Verdant Brewing Company Limited

	Page
Strategic Report	1—2
Directors' Report	3—4
Independent Auditor's Report	5—8
Profit and Loss Account	9
Statement of Comprehensive Income	10
Balance Sheet	11—12
Statement of Changes in Equity	13
Statement of Cash Flows	14
Notes to the Statement of Cash Flows	15
Notes to the Financial Statements	16—27

The directors present their strategic report for the year ended 31 December 2025.

Review of the Business

Turnover and Sales Channels

Revenue growth for 2025 was up by 10% on previous year and within a 1% of our overall targets for the year. Growth has been particularly strong in the export and wholesale markets for the year, and around our core range of products.

Cost Management and Margins

Margins remained good for the year, particularly Gross Profit, which is key in maintaining profitability for the business. Changes to Beer Duty continue to be one of the main areas of cost increase, and will continue to be so as the company and output grows.

Overhead and Investment in Growth

We continued to invest in the team, with the main overhead increase for the year being Staffing costs. Overall overheads to revenue percentage though decreased compared to 2024, which shows a positive switch to balancing investment to revenue growth. The company also invested significantly in Capital expenditure in the year, with a CO2 recapture unit being completed in July 2025.

Outlook and Sustainability

Overall, the company’s performance in 2025 has followed forecasts and continues to remain profitable. The future continued focus is that of sustainable growth for the business.

Going Concern Assessment

The Directors have assessed the Company’s ability to continue as a going concern for a period of at least twelve months from the date of approval of the financial statements for the year ended 2025.

The Company has continued to trade profitably during 2025, with performance remaining in line with management expectations and forecasts. Trading during the year has remained stable, and the Company has maintained a strong financial position.

Principal Risks and Uncertainties

Financial Risk

External Market

As a consumer facing business, we are exposed to macroeconomic fluctuations that impact both costs and consumer demands, as seen with the inflationary pressures in the year. Our

Economic risks are managed and mitigated by continuing to evaluate and expand our market channels, regular stress testing of scenarios and keeping a varied product mix.

Liquidity

The company maintains a strong liquidity position, underpinned by ample cash reserves and access to undrawn credit facilities. This robust liquidity buffer provides resilience against short-term financial shocks and ensures the firm can meet its operational and strategic commitments without disruption. Current ratios and cash flow forecasts are monitored closely to maintain working capital levels and align with the company’s risk appetite. Given the stability of cash flows and capital management, the risk of a liquidity shortfall is considered low.

Credit Risk

Credit risk is actively managed through an implemented risk assessment framework. The company conducts thorough due diligence and credit evaluations before extending credit to customers or counterparties. Regular monitoring of receivables helps mitigate potential losses. Concentration risk is minimized by maintaining a diversified customer base, and exposure limits are set based on internal risk ratings and external credit scores. As of the latest reporting period, there are no significant overdue receivables or indications of counterparty default, reflecting the effectiveness of current credit risk controls.

Non-Financial

Supply Chain Risk

...CONTINUED

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Verdant Brewing Company Limited

Strategic Report (continued)

For The Year Ended 31 December 2025

Principal Risks and Uncertainties - continued

The company is reliant on a consistent supply of high-quality ingredients such as specialty hops, malt, and yeast—many of which are sourced from a small number of key suppliers, both locally and internationally. Disruptions due to climate events, transportation delays, or supplier insolvency can impact production schedules and cost structures. To mitigate this, the company maintains strong relationships with diversified suppliers and holds strategic reserves of critical inputs. Supplier risk assessments and contingency sourcing strategies are regularly reviewed to enhance supply chain resilience.

Cyber Risk

The company is increasingly dependent on digital platforms for sales, logistics, and customer engagement. This reliance exposes the business to cyber threats including data breaches, ransomware, and system outages. With e-commerce and direct-to-consumer sales channels growing, the company has implemented basic cybersecurity protocols, including data encryption, firewall protection, and regular system audits. Ongoing staff training and engagement with third-party IT security partners support efforts to strengthen the company's cybersecurity position.

Reputational and Brand Risk

The Verdant Brand identity is critical to our success in the craft beer market, where customer loyalty and perception are heavily influenced by authenticity, community engagement, and product quality. Negative publicity from quality issues, customer service lapses, or controversial marketing could damage brand equity and consumer trust. The company mitigates this risk through stringent quality control processes, transparent communication, and active participation in local and industry events. Social media is monitored closely to ensure timely responses to customer concerns or emerging reputational issues.

Regulatory Compliance

The alcohol industry is highly regulated, with compliance required across brewing, labeling, distribution, advertising, and environmental standards. The company closely monitors legal developments at the national and international levels to ensure full compliance. Regular audits, training for staff on legislative requirements, and active participation in industry associations help maintain awareness and readiness. Non-compliance could lead to fines, reputational harm, or operational restrictions, so regulatory risk remains a key focus in strategic planning.

On behalf of the board

Mr C Flanigan

Director

18/09/2026

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Verdant Brewing Company Limited

Company No. 09242115

Directors' Report For The Year Ended 31 December 2025

Directors' Report

The directors present their report and the financial statements for the year ended 31 December 2025.

Principal Activity

The company's principal activity continues to be that of brewing beer.

Dividends

The value of dividends paid amounted to £262,290 .

The directors recommended a final dividend of £NIL .

Directors

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

Mr C Flanigan

Mr J Heffron

Mr A Robertson

Mr R White

Research and Development

During the year, the Company continued to invest in research and development activities to support the development and improvement of its products and services. The Company intends to make a claim for qualifying expenditure incurred during the year under the applicable UK R&D tax relief legislation.

Additional note to the Report of the Directors

Medium sized companies exemption

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

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

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Verdant Brewing Company Limited

Directors' Report (continued)

For The Year Ended 31 December 2025

Statement of Disclosure of Information to Auditors

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

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

Independent Auditors

The auditors, RRL LLP Chartered Accountants, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr C Flanigan

Director

18/09/2026

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Independent Auditor's Report

to the Members of

Verdant Brewing Company Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Verdant Brewing Company Limited for the year ended 31 December 2025 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit/(loss) 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions Relating to Going Concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on Other Matters Prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)

to the Members of

Verdant Brewing Company Limited

Matters on Which We Are Required to Report by Exception

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

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

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records or returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3—4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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Independent Auditor's Report (continued)

to the Members of

Verdant Brewing Company Limited

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.

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.

As part of our audit work, we obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate. We determined that the laws and regulations most significant to the company, as well as the laws and regulations that have a direct impact on the preparation of the financial statements are: the Companies Act 2006, employment legislation, health and safety and food hygiene regulations.

The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

Discussion with management as to how compliance with these laws and regulations is monitored;

Review of the disclosures in the financial statements and testing to supporting documentation;

Enquiries of management concerning actual and potential litigation and claims;

Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

Reviewing minutes of directors’ meetings and correspondence with regulators;

Performing audit work in connection with the risk of management override of controls, including testing journal entries for reasonableness and evaluating the business rationale of significant transactions outside the normal course of business.

We also communicate relevant identified laws and regulations and potential fraud risk to all engagement team members and remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit approach also considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud being in respect of cut off and completion risk around revenue recognition. Under ISA (UK) we are also required to undertake procedures to respond to the risk of management override of controls. Our procedures included the following:

Undertaking transactional testing on revenue, including cash sales

Performing reconciliation work from the production system to the nominal ledger to prove income in total between the different operating systems

Performing cut off testing

Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale for significant transactions outside the normal course of business

Reviewing estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making estimates.

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

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Independent Auditor's Report (continued)

to the Members of

Verdant Brewing Company Limited

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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Josh Stevens ACA (Senior Statutory Auditor)

for and on behalf of RRL LLP Chartered Accountants , Statutory Auditor

18/09/2026

RRL LLP Chartered Accountants

Peat House

Newham Road

Truro

Cornwall

TR1 2DP

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Verdant Brewing Company Limited

Profit and Loss Account

For The Year Ended 31 December 2025

Profit and Loss Account

		2025	2024
	Notes	£	£
TURNOVER	3	8,553,530	7,777,065
Cost of sales		(4,719,191 )	(4,390,231 )

GROSS PROFIT		3,834,339	3,386,834

Administrative expenses		(3,250,368 )	(3,011,312 )
Other operating income		9,585	1,075

OPERATING PROFIT	5	593,556	376,597
Loss on disposal of fixed assets		(2,167 )	(2,165 )
Other interest receivable and similar income	10	3,328	4,836
Interest payable and similar charges	11	(182,439 )	(228,419 )

PROFIT BEFORE TAXATION		412,278	150,849
Tax on Profit	12	35,387	277,363

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		447,665	428,212

The notes on pages 15 to 27 form part of these financial statements.

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Verdant Brewing Company Limited

Statement of Comprehensive Income

For The Year Ended 31 December 2025

Statement of Comprehensive Income

	2025	2024
	£	£
PROFIT FOR THE FINANCIAL YEAR	447,665	428,212
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR	447,665	428,212

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Verdant Brewing Company Limited

Balance Sheet

As At 31 December 2025

Balance Sheet

Registered number: 09242115

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	13		3,490		-
Tangible Assets	14		3,589,079		3,756,955

			3,592,569		3,756,955
CURRENT ASSETS
Stocks	15	806,109		660,060
Debtors	16	1,423,183		1,248,394
Cash at bank and in hand		524,378		306,451

		2,753,670		2,214,905
Creditors: Amounts Falling Due Within One Year	17	(929,758 )		(778,609 )

NET CURRENT ASSETS (LIABILITIES)			1,823,912		1,436,296

TOTAL ASSETS LESS CURRENT LIABILITIES			5,416,481		5,193,251

Creditors: Amounts Falling Due After More Than One Year	18		(1,007,236 )		(901,994 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	21		(157,745 )		(193,132 )

NET ASSETS			4,251,500		4,098,125

CAPITAL AND RESERVES
Called up share capital	23		9,686		9,700
Share premium account			1,353,413		1,353,413
Capital redemption reserve			14		-
Profit and Loss Account			2,888,387		2,735,012

SHAREHOLDERS' FUNDS			4,251,500		4,098,125

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Verdant Brewing Company Limited

Balance Sheet (continued)

As At 31 December 2025

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 on 18 September 2026 and were signed on its behalf by:

Mr C Flanigan

Director

The notes on pages 15 to 27 form part of these financial statements.

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Verdant Brewing Company Limited

Statement of Changes in Equity

For The Year Ended 31 December 2025

Statement of Changes in Equity

	Share Capital	Share Premium	Capital Redemption	Profit and Loss Account	Total
	£	£	£	£	£
As at 1 January 2024	9,700	1,353,413	-	2,306,800	3,669,913
Profit for the year and total comprehensive income	-	-	-	428,212	428,212

As at 31 December 2024 and 1 January 2025	9,700	1,353,413	-	2,735,012	4,098,125


Profit for the year and total comprehensive income	-	-	-	447,665	447,665

Dividends paid	-	-	-	(262,290)	(262,290)
Share capital reduction	(14 )	-	14	(32,000)	(32,000)

As at 31 December 2025	9,686	1,353,413	14	2,888,387	4,251,500

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Verdant Brewing Company Limited

Statement of Cash Flows

For The Year Ended 31 December 2025

Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from/(used in) operations	1	550,738	(57,414 )
Interest paid		(182,439 )	(228,419 )
Tax refunded		102,670	-

Net cash generated from/(used in) operating activities		470,969	(285,833 )

Cash flows from investing activities
Purchase of intangible assets		(3,490 )	-
Purchase of tangible assets		(117,385 )	(320,006 )
Proceeds from disposal of tangible assets		(1 )	260
Grants received		211,645	1,075
Interest received		3,328	4,836
Purchase of tangible assets via hire purchase		-	53,390

Net cash generated from/(used in) investing activities		94,097	(260,445 )

Cash flows from financing activities
Purchase/redemption of own shares		(32,000 )	-
Equity dividends paid		(262,290 )	-
Proceeds from new bank borrowings		-	381,380
Repayment of bank borrowings		(47,261 )	-
Repayment of finance leases		(71,161 )	(318,461 )
Amount introduced by directors		65,573	-

Net cash (used in)/generated from financing activities		(347,139 )	62,919



Increase/(decrease) in cash and cash equivalents		217,927	(483,359 )
Cash and cash equivalents at beginning of year	2	306,451	789,810

Cash and cash equivalents at end of year	2	524,378	306,451

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Verdant Brewing Company Limited

Notes to the Statement of Cash Flows

For The Year Ended 31 December 2025

Notes to the Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from/(used in) operations

	2025	2024
	£	£
Profit for the financial year	447,665	428,212
Adjustments for:
Tax on profit	(35,387 )	(277,363 )
Interest expense	182,439	228,419
Interest income	(3,328 )	(4,836 )
Amortisation of intangible assets	-	1,253
Depreciation of tangible assets	283,095	335,797
Loss on disposal of tangible assets	2,167	2,165
Grant income	(9,585)	(1,075)
Movements in working capital:
Increase in stocks	(146,049 )	(135,188 )
Increase in trade and other debtors	(277,459 )	(735,825 )
Increase in trade and other creditors	107,180	101,027

Net cash generated from/(used in) operations	550,738	(57,414 )

2. Cash and cash equivalents

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

	2025	2024
	£	£
Cash at bank and in hand	524,378	306,451

3. Analysis of changes in net debt

	As at 1 January 2025	Cash flows	As at 31 December 2025
	£	£	£
Cash at bank and in hand	306,451	217,927	524,378
Finance leases	(129,332)	71,161	(58,171)
Debts falling due within one year	(42,678 )	800	(41,878 )
Debts falling due after more than one year	(843,823)	46,461	(797,362)

	(709,382)	336,349	(373,033)

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Verdant Brewing Company Limited

Notes to the Financial Statements

For The Year Ended 31 December 2025

Notes to the Financial Statements

1. General Information

Verdant Brewing Company Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09242115 . The registered office is Unit 30 Parkengue, Kernick Industrial Estate, Penryn, TR10 9EP.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

Functional and presentation currency

The financial statements are presented in Sterling (£), which is also the functional currency of the company. The functional currency is determined as the currency of the primary economic environment in which the company operates.

Rounding

All financial information presented in Sterling has been rounded to the nearest pound unless otherwise stated.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. Significant judgements and estimations

Judgements and key sources of estimation uncertainty

In the application of the company’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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Useful economic lives of assets

The key area of estimation uncertainty as assessed by management is depreciation. Depreciation is based on management's estimate of useful economic life which is subject to bias.

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.

Valuation of stock and work in progress

The key area of estimation uncertainty as assessed by management is the valuation of stock and work in progress, including the consideration of whether stock is obsolete.

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Verdant Brewing Company Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.4. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Revenue from production and supply of craft beers is recognised when, and to extent that the company obtains the right to consideration in exchange of goods and services provided. Revenue from the supply of bar and food products is recognised when the company supplies the products to the customers.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.5. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets are Website Costs. It is amortised to the profit and loss account over its estimated economic life of 5years.

2.6. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	None
Leasehold	6 year straight line
Plant & Machinery	10% & 20% Straight libe
Motor Vehicles	10% straight line
Fixtures & Fittings	10% straight line
Computer Equipment	20% straight line

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.

Impairment of fixed assets

At each reporting date, the company reviews the carrying amounts of its tangible and intangible fixed 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 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.

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 the profit and loss account.

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 the profit and loss account.

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Verdant Brewing Company Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.7. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.8. Stocks and Work in Progress

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

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

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

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

2.9. Cash and Cash Equivalents

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

2.10. Financial Instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements enterred into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net, oor to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment. Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial assets expire or are settled,or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities

Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.Other basic financial liabilities are measured at amortised cost. Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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Verdant Brewing Company Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.11. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.12. 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.

2.13. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.14. Government Grant

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

3. Turnover

Analysis of turnover by geographical market is as follows:

	2025	2024
	£	£
United Kingdom	7,596,010	7,004,055
Rest of the world	957,520	773,010

	8,553,530	7,777,065

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Verdant Brewing Company Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

4. Other Operating Income

	2025	2024
	£	£
Grant income	9,585	1,075

	9,585	1,075

5. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Bad debts	29,433	15,403
Operating lease rentals	26,639	15,062
Depreciation of tangible fixed assets - owned	242,361	275,993
Depreciation of tangible fixed assets - finance leases and hire purchase contracts	40,734	59,804
Amortisation of intangible fixed assets	-	1,253

6. Auditor's Remuneration

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

	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	11,300	12,932

7. Staff Costs

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

	2025	2024
	£	£
Wages and salaries	2,068,795	2,024,657
Social security costs	235,023	201,647
Other pension costs	97,354	39,136

	2,401,172	2,265,440

8. Average Number of Employees

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

	2025	2024
Office and administration	17	15
Sales, marketing and distribution	17	16
Manufacturing	13	12
Other	28	23

	75	66

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Verdant Brewing Company Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

9. Directors' remuneration

	2025	2024
	£	£
Emoluments	193,865	380,241
Company contributions to money purchase pension schemes	56,714	5,283

	250,579	385,524

The number of directors to whom retirement benefits were accruing was as follows:

	2025		2024
Defined benefit pension schemes	4		4

Information regarding the highest paid director was as follows:

	2025	2024
	£	£
Emoluments	90,271	100,310
Company contributions to defined benefit pension schemes	1,320	1,321

	91,591	101,631

10. Interest Receivable and Similar Income

	2025	2024
	£	£
Bank interest receivable	3,328	4,836

11. Interest Payable and Similar Charges

	2025	2024
	£	£
Bank loans and overdrafts	165,188	131,063
Finance charges payable under finance leases and hire purchase contracts	17,251	97,356

	182,439	228,419

12. Tax on Profit

The tax credit on the profit for the year was as follows:

	2025	2024
	£	£
Current tax
UK Corporation Tax	-	-
Prior period adjustment	-	(102,670 )

	-	(102,670 )
Deferred Tax
Origination and reversal of timing differences	(35,387 )	(174,693 )


Total tax charge for the period	(35,387 )	(277,363 )

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Verdant Brewing Company Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

The actual credit for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:

	2025	2024
	£	£
Profit before tax	412,278	150,849

Tax on profit at 25% (UK standard rate)	103,069	37,712
Goodwill/depreciation not allowed for tax	60,590	2,055
Expenses not deductible for tax purposes	7,658	2,338
Tax losses utilised	(131,050 )	(12,848 )
Capital allowances	(37,871 )	(29,257 )
Short term timing differences	(35,387 )	(174,693 )
Prior period adjustment	-	(102,670 )
Revenue exempt from taxation	(2,396 )	-

Total tax charge for the period	(35,387)	(277,363)

As as 31st December 2025, the company had tax losses of £549,911 available to carry forward (2024: £1,074,111).

13. Intangible Assets

	Other
	£
Cost
As at 1 January 2025	16,894
Additions	3,490

As at 31 December 2025	20,384

Amortisation
As at 1 January 2025	16,894

As at 31 December 2025	16,894

Net Book Value
As at 31 December 2025	3,490

As at 1 January 2025	-

14. Tangible Assets

	Land & Property
	Freehold	Leasehold	Plant & Machinery	Motor Vehicles
	£	£	£	£
Cost
As at 1 January 2025	2,193,988	60,331	2,698,185	102,764
Additions	3,975	-	86,245	21,000
Disposals	-	-	(2,875 )	-

As at 31 December 2025	2,197,963	60,331	2,781,555	123,764

...CONTINUED

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Verdant Brewing Company Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

Depreciation
As at 1 January 2025	-	60,331	1,497,897	21,285
Provided during the period	-	-	222,630	10,801
Disposals	-	-	(2,761 )	-

As at 31 December 2025	-	60,331	1,717,766	32,086

Net Book Value
As at 31 December 2025	2,197,963	-	1,063,789	91,678

As at 1 January 2025	2,193,988	-	1,200,288	81,479


	Fixtures & Fittings	Computer Equipment	Total
	£	£	£
Cost
As at 1 January 2025	452,629	55,257	5,563,154
Additions	-	6,165	117,385
Disposals	(2,744 )	(6,053 )	(11,672 )

As at 31 December 2025	449,885	55,369	5,668,867

Depreciation
As at 1 January 2025	188,234	38,452	1,806,199
Provided during the period	43,493	6,171	283,095
Disposals	(855 )	(5,890 )	(9,506 )

As at 31 December 2025	230,872	38,733	2,079,788

Net Book Value
As at 31 December 2025	219,013	16,636	3,589,079

As at 1 January 2025	264,395	16,805	3,756,955

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2025	2024
	£	£
Motor Vehicles	44,047	49,386

15. Stocks

	2025	2024
	£	£
Materials	450,036	414,355
Finished goods	213,402	144,205
Work in progress	142,671	101,500

	806,109	660,060

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Verdant Brewing Company Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

16. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	386,517	265,224
Other debtors	1,036,666	983,170

	1,423,183	1,248,394

Included within Trade Debtors is a provision for Doubtful Debts of £13,600 (2024: £0)

17. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	29,273	71,161
Trade creditors	296,248	176,511
Bank loans and overdrafts	41,878	42,678
Other creditors	110,081	31,360
Taxation and social security	263,454	241,274
Accruals and deferred income	188,824	215,625

	929,758	778,609

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

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	28,898	58,171
Bank loans	797,362	843,823
Accruals and deferred income	180,976	-

	1,007,236	901,994

Of the creditors falling due after more than one year the following amounts are due after more than five years.

	2025		2024
	£		£
Bank loans	650,665		694,274

19. Loans

An analysis of the maturity of loans is given below:

	2025	2024
	£	£
Amounts falling due within one year or on demand:
Bank loans	41,878	42,678

	2025	2024
	£	£
Amounts falling due between one and five years:
Bank loans	146,697	149,549

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Verdant Brewing Company Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

	2025	2024
	£	£
Amounts falling due after more than five years:
Bank loans	650,665	694,274

At the balance sheet date, the company had the following bank borrowings:

A Bounce Back Loan with NatWest of £4,399, originally£50,000, repayable in monthly instalments over 7 years at 2.5% per annum.

A bank loan of £9,278, originally £25,000, repayable over 10 years with interest at 5.6%.

A mortgage with NatWest of £357,664, originally £377,319, repayable in monthly instalments over 15 years at 7.9% per annum, secured on freehold property.

Two loans with NatWest totalling £467,898, originally £500,000, commenced April 2024, repayable in monthly instalments over 15 years at interest rates between 7.5%and 7.8% per annum.

Bank loans and overdrafts are secured by fixed and floating charges over the assets of the company.

20. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	29,273	71,161
Later than one year and not later than five years	28,898	58,171

	58,171	129,332

	58,171	129,332

Finance leases are secured on the assets to which they relate. Bank loans are secured by fixed and floating charges over the company's assets.

21. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Other timing differences	157,745	193,132

The deferred tax liability set out above relates predominantly to accelerated capital allowances and this is expected to reverse over the useful economic lives of the related assets.

22. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 January 2025	193,132	193,132
Origination and reversal of timing differences	(35,387 )	(35,387 )

Balance at 31 December 2025	157,745	157,745

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Verdant Brewing Company Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

23. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
300 Ordinary Shares of £ 0.0100 each	3	3
90,341,922 Ordinary A shares of £ 0.0001 each	9,034	9,034
6,490,764 Ordinary B shares of £ 0.0001 each	649	663

	9,686	9,700


Shares disposed during the period:	£
143,049 Ordinary B shares of £ 0.0001 each	(14)

Ordinary 'Founder' shares have voting rights, rights to attend general meetings and to receive dividends.

Ordinary 'A' shares have voting rights, rights to attend general meetings and to receive dividends.

Ordinary 'B' shares do not have voting rights nor rights to attend general meetings. They have rights to receive dividends, but no pre-emption rights.

24. Capital Commitments

	2025	2024
	£	£
At the end of the period	-	71,101

At the end of the period, the company had capital commitments contracted for but not provided in these financial statements

25. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024
	£	£
Not later than one year	64,395	62,448
Later than one year and not later than five years	254,157	300,467
Later than five years	37,563	57,790

	356,115	420,705

26. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £97,354 (2024: £39,136).

At the balance sheet date contributions of £11,231 (2024: £10,315) were due to the fund and are included in creditors.

27. Dividends

	2025	2024
	£	£
On equity shares:
Final dividend paid	262,290	-

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Verdant Brewing Company Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

28. Related Party Disclosures

Key management personnel compensation

The total remuneration paid to key management personnel (including directors)

for services rendered to the company during the year was £276,508 (2024: £431,562).

Other related party transactions

During the year, the company paid dividends totalling £262,290 (2024: £Nil)

to its directors in their capacity as shareholders.

During the year the company entered into transactions with Green Spaces (Cornwall) Ltd, a company under the common control of the Directors of Verdant Brewing Company ltd.

The company raised sales invoices totalling £245,587 (2024: £150,772) to Green Spaces (Cornwall) Ltd.

As at 31st December 2025, the company had an outstanding sales ledger balance due from Green Spaces (Cornwall) ltd of £17,755 (2024: £13,122).

The company re-invoiced costs totalling £13,356 (2024: £539) to Green Spaces (Cornwall) Ltd.

As at 31st December 2025, the company had an outstanding loan balance due from Green Spaces (Cornwall) Ltd of £799,246 (2024: £701,607). The loan balance represents intercompany funding. The loan is unsecured, interest-free and repayable on demand.

29. Controlling Parties

The company's controlling party is the board of directors by virtue of their interest in the share capital of the company.

30. Auditors liability

For the year ended 31 December 2025, the company entered into a liability limitation agreement with its auditors, the principal terms of which limit the liability of the auditors to £5,000,000 to relation to their responsibilities as auditors of the company. The date of approving this agreement was 6th March 2026.

Page 27