REGISTERED NUMBER: 00153755 (England and Wales)

THOMAS FAWCETT & SONS LTD

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Page

Company Information

1

Strategic Report

2

to

3

Report of the Directors

4

to

5

Report of the Independent Auditors

6

to

9

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Cash Flow Statement

14

Notes to the Cash Flow Statement

15

to

16

Notes to the Financial Statements

17

to

31

DIRECTORS:

Mrs S H Fawcett

Mrs J M Pratt

Mrs L S Fawcett

Mr M L P Fawcett

Mr B C Hickman

Mr B M B Fawcett

SECRETARY:

Miss J M Tonks

REGISTERED OFFICE:

Eastfield Lane

Castleford

West Yorkshire

WF10 4LE

REGISTERED NUMBER:

00153755 (England and Wales)

AUDITORS:

UHY Calvert Smith LLP

Statutory Auditor

Chartered Accountants

Heritage House

Murton Way

Osbaldwick

York

North Yorkshire

YO19 5UW

The directors present their strategic report for the year ended 30 September 2025.

REVIEW OF PRINCIPAL RISKS AND UNCERTAINTIES FACING THE BUSINESS

The most significant risk facing the business is the general malaise affecting the hospitality industry post Covid-19, combined with the rise in inflation and an extremely competitive environment at home and abroad. High business rates and a shortage of a willing work force keep many pubs closed which in turn has placed much pressure on the company’s smaller, but vital customer base. Many breweries and distilleries are under extreme financial pressure which presents a significant risk of future bad debts. The continuing war in Ukraine is a constant threat to the stability of cereal prices and conflict in the Middle East threatens the stability of energy prices.

REVIEW OF BUSINESS

Thomas Fawcett & Sons Ltd is an eighth-generation family business that has been manufacturing quality malts for over 200 years on its original site in Castleford, West Yorkshire. The company's production facilities span its history from four working floor Maltings to the most up to date Germinating Kilning Vessels (GKV's). Coloured malts of all hues and flavours are produced from its bespoke roasting plants. Batch sizes remain small to ensure consistent quality throughout an extensive product range. The company manufactures over 30 different malts and supplies small quantities of other key adjuncts in the brewing, distilling and food industries. The company concentrates on developing and maintaining trade with producers of top-quality beers, spirits, and food products within the UK and in export markets.

USE OF FINANCIAL INSTRUMENTS

The company's financial risk management objectives are to ensure sufficient working capital for the business. This is achieved by careful management of cash balances and, where necessary, by obtaining short term overdraft finance. The business succeeded in purchasing capital equipment and new crop barley from the 2024 harvest without the use of an overdraft facility.

THE COMPANY'S PERFORMANCE

Working constantly to manage the level of liquidity, the company has been able to maintain a strong Current Ratio at a level of 12.1, from 7.9 in the prior year. There has been an inflow of cash from operating activities of £394k in the year, providing the company with resources to fund capital expenditure as the company continues in its ability to pay current liabilities without the need to employ external finance.

Controlling costs requires constant attention to the detail of the business. The net margin on operating loss of 0.32% generated in the year (2.3% previous year) shows that, despite an extremely challenging trading environment, the company has been successful in controlling its costs through active management of its structure.

THE COMPANY'S POSITION

Though proud of its traditional methods of production the company has consistently invested in new technology to increase capacity and improve energy efficiency, and the capital investments made in recent years continue to perform well. The company will continue to search for investments that are designed to keep pace with the political environment and especially focus on reducing the use of fossil fuels.

Contributions to the Defined Benefit Pension Scheme in the year have been made in line with actuarial recommendations. The most recent comprehensive triennial actuarial valuation of the Scheme identified a surplus, and a revised funding and investment strategy has been agreed by the company and Trustees of the Scheme which is intended to allow it to meet its obligations without requiring further significant company contributions. The company remains committed to the Scheme.

ON BEHALF OF THE BOARD:

Miss J M Tonks - Secretary

3 December 2025

The directors present their report with the financial statements of the company for the year ended 30 September 2025.

DIVIDENDS

The total distribution of dividends for the year ended 30 September 2025 has been £154,000.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 October 2024 to the date of this report.

Mrs S H Fawcett

Mrs J M Pratt

Mrs L S Fawcett

Mr M L P Fawcett

Mr B C Hickman

Mr B M B Fawcett

Other changes in directors holding office are as follows:

Mr J A G Fawcett (Deceased) - deceased 6 February 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 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;

-	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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, UHY Calvert Smith LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Miss J M Tonks - Secretary

3 December 2025

Opinion

We have audited the financial statements of Thomas Fawcett & Sons Ltd (the 'company') for the year ended 30 September 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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, 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 company's affairs as at 30 September 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.

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 Auditors' 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 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 Statement of Directors' Responsibilities set out on page four, 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 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.

Auditors' 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 a Report of the Auditors 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.

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:

- 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 company through discussions with directors and from our

commercial knowledge and experience of the sector; and

- 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 company, including the Companies Act 2006, taxation, employment, and health and safety legislation.

We assessed the susceptibility of the company'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 risk of fraud through management bias and override of 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 set out in note 2 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; and

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

There are inherent limitations in the audit procedures described above; any instance of non-compliance with laws and regulations and fraud which is far removed from transactions reflected in the financial statements would diminish the likelihood of detection. Furthermore, the risk of not detecting a material misstatement due to fraud is greater than the risk of not detecting one resulting from error. Fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through an act of collusion that would mitigate internal controls.

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

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 we are required to state to them in a Report of the Auditors 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.

Hayden Priest BEng BFP FCA (Senior Statutory Auditor)

for and on behalf of UHY Calvert Smith LLP

Statutory Auditor

Chartered Accountants

Heritage House

Murton Way

Osbaldwick

York

North Yorkshire

YO19 5UW

4 December 2025

TURNOVER

3

11,243,589

13,234,745

Changes in stocks of finished goods and work in progress

(27,748

)

(15,339

)

11,215,841

13,219,406

Other operating income

25,498

(32,235

)

11,241,339

13,187,171

Raw materials and consumables

6,443,092

8,080,495

Other external expenses

1,582,387

1,521,248

8,025,479

9,601,743

3,215,860

3,585,428

Staff costs

4

2,917,958

2,891,493

Depreciation

334,041

395,878

3,251,999

3,287,371

OPERATING (LOSS)/PROFIT

5

(36,139

)

298,057

Income from fixed asset investments

-

188

Interest receivable and similar income

6

122,538

134,795

Other finance income

21

94,000

93,000

216,538

227,983

PROFIT BEFORE TAXATION

180,399

526,040

Tax on profit

7

6,035

148,143

PROFIT FOR THE FINANCIAL YEAR

174,364

377,897

PROFIT FOR THE YEAR

174,364

377,897

OTHER COMPREHENSIVE INCOME

Pension: Actuarial gain/(loss) (Note 21)

222,000

(110,000

)

Pension: Return on assets (Note 21)

80,000

180,000

Income tax relating to components of other comprehensive income

(75,500

)

(17,500

)

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

226,500

52,500

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

400,864

430,397

FIXED ASSETS

Intangible assets

9

15,000

15,000

Tangible assets

10

5,130,014

5,196,224

Investments

11

9,988

33,913

5,155,002

5,245,137

CURRENT ASSETS

Stocks

12

5,495,057

5,927,731

Debtors

13

1,713,165

1,852,372

Investments

14

54,680

52,892

Cash at bank and in hand

3,300,201

3,197,620

10,563,103

11,030,615

CREDITORS

Amounts falling due within one year

15

871,552

1,391,031

NET CURRENT ASSETS

9,691,551

9,639,584

TOTAL ASSETS LESS CURRENT LIABILITIES

14,846,553

14,884,721

PROVISIONS FOR LIABILITIES

18

(414,981

)

(468,263

)

PENSION ASSET

21

1,611,750

1,380,000

NET ASSETS

16,043,322

15,796,458

CAPITAL AND RESERVES

Called up share capital

19

70,000

70,000

Other reserves

20

330,000

330,000

Retained earnings

20

15,643,322

15,396,458

SHAREHOLDERS' FUNDS

16,043,322

15,796,458

The financial statements were approved by the Board of Directors and authorised for issue on 3 December 2025 and were signed on its behalf by:

Mr M L P Fawcett - Director

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1 October 2023

70,000

15,095,561

330,000

15,495,561

Changes in equity

Dividends

-

(129,500

)

-

(129,500

)

Total comprehensive income

-

430,397

-

430,397

Balance at 30 September 2024

70,000

15,396,458

330,000

15,796,458

Changes in equity

Dividends

-

(154,000

)

-

(154,000

)

Total comprehensive income

-

400,864

-

400,864

Balance at 30 September 2025

70,000

15,643,322

330,000

16,043,322

Cash flows from operating activities

Cash generated from operations

1

480,342

765,665

Tax paid

(86,093

)

-

Net cash from operating activities

394,249

765,665

Cash flows from investing activities

Purchase of tangible fixed assets

(314,331

)

(193,852

)

Sale of tangible fixed assets

46,500

14,700

Sale of fixed asset investments

32,625

-

Withdrawn from current asset investment

-

25,301

Interest received

122,538

134,434

Dividends received

-

188

Net cash from investing activities

(112,668

)

(19,229

)

Cash flows from financing activities

Amount withdrawn by directors

(25,000

)

-

Equity dividends paid

(154,000

)

(129,500

)

Net cash from financing activities

(179,000

)

(129,500

)

Increase in cash and cash equivalents

102,581

616,936

Cash and cash equivalents at beginning of year

2

3,197,620

2,580,684

Cash and cash equivalents at end of year

2

3,300,201

3,197,620

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

180,399

526,040

Depreciation charges

350,254

395,381

(Profit)/loss on disposal of fixed assets

(16,213

)

497

Adjustment for pension funding

87,000

9,000

Loss / (gain) on investments

(10,900

)

28,680

Investment portfolio net costs

412

-

Finance income

(216,538

)

(227,983

)

374,414

731,615

Decrease in stocks

432,674

368,909

Decrease in trade and other debtors

164,207

270,323

Decrease in trade and other creditors

(490,953

)

(605,182

)

Cash generated from operations

480,342

765,665

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2025

30.9.25

1.10.24

£

£

Cash and cash equivalents

3,300,201

3,197,620

Year ended 30 September 2024

30.9.24

1.10.23

£

£

Cash and cash equivalents

3,197,620

2,580,684

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.24

Cash flow

At 30.9.25

£

£

£

Net cash

Cash at bank and in hand

3,197,620

102,581

3,300,201

3,197,620

102,581

3,300,201

Liquid resources

Current asset investments

52,892

1,788

54,680

52,892

1,788

54,680

Total

3,250,512

104,369

3,354,881

4.	OTHER NON-CASH CHANGES

The non-cash movement on current asset investments relates to net investment income received and fair value movements in investments within the portfolio in the period.

1.	STATUTORY INFORMATION

Thomas Fawcett & Sons Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These 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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The directors have considered the financial position and trading projections of the company, and have a reasonable expectation that the company has adequate resources to continue to trade into the foreseeable future. The company therefore continues to adopt the going concern basis in preparing the financial statements.

Significant judgements and estimates

The preparation of the financial statements requires management to make significant judgements and

estimates. The key items in the financial statements where these judgements and estimates have been made include:

Depreciation and residual values:

The directors have reviewed the asset lives and associated residual values of all fixed asset classes, and concluded that the company's depreciation policies are appropriate.

Valuation of stock and work in progress:

Due to the nature of the company's stock and the manufacturing process, a number of estimates are required in the calculation of the value of closing stocks and work in progress. These include provision against expected wastage / weight loss during the manufacturing cycle and the allocation of an appropriate element of overhead costs to work in progress and finished malt.

Defined retirement benefit scheme:

The company is required under FRS102 to disclose information about the assets and liabilities of its defined retirement benefit scheme as at the balance sheet date. The directors engage an independent professionally qualified actuary to produce a report for this purpose, and work with the actuary to establish appropriate assumptions on which to base the calculations.

Turnover

Turnover comprises the value of goods despatched by the company in the course of its principal activity as a maltster, net of value added tax and trade discounts.

Intangible assets

Intangible assets are initially measured at cost. The carrying value is reviewed at the end of each accounting period and impaired as necessary.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property

-

Over 30 - 50 years

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

20% straight line

Motor vehicles

-

25% on reducing balance

Freehold land is not depreciated.

Included in land and property are a number of properties from which the company receives rental income. These have not been classified as investment properties in the financial statements as the rental income is incidental to their value to the business.

Stocks and work in progress

1) Stocks of barley are valued at the lower of cost and net realisable value, using the average purchase price of barley.

2) Stocks of malt including "malt in process" are valued by the directors at the lower of cost and net realisable value. Cost comprises the direct cost of production and the attributable proportion of all overheads appropriate to location and distribution.

3) Stocks of fuel oil, heating oil and coal are valued at cost, using the first in first out method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction, or at the applicable contracted rate agreed with the customer. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates defined contribution pension schemes and defined benefit schemes for its employees and directors, the assets of which are held in independently administered funds. The pension charge in the profit and loss account represents the amounts payable by the company to the fund in respect of the defined contribution scheme and service costs as quantified by the actuary in respect of the defined benefit scheme.

Investments

Investment assets are stated at fair value where this can be reliably measured. Where no reliable fair valuation can be obtained, or the investment is considered to be immaterial, it is included at historic cost. Fair value movements are included in the profit and loss account.

Current asset investments are readily convertible to cash and are utilised as part of the company's management of working capital, as opposed to being held for long term investment return.

Dividends received are accounted for on the basis of cash received.

Operating leases

Operating lease rentals are charged in the profit and loss account on a straight line basis over the lease term.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2025

2024

£

£

Brewing malt

11,201,720

13,166,441

By-products

41,869

68,304

11,243,589

13,234,745

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

6,126,811

7,689,876

Europe

1,394,708

922,701

United States of America

3,163,864

3,906,255

Other

558,206

715,913

11,243,589

13,234,745