Company registration number 04552035 (England and Wales)
THORNBRIDGE BREWERY HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
THORNBRIDGE BREWERY HOLDINGS LIMITED
COMPANY INFORMATION
Directors
J R Harrison
S D Webster
Secretary
S D Webster
Company number
04552035
Registered office
Riverside Brewery
Buxton Road
Bakewell
Derbyshire
DE45 1GS
Auditor
Sumer Auditco Limited
Albert Works
Sidney Street
Sheffield
S1 4RG
THORNBRIDGE BREWERY HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 32
THORNBRIDGE BREWERY HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 1 -

Thornbridge Brewery Holdings Limited is the holding company for its two trading subsidiaries: The Thornbridge Hall Country House Brewing Company Limited ("The Brewery") and Thornbridge Taps Limited ("The Taps").

The Brewery is the most highly awarded independent, privately owned brewery in the UK. Based in Bakewell, within the Peak District National Park, it has been brewing beer since 2005. The Brewery supplies a range of customers, including on-trade venues, national multiple operators, independent bottle shops, and direct consumers through its online shop, taproom, and onsite store. In addition to serving the UK market, Thornbridge exports its beers to approximately 40 countries worldwide.

The Taps operates four community pubs in the Sheffield area and, until October 2025, also operated The Coach & Horses in Dronfield. The first of these pubs, The Greystones, opened in 2010.

Following the year end, the Group continued to expand its joint venture interests under the Thornbridge & Co brand, marked by the opening of a flagship site in Sheffield city centre in October and the launch of a further site in central London in spring 2026.

Review of the Business and Future Developments

The UK brewing and hospitality sectors have continued to operate in a challenging environment, characterised by wage inflation, energy volatility, cautious consumer spending and ongoing consolidation across the industry. A significant number of independent breweries have ceased trading during the period, reflecting structural pressures within the sector.

Against this backdrop, the Group delivered a clear return to profitability in the year ended 30 June 2025, following two loss-making years.

Turnover increased by 12.9% to £17,332k (2024: £15,358k). Gross profit margin improved to 37.8% (2024: 37.4%), reflecting improved sales mix, stabilisation in input costs and continued procurement discipline.

The Group recorded a profit for the financial year of £158k, compared to a loss of £332k in the prior year. Alongside the strong turnover growth, the return to profit also reflects the cumulative impact of the continued focus on cost control and production efficiency.

A significant contributor to the Group’s return to profitability during the year was the continued strength of Thornbridge’s cask portfolio, led by our flagship beer, Jaipur. The year represented Thornbridge’s most successful year for cask production to date, with more than 3.5 million pints of Jaipur brewed for cask. According to the latest data from CGA, Jaipur ranked as the ninth best-selling cask beer in Britain during 2025, reflecting both strong national distribution and sustained consumer demand.

Increased visibility across major national pub and hospitality operators, including participation in national promotional activity, supported volume growth and further strengthened the brand’s position within the premium cask segment. Continued backing from the free trade also played an important role in maintaining accessibility and consistency of supply across a wide range of outlets.

While input costs remain structurally higher than pre-pandemic levels, raw material pricing stabilised during the period relative to prior volatility. The Group continued to exercise tight control over administrative expenses and operational overheads, maintaining financial discipline while continuing to invest appropriately in product and brand quality.

Although the pub sector continues to face increased taxation and cautious consumer confidence, The Taps delivered another profitable year. This performance was supported by a consistent focus on product quality, customer service and disciplined cost control.

The Group remains committed to its Environmental, Social & Governance (ESG) policies and its ongoing drive to reduce CO₂ emissions. Work undertaken through the Zero Carbon Forum and, more recently, Zevero continues to enhance carbon measurement capability and support sustainability initiatives across the business.

THORNBRIDGE BREWERY HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -
Principal Risks and Uncertainties

Economic Risks

The Group operates within a discretionary consumer sector that remains sensitive to economic uncertainty. Although inflation has moderated relative to prior peaks, interest rates have remained elevated during much of the period and consumer confidence remains subdued, as does economic growth in the UK. Hospitality spending remains cautious, and trading patterns can be volatile.

The independent brewing sector has continued to experience consolidation and business failures, highlighting the structural pressures facing the industry.

Labour and Cost Inflation

Brewing and hospitality are labour-intensive sectors. Increases in the National Living Wage (NLW) and Employer’s National Insurance contributions from April 2025 have added further cost pressure across both the brewing and pub operations and these increases follow several years of above-inflation rises in the NLW under successive governments.

The impact of the Employment Rights Act 2025 is not considered a significant risk to Thornbridge, as the Group already seeks to operate in line with established employment best practice; however, the legislation is expected to give rise to additional compliance, administrative and employment-related costs.

The Group mitigates these pressures through workforce planning, productivity improvements, procurement discipline and careful management of discretionary overhead.

Energy, packaging and logistics costs remain structurally higher than pre-pandemic levels, although volatility has reduced compared to previous periods.

Pricing Challenges

Competitive pricing dynamics remain a key risk. National multiple operators remain highly price sensitive, and consumer resistance to price increases may constrain margin recovery.

The Group seeks to balance sustainable pricing actions with long-term customer relationships and volume retention. Sales mix management remains central to margin protection, with continued emphasis on the on-trade and premium cask positioning.

Regulatory Pressures

Alcohol duty policy continues to evolve and can materially impact pricing and demand. Changes to duty rates, including uprating mechanisms, require careful pricing strategy and margin planning.

Extended Producer Responsibility (EPR) regulations and Packaging Recovery Note (PRN) cost increases create ongoing uncertainty around packaging compliance costs. The Group actively monitors developments and incorporates anticipated regulatory impacts into financial planning.

Licensing and employment legislation changes also present potential cost and compliance risks across both brewing and retail operations.

Liquidity Management

Liquidity and working capital management remain key priorities. Following the repayment of historic Time To Pay liabilities and the securing of additional funding in the prior year, the Group entered the year with a strengthened funding position. The return to profitability and the absence of new external borrowings during the period have further improved working capital headroom.

Given the seasonal nature of trading, the Group maintains active oversight of debtors, inventory and cash forecasting to ensure continued financial resilience while supporting planned investment.

THORNBRIDGE BREWERY HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -

Financial key performance indicators

The Group’s key financial performance indicators during the year were as follows:

| 2025 | 2024
Turnover | £17,332k | £15,358k
Gross Profit % | 37.8% | 37.4%
Profit/(Loss) for the financial year | £158k | (£332k)

Outlook

The return to profitability in the year ended 30 June 2025 represents an important milestone for the Group following a prolonged period of sector-wide disruption and cost inflation.

Within The Brewery, sustained momentum in cask sales has reinforced confidence in the strength of underlying demand. In response, the Group is progressing plans to increase overall brewing capacity to ensure it is well positioned to support further growth and capitalise fully on existing and emerging opportunities.

The Taps continues to operate in a competitive and cost-sensitive environment, and management remains focused on maintaining disciplined cost control and operational standards across the estate.

Overall, the Group remains committed to consolidating profitability, managing cost inflation carefully and investing selectively to support long-term financial resilience.

On behalf of the board

J R Harrison
Director
3 March 2026
THORNBRIDGE BREWERY HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 4 -

The directors present their annual report and financial statements for the year ended 30 June 2025.

Principal activities

The principal activity of the parent company continued to be that of a holding company. The principal activit ies of the group continued to be that of the brewing and distribution of beer and the operat ion of public houses and bars.

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J R Harrison
S D Webster
Research and development

The group engages in research and development activities with the main activities being process improvement.

Auditor

Sumer Auditco Limited were appointed as auditor to the company following BHP LLP becoming part of the Sumer Group on 31 December 2025, which required a change in audit firm to comply with applicable regulatory requirements.

In accordance with section 487(2) of the Companies Act 2006, Sumer Auditco Limited are deemed to be reappointed annually.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual 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 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards 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 group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THORNBRIDGE BREWERY HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 5 -
Strategic report

The true group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments and financial instruments.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
J R Harrison
Director
3 March 2026
THORNBRIDGE BREWERY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THORNBRIDGE BREWERY HOLDINGS LIMITED
- 6 -
Opinion

We have audited the financial statements of Thornbridge Brewery Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 30 June 2025 and of the group's profit for the year 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 group and parent 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 group's and parent company's ability to continue as a going concern for a period of at least twelve 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. 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 course of 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 our audit:

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

THORNBRIDGE BREWERY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THORNBRIDGE BREWERY HOLDINGS LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and 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' r esponsibilities s tatement, 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

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.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the group through discussions with directors and other management, and from our commercial knowledge and experience of the trade;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group;

- we assessed the extent of compliance with the laws and regulations considered above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

THORNBRIDGE BREWERY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THORNBRIDGE BREWERY HOLDINGS LIMITED
- 8 -

We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risks of fraud through management bias and override controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- discussions with senior management regarding relevant regulations and reviewing the group’s legal and professional fees.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the director’s and other management and the inspection of regulatory and legal correspondence.

As part of our audit, we addressed the risk of management override of internal controls, including testing of journals and review of the nominal ledger. We evaluated whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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 regulation. This risk increases the more that 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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the parent 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 parent company’s members those matters 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

THORNBRIDGE BREWERY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THORNBRIDGE BREWERY HOLDINGS LIMITED
- 9 -
Terri Pierpoint (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited, Statutory Auditor
Chartered Accountants
Albert Works
Sidney Street
Sheffield
S1 4RG
4 March 2026
THORNBRIDGE BREWERY HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
- 10 -
2025
2024
Notes
£
£
Turnover
3
17,331,839
15,358,095
Cost of sales
(10,785,821)
(9,606,535)
Gross profit
6,546,018
5,751,560
Administrative expenses
(6,246,837)
(5,973,309)
Other operating income
99,395
21,613
Operating profit/(loss)
4
398,576
(200,136)
Interest receivable and similar income
7
2,237
7,421
Interest payable and similar expenses
8
(176,017)
(227,850)
Profit/(loss) before taxation
224,796
(420,565)
Tax on profit/(loss)
9
(67,180)
88,856
Profit/(loss) for the financial year
157,616
(331,709)
Profit/(loss) for the financial year is attributable to:
- Owners of the parent company
152,878
(332,362)
- Non-controlling interests
4,738
653
157,616
(331,709)
Total comprehensive income for the year is attributable to:
- Owners of the parent company
152,878
(332,362)
- Non-controlling interests
4,738
653
157,616
(331,709)
THORNBRIDGE BREWERY HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
3,113,208
3,380,684
3,113,208
3,380,684
Current assets
Stocks
13
927,509
1,338,315
Debtors
14
3,090,057
2,281,414
Cash at bank and in hand
184,706
209,394
4,202,272
3,829,123
Creditors: amounts falling due within one year
15
(4,003,757)
(3,927,951)
Net current assets/(liabilities)
198,515
(98,828)
Total assets less current liabilities
3,311,723
3,281,856
Creditors: amounts falling due after more than one year
16
(4,103,304)
(4,298,233)
Provisions for liabilities
Deferred tax liability
19
119,000
51,820
(119,000)
(51,820)
Net liabilities
(910,581)
(1,068,197)
Capital and reserves
Called up share capital
21
4
4
Capital redemption reserve
1
1
Profit and loss reserves
(850,903)
(1,003,781)
Equity attributable to owners of the parent company
(850,898)
(1,003,776)
Non-controlling interests
(59,683)
(64,421)
Total equity
(910,581)
(1,068,197)

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 3 March 2026 and are signed on its behalf by:
03 March 2026
J R Harrison
Director
Company registration number 04552035 (England and Wales)
THORNBRIDGE BREWERY HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2025
30 June 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
11
155,800
155,800
Current assets
Debtors
14
15,651
15,701
Cash at bank and in hand
163
213
15,814
15,914
Creditors: amounts falling due within one year
15
-
(45,826)
Net current assets/(liabilities)
15,814
(29,912)
Total assets less current liabilities
171,614
125,888
Creditors: amounts falling due after more than one year
16
(171,287)
(171,287)
Net assets/(liabilities)
327
(45,399)
Capital and reserves
Called up share capital
21
4
4
Capital redemption reserve
1
1
Other reserves
149,998
149,998
Profit and loss reserves
(149,676)
(195,402)
Total equity
327
(45,399)

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £45,726 (2024 - £7,806 loss).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 3 March 2026 and are signed on its behalf by:
03 March 2026
J R Harrison
Director
Company registration number 04552035 (England and Wales)
THORNBRIDGE BREWERY HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 13 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
£
Balance at 1 July 2023
4
1
(671,419)
(671,414)
(65,074)
(736,488)
Year ended 30 June 2024:
Loss and total comprehensive income
-
-
(332,362)
(332,362)
653
(331,709)
Balance at 30 June 2024
4
1
(1,003,781)
(1,003,776)
(64,421)
(1,068,197)
Year ended 30 June 2025:
Profit and total comprehensive income
-
-
152,878
152,878
4,738
157,616
Balance at 30 June 2025
4
1
(850,903)
(850,898)
(59,683)
(910,581)
THORNBRIDGE BREWERY HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 14 -
Share capital
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 July 2023
4
1
149,998
(187,597)
(37,594)
Year ended 30 June 2024:
Loss and total comprehensive income for the year
-
-
-
(7,805)
(7,805)
Balance at 30 June 2024
4
1
149,998
(195,402)
(45,399)
Year ended 30 June 2025:
Profit and total comprehensive income
-
-
-
45,726
45,726
Balance at 30 June 2025
4
1
149,998
(149,676)
327
THORNBRIDGE BREWERY HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
- 15 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
26
831,601
(158,876)
Interest paid
(176,017)
(227,850)
Income taxes refunded
7,726
158,137
Net cash inflow/(outflow) from operating activities
663,310
(228,589)
Investing activities
Purchase of tangible fixed assets
(139,560)
(355,167)
Proceeds from disposal of tangible fixed assets
20,294
15,838
Interest received
2,237
7,421
Net cash used in investing activities
(117,029)
(331,908)
Financing activities
Proceeds from borrowings
291,000
1,099,773
Repayment of borrowings
(540,490)
(200,267)
Repayment of bank loans
(19,999)
(20,000)
Payment of finance leases obligations
(301,480)
(302,274)
Net cash (used in)/generated from financing activities
(570,969)
577,232
Net (decrease)/increase in cash and cash equivalents
(24,688)
16,735
Cash and cash equivalents at beginning of year
209,394
192,659
Cash and cash equivalents at end of year
184,706
209,394
THORNBRIDGE BREWERY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 16 -
1
Accounting policies
Company information

Thornbridge Brewery Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Riverside Brewery, Buxton Road, Bakewell, Derbyshire, DE45 1GS.

The group consists of Thornbridge Brewery Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

THORNBRIDGE BREWERY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 17 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Thornbridge Brewery Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 30 June 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

During the year to 30 June 202 5, the group achieved substantial cost reductions, leading to improved financial stability during the reporting period. The cost of key raw materials has stabilised or declined, thanks to strategic procurement efforts across the business. The continued growth in on-trade business and a reduced reliance on lower-margin off-trade sales, has resulted in an improved gross profit margin. This year the group achieved a positive EBITDA of £819k (2024: £192k).

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is measured at fair value of the consideration received or receivable, including beer duty, excluding discounts, rebates, value added tax and other sales taxes.

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

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
3-10 years straight line
Plant and equipment
5-20 years straight line and 15% reducing balance
Fixtures and fittings
15% reducing balance
Computers
4-5 years straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

THORNBRIDGE BREWERY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 18 -
1.7
Fixed asset investments

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Stocks

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

Cost of beer includes relevant production costs and attributable overheads. Net realisable value is based on estimated selling prices less anticipated costs to complete and sell.

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.

1.10
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 current liabilities.

THORNBRIDGE BREWERY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 19 -
1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

THORNBRIDGE BREWERY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 20 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

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

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

THORNBRIDGE BREWERY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 21 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible assets

The charge in respect of depreciation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The useful lives and residual values of the group's assets may vary depending on several factors such as, technological innovation, maintenance programmes and future market conditions. They are determined by management at the time the asset is acquired and reviewed annually for appropriateness.

Recoverability of trade debtors

The directors make provisions for doubtful debts based on an assessment of the recoverability of trade debtors. Provisions are applied to trade debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. This methodology is applied on a customer by customer basis.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Brewing and distribution of beer
13,962,967
12,634,875
Operation of public houses and bars
3,368,872
2,723,220
17,331,839
15,358,095
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
16,771,730
14,679,222
Europe
413,877
533,434
Rest of the World
146,232
145,439
17,331,839
15,358,095
2025
2024
£
£
Other revenue
Interest income
2,237
7,421
THORNBRIDGE BREWERY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 22 -
4
Operating profit/(loss)
2025
2024
£
£
Operating profit/(loss) for the year is stated after charging:
Fees payable to the group's auditor for the audit of the group's financial statements
3,164
3,413
Depreciation of owned tangible fixed assets
311,955
291,211
Depreciation of tangible fixed assets held under finance leases
107,993
100,465
(Profit)/loss on disposal of tangible fixed assets
-
227
Operating lease charges
865,086
755,082
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Production and logistics
34
34
-
-
Sales and marketing
57
55
-
-
Finance and administration
12
11
-
-
Management
11
10
-
-
Staff
67
59
-
-
Total
181
169
0
0

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
3,652,058
3,252,842
-
0
-
0
Social security costs
328,893
267,050
-
-
Pension costs
135,247
121,821
-
0
-
0
4,116,198
3,641,713
-
0
-
0
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
163,357
161,636
Company pension contributions to defined contribution schemes
5,945
5,945
169,302
167,581
THORNBRIDGE BREWERY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
6
Directors' remuneration
(Continued)
- 23 -

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
2,073
1,365
Other interest income
164
6,056
Total income
2,237
7,421
8
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
67,525
78,408
Other interest on financial liabilities
16,854
33,465
Interest on finance leases and hire purchase contracts
91,638
115,977
Total finance costs
176,017
227,850
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
-
0
(83,376)
Deferred tax
Origination and reversal of timing differences
67,180
(5,480)
Total tax charge/(credit)
67,180
(88,856)
THORNBRIDGE BREWERY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
9
Taxation
(Continued)
- 24 -

The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit/(loss) before taxation
224,796
(420,565)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
56,199
(105,141)
Tax effect of expenses that are not deductible in determining taxable profit
2,558
2,462
Change in unrecognised deferred tax assets
(5,018)
2,315
Research and development tax credit
-
0
(83,376)
Other permanent differences
1,955
(314)
Deferred tax adjustments in respect of prior years
-
0
621
Adjustment to losses
-
0
208,442
Enhanced capital allowances
7,050
(4,094)
Additional deduction for R & D expenditure
-
(109,771)
4,436
-
Taxation charge/(credit)
67,180
(88,856)
10
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 July 2024
715,328
4,889,628
569,118
267,396
190,121
6,631,591
Additions
19,019
67,555
41,752
10,089
34,351
172,766
Disposals
(5,608)
(36,328)
(6,074)
(437)
-
0
(48,447)
At 30 June 2025
728,739
4,920,855
604,796
277,048
224,472
6,755,910
Depreciation and impairment
At 1 July 2024
261,555
2,316,491
335,312
247,639
89,910
3,250,907
Depreciation charged in the year
61,666
275,838
38,444
11,075
32,925
419,948
Eliminated in respect of disposals
(1,744)
(20,586)
(5,386)
(437)
-
0
(28,153)
At 30 June 2025
321,477
2,571,743
368,370
258,277
122,835
3,642,702
Carrying amount
At 30 June 2025
407,262
2,349,112
236,426
18,771
101,637
3,113,208
At 30 June 2024
453,773
2,573,137
233,806
19,757
100,211
3,380,684
THORNBRIDGE BREWERY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
10
Tangible fixed assets
(Continued)
- 25 -
The company had no tangible fixed assets at 30 June 2025 or 30 June 2024.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2025
2024
2025
2024
£
£
£
£
Plant and equipment
1,001,113
1,076,850
-
0
-
0
Fixtures and fittings
-
0
8,260
-
0
-
0
Motor vehicles
99,630
97,535
-
0
-
0
1,100,743
1,182,645
-
-
11
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
155,800
155,800
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2024 and 30 June 2025
155,800
Carrying amount
At 30 June 2025
155,800
At 30 June 2024
155,800
12
Subsidiaries

Details of the company's subsidiaries at 30 June 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
The Thornbridge Hall Country House Brewing Company Limited
Riverside Brewery, Buxton Road, Bakewell, Derbyshire, DE45 1GS
Brewing and distribution of beer
Ordinary
100.00
Thornbridge Taps Limited
Same as above
Operator of Public Houses
Ordinary
75.00
THORNBRIDGE BREWERY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 26 -
13
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
353,662
559,460
-
-
Finished goods and goods for resale
573,847
778,855
-
0
-
0
927,509
1,338,315
-
-
14
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,434,738
1,718,634
9,617
9,616
Corporation tax recoverable
76,509
84,235
-
0
-
0
Other debtors
202,648
176,338
6,034
6,085
Prepayments and accrued income
376,162
302,207
-
0
-
0
3,090,057
2,281,414
15,651
15,701
15
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
17
20,000
20,000
-
0
-
0
Obligations under finance leases
18
374,704
384,699
-
0
-
0
Other borrowings
17
958,065
1,290,904
-
0
-
0
Trade creditors
833,025
843,833
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
-
0
45,826
Other taxation and social security
1,236,270
903,550
-
-
Other creditors
266,188
221,412
-
0
-
0
Accruals and deferred income
315,505
263,553
-
0
-
0
4,003,757
3,927,951
-
0
45,826

The bank loans are secured by a fixed and floating charge over the group assets.

Included within other borrowings are amounts due in respect of sales financing of £825,414 (2024: £1,113,960). This is secured by a fixed and floating charge over the assets of the group.

THORNBRIDGE BREWERY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 27 -
16
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
17
6,667
26,666
-
0
-
0
Obligations under finance leases
18
497,358
755,637
-
0
-
0
Other borrowings
17
3,599,279
3,515,930
171,287
171,287
4,103,304
4,298,233
171,287
171,287

The bank loans are secured by a fixed and floating charge over the group's assets.

17
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
26,667
46,666
-
0
-
0
Loans from related parties
2,865,814
2,649,814
28,881
28,881
Other loans
1,691,530
2,157,020
142,406
142,406
4,584,011
4,853,500
171,287
171,287
Payable within one year
978,065
1,310,904
-
0
-
0
Payable after one year
3,605,946
3,542,596
171,287
171,287

The following secured debts are included within creditors:

The bank loans and overdraft are secured by a fixed and floating charge over the group's assets.

18
Finance lease obligations
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
374,704
384,699
-
0
-
0
In two to five years
497,358
755,637
-
0
-
0
872,062
1,140,336
-
-
THORNBRIDGE BREWERY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
18
Finance lease obligations
(Continued)
- 28 -

Finance lease payments represent rentals payable by the group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Finance lease obligations are secured on the assets acquired under those arrangements, one lease is also secured by way of a cross company guarantee between Thornbridge Brewery Holdings Limited and Thornbridge Limited, and a personal guarantee given by J R Harrison.

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
599,000
647,100
Tax losses
(477,000)
(592,800)
Short term timing differences
(3,000)
(2,480)
119,000
51,820
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 July 2024
51,820
-
Charge to profit or loss
67,180
-
Liability at 30 June 2025
119,000
-
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
135,247
121,821

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

Accrued pension contributions at the year end in respect of defined contribution schemes amounted to £11,216 (2024: £11,347)

THORNBRIDGE BREWERY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 29 -
21
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.1p each
4,000
4,000
4
4
22
Operating lease commitments
Lessee

At the reporting end date, the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
877,192
880,173
-
-
Between two and five years
3,116,444
3,235,110
-
-
In over five years
3,359,424
3,886,971
-
-
7,353,060
8,002,254
-
-
23
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2025
2024
2025
2024
£
£
£
£
Acquisition of tangible fixed assets
87,302
-
-
-
24
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
376,279
408,206
THORNBRIDGE BREWERY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
24
Related party transactions
(Continued)
- 30 -
Transactions with related parties

As permitted by FRS 102, these financial statements do not disclose transactions with the subsidiary undertakings where 100% of the voting rights are held within the group.

During the year, the group entered into the following transactions with related parties:

Thornbridge Limited (a company jointly controlled by J R Harrison)

During the year sales were made to Thornbridge Limited totalling £2,500 (2024: £2,500) and purchases were made from Thornbridge Limited totalling £26,418 (2024: £24,274). At the year end amounts owed to Thornbridge Limited total £2,400 (2024: £2,400) and is included within trade creditors. At the year end, amounts due from Thornbridge Limited total £1,000 (2024: £250) and is included within trade debtors

At the year end, amounts due to Thornbridge Limited in respect of loans made were £2,286,744 (2024: £2,354,830) and is included within other borrowings and other creditors. During the year, interest of £16,854 (2024: £32,791) was paid in respect of these loans to Thornbridge Limited.

Thornbridge Limited provided a cross company guarantee in relation to a finance lease obligation included in the financial statements of The Thornbridge Hall Country House Brewing Company Limited. At the year end the amount owed in relation to this lease was £762,693 (2024: £1,009,555).

Andromeda Park Limited (a company jointly controlled by J R Harrison)

During the year sales were made to Andromeda Park Limited totalling £47,950 (2024: £24,867) and purchases were made from Andromeda Park Limited totalling £255,918 (2024: £258,155). At the year end amounts owed to Andromeda Park Limited total £51,113 (2024: £85,509) and is included within trade creditors. At the year end, amounts due from Andromeda Park Limited total £7,231 (2024: £6,728) and is included within trade debtors.

At the year end, amounts due to Andromeda Park Limited in respect of loans made were £190,411 (20 24: £2 65,411) and is included within other creditors.

Brewkitchen Limited (a company controlled by J R Harrison)

During the year sales were made to Brewkitchen Limited totalling £nil (2024: £20,690) and purchases were made from Brewkitchen totalling £14,600 (2024: £13,156). At the year end amounts owed from Brewkitchen Limited totalled £nil (2024: £nil) and was included within trade debtors.

Thornbridge Bars Limited (a company controlled by the directors)

At the year end, amounts due to Thornbridge Bars Limited in respect of loans made were £455,000 (2024: £220,000) and is included within other creditors.

THORNBRIDGE BREWERY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 31 -
25
Directors' transactions

J R Harrison

J R Harrison has provided an interest free loan to the group. At the year end, the amount due to J R Harrison was £773,710 (2024: £773,710) and is included within other creditors.

J R Harrison also acted as guarantor on various property lease s held by the group.

J R Harrison has given a personal guarantee in respect of a finance lease obligation included in the financial statements of The Thornbridge Hall Country House Brewing Company Limited. At the year end the amount owed in relation to this lease was £762,693 (2024: £1,009,555) as referred to in note 19.

S D Webster

S D Webster has acted as a guarantor on various property lease s held by the group.

Loans
% Rate
Opening balance
Closing balance
£
£
S D Webster - Overdrawn loan account
-
6,929
6,929
6,929
6,929
26
Cash generated from/(absorbed by) group operations
2025
2024
£
£
Profit/(loss) after taxation
157,616
(331,709)
Adjustments for:
Taxation charged/(credited)
67,180
(88,856)
Finance costs
176,017
227,850
Investment income
(2,237)
(7,421)
(Gain)/loss on disposal of tangible fixed assets
-
227
Depreciation and impairment of tangible fixed assets
419,948
391,676
Movements in working capital:
Decrease/(increase) in stocks
410,806
(115,092)
Increase in debtors
(816,369)
(7,377)
Increase/(decrease) in creditors
418,640
(228,174)
Cash generated from/(absorbed by) operations
831,601
(158,876)
THORNBRIDGE BREWERY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 32 -
27
Analysis of changes in net debt - group
1 July 2024
Cash flows
New finance leases
30 June 2025
£
£
£
£
Cash at bank and in hand
209,394
(24,688)
-
184,706
Borrowings excluding overdrafts
(4,853,500)
269,489
-
(4,584,011)
Obligations under finance leases
(1,140,336)
301,480
(33,206)
(872,062)
(5,784,442)
546,281
(33,206)
(5,271,367)
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