporting us in providing the ultimate beer experience for consumers in their homes. The Balance Sheet shows the Company’s financial position at the year end, and indicates that net liabilities were £31.5m (2023: £22.1m).

The management of the business and the execution of the Company’s strategy are subject to a number of risks. The key business risks and uncertainties affecting the Company are monitored regularly by the Directors.

Foreign currency risk

Purchases of goods and services from overseas related companies can be denominated in foreign currencies with the Company assuming the foreign currency risk.

Interest rate risk

The Company has an interest-bearing intercompany loan at a fixed rate. No material exposure is therefore considered to exist with regard to changes in interest rate.

Climate change risk

The company is conscious that changes in climate could impact key input costs. The company remains committed to its keg return policy.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

As of the reporting date, the company’s liabilities exceed its assets. We understand and can explain the drivers for revenue and profitability decline in 2024. The drivers were unanticipated effects of putting in place sustainable foundations for future growth, specifically transitioning our warehouse and logistics operation, and completing our integration with AB InBev.

Increases in customers, stores stocking, and consumer feedback scores, combined with successes finding efficiencies in integrating with AB InBev UK, mean we are optimistic regarding improved performance in 2025.

The intermediate parent company, ABI UK Holding 1 Limited, has provided the company with an undertaking that for at least twelve months from the date of approval of these financial statements, it will continue to make available such funds as are needed by the company to enable it to continue in operational existence for the foreseeable future.

With this support, the directors are confident that the company will remain in operation for the foreseeable future and, therefore, consider it appropriate to continue adopting the going concern basis of accounting.

Key performance indicators

The Company’s Directors use the following KPI's to measure the performance of the business:

• Revenue decline/growth: -7% (2023: -18%)     

• Change in loss before tax margin: 296% (2023: 84%)

We have analysed the drivers of these KPIs in the Fair review of the business section.

The Directors must act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, as set out in section 172 of the Companies Act 2006. In doing so, the Directors must have regard (among other matters) to:

(a) the likely consequences of any decision in the long term;

(b) the interests of the Company’s employees;

(c) the need to foster the Company’s business relationships with suppliers, customers and others;

(d) the impact of the Company’s operations on the community and the environment,

(e) the desirability of the Company maintaining a reputation for high standards of business conduct; and

(f) the need to act fairly as between members of the Company.

The Directors acted in a way that they consider would promote the success of the Company in accordance with the above.

The Directors consider the likely consequences of any decision in the long term by monitoring risk management and the controls in place. These controls are regularly reviewed.

The relations with stakeholders are considered by the Directors when making decisions and the impact these decisions may have on stakeholders.

Listed below are the Company’s key stakeholders and how each is engaged. The list reflects a combination of the key touchpoints of the business on a day to day basis, and others that are important to the Company and its role in society. The Directors understand that not every decision will result in a positive outcome for all stakeholders. However, they aim to take them into consideration at all times alongside the Company’s purpose, values and strategic priorities.

Employees – In order to attract and retain the best people, the Company continually looks for effective ways to engage and reward its employees. The Company is committed to maintaining and improving employee engagement and involvement.

Suppliers - The Company’s suppliers are fundamental to the business. These relationships are important to ensure the efficiency of the Company’s operations and the Company works fairly with all suppliers.

Customers - Customers are at the heart of the business and are centric to decision-making within the Company. The Company monitors customer experience through the Net Promoter Score on a regular basis, as well as through its daily interactions with customers.

Environment – The Company’s operating model through the PerfectDraft machine and kegs is built with the environment in mind through reusable kegs and customer incentivisation for the return of the kegs.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 December 2024.

The principal activity of the company continued to be the sale of PerfectDraft machines and beer kegs.

The results for the year are set out on page 12.

No interim dividends were paid. The directors do not recommend payment of a final dividend.

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

Looking ahead, we are focused on accelerating growth and exposure of the PerfectDraft machines and brand. We will continue to introduce new breweries into our wide range of kegs available to the market.

Our priority is sustaining a high level of consumer satisfaction, increasing PerfectDraft’s awareness and distribution whilst keeping our portfolio of beers attractive and competitive.

The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2024 UK Government’s Conversion Factors for Company Reporting.

Energy consumption data has been sourced from utility suppliers, and transport emissions have been calculated based on mileage data from employee expense claim forms.

The driver of the reduction in energy consumption and transport is due to PerfectDraft outsourcing the warehouse operation to a third-party logistics partner, who are responsible for reporting the figures.

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £ of revenue, a commonly used ratio for the sector.

We have continued our focus on the keg return loop.

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the Company'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

engagement with employees, suppliers, customers and others, and risk management.

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 company’s auditor 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 company’s auditor is aware of that information.

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, comprising FRS 102 (UK 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 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;

• 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 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.

The directors 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.

We have audited the financial statements of PerfectDraft UK Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity 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 FRS 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 31 December 2024 and of its 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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 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.

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.

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 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, 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.

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 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.

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.

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 company.

Our approach was as follows:

• We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

• We obtained an understanding of how the company 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.

The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.

The notes on pages 15 to 28 form part of these financial statements.

The notes on pages 15 to 28 form part of these financial statements.

The notes on pages 15 to 28 form part of these financial statements.

PerfectDraft UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bureau, Fetter Lane, London, United Kingdom, EC4A 1EN.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income; and

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Anheuser-Busch InBev SA/NV. These consolidated financial statements are available from its registered office, AB InBev NV, Brouwerijplein 1, B 3000 Leuven, Belgium.

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

As of the reporting date, the company’s liabilities exceed its assets. We understand and can explain the drivers for revenue and profitability decline in 2024. The drivers were unanticipated effects of putting in place sustainable foundations for future growth, specifically transitioning our warehouse and logistics operation, and completing our integration with AB InBev.

Increases in customers, stores stocking, and consumer feedback scores, combined with successes finding efficiencies in integrating with AB InBev UK, mean we are optimistic regarding improved performance in 2025.

The intermediate parent company, ABI UK Holding 1 Limited, has provided the company with an undertaking that for at least twelve months from the date of approval of these financial statements, it will continue to make available such funds as are needed by the company to enable it to continue in operational existence for the foreseeable future.

With this support, the directors are confident that the company will remain in operation for the foreseeable future and, therefore, consider it appropriate to continue adopting the going concern basis of accounting.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue is shown net of discounts from beer tokens and keg return credits.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Research and development

Research expenditure is written off in the year in which it is incurred.

Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:

• It is technically feasible to complete the intangible asset so that it will be available for use or sales;

• There is the intention to complete the intangible asset and use or sell it;

• There is the ability to use or sell the intangible asset;

• The use or sale of the intangible asset will generate probable future economic benefit;

• There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and

• The expenditure attributable to the intangible asset during its development can be measured reliably.

Expenditure that does not meet the above criteria is expensed as incurred.

Tangible fixed assets are initially measured at cost and subsequently measured at cost, 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:

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 credited or charged to profit or loss.

At each reporting period end date, the company 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.

Stock are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials that have been incurred in bringing the stock to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock 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.

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other debtors, amounts owed by group undertakings, and cash and bank at hand, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including trade and other creditors, accruals, other borrowings, and amounts owed to group undertakings that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company 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 company.

The components of equity are as follows:

• Share capital is the nominal value of equity shares.

• Share premium is the fair value of consideration received in excess of the nominal value of equity shares, net of expenses of the share issue.

• Profit and loss reserves is the retained net profits or losses to date less distributions.

The tax expense represents the sum of the tax currently payable and deferred 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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 when the company has 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.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

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.

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

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’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.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

For every £1 a customer spends, they are issued with £0.05 worth of beer tokens which are redeemable within 6 months of issue to obtain a future discount. Management estimate that 100% (2023: 100%) of beer tokens will be redeemed within this period and therefore defers this revenue until the tokens are utilised or expire. This estimate is based on historical data. The total provision in the year was £1,163,928 (2023: £1,317,451).

When a customer returns an empty keg, they are issued with £5 worth of beer tokens which are redeemable within 12 months to issue a future discount. Management has provided for the estimated value of future keg returns, which is based on an assumed return rate of 94% (2023: 96%) to defer this revenue until the tokens are utilised or expire. The assumed return rate is based on historic returns data. The total provision in the year was £3,314,305 (2023: £2,823,853).

A provision is also recognised against the receivable due from the fellow group undertaking that supplies the kegs to reflect that customers will not return all kegs purchased and therefore the company will not receive a full refund from the fellow group undertaking.

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

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

Their aggregate remuneration comprised:

During the current financial year, all employees were transferred to a fellow group undertaking and staff costs are now recharged to the company through a group service fee.

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

Deferred tax assets in respect of tax losses, depreciation in excess of capital allowances and capital tax

losses are not recognised unless there is convincing evidence that existing taxable temporary difference

will reverse in the future or there will be sufficient taxable profits in future years to recover the assets. As

at 31 December 2024 the company has unrecognised deferred tax assets in respect of tax losses,

depreciation in excess of capital allowances and capital tax losses of £11,341,644 (2023: £10,718,211).

All amounts owed by group undertakings are due from fellow group subsidiaries and are unsecured, non-interest bearing and have no fixed repayment date.

All amounts owed to group undertakings are due to fellow group subsidiaries and are unsecured, non-interest bearing and have no fixed repayment date.

At the reporting date £23,800,000 (2023: £23,800,000) was due to a fellow group undertaking. The outstanding balance is unsecured and subject to a fixed rate of 6.09% (2023: 6.09%). The loan is due to be repaid on 29 November 2026 (2023: 29 November 2026). Interest accrued on the loan is repaid by the company on a quarterly basis.

The company has a further £5,700k facility available with the same fellow group undertaking. This facility was not drawn down at the balance sheet date.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The rights of each class of share are as follows:

Ordinary A - Right to attend, vote and speak at AGM; right to receive dividends payable to A shareholders; right to receive distributions should the company be wound up, should sufficient assets be available for distribution; non-redeemable.

Ordinary B - Cannot attend, vote or speak at AGM, unless that meeting has a resolution to amend rights to B shares; right to receive dividends payable to B shareholders; right to receive distributions should the company be wound up, should sufficient assets be available for distribution; non-redeemable.

Ordinary C - Right to attend, vote and speak at AGM; right to receive dividends payable to C shareholders; right to receive distributions should the company be wound up, should sufficient assets be available for distribution; non-redeemable.

Reserves include a share premium account following the issue of shares being the premium above the nominal value of the share capital.

Profit and loss reserve represents the cumulative profits and losses less dividends paid.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

During the current financial year, the company terminated its premises lease early following the transfer of its head office and warehouse functions. As a result, there are no future operating lease commitments associated at year end.

The immediate parent undertaking is ZX Ventures Limited, registered in the United Kingdom. The registered office and place of business is Bureau, Fetter Lane, London, EC4A 1EN.

The ultimate controlling party is Anheuser-Busch InBev SA/NV, incorporated in Belgium. The largest and smallest group to consolidate these financial statements is Anheuser-Busch InBev SA/NV incorporated in Belgium.