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Registered number: 08734586 MOCKINGBIRD RAW PRESS LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
MOCKINGBIRD RAW PRESS LIMITED COMPANY INFORMATION
Directors | C D Laidlaw
| K A Jackson
| P J Prendergast
| M N J Cuddigan
Registered number | 08734586
Registered office | 82 St John Street London
| EC1M 4JN
Accountants | Ecovis Wingrave Yeats UK Limited
| Chartered Accountants
| 3rd Floor Waverley House
| 7-12 Noel Street
| London
| W1F 8GQ
MOCKINGBIRD RAW PRESS LIMITED CONTENTS
| Page
Balance Sheet | 1 - 2
Statement of Changes in Equity | 3
Notes to the Financial Statements | 4 - 13
MOCKINGBIRD RAW PRESS LIMITED REGISTERED NUMBER: 08734586 BALANCE SHEET AS AT 30 JUNE 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 6 |  | 47,255 |  | 38,756
Tangible assets | 7 |  | 47,376 |  | 27,280
|  |  | 94,631 |  | 66,036
Current assets |  |  |  |  |
Stocks | 8 | 1,092,757 |  | 660,890 |
Debtors |  | 3,956,911 |  | 2,649,592 |
Cash at bank and in hand |  | 221,749 |  | 492,415 |
|  | 5,271,417 |  | 3,802,897 |
Creditors: amounts falling due within one year | 9 | (3,414,540) |  | (1,823,894) |
Net current assets |  |  | 1,856,877 |  | 1,979,003
Total assets less current liabilities |  |  | 1,951,508 |  | 2,045,039
Net assets |  |  | 1,951,508 |  | 2,045,039
Capital and reserves |  |  |  |  |
Called up share capital | 10 |  | 378,410 |  | 378,410
Share premium account | 11 |  | 3,493,890 |  | 3,493,890
Other reserves | 11 |  | 662,314 |  | 306,349
Profit and loss account | 11 |  | (2,583,106) |  | (2,133,610)
|  |  | 1,951,508 |  | 2,045,039
Page 1
MOCKINGBIRD RAW PRESS LIMITED REGISTERED NUMBER: 08734586 BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. 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. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 November 2025.
................................................ C D Laidlaw
Director
The notes on pages 4 to 13 form part of these financial statements. Page 2
MOCKINGBIRD RAW PRESS LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2025
| Called up share capital | Share premium account | Share option reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 July 2023 | 379,877 | 3,519,345 | - | (1,396,770) | 2,502,452
Comprehensive income for the year |  |  |  |  |
Loss for the year | - | - | - | (736,840) | (736,840)
Share based payment charge | - | - | 306,349 | - | 306,349
Contributions by and distributions to owners |  |  |  |  |
Share premium cancelled during the year | - | (25,455) | - | - | (25,455)
Shares cancelled during the year | (1,467) | - | - | - | (1,467)
At 1 July 2024 | 378,410 | 3,493,890 | 306,349 | (2,133,610) | 2,045,039
Comprehensive income for the year |  |  |  |  |
Loss for the year | - | - | - | (449,496) | (449,496)
Share based payment charge | - | - | 355,965 | - | 355,965
At 30 June 2025 | 378,410 | 3,493,890 | 662,314 | (2,583,106) | 1,951,508
| The notes on pages 4 to 13 form part of these financial statements.
Page 3
MOCKINGBIRD RAW PRESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
1. | General information
Mockingbird Raw Press Limited is a private company, limited by shares, domiciled in England and Wales, registration number 08734586. The registered office is 82 St John Street, London, EC1M 4JN. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Going concern
The Directors believe the Company has sufficient capital to continue to operate and meet their obligations when they fall due for at least 12 months from approval of these financial statements.
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.4 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. Page 4
MOCKINGBIRD RAW PRESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.6 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.7 | Share-based payments
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition. The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received. Page 5
MOCKINGBIRD RAW PRESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.8 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.9 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
| 2.10 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Computer software | - | 5 | years
|  |  |  | Product recipes | - | 5 | years
Page 6
MOCKINGBIRD RAW PRESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.11 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Label cylinders | - | 2 Years
|  |  |  | Office furniture | - | 3 Years
|  |  |  | Computer equipment | - | 3 Years
|  |  |  | Trade show equipment | - | 3 Years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.12 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. Page 7
MOCKINGBIRD RAW PRESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.13 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
| 2.14 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Page 8
MOCKINGBIRD RAW PRESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
Deferred tax asset Management is required to assess whether it is appropriate to recognise a deferred tax asset relating to taxable losses available to the Company. The recognition of deferred tax assets is based upon whether it is more likely than not that sufficient and suitable taxable profits will be available in the future against which the reversal of losses and other deductions can be utilised. To determine the future taxable profits, reference is made to the latest available forecasts. Therefore, this involves judgement regarding future financial performance of the Company to justify where a deferred tax asset has been recognised. Management have concluded to not recognise a deferred tax asset and the losses carried forward amount to £3,858,811 (2024 - £3,597,344). Share based payments The directors have made significant judgements in determining the fair value of share options granted to employees, using the Black-Scholes model. This model requires subjective assumptions, including expected share price volatility, expected life of the options, risk-free interest rate, and expected dividend yield. These assumptions, based on historical data and estimates, materially affect the fair value estimate. The directors believe these assumptions are appropriate and reflect the best estimate of the fair value at the grant date.
4. | Employees
| The average monthly number of employees, including directors, during the year was 12 (2024 - 9).
5. | Share-based payments
The Company operates an EMI Scheme under which employees were granted share options which entitle them to the option of purchasing shares in the Company, subject to meeting certain vesting conditions. The options vest at the earlier of a liquidity event, revenue of the Company reaching £15,000,000 for a single financial year or EBITDA of the Company being equal to or more than breakeven. All options in issue vested in the current year. During the year, the total share-based payment expense recognised in the Statement of Comprehensive Income was £355,957 (2024: £306,349). At 30 June 2025, 37,989 (2024: 35,137) options were in issue with a weighted average exercise price of £1 per share. During the year 2,852 (2024: 35,137) were issued, none (2024: Nil) were cancelled and none (2024: Nil) were exercised. Page 9
MOCKINGBIRD RAW PRESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
6. | Intangible assets
|  | Product recipes | Computer software | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 July 2024 | 22,256 | 25,260 | 47,516
| Additions | - | 18,689 | 18,689
| At 30 June 2025 | 22,256 | 43,949 | 66,205
| Amortisation |  |  |
| At 1 July 2024 | 4,451 | 4,309 | 8,760
| Charge for the year | 4,451 | 5,739 | 10,190
| At 30 June 2025 | 8,902 | 10,048 | 18,950
| Net book value |  |  |
| At 30 June 2025 | 13,354 | 33,901 | 47,255
| At 30 June 2024 | 17,805 | 20,951 | 38,756
Page 10
MOCKINGBIRD RAW PRESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
7. | Tangible fixed assets
|  | Office furniture | Label cylinders | Computer equipment | Trade show equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 July 2024 | 875 | 6,136 | 13,988 | 11,200 | 32,199
| Additions | 7,299 | 20,199 | 6,546 | - | 34,044
| At 30 June 2025 | 8,174 | 26,335 | 20,534 | 11,200 | 66,243
| Depreciation |  |  |  |  |
| At 1 July 2024 | 24 | 1,790 | 3,105 | - | 4,919
| Charge for the year | 2,522 | 5,061 | 4,965 | 1,400 | 13,948
| At 30 June 2025 | 2,546 | 6,851 | 8,070 | 1,400 | 18,867
| Net book value |  |  |  |  |
| At 30 June 2025 | 5,628 | 19,484 | 12,464 | 9,800 | 47,376
| At 30 June 2024 | 851 | 4,346 | 10,883 | 11,200 | 27,280
8. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finished goods | 1,092,757 | 660,890
|  | 1,092,757 | 660,890
Page 11
MOCKINGBIRD RAW PRESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
9. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 1,467,362 | 983,488
| Other taxation and social security | 467,578 | 155,813
| Invoice financing | 1,161,862 | 370,032
| Other creditors | 5,451 | 5,050
| Accruals and deferred income | 312,287 | 309,511
|  | 3,414,540 | 1,823,894
| The invoice financing facility is secured by a fixed and floating charge over all assets of the Company, attracts interest at the Bank of England base rate plus 2.75% and is repayable on a rolling basis.
10. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 368,679 (2024 - 184,878) Ordinary shares of £1.00 each | 368,679 | 184,878
|  | 9,731 (2024 - 9,731) Class B shares of £1.00 each | 9,731 | 9,731
|  |  | 378,410 | 194,609
|  | Allotted, called up and partly paid |  |
|  | Nil (2024 - 183,801) Ordinary shares of £1.00 each | - | 183,801
| Ordinary shares hold full rights in the Company with respect to voting, dividends and distributions. Class B shares have no voting or dividends rights. They have full rights on return of capital.
Page 12
MOCKINGBIRD RAW PRESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
11. | Reserves
Share premium account Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium. Share option reserve The share option reserve relates to the EMI share scheme in issue. Profit and loss account Includes all current and prior period retained profits and losses.
12. | Related party transactions
The Company has taken the exemption under FRS 102, section 33 Related Party Disclosures paragraph 33 1A, whereby the Company is not required to disclose transactions with other companies that are wholly owned within the group.
13. | Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £65,554 (2024 - £61,891). At the year end the liability owed to the fund was £5,451 (2024 - £5,050).
14. | Commitments under operating leases
| At 30 June 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due within 1 year | 50,400 | 100,800
| Later than 1 year and not later than 5 years | - | 50,400
|  | 50,400 | 151,200
15. | Controlling party
The Directors consider there to be no ultimate controlling party.
Page 13