REGISTERED NUMBER: 13941206 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 January 2025

for

Small Beer Holdings Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Consolidated Income Statement

6

Consolidated Other Comprehensive Income

7

Consolidated Balance Sheet

8

Company Balance Sheet

9

Consolidated Statement of Changes in Equity

10

Company Statement of Changes in Equity

11

Consolidated Cash Flow Statement

12

Notes to the Consolidated Cash Flow Statement

13

Notes to the Consolidated Financial Statements

14

DIRECTORS:

R W Eastwood

Mrs J A Eastwood

Mrs K L Eastwood

REGISTERED OFFICE:

Unit 1, Churchill Business Park

Sleaford Road

Bracebridge Heath

Lincoln

Lincolnshire

LN4 2FF

REGISTERED NUMBER:

13941206 (England and Wales)

SENIOR STATUTORY AUDITOR:

James Sewell BA (Hons) FCA CTA

AUDITORS:

Wright Vigar Limited

Statutory Auditors

Chartered Accountants & Business Advisers

15 Newland

Lincoln

Lincolnshire

LN1 1XG

The directors present their strategic report of the company and the group for the year ended 31 January 2025.

REVIEW OF BUSINESS

The results for the year and the financial position of the group at 31 January 2025 are as shown in the annexed financial statements.

Given the non-complex nature of the group and its business, this review is considered to be balanced and comprehensive, having regard to the size of the group. The review also considers any risks or uncertainties faced by the group.

The directors are satisfied with the results for the year. Turnover for the year increased to £23.5 million from £23.3 million in the previous year.

The key financial performance indicators are as follows:

- The gross profit percentage is 19.7% (2024: 20.6%)

- The net profit percentage is 3.5% (2024: 4.5%)

PRINCIPAL RISKS AND UNCERTAINTIES

There is risk of the loss of key customer accounts. The company, however, has an excellent reputation and service with its customers, which helps to minimise the particular risk.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The company uses various financial instruments including cash, bank current account, hire purchase agreements and items such as trade debtors and trade creditors. The main purpose of these instruments is to finance the operations of the company.

Trade debtors are managed for credit and cash flow risk by policies in place to determine credit limits offered to the customers and a daily monitoring of amounts outstanding for age and limits. The company aims to minimise the risk of doubtful debts through the use of trade references and general experience of the industry.

Trade creditors liquidity risk is managed by ensuring there are sufficient funds available to meet amounts falling due.

ON BEHALF OF THE BOARD:

R W Eastwood - Director

17 September 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 January 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of wholesale supply and distribution of alcoholic and other drinks.

DIVIDENDS

The total distribution of dividends for the year ended 31 January 2025 will be £645,974.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 February 2024 to the date of this report.

R W Eastwood

Mrs J A Eastwood

Mrs K L Eastwood

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the group 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;

-	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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Wright Vigar Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R W Eastwood - Director

17 September 2025

Opinion

We have audited the financial statements of Small Beer Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 January 2025 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors 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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept 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 Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

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

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

Our work is performed to include an assessment of the susceptibility of the entity's financial statements to material misstatement, including the risk of fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

-

We plan our work to gain an understanding of the significant laws and regulations that are of significance to the entity and the sector in which they operate. We perform our work to ensure that the entity is complying with its legal and regulatory framework.

-

We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management and people charged with governance.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

-

Substantive procedures performed in accordance with the ISAs (UK).

-

Challenging assumptions and judgments made by management in its significant accounting estimates.

-

Identifying and testing journal entries, in particular material journal entries and an assessment of year end journals.

-

Assessing the extent of compliance with the relevant laws and regulations.

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

Use of our report

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

James Sewell BA (Hons) FCA CTA (Senior Statutory Auditor)

for and on behalf of Wright Vigar Limited

Statutory Auditors

Chartered Accountants & Business Advisers

15 Newland

Lincoln

Lincolnshire

LN1 1XG

17 September 2025

TURNOVER

23,452,439

23,261,891

Cost of sales

18,840,695

18,474,426

GROSS PROFIT

4,611,744

4,787,465

Distribution costs

22,961

19,962

Administrative expenses

3,542,507

3,398,097

3,565,468

3,418,059

OPERATING PROFIT

4

1,046,276

1,369,406

Interest receivable and similar income

57,712

24,125

1,103,988

1,393,531

Interest payable and similar expenses

5

-

19,652

PROFIT BEFORE TAXATION

1,103,988

1,373,879

Tax on profit

6

290,140

330,397

PROFIT FOR THE FINANCIAL YEAR

813,848

1,043,482

Profit attributable to:

Owners of the parent

813,848

1,043,482

PROFIT FOR THE YEAR

813,848

1,043,482

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

813,848

1,043,482

Total comprehensive income attributable to:

Owners of the parent

813,848

1,043,482

FIXED ASSETS

Intangible assets

9

11,256

22,506

Tangible assets

10

561,620

465,002

Investments

11

10,460

10,460

583,336

497,968

CURRENT ASSETS

Stocks

12

1,089,586

1,082,874

Debtors

13

1,452,569

1,797,520

Cash at bank

980,344

997,889

3,522,499

3,878,283

CREDITORS

Amounts falling due within one year

14

1,949,267

2,417,109

NET CURRENT ASSETS

1,573,232

1,461,174

TOTAL ASSETS LESS CURRENT LIABILITIES

2,156,568

1,959,142

PROVISIONS FOR LIABILITIES

16

134,342

104,790

NET ASSETS

2,022,226

1,854,352

CAPITAL AND RESERVES

Called up share capital

17

200

200

Retained earnings

18

2,022,026

1,854,152

SHAREHOLDERS' FUNDS

2,022,226

1,854,352

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2025 and were signed on its behalf by:

R W Eastwood - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

200

200

200

200

CURRENT ASSETS

Debtors

13

1,031,880

1,039,274

Cash at bank

250,489

-

1,282,369

1,039,274

CREDITORS

Amounts falling due within one year

14

93

-

NET CURRENT ASSETS

1,282,276

1,039,274

TOTAL ASSETS LESS CURRENT LIABILITIES

1,282,476

1,039,474

CAPITAL AND RESERVES

Called up share capital

17

200

200

Retained earnings

1,282,276

1,039,274

SHAREHOLDERS' FUNDS

1,282,476

1,039,474

Company's profit for the financial year

888,976

1,041,510

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

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2025 and were signed on its behalf by:

R W Eastwood - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 February 2023

200

1,277,456

1,277,656

Changes in equity

Dividends

-

(466,786

)

(466,786

)

Total comprehensive income

-

1,043,482

1,043,482

Balance at 31 January 2024

200

1,854,152

1,854,352

Changes in equity

Dividends

-

(645,974

)

(645,974

)

Total comprehensive income

-

813,848

813,848

Balance at 31 January 2025

200

2,022,026

2,022,226

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 February 2023

200

464,550

464,750

Changes in equity

Dividends

-

(466,786

)

(466,786

)

Total comprehensive income

-

1,041,510

1,041,510

Balance at 31 January 2024

200

1,039,274

1,039,474

Changes in equity

Dividends

-

(645,974

)

(645,974

)

Total comprehensive income

-

888,976

888,976

Balance at 31 January 2025

200

1,282,276

1,282,476

Cash flows from operating activities

Cash generated from operations

1

1,069,438

1,573,254

Interest paid

-

(19,652

)

Tax paid

(294,536

)

(216,325

)

Net cash from operating activities

774,902

1,337,277

Cash flows from investing activities

Purchase of tangible fixed assets

(222,110

)

(234,816

)

Sale of tangible fixed assets

17,925

5,750

Interest received

57,712

24,125

Net cash from investing activities

(146,473

)

(204,941

)

Cash flows from financing activities

Loan repayments in year

-

(391,925

)

Amount introduced by directors

40,714

70,830

Amount withdrawn by directors

(40,714

)

(70,830

)

Equity dividends paid

(645,974

)

(466,786

)

Net cash from financing activities

(645,974

)

(858,711

)

(Decrease)/increase in cash and cash equivalents

(17,545

)

273,625

Cash and cash equivalents at beginning of year

2

997,889

724,264

Cash and cash equivalents at end of year

2

980,344

997,889

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

2025

2024

£

£

Profit before taxation

1,103,988

1,373,879

Depreciation charges

119,152

83,910

(Profit)/loss on disposal of fixed assets

(335

)

766

Finance costs

-

19,652

Finance income

(57,712

)

(24,125

)

1,165,093

1,454,082

Increase in stocks

(6,712

)

(53,659

)

Decrease/(increase) in trade and other debtors

344,951

(377,996

)

(Decrease)/increase in trade and other creditors

(433,894

)

550,827

Cash generated from operations

1,069,438

1,573,254

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 January 2025

31.1.25

1.2.24

£

£

Cash and cash equivalents

980,344

997,889

Year ended 31 January 2024

31.1.24

1.2.23

£

£

Cash and cash equivalents

997,889

724,264

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.24

Cash flow

At 31.1.25

£

£

£

Net cash

Cash at bank

997,889

(17,545

)

980,344

997,889

(17,545

)

980,344

Total

997,889

(17,545

)

980,344

1.	STATUTORY INFORMATION

Small Beer Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentational currency of the financial statements is the pound sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1990, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

not provided

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

2,051,056

2,054,243

Other pension costs

105,667

99,994

2,156,723

2,154,237

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

2025

2024

Office

16

16

Warehouse

17

14

Drivers

23

28

56

58

2025

2024

£

£

Directors' remuneration

18,200

18,199

4.	OPERATING PROFIT

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

2025

2024

£

£

Other operating leases

188,792

171,140

Depreciation - owned assets

107,902

72,658

(Profit)/loss on disposal of fixed assets

(335

)

766

Goodwill amortisation

11,250

11,250

Auditors' remuneration

5,000

3,000

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

-

19,652

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

260,657

294,536

Tax timing difference

(69

)

-

Total current tax

260,588

294,536

Deferred tax

29,552

35,861

Tax on profit

290,140

330,397

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

1,103,988

1,373,879

Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 24.030 %)

275,997

330,143

Effects of:

Expenses not deductible for tax purposes

10,997

3,739

Capital allowances in excess of depreciation

(26,308

)

(39,346

)

Adjustments to tax charge in respect of previous periods

(69

)

-

Temporary timing differences

24,340

31,632

Difference in rates of deferred tax used

5,212

4,229

Marginal relief differences

(29

)

-

Total tax charge

290,140

330,397

7.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

8.

DIVIDENDS

2025

2024

£

£

Ordinary A Shares shares of £1 each interim

139,000

68,000

Ordinary B Shares shares of £1 each interim

237,479

155,680

Ordinary C Shares shares of £1 each interim

34,000

40,000

Ordinary D Shares shares of £1 each interim

219,726

160,000

Ordinary E Shares shares of £1 each interim

15,769

43,106

645,975

466,786