Company No: 09377777 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
				Restated - note 3
Fixed assets
Tangible assets	5	24,481		16,875
Investments	6	1		1
		24,482		16,876
Current assets
Stocks		7,842		30,942
Debtors	7	63,088		85,306
Cash at bank and in hand		1,254		2,150
		72,184		118,398
Creditors: amounts falling due within one year	8	( 186,193)		( 201,809)
Net current liabilities		(114,009)		(83,411)
Total assets less current liabilities		(89,527)		(66,535)
Creditors: amounts falling due after more than one year	9	( 6,667)		( 16,647)
Provision for liabilities	10	( 40,656)		( 4,219)
Net liabilities		( 136,850)		( 87,401)
Capital and reserves
Called-up share capital	11	100		100
Profit and loss account		( 136,950 )		( 87,501 )
Total shareholders' deficit		( 136,850)		( 87,401)

For the financial year ending 31 March 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 40FT Brewery Limited (registered number: 09377777) were approved and authorised for issue by the Board of Directors on 09 December 2025. They were signed on its behalf by:

S Ryan 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

40 FT Brewery 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 The Print House 1st Floor Fitzroy House, 18 Ashwin Street, London, E8 3DL, United Kingdom.

The financial statements have been prepared under the historical cost convention 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 £.

Change in accounting policies

The Company changed the accounting framework used from FRS105 to FRS102 section 1(A) in the year ended 31 March 2025. This is due to the company no longer meeting the requirements of a micro entity. There has been no change to the accounting policies of the Company other than the recognition of deferred tax as a result of these changes.

Prior year adjustment

The prior year figures have been restated to include deferred tax as noted in note 2.

The prior year figures have also been restated to include the investment in the Joint Venture as noted in note 3.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery etc.

2 - 7 years straight line

Impairment of assets

Assets 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. No impairments were noted in the current year.

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.

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

Cash and cash equivalents are basic financial assets and include cash in hand and bank. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price. 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
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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 Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2.Transition to FRS102

The Company has adopted FRS 102 for the year ended 31 March 2025 and has restated the comparative year amounts.

Reconciliation of equity

		01.04.2023		31.03.2024
		£		£
Capital and reserves (as previously stated)		(98,992)		(83,182)
Recognition of deferred tax brought forward at 1 April 2023		(2,697)		(2,697)
Recognition of deferred tax as at 31 March 2024		0		(1,522)
Capital and reserves (as restated)		(101,689)		(87,401)

Reconciliation of profit or loss

				31.03.2024
				£
Profit for the year (as previously stated)				15,810
Movement in provision of deferred tax				(1,523)
Profit for the year (as restated)				14,287

3. Prior year adjustment

The financial statements have been restated to reflect the Company's investment in ACME at 40FT Limited which had been previously omitted in error.

The accounting policies in relation to this investment have been included retrospectively and the comparatives have been restated as shown in the note below.

		As previously reported		Adjustment		As restated
Year ended 31 March 2024		£		£		£
Fixed asset investment		0		1		1
Creditors falling due within one year (excluding accruals as reported)		(199,118)		(1)		(199,119)

4. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	11		10

5. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 April 2024	149,064		149,064
Additions	17,256		17,256
At 31 March 2025	166,320		166,320
Accumulated depreciation
At 01 April 2024	132,189		132,189
Charge for the financial year	9,650		9,650
At 31 March 2025	141,839		141,839
Net book value
At 31 March 2025	24,481		24,481
At 31 March 2024	16,875		16,875

6. Fixed asset investments

	Investments in joint ventures		Total
	£		£
Cost or valuation before impairment
At 01 April 2024	1		1
At 31 March 2025	1		1
Carrying value at 31 March 2025	1		1
Carrying value at 31 March 2024	1		1

7. Debtors

	2025		2024
	£		£
Trade debtors	63,088		75,054
Other debtors	0		10,252
	63,088		85,306

8. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans and overdrafts	36,524		13,190
Trade creditors	25,537		59,532
Taxation and social security	57,262		45,551
Other creditors	66,870		83,536
	186,193		201,809

There are no amounts included above in respect of which any security has been given by the small entity.

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

	2025		2024
	£		£
Bank loans	6,667		16,647

There are no amounts included above in respect of which any security has been given by the small entity.

10. Provision for liabilities

	2025		2024
	£		£
Deferred tax	6,120		4,219
Other provisions	34,536		0
	40,656		4,219

11. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

12. Financial commitments

Other financial commitments

	2025		2024
	£		£
Total commitments under non-cancellable operating leases not provided for in the accounts	13,160		12,901

13. Related party transactions

Other related party transactions

	2025		2024
	£		£
Steve Ryan Photographer Limited	22,533		30,000

During the year the Company paid £22,533 (2024:£30,000) to Steve Ryan Photographer Limited. Steve Ryan Photographer Limited is a related party to the Company due to a common director and shareholder S Ryan.