Rhymney Brewery Ltd

	Page
Strategic Report	1
Directors' Report	2
Independent Auditor's Report	3—6
Statement of Comprehensive Income	7
Balance Sheet	8
Statement of Changes in Equity	9
Statement of Cash Flows	10
Notes to the Statement of Cash Flows	11
Notes to the Financial Statements	12—20

The directors present their strategic report for the period ended 30 April 2025.

Principal Activity

The company's principal activity continues to be that of a brewery and hospitality company.

Review of the Business

The company has had a strong periodr with turnover increasing to £7,463,410 (2023: £4,501,410). When time apportioned this represents growth in turnover on a comparable basis driven by increased hospitality revenues.

Given a stable gross profit, the increase in turnver has led to a retained profit for the year of £1,314,260 (2023: £847,959).

The company has delivered these results despit external financial challenges such as the increases in National Minimum Wage and Employers National Insurance during the period.

KPI	Unit	2025	2024
Turnover	£	7,463,410	5,044,336
Gross profit	%	62	62
Profit before tax	£	1,545,755	1,211,497
Net current assets	£	3,289,109	2,247,267
Net assets	£	6,122,344	4,808,084

Principal Risks and Uncertainties

Recovery of UK economy

The Directors are optimistic about the future, underlined by strong trading going into FY26 and beyond. The Directors are however mindful to remember the lessons of the recession, and specifically how much of the Company's competition at that time was impacted due to not being adequately capitalised.

Inflation

Inflation remains a significant risk that will certainly require consideration and managing in the coming year. We have been able to contain this risk to date through effective purchasing and pricing models. Due to us being extremely well capitalised we can purchase materials up front if required to minimise risk.

On behalf of the board

Mr M Evans

Director

8 January 2026

Page 1

Page 2

Rhymney Brewery Ltd

Company No. 04557129

Directors' Report For the Period 1 January 2024 to 30 April 2025

Directors' Report

The directors present their report and the financial statements for the period ended 30 April 2025.

Directors

The directors who held office during the period were as follows:

Mr S M Evans

Mr L R Evans

Mr M Evans

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Independent Auditors

The auditors, HSJ Audit Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr M Evans

Director

8 January 2026

Page 2

Page 3

Independent Auditor's Report

to the Members of

Rhymney Brewery Ltd

Independent Auditor's Report

Opinion

We have audited the financial statements of Rhymney Brewery Ltd for the period ended 30 April 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 30 April 2025 and of its profit/(loss) for the period 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 entity's ability to continue as a going concern for a period of at least 12 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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 Strategic Report and Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Page 3

Page 4

Independent Auditor's Report (continued)

to the Members of

Rhymney Brewery Ltd

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

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

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records or 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 Directors' Responsibilities Statement set out on page 2, 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.

Page 4

Page 5

Independent Auditor's Report (continued)

to the Members of

Rhymney Brewery Ltd

Auditor's 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 an auditor's report 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.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.

We communicated identified fraud risks throughout the engagement team and remained alert throughout the engagement process for any indications of fraud.

As required by the auditing standards, we identify and assess the risk of material misstatement of financial statements, whether due to fraud or error, in particular revenue recognition and management override of control. We design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We communicated identified fraud risks throughout the engagement team and remained alert throughout the engagement process for any indications of fraud.

As required by the auditing standards, we identify and assess the risk of material misstatement of financial statements, whether due to fraud or error, in particular revenue recognition and management override of control. We design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of material misstatement and non-compliance with laws and regulations, including fraud, we designed procedures which included;

Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
Reviewing financial statement disclosures and testing supporting documentation to assess compliance with applicable laws and regulations;

Identifying journal entries and other adjustments to test based on risk criteria and comparing the identified entries to supporting documentation. These included those posted to unusual account combinations;

Assessing whether revenue has been accounted for in the correct period and the existence of revenue at the cut off date based on the adopted accounting policy for revenue.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulations. This risk increases the more than compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one result from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of an internal control.

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

Page 5

Page 6

Independent Auditor's Report (continued)

to the Members of

Rhymney Brewery Ltd

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 that we are required to state to them in an auditor's report 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.

Mr Andrew Hill (Senior Statutory Auditor)

for and on behalf of HSJ Audit Limited , Statutory Auditor

9 January 2026

HSJ Audit Limited

Severn House

Hazell Drive

Newport

NP10 8FY

Page 6

Page 7

Rhymney Brewery Ltd

Statement of Comprehensive Income

For the Period 1 January 2024 to 30 April 2025

Statement of Comprehensive Income

		30 April 2025	31 December 2023
	Notes	£	£
TURNOVER	4	7,463,410	5,044,336
Cost of sales		(2,845,855 )	(1,936,776 )

GROSS PROFIT		4,617,555	3,107,560

Distribution costs		(168,090 )	(107,073 )
Administrative expenses		(3,145,635 )	(1,926,249 )
Other operating income		166,978	138,150

OPERATING PROFIT	6	1,470,808	1,212,388
Other interest receivable and similar income	10	75,332	27,256
Interest payable and similar charges	11	(386 )	255

PROFIT BEFORE TAXATION		1,545,754	1,239,899
Tax on Profit	12	(231,495 )	(363,538 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL PERIOD		1,314,259	876,361
OTHER COMPREHENSIVE INCOME FOR THE PERIOD		-	-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		1,314,259	876,361

The notes on pages 11 to 20 form part of these financial statements.

Page 7

Page 8

Rhymney Brewery Ltd

Balance Sheet

As At 30 April 2025

Balance Sheet

Registered number: 04557129

		30 April 2025		31 December 2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	13		3,328,098		3,177,864

			3,328,098		3,177,864
CURRENT ASSETS
Stocks	14	74,412		85,575
Debtors	15	116,214		104,821
Cash at bank and in hand		5,160,441		4,096,054

		5,351,067		4,286,450
Creditors: Amounts Falling Due Within One Year	16	(2,061,959 )		(2,039,183 )

NET CURRENT ASSETS (LIABILITIES)			3,289,108		2,247,267

TOTAL ASSETS LESS CURRENT LIABILITIES			6,617,206		5,425,131

Creditors: Amounts Falling Due After More Than One Year	17		(365,346 )		(372,983 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	19		(129,517 )		(244,064 )

NET ASSETS			6,122,343		4,808,084

CAPITAL AND RESERVES
Called up share capital	21		200,000		200,000
Profit and Loss Account			5,922,343		4,608,084

SHAREHOLDERS' FUNDS			6,122,343		4,808,084

On behalf of the board

Mr M Evans

Director

8 January 2026

The notes on pages 11 to 20 form part of these financial statements.

Page 8

Page 9

Rhymney Brewery Ltd

Statement of Changes in Equity

For the Period 1 January 2024 to 30 April 2025

Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 January 2023	200,000	3,753,723	3,953,723
Profit for the year and total comprehensive income	-	876,361	876,361

Dividends paid	-	(22,000)	(22,000)

As at 31 December 2023 and 1 January 2024	200,000	4,608,084	4,808,084


Profit for the period and total comprehensive income	-	1,314,259	1,314,259

As at 30 April 2025	200,000	5,922,343	6,122,343

Page 9

Page 10

Rhymney Brewery Ltd

Statement of Cash Flows

For the Period 1 January 2024 to 30 April 2025

Statement of Cash Flows

		30 April 2025	31 December 2023
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	1,447,841	1,538,930
Interest paid		(386 )	-
Tax paid		(205,560 )	(176,242 )

Net cash generated from operating activities		1,241,895	1,362,688

Cash flows from investing activities
Purchase of tangible assets		(331,665 )	(575,828 )
Proceeds from disposal of tangible assets		13,340	44,333
Grants received		68,423	-
Interest received		75,332	-

Net cash used in investing activities		(174,570 )	(531,495 )

Cash flows from financing activities
Equity dividends paid		-	(22,000 )
Repayment of other loans		-	(174,294)
Amount withdrawn by directors		(2,938)	-
Interest paid		-	255

Net cash used in financing activities		(2,938 )	(196,039 )



Increase in cash and cash equivalents		1,064,387	635,154
Cash and cash equivalents at beginning of period	2	4,096,054	3,460,900

Cash and cash equivalents at end of period	2	5,160,441	4,096,054

Page 10

Page 11

Rhymney Brewery Ltd

Notes to the Statement of Cash Flows

For the Period 1 January 2024 to 30 April 2025

Notes to the Statement of Cash Flows

1. Reconciliation of profit for the financial period to cash generated from operations

	30 April 2025	31 December 2023
	£	£
Profit for the financial period	1,314,259	876,361
Adjustments for:
Tax on profit	231,495	363,538
Interest expense	386	(255 )
Interest income	(75,332 )	(28,402 )
Depreciation of tangible assets	168,090	107,073
Profit on disposal of tangible assets	-	(44,333)
Grant income	(76,060)	(15,420)
Movements in working capital:
Decrease in stocks	11,163	18,926
Increase in trade and other debtors	(11,393 )	(24,529 )
(Decrease)/increase in trade and other creditors	(114,767 )	285,971

Net cash generated from operations	1,447,841	1,538,930

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	30 April 2025	31 December 2023
	£	£
Cash at bank and in hand	5,160,441	4,096,054

3. Analysis of changes in net funds

	As at 1 January 2024	Cash flows	As at 30 April 2025
	£	£	£
Cash at bank and in hand	4,096,054	1,064,387	5,160,441
Debts falling due within one year	(97,500 )	-	(97,500 )

	3,998,554	1,064,387	5,062,941

Page 11

Page 12

Rhymney Brewery Ltd

Notes to the Financial Statements

For the Period 1 January 2024 to 30 April 2025

Notes to the Financial Statements

1. General Information

Rhymney Brewery Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 04557129 . The registered office is Gilchrist Thomas Industrial Estate, Blaenavon, Pontypool, Torfaen, NP4 9RL.

2. Statement of Compliance

The 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.

3. Accounting Policies

3.1. Basis of Preparation of Financial Statements

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

3.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

3.3. Tangible Fixed Assets and Depreciation

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Freehold	2% Straight Line
Leasehold	10% Straight Line
Plant & Machinery	12.5% Straight Line
Motor Vehicles	25% Straight Line
Fixtures & Fittings	25% Straight Line

Page 12

Page 13

Rhymney Brewery Ltd

Notes to the Financial Statements (continued)

For the Period 1 January 2024 to 30 April 2025

3.4. Leasing and Hire Purchase Contracts

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

3.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

3.6. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

3.7. Financial Instruments

Classification

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Page 13

Page 14

Rhymney Brewery Ltd

Notes to the Financial Statements (continued)

For the Period 1 January 2024 to 30 April 2025

3.8. Foreign Currencies

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated

3.9. Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred· tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

3.10. Provisions and Contingencies

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

3.11. Pensions

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

Page 14

Page 15

Rhymney Brewery Ltd

Notes to the Financial Statements (continued)

For the Period 1 January 2024 to 30 April 2025

3.12. Government Grant

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis 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 and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

3.13. Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3.14. Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3.15. Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

4. Turnover

Analysis of turnover by class of business is as follows:

	30 April 2025	31 December 2023
	£	£
Sale of goods	7,463,410	5,044,336

Page 15

Page 16

Rhymney Brewery Ltd

Notes to the Financial Statements (continued)

For the Period 1 January 2024 to 30 April 2025

5. Other Operating Income

	30 April 2025	31 December 2023
	£	£
Grant income	76,060	138,150
Other operating income	90,918	-

	166,978	138,150

6. Operating Profit

The operating profit is stated after charging:

	30 April 2025	31 December 2023
	£	£
Bad debts	3,316	59,633
Depreciation of tangible fixed assets	168,090	107,073

7. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the period was as follows:

	30 April 2025	31 December 2023
	£	£
Audit Services
Audit of the company's financial statements	5,975	5,975

8. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	30 April 2025	31 December 2023
	£	£
Wages and salaries	1,929,268	1,272,957
Social security costs	114,273	67,469
Other pension costs	23,985	15,939

	2,067,526	1,356,365

9. Average Number of Employees

Average number of employees, including directors, during the period was as follows:

	30 April 2025	31 December 2023
Office and administration	3	3
Sales, marketing and distribution	49	59

	52	62

Page 16

Page 17

Rhymney Brewery Ltd

Notes to the Financial Statements (continued)

For the Period 1 January 2024 to 30 April 2025

10. Interest Receivable and Similar Income

	30 April 2025	31 December 2023
	£	£
Bank interest receivable	196	-
Other interest receivable	75,136	27,256

	75,332	27,256

11. Interest Payable and Similar Charges

	30 April 2025	31 December 2023
	£	£
Bank loans and overdrafts	386	(255 )

12. Tax on Profit

	Tax Rate		30 April 2025	31 December 2023
The tax charge on the profit for the period was as follows:
	30 April 2025	31 December 2023	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	346,042	204,048
Deferred Tax
Deferred taxation			(114,547 )	159,490


Total tax charge for the period			231,495	363,538


The actual charge for the period can be reconciled to the expected charge for the period based on the profit and the standard rate of corporation tax as follows:
			30 April 2025	31 December 2023
			£	£
Profit before tax			1,545,754	1,239,899

Tax on profit at 25% (UK standard rate)			386,439	302,874
Goodwill/depreciation not allowed for tax			41,008	60,664
Capital allowances			(82,916 )	-
Short term timing differences			(113,036 )	-

Total tax charge for the period			231,495	363,538

Page 17

Page 18

Rhymney Brewery Ltd

Notes to the Financial Statements (continued)

For the Period 1 January 2024 to 30 April 2025

13. Tangible Assets

	Land & Property
	Freehold	Leasehold	Plant & Machinery	Motor Vehicles
	£	£	£	£
Cost
As at 1 January 2024	3,510,717	65,719	849,984	105,168
Additions	197,050	-	4,200	119,214
Disposals	-	-	-	(13,340 )

As at 30 April 2025	3,707,767	65,719	854,184	211,042

Depreciation
As at 1 January 2024	516,564	65,719	717,846	63,365
Provided during the period	80,944	-	35,939	41,609

As at 30 April 2025	597,508	65,719	753,785	104,974

Net Book Value
As at 30 April 2025	3,110,259	-	100,399	106,068

As at 1 January 2024	2,994,153	-	132,138	41,803


	Fixtures & Fittings	Total
	£	£
Cost
As at 1 January 2024	96,019	4,627,607
Additions	11,201	331,665
Disposals	-	(13,340 )

As at 30 April 2025	107,220	4,945,932

Depreciation
As at 1 January 2024	86,249	1,449,743
Provided during the period	9,599	168,091

As at 30 April 2025	95,848	1,617,834

Net Book Value
As at 30 April 2025	11,372	3,328,098

As at 1 January 2024	9,770	3,177,864

14. Stocks

	30 April 2025	31 December 2023
	£	£
Stock	74,412	85,575

Page 18

Page 19

Rhymney Brewery Ltd

Notes to the Financial Statements (continued)

For the Period 1 January 2024 to 30 April 2025

15. Debtors

	30 April 2025	31 December 2023
	£	£
Due within one year
Trade debtors	75,042	46,576
Other debtors	41,172	58,245

	116,214	104,821

16. Creditors: Amounts Falling Due Within One Year

	30 April 2025	31 December 2023
	£	£
Trade creditors	120,872	-
Other loans	97,500	97,500
Amounts owed to participating interests	864,924	884,924
Other creditors	440,767	523,414
Corporation tax	344,530	204,048
Taxation and social security	146,660	209,789
Accruals and deferred income	46,706	119,508

	2,061,959	2,039,183

17. Creditors: Amounts Falling Due After More Than One Year

	30 April 2025	31 December 2023
	£	£
Other creditors	365,346	372,983

18. Loans

An analysis of the maturity of loans is given below:

	30 April 2025	31 December 2023
	£	£
Amounts falling due within one year or on demand:
Other loans	97,500	97,500

19. Deferred Taxation

The provision for deferred tax is made up as follows:

	30 April 2025	31 December 2023
	£	£
Other timing differences	129,517	244,064

Page 19

Page 20

Rhymney Brewery Ltd

Notes to the Financial Statements (continued)

For the Period 1 January 2024 to 30 April 2025

20. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 January 2024	244,064	244,064
Utilised	(114,547 )	(114,547)

Balance at 30 April 2025	129,517	129,517

21. Share Capital

	30 April 2025	31 December 2023
Allotted, called up and fully paid	£	£
200,000 Ordinary Shares of £ 1.00 each	200,000	200,000

22. 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.

During the period the charge to the profit and loss account in respect of defined contribution schemes was £23,985 (2023: £15,939).

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.

23. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans (to) / from the directors:

	As at 1 January 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 30 April 2025
	£	£	£	£	£
Mr Stephen Evans	370,389	-	(12,084 )	-	358,305
Mr Lewys Evans	4,726	20,776	-	-	25,502
Mr Marc Evans	47,860	-	11,630	-	36,230

The above loan is unsecured, interest free and repayable on demand.

24. Dividends

	30 April 2025	31 December 2023
	£	£
On equity shares:
Interim dividend paid	-	22,000

25. Related Party Disclosures

Companies under common control

During the year the company received unsecured, interest free, repayable on demand loans from entities under common control. At the balance sheet date the amount due to the companies was £864,923 (2024: £884,923).

Page 20