REGISTERED NUMBER: 09616425 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JULY 2023 TO 30 SEPTEMBER 2024

FOR

TRUE NORTH BREW CO LTD

PREVIOUSLY KNOWN AS

COCKTAILS AND CRAFT BEERS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S F Kelly

A D Liddle

K S Yeardley

REGISTERED OFFICE:

127-129 Devonshire Street

Sheffield

S3 7SB

REGISTERED NUMBER:

09616425 (England and Wales)

ACCOUNTANTS:

Marriott Gibbs Rees Wallis Limited

Chartered Certified Accountants

First Floor

Unit 4, Broadfield Court

Sheffield

South Yorkshire

S8 0XF

FIXED ASSETS

Intangible assets

4

14,170

-

Tangible assets

5

423,138

-

437,308

-

CURRENT ASSETS

Stocks

192,678

-

Debtors

6

286,081

-

Cash at bank and in hand

254,645

2

733,404

2

CREDITORS

Amounts falling due within one year

7

1,780,514

-

NET CURRENT (LIABILITIES)/ASSETS

(1,047,110

)

2

TOTAL ASSETS LESS CURRENT LIABILITIES

(609,802

)

2

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(609,804

)

-

(609,802

)

2

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

K S Yeardley - Director

1.	STATUTORY INFORMATION

True North Brew Co Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements have been prepared on a going concern basis.

The company prepare cash flow and management account information throughout the year which is updated to reflect changing circumstances.

At the end of September 2024 the Balance Sheet is in a net liabilities position, with negative total funds of £609,802, due to this there is a high degree of uncertainty on the future performance and cash flows of the company.

The directors have reviewed the company's financing needs and also its exposures to credit risk and liquidity risk. Only necessary capital and refurbishment is undertaken at our venues in order to minimise spending and the decision was also made to divest loss making sites.

The net liabilities position and future effect of potential government restrictions on the company indicates that a material uncertainty exists which may cast some doubt on the company's ability to continue as a going concern.

However, after considering these factors the directors believe that the company has reasonable resources to operate for 12 months from the date of approval of these accounts and therefore continue to adopt the going concern basis of accounting in preparing the annual 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.

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.

Leases are being amortised evenly over their estimated useful life of four years.

Tangible fixed assets

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Plant and machinery

Straight line over 5 to 10 years

Fixtures, fittings and equipment

Straight line over 10 years

Stocks

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

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 period 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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 291 (2023 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

Cost

Additions

4

20,000

20,004

At 30 September 2024

4

20,000

20,004

Amortisation

Charge for period

1

5,833

5,834

At 30 September 2024

1

5,833

5,834

Net book value

At 30 September 2024

3

14,167

14,170

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

Cost

Additions

498,589

Disposals

(20,769

)

At 30 September 2024

477,820

Depreciation

Charge for period

56,067

Eliminated on disposal

(1,385

)

At 30 September 2024

54,682

Net book value

At 30 September 2024

423,138

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

33,458

-

Other debtors

28,269

-

Prepayments and accrued income

224,354

-

286,081

-

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

637,771

-

Social security and other taxes

140,903

-

VAT

487,970

-

Other creditors

90,254

-

Salaries control

114,338

-

Pension liabilities

55,562

-

Directors' current accounts

163,577

-

Accruals and deferred income

90,139

-

1,780,514

-

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

357,500

-

Between one and five years

630,208

-

987,708

-

9.	CONTINGENT LIABILITIES

The company has given a debenture in favour of Proplend Security Limited for borrowings by the KS Yeardley FCB Limited Pension Scheme. The debenture comprises a fixed and floating charge over all property and undertakings of the company.

10.	RELATED PARTY DISCLOSURES

Transactions with directors

K S Yeardley

Interest of £20,148 was payable to K S Yeardley on his directors loan account. The loan is repayable upon demand and at the period end the balance is included in creditors due within one year.

K S Yeardley FCB Limited Pension Scheme - Director's Pension Scheme

The company leased premises owned by K S Yeardley FCB Limited Pension Scheme on normal commercial terms. Rent payable during the period was £673,809.

At the balance sheet date the company owed K S Yeardley FCB Pension Scheme £38,961, this is included in other creditors.

Kane Yeardley t/a Forum Property Management

The company leased premises owned by Kane Yeardley t/a Forum Property Management on normal commercial terms. Rent and service charges payable during the period amounted to £173,333.

At the balance sheet date the company were owed £20,006, this is included in other debtors.