Company No: 07741321 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	1,317,958		1,402,797
		1,317,958		1,402,797
Current assets
Stocks	4	394,470		321,440
Debtors	5	246,523		211,949
Cash at bank and in hand		39,349		89,070
		680,342		622,459
Creditors: amounts falling due within one year	6	( 807,106)		( 725,468)
Net current liabilities		(126,764)		(103,009)
Total assets less current liabilities		1,191,194		1,299,788
Creditors: amounts falling due after more than one year	7	( 1,112,293)		( 1,106,400)
Net assets		78,901		193,388
Capital and reserves
Called-up share capital		130		130
Share premium account		1,000,301		1,000,301
Profit and loss account		( 921,530 )		( 807,043 )
Total shareholders' funds		78,901		193,388

For the financial year ending 31 January 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of The Harbour Brewing Company Limited (registered number: 07741321) were approved and authorised for issue by the Board of Directors on 29 September 2025. They were signed on its behalf by:

Mr J J G Conibear Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Harbour Brewing Company Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 4 St Mary's Arcade, Wallingford, Oxon, OX10 0EY, United Kingdom. The principal place of business is Tretoil Farm, Bodmin, Cornwall, PL30 5BA.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

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

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings	13 years straight line
Plant and machinery	13 years straight line
Vehicles	5 years straight line
Fixtures and fittings	5 years straight line
Office equipment	5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	22		15

3. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Fixtures and fittings		Office equipment		Total
	£		£		£		£		£		£
Cost
At 01 February 2024	41,204		2,346,576		128,948		57,473		34,458		2,608,659
Additions	0		110,005		0		481		9,290		119,776
Disposals	0		( 11,973)		0		0		( 2,484)		( 14,457)
At 31 January 2025	41,204		2,444,608		128,948		57,954		41,264		2,713,978
Accumulated depreciation
At 01 February 2024	27,013		1,034,071		74,884		52,674		17,220		1,205,862
Charge for the financial year	3,169		179,844		13,105		566		5,601		202,285
Disposals	0		( 9,874)		0		0		( 2,253)		( 12,127)
At 31 January 2025	30,182		1,204,041		87,989		53,240		20,568		1,396,020
Net book value
At 31 January 2025	11,022		1,240,567		40,959		4,714		20,696		1,317,958
At 31 January 2024	14,191		1,312,505		54,064		4,799		17,238		1,402,797

4. Stocks

	2025		2024
	£		£
Stocks	394,470		321,440

5. Debtors

	2025		2024
	£		£
Trade debtors	188,587		171,134
Amounts owed by Group undertakings	1,807		487
Other debtors	56,129		40,328
	246,523		211,949

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	100,603		100,063
Trade creditors	317,424		208,847
Amounts owed to Group undertakings	47,266		53,862
Other taxation and social security	76,198		64,842
Obligations under finance leases and hire purchase contracts (secured)	80,023		62,746
Other creditors	185,592		235,108
	807,106		725,468

Liabilities in respect of finance leases and hire purchase contracts are secured on the assets to which they relate. Loans from F.H.Rowse Limited and St Austell Brewery Company Limited are secured on property owned by the company by way of a fixed and floating charge and a negative pledge.

Amounts owed to Group undertakings are repayable on demand and do not bear interest.

7. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans	185,174		288,444
Other loans	767,437		609,434
Deferred income	70,221		78,275
Obligations under finance leases and hire purchase contracts (secured)	89,461		130,247
	1,112,293		1,106,400

Liabilities in respect of finance leases and hire purchase contracts are secured on the assets to which they relate. Loans from F.H.Rowse Limited and St Austell Brewery Company Limited are secured on property owned by the company by way of a fixed and floating charge and a negative pledge.

Other loans detailed above consist of the loan from St Austell Brewery Company Limited of £767,437 (2024: £609,434).

8. Ultimate controlling party

Parent Company:

The Camel's Back Limited

4 St Mary's Arcade Wallingford Oxfordshire OX10 0EY