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2023-05-29 2024-05-26 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10935300










Brady P&C Limited










Annual report and financial statements

For the Period Ended 26 May 2024

 
Brady P&C Limited
 

Company Information


Directors
T Bhattacharjee 
P Westermann 




Registered number
10935300



Registered office
Proprium Capital Partners
One St. Peters Square

Manchester

M2 3DE




Independent auditor
BDO LLP

London

W1U 7EU









 
Brady P&C Limited
 

Contents



Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 19


 
Brady P&C Limited
 

Strategic report
For the Period Ended 26 May 2024

Business review
 
The Company is part of the Admiral Group and a comprehensive trading review for the Group is included in the consolidated accounts of PSSF Brady Holdco (UK) Limited.
The Company’s income comprises a management recharge to fellow group companies and interest income receivable on amounts owed by group undertakings. The Company’s costs primarily represent interest payable on amounts owed to group undertakings and the amortisation of finance costs.

Financial key performance indicators
 
A comprehensive review of the state of affairs of the Group into which the Company is consolidated, including key performance indicators and key risks and uncertainties is contained in the report and financial statements of PSSF Brady Holdco (UK) Limited.


This report was approved by the board on 3 December 2024  and signed on its behalf.





T Bhattacharjee
Director

Page 1

 
Brady P&C Limited
 

 
Directors' report
For the Period Ended 26 May 2024

The directors present their report and the financial statements for the period ended 26 May 2024.

Directors' responsibilities statement

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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The principal activity of the Company is to act as a holding company.

Results and dividends

The loss for the period, after taxation, amounted to £2,493,000  (2023 - loss £2,269,000).

No dividends were paid in the period.

Directors

The directors who served during the period were:

T Bhattacharjee 
P Westermann 

Qualifying third party indemnity provisions

The directors have the benefit of an indemnity which is a qualifying third-party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force during the financial period and is currently in force at the date of the approval of the financial statements. The Group also purchased and maintained throughout the year financial year Directors’ and Officers’ liability insurance in respect of itself and directors.

Page 2

 
Brady P&C Limited
 

 
Directors' report (continued)
For the Period Ended 26 May 2024

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.


Going concern

The Company’s going concern assessment as been considered as part of the Group assessment as it acts as a holding company and is therefore dependent on the going concern of the Group. In assessing Going Concern the Directors have considered the limiting factors that may prevent them from supporting a going concern assumption for the Group. These are:
 
Insufficient cash resources to pay creditors as and when they become due; and
An inability to meet certain financial covenants (the Leverage Test) in the Group’s amended loan facilities agreement with ICG, which could lead to an event of default which would trigger a demand for repayment of the Facility.
 
Cash Resources
As of 22nd November 2024, the Group had £20.8m of free cash and undrawn, committed credit facilities of £12.0m. The pub estates continue to trade well meeting management’s expectations and generating cash. Pub disposals remain on track and Management have yet to see any impact on pub values as a result of the UK’s Financial Crisis. The Group has hedged its own utility costs and over half its interest rate exposure under its debt facilities. The robust cash position is also supported by the large freehold asset base.
Leverage Test
The Leverage Test (a quarterly covenant test of the ratio of net debt to EBITDA over the preceding 12-month period) was reset in August 2021 as part of the extension of the existing facilities to fund the Hawthorn Acquisition. This included raised levels of covenant headroom and the addition of certain Pandemic Protection clauses, suspending the leverage test in the event of further large scale, Government mandated closures of pubs and replacing it with a minimum liquidly requirement or maintaining at least £5m of liquid cash resources during the impacted period. The Group's forecasts show the Leverage Test is met.
Conclusion
The Directors have concluded that sufficient resources exist for the Group to meet its liabilities  as they fall due for the twelve months from the date of approval of the accounts. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

Auditor

The auditor, BDO LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 3 December 2024 and signed on its behalf.
 





T Bhattacharjee
Director

Page 3

 
 
Independent auditor's report to the members of Brady P&C Limited

Opinion


In our opinion the financial statements:
 


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 United Kingdom, including the Financial Reporting Council'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 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 ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Other Companies Act 2006 reporting
 

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


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


Page 4

 
 
Independent auditor's report to the members of Brady P&C Limited (continued)

 

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 and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of Directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


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

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.


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 Auditor's report.


Page 5

 
 
Independent auditor's report to the members of Brady P&C Limited (continued)

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 2006Our 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.





Mark RA Edwards (Senior statutory auditor)
  
for and on behalf of
BDO LLP (Statutory auditor)
 
London
W1U 7EU

6 December 2024
Page 6

 
Brady P&C Limited
 

Profit and loss account
For the Period Ended 26 May 2024

Period ended
26 May
Period ended
28 May
2024
2023
Note
£000
£000

  

Turnover
 4 
40
53

Gross profit
  
40
53

Exceptional administrative expenses
  
(7)
(171)

Operating profit/(loss)
  
33
(118)

Interest receivable and similar income
 8 
4,458
3,880

Interest payable and similar expenses
 9 
(6,984)
(6,031)

Loss before tax
  
(2,493)
(2,269)

Loss for the financial period
  
(2,493)
(2,269)

The notes on pages 10 to 19 form part of these financial statements.

Page 7

 
Brady P&C Limited
Registered number: 10935300

Balance sheet
As at 26 May 2024

26 May
28 May
2024
2023
Note
£000
£000

Fixed assets
  

Investments
 12 
141,105
141,090

  
141,105
141,090

Current assets
  

Debtors: amounts falling due after more than one year
 13 
16,110
11,649

Debtors: amounts falling due within one year
 13 
52
53

Cash at bank and in hand
 14 
35
26

  
16,197
11,728

Creditors: amounts falling due within one year
 15 
-
(8)

Net current assets
  
 
 
16,197
 
 
11,720

Total assets less current liabilities
  
157,302
152,810

Creditors: amounts falling due after more than one year
 16 
(51,141)
(44,156)

  

Net assets
  
106,161
108,654


Capital and reserves
  

Called up share capital 
 17 
105,196
105,196

Profit and loss account
  
965
3,458

  
106,161
108,654


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 December 2024.




T Bhattacharjee
Director

The notes on pages 10 to 19 form part of these financial statements.

Page 8

 
Brady P&C Limited
 

Statement of changes in equity
For the Period Ended 26 May 2024


Called up share capital
Profit and loss account
Total equity

£000
£000
£000


At 29 May 2022
105,196
5,727
110,923


Comprehensive loss for the period

Loss for the period
-
(2,269)
(2,269)
Total comprehensive loss for the period
-
(2,269)
(2,269)


Total transactions with owners
-
-
-



At 28 May 2023
105,196
3,458
108,654


Comprehensive loss for the period

Loss for the period
-
(2,493)
(2,493)
Total comprehensive loss for the period
-
(2,493)
(2,493)


Total transactions with owners
-
-
-


At 26 May 2024
105,196
965
106,161


The notes on pages 10 to 19 form part of these financial statements.

Page 9

 
Brady P&C Limited
 

 
Notes to the financial statements
For the Period Ended 26 May 2024

1.


General information

Brady P&C Limited is a limited liability company incorporated in England. The Registered Office is One  St. Peters Square, Manchester, United Kingdom, M2 3DE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company’s going concern assessment as been considered as part of the Group assessment as
it acts as a holding company and is therefore dependent on the going concern of the Group. In assessing Going Concern the Directors have considered the limiting factors that may prevent them from supporting a going concern assumption for the Group. These are:
 
insufficient cash resources to pay creditors as and when they become due; and
an inability to meet certain financial covenants (the Leverage Test) in the Group’s amended loan facilities agreement with ICG, which could trigger a demand for repayment of the Facility.
 
Cash Resources
As of 22nd November 2024, the Group had £20.8m of free cash and undrawn, committed credit facilities of £12.0m. The pub estates continue to trade well meeting management’s expectations and generating cash. Pub disposals remain on track and Management have yet to see any impact on pub values as a result of the UK’s Financial Crisis. The Group has hedged its own utility costs and over half its interest rate exposure under its debt facilities. The robust cash position is also supported by the large freehold asset base.
Leverage Test
The Leverage Test (a quarterly covenant test of the ratio of net debt to EBITDA over the preceding 12-month period) was reset in August 2021 as part of the extension of the existing facilities to fund the Hawthorn Acquisition. This included raised levels of covenant headroom and the addition of certain Pandemic Protection clauses, suspending the leverage test in the event of further large scale, Government mandated closures of pubs and replacing it with a minimum liquidly requirement or maintaining at least £5m of liquid cash resources during the impacted period. The Group's forecasts show the Leverage Test is met.
Conclusion
The Directors have concluded that sufficient resources exist for the Group to meet its liabilities  as they fall due for the twelve months from the date of approval of the accounts. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

Page 10

 
Brady P&C Limited
 

 
Notes to the financial statements
For the Period Ended 26 May 2024

2.Accounting policies (continued)

  
2.3
Cash flow

The Company, being a qualifying entity which has been included in the Group’s consolidated financial statements that are publicly available, is exempt from the requirement to draw up a cash flow statement under FRS102.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 11

 
Brady P&C Limited
 

 
Notes to the financial statements
For the Period Ended 26 May 2024

2.Accounting policies (continued)

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the profit and loss for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Hedge accounting

The Company uses variable to fixed interest rate swaps to manage its exposure to fair value risk on its enter user text. These derivatives are measured at fair value at each balance sheet date.

To the extent the cash flow hedge is effective, movements in fair value are recognised in other comprehensive income and presented in a separate cash flow hedge reserve. Any ineffective portions of those movements are recognised in profit or loss for the period.

Gains and losses on the hedging instruments and the hedged items are recognised in profit or loss for the period. When a hedged item is an unrecognised firm commitment, the cumulative hedging gain or loss on the hedged item is recognised as an asset or liability with a corresponding gain or loss recognised in profit or loss.

Page 12

 
Brady P&C Limited
 

 
Notes to the financial statements
For the Period Ended 26 May 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements and key sources of estimation uncertainty in the financial statements:
Taxation
The Company establishes provisions based on reasonable estimates, for possible consequences of audits by the tax authorities of the respective countries in which it operates. The amount of such provisions is based on various factors, such as experience with previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority.
Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies.


4.


Turnover

An analysis of turnover by class of business is as follows:


Period ended
26 May
Period ended
28 May
2024
2023
£000
£000

Management fees
40
53

40
53


All turnover arose within the United Kingdom.

5.

Auditor's remuneration

Auditor’s remuneration for the financial period ended 26 May 2024 was £5,000 (2023 - £5,000). The total audit fee for the Admiral Taverns group of companies of £482,000 (2023 - £486,000) has been charged to and paid by Admiral Taverns (Chester) Limited and Hawthorn Leisure Management Limited, fellow group companies.

6.

Employees

The company has no employees.


7.


Directors' remuneration



The directors did not receive any remuneration in respect of their services in the current or prior year.

Page 13

 
Brady P&C Limited
 

 
Notes to the financial statements
For the Period Ended 26 May 2024

8.


Interest receivable

Period ended
26 May
Period ended
28 May
2024
2023
£000
£000


Preference share interest
4,458
3,880

4,458
3,880


9.


Interest payable and similar expenses

Period ended
26 May
Period ended
28 May
2024
2023
£000
£000


Preference share interest
6,984
6,031

6,984
6,031


10.


Taxation


Period ended
26 May
Period ended
28 May
2024
2023
£000
£000



Total current tax
-
-

Deferred tax

Total deferred tax
-
-


Taxation on profit on ordinary activities
-
-
Page 14

 
Brady P&C Limited
 

 
Notes to the financial statements
For the Period Ended 26 May 2024
 
10.Taxation (continued)


Factors affecting tax credit for the period

The tax assessed for the period is lower than the standard rate of corporation tax in the UK of25%. The differences are explained below:

Period ended
26 May
Period ended
28 May
2024
2023
£000
£000


Loss on ordinary activities before tax
(2,493)
(2,269)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - %)
(623)
(454)

Effects of:


Expenses not deductible for tax purposes
631
430

Deferred tax not recognised
(7)
24

Group relief
(1)
-

Total tax charge for the period
-
-

Page 15

 
Brady P&C Limited
 

 
Notes to the financial statements
For the Period Ended 26 May 2024
 
10.Taxation (continued)


Factors that may affect future tax charges

The standard rate of Corporation Tax in the UK is currently 25% (2023 - 25%). Accordingly, the company’s profits for this accounting period are taxed at an effective rate of 25% (2023 - 20%). The increase of the main rate of corporation tax from 19% to 25% from 1 April 2023 was announced in the Finance Bill 2021, which was substantively enacted on 24 May 2021.
Any future profits will be taxed at the appropriate rate. Deferred tax as at 29 May 2023 has been calculated at 25%; being the substantively enacted rate at which the deferred tax is expected to reverse.


11.


Exceptional and non-underlying items

Period ended
26 May
Period ended
28 May
2024
2023
£000
£000


Restructuring and integration costs
7
171

7
171


12.


Fixed asset investments








Investments in subsidiary companies

£000



Cost or valuation


At 29 May 2023
141,090


Additions
15



At 26 May 2024
141,105






Net book value



At 26 May 2024
141,105



At 28 May 2023
141,090

Page 16

 
Brady P&C Limited
 

 
Notes to the financial statements
For the Period Ended 26 May 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Admiral Taverns (Chester) Limited*
Management company
Ordinary
1
Admiral Taverns (Relax) Limited*
Pub company
Ordinary
1
Admiral Taverns (Portfolio No 2) Limited*
Pub company
Ordinary
1
Admiral Taverns Limited*
Pub company
Ordinary
1
Admiral Taverns (Harmony) Limited*
Pub company
Ordinary
1
Admiral Taverns (780) Limited*
Pub company
Ordinary
1
Admiral Taverns (Max) Limited*
Holding company
Ordinary
1
Admiral Taverns Nevada Properties Limited*
Pub company
Ordinary
1
Admiral Taverns Piccadilly Limited*
Pub company
Ordinary
1
Pub Partnership Acquisitions Limited*
Pub company
Ordinary
1
Admiral Taverns Bidco Limited*
Holding company
Ordinary
1
Hawthorn Leisure Management Limited*
Management company
Ordinary
2
Hawthorn Leisure (Mantle) Limited*
Pub company
Ordinary
1
Hawthorn Leisure Public Houses Limited*
Pub company
Ordinary
1
Hawthorn Leisure Community Pubs Limited*
Pub company
Ordinary
1
Bravo Inns Limited*
Pub company
Ordinary
2
Bravo Inns II Limited*
Pub company
Ordinary
2
Hawthorn Leisure Limited*
Pub company
Ordinary
2
Hawthorn Leisure Acquisitions Limited*
Pub company
Ordinary
2
Hawthorn Leisure Honey Limited*
Pub company
Ordinary
2
Hawthorn Leisure Holdings No 4 Limited*
Pub company
Ordinary
3
Hawthorn Leisure Holdings No 7 Limited*
Holding company
Ordinary
4
Hawthorn Leisure Property Unit Trust No 4*
Trust
Trust
5
Hawthorn Leisure Scotco Limited*
Dormant company
Ordinary
2
Hawthorn Leisure Holdings Limited*
Holding company
Ordinary
2
Hawthorn Leisure (Bravo Inns) Limited*
Holding company
Ordinary
2
Hawthorn Leisure Topco Limited*
Holding company
Ordinary
1
AT Brady Bidco Limited*
Finance company
Ordinary
1
AT Brady Holdings Limited
Holding company
Ordinary
1

* Indirectly held investment
1. The entities are unlisted, 100% holdings and incorporated in the United Kingdom with registered addresses of Milton Gate, 60 Chiswell Street, London, EC1Y 4AG.
2. The above entities are unlisted, 100% holdings and incorporated in the United Kingdom with registered addresses of One St Peter's Square, Manchester, M2 3DE.
3. The above entities are unlisted, 100% holdings and incorporated in the Guernsey with registered addresses of PO Box 142, Suite 2, Block C, Hirzel Court, Guernsey, GY1 3HT.
4. The above entities are unlisted, 100% holdings and incorporated in the Guernsey with registered addresses of De Catapan House, Grange Road, St Peter Port, Guernsey, GY1 2QG.
5. The Group has 100% holding of Units of the Trust and it has a registered address of IFC 5, St Helier, Jersey, JE11ST.
 

Page 17

 
Brady P&C Limited
 

 
Notes to the financial statements
For the Period Ended 26 May 2024

13.


Debtors

26 May
28 May
2024
2023
£000
£000

Due after more than one year

Amounts owed by group undertakings
3
-

Preference share interest
16,107
11,649

16,110
11,649


26 May
28 May
2024
2023
£000
£000

Due within one year

Other debtors
52
53

52
53



14.


Cash and cash equivalents

26 May
28 May
2024
2023
£000
£000

Cash at bank and in hand
35
26

35
26



15.


Creditors: Amounts falling due within one year

26 May
28 May
2024
2023
£000
£000

Corporation tax
-
5

Other taxation and social security
-
3

-
8


Page 18

 
Brady P&C Limited
 

 
Notes to the financial statements
For the Period Ended 26 May 2024

16.


Creditors: Amounts falling due after more than one year

26 May
28 May
2024
2023
£000
£000

Preference shares
34,000
34,000

Preference shares interest accrual
17,141
10,156

51,141
44,156


The Preference Shares carry a fixed, payment in kind interest rate of 15% which compounds annually. The shares are redeemable on completion of certain events which the Group has the right to defer.


17.


Share capital

26 May
28 May
2024
2023
£000
£000
Allotted, called up and fully paid



52,703,166 (2023 - 52,703,166) A Ordinary shares shares of £1 each
52,703
52,703
52,492,775 (2023 - 52,492,775) B Ordinary shares shares of £1 each
52,493
52,493

105,196

105,196

The Ordinary shares confer on a show of hands, one vote per shareholder. On a poll vote, one vote per
share. Right to participate pari passu in relation to any dividends. Right to participate pari passu in
relation to any distributions of capital. The ordinary shares are not redeemable.



18.


Related party transactions

The Company has taken advantage of the exemption available not to disclose transactions with other
wholly owned members of the PSSF Brady Holdco (UK) Limited group.
There are no other related party transactions requiring disclosure in the financial statements.


19.


Ultimate parent undertaking and controlling party

The immediate parent undertaking is PSSF Brady Holdco (UK) Limited, a company incorporated in England and Wales.
The Company’s ultimate parent undertaking and controlling party is PSSF Brady (Cayman) Limited, an entity incorporated in the Cayman Islands.
The group financial statements of the PSSF Brady Holdco (UK) Limited group, incorporated in the United Kingdom, being the smallest and largest consolidated financial statements including the results of the Company, will be available to the public and may be obtained from the registered office of PSSF Brady Holdco (UK) Limited at One St. Peters Square, Manchester, United Kingdom, M2 3DE.

Page 19