Company registration number 07671436 (England and Wales)
THORNBRIDGE TAPS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
PAGES FOR FILING WITH REGISTRAR
THORNBRIDGE TAPS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
THORNBRIDGE TAPS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
160,151
151,155
Current assets
Stocks
61,216
57,278
Debtors
4
134,367
108,479
Cash at bank and in hand
121,401
157,586
316,984
323,343
Creditors: amounts falling due within one year
5
(577,430)
(583,746)
Net current liabilities
(260,446)
(260,403)
Total assets less current liabilities
(100,295)
(109,248)
Creditors: amounts falling due after more than one year
6
(138,334)
(148,333)
Net liabilities
(238,629)
(257,581)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(238,729)
(257,681)
Total equity
(238,629)
(257,581)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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:
J R Harrison
Director
Company registration number 07671436 (England and Wales)
THORNBRIDGE TAPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -
1
Accounting policies
Company information

Thornbridge Taps Limited is a private company limited by shares incorporated in England and Wales. The registered office is Riverside Brewery, Buxton Road, Bakewell, Derbyshire, DE45 1GS.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The 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.

1.2
Going concern

Despite ongoing cost-of-living pressures affecting consumer spending, the company achieved strong, profitable growth during the reporting period, delivering a record annual profit before group recharges.

At the time of approving the financial statements, the directors have a reasonable expectation that the company 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.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.4
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
Straight line over the lease term
Fixtures and fittings
15% reducing balance
Computers
Straight line over 5 years

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 credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company 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.

THORNBRIDGE TAPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 3 -

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.

1.6
Stocks

Stocks are stated at the lower of cost and net realisable value.

1.7
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.

1.8
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 method 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 company after deducting all of its liabilities.

THORNBRIDGE TAPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 4 -
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. A m ounts 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.

1.9
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.11
Retirement benefits

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

1.12
Leases

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 s 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.

THORNBRIDGE TAPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 5 -
2
Employees

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

2025
2024
Number
Number
Total
78
69
3
Tangible fixed assets
Leasehold improvements
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2024
153,135
309,331
462,466
Additions
10,930
26,361
37,291
Disposals
(5,608)
(4,173)
(9,781)
At 30 June 2025
158,457
331,519
489,976
Depreciation and impairment
At 1 July 2024
101,145
210,166
311,311
Depreciation charged in the year
6,354
17,642
23,996
Eliminated in respect of disposals
(1,744)
(3,738)
(5,482)
At 30 June 2025
105,755
224,070
329,825
Carrying amount
At 30 June 2025
52,702
107,449
160,151
At 30 June 2024
51,990
99,165
151,155
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Corporation tax recoverable
859
859
Other debtors
124,508
97,920
125,367
98,779
Deferred tax asset
9,000
9,700
134,367
108,479
THORNBRIDGE TAPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 6 -
5
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
10,000
10,000
Obligations under finance leases
-
0
3,610
Trade creditors
104,260
110,016
Amounts owed to group undertakings
185,197
195,788
Taxation and social security
105,380
105,138
Other creditors
127,999
108,470
Accruals and deferred income
44,594
50,724
577,430
583,746
6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
3,334
13,333
Other creditors
135,000
135,000
138,334
148,333
7
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 25p each
300
300
75
75
Ordinary B shares of 25p each
50
50
13
13
Ordinary C shares of 25p each
50
50
12
12
400
400
100
100
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion, the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 June 2025 and of its 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.

THORNBRIDGE TAPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
8
Audit report information
(Continued)
- 7 -
Senior Statutory Auditor:
Terri Pierpoint
Statutory Auditor:
Sumer Auditco Limited
Date of audit report:
4 March 2026
9
Operating lease commitments
As lessee

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

2025
2024
£
£
Total commitments
3,958,007
4,297,216
10
Capital commitments

Amounts contracted for but not provided in the financial statements:

2025
2024
£
£
Acquisition of tangible fixed assets
7,082
-
11
Related party transactions
Transactions with related parties

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

The Thornbridge Hall Country House Brewing Company Limited (intermediate parent company)

At the year end, amounts due to The Thornbridge Hall Country House Brewing Company Limited were £185,197 (202 4: £195,788) and is included within amounts owed to group. During the year, purchases were made from The Thornbridge Hall Country House Brewing Company Limited totalling £649,305 (202 4: £684,946) and sales were made to The Thornbridge Hall Country House Brewing Company Limited totalling £458 (202 4: £18,164).

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

At the year end, amounts due to Thornbridge Limited in respect of loans made were £135,000 (202 4 £135,000) and is included within other creditors.

Brewkitchen Limited (a company controlled by J R Harrison)

During the year purchases were made from Brewkitchen totalling £14,600 (2024: £12,836).

THORNBRIDGE TAPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 8 -
12
Directors' transactions

J R Harrison

J R Harrison, a director of the company, has acted as guarantor on leases relating to four public houses which are leased by Thornbridge Taps Limited.

J R Harrison also provided an interest free loan. At the year end, the amount due to J R Harrison was £85,000 (202 4: £85,000) and is included within other creditors.

S D Webster

S D Webster, a director of the company, has acted as guarantor on leases relating to three public houses which are leased by Thornbridge Taps Limited.

Loans
% Rate
Opening balance
Closing balance
£
£
S D Webster -
-
2,500
2,500
2,500
2,500
13
Parent company

The intermediate parent company is The Thornbridge Hall Country House Brewing Company Limited, a company incorporated in England and Wales.

The ultimate parent company is Thornbridge Brewery Holdings Limited, a company incorporated in England and Wales.

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