Pioneer Brewing Company Limited
Annual Report and Financial Statements
For the year ended 31 December 2024
Company registration number 09144355 (England and Wales)
Pioneer Brewing Company Limited
Company Information
Director
M Roddy
Company number
09144355
Registered office
Bureau
Fetter Lane
London
United Kingdom
EC4A 1EN
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Business address
Bureau
Fetter Lane
London
United Kingdom
EC4A 1EN
Pioneer Brewing Company Limited
Contents
Page
Director's report
1 - 2
Independent auditor's report
3 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 18
Pioneer Brewing Company Limited
Director's Report
For the year ended 31 December 2024
Page 1

The director presents his annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued to be that of a public house.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The director does not recommend payment of a final dividend.

Director

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

M Roddy
T Cranwell
(Resigned 31 March 2024)
Post reporting date events

There have been no significant events affecting the company.

Auditor

Moore Kingston Smith LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, and are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of director's responsibilities

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to:

 

The director is 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. He is 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 of disclosure to auditor

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

Pioneer Brewing Company Limited
Director's Report (Continued)
For the year ended 31 December 2024
Page 2
Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

On behalf of the board
M Roddy
Director
26 June 2025
Pioneer Brewing Company Limited
Independent Auditor's Report
To the Member of Pioneer Brewing Company Limited
Page 3
Opinion

We have audited the financial statements of Pioneer Brewing Company Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 101 'Reduced Disclosure Framework' (United Kingdom Generally Accepted Accounting Practice).

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 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 director's 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 director 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 director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Pioneer Brewing Company Limited
Independent Auditor's Report (Continued)
To the Member of Pioneer Brewing Company Limited
Page 4

Opinions on other matters prescribed by the Companies Act 2006

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

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 Director's 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:

 

Responsibilities of director

As explained more fully in the Director's Responsibilities Statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Pioneer Brewing Company Limited
Independent Auditor's Report (Continued)
To the Member of Pioneer Brewing Company Limited
Page 5
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.

 

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Pioneer Brewing Company Limited
Independent Auditor's Report (Continued)
To the Member of Pioneer Brewing Company Limited
Page 6

Use of our report

This report is made solely to the company’s member 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 member, those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Daniel Lever (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
27 June 2025
Chartered Accountants
Statutory Auditor
6th Floor
9 Appold Street
London
EC2A 2AP
Pioneer Brewing Company Limited
Statement of Comprehensive Income
For the year ended 31 December 2024
Page 7
2024
2023
as restated
Notes
£
£
Turnover
3
1,037,826
910,663
Cost of sales
(426,042)
(329,802)
Gross profit
611,784
580,861
Administrative expenses
(1,153,670)
(2,007,413)
Other operating income
105,856
-
0
Operating loss
4
(436,030)
(1,426,552)
Interest payable and similar expenses
7
(523,122)
(432,845)
Loss before taxation
(959,152)
(1,859,397)
Tax on loss
8
-
0
-
0
Loss and total comprehensive income for the financial year
(959,152)
(1,859,397)

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

 

See note 3 for further details on the prior year restatement.

The notes on pages 10 to 18 form part of these financial statements.

Pioneer Brewing Company Limited
Balance Sheet
As at 31 December 2024
Page 8
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible fixed assets
9
1,178,365
1,403,290
Current assets
Stocks
10
24,280
26,042
Debtors
11
580,857
752,902
Cash at bank and in hand
109,368
116,853
714,505
895,797
Creditors: amounts falling due within one year
12
(921,489)
(364,342)
Net current (liabilities)/assets
(206,984)
531,455
Total assets less current liabilities
971,381
1,934,745
Creditors: amounts falling due after more than one year
12
(8,301,404)
(8,305,616)
Net liabilities
(7,330,023)
(6,370,871)
Capital and reserves
Called up share capital
16
1,000
1,000
Profit and loss reserves
(7,331,023)
(6,371,871)
Total equity
(7,330,023)
(6,370,871)

The notes on pages 10 to 18 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 26 June 2025 and are signed on its behalf by:
M  Roddy
Director
Company Registration No. 09144355
Pioneer Brewing Company Limited
Statement of Changes in Equity
For the year ended 31 December 2024
Page 9
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
1,000
(4,512,474)
(4,511,474)
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
(1,859,397)
(1,859,397)
Balance at 31 December 2023
1,000
(6,371,871)
(6,370,871)
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
(959,152)
(959,152)
Balance at 31 December 2024
1,000
(7,331,023)
(7,330,023)

The notes on pages 10 to 18 form part of these financial statements.

Pioneer Brewing Company Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Page 10
1
Accounting policies
Company information

Pioneer Brewing Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bureau, Fetter Lane, London, United Kingdom, EC4A 1EN. The company's principal activities and nature of its operations are disclosed in the director's report.

1.1
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

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

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

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:

Where required, equivalent disclosures are given in the group accounts of Anheuser-Busch InBev SA/NV being the ultimate parent company that consolidates 100% of the results of the company. The group accounts are available to the public and can be obtained as set out in note 18.

1.2
Going concern

Based on forecasts and current level of activity in the business, the directors deem it appropriate to prepare the financial statements on a going concern basis. In addition, ABI UK Holding 1 Limited, an intermediate parent company of Pioneer Brewing Company Limited, has provided the company with an undertaking that for at least twelve months from the date of approval of these financial statements, it will continue to make available such funds as needed by the company to enable the company to continue in operational existence for the foreseeable future. true

 

The company participates in the group's centralised treasury arrangements and so shares banking facilities with its parent and fellow subsidiaries. Funding is provided in line with agreed budgets and forecasts.

 

On the basis of the agreed support in place, the directors consider they have access to sufficient facilities to meet the company's liabilities as they fall due for the foreseeable future and for a period of at least 12 months from the date of approval of these financial statements.

1.3
Turnover

Turnover is measured at the fair value of the consideration received. Revenue is recognised after deducting discounts and value added tax. The company recognises turnover from bar and kitchen sales at the point of sale. Turnover from brewery tours is recognised upon provision of the service.

 

In the current year, revenue earned from provision of brewery tours has been reclassified from other operating income to turnover to reflect the regular nature of the income that is generated in the ordinary course of business. The prior period has also been restated to reflect this change.

Other operating income

Other operating income refers to income generated from miscellaneous rent receivable. This activity is not the company's primary business, but is still related to its operations.

Pioneer Brewing Company Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 11
1.4
Tangible fixed assets

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

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

Leasehold refurbishment
20% straight line
Fixtures and fittings
20% straight line
Plant and machinery
10% straight line
Computer equipment
33% straight line

Assets in the course of construction are not depreciated.

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.

1.5
Impairment of tangible assets

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

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items.

1.7
Financial assets

Financial assets are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Pioneer Brewing Company Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 12
1.8
Financial liabilities

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments.

Other financial liabilities

Other financial liabilities, including loans, trade creditors, amounts owed to fellow group undertakings, accruals and other creditors are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.9
Equity instruments

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

1.10
Taxation

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

Current tax

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

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on 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, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

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

Pioneer Brewing Company Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 13
1.11
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 inventories or fixed assets.

 

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

1.12
Retirement benefits

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

When the company acts as a lessor, leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees, over the major part of the economic life of the asset. All other leases are classified as operating leases. If an arrangement contains lease and non-lease components, the company applies IFRS 15 to allocate the consideration in the contract. When the company is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately, classifying the sub-lease with reference to the right-of-use asset arising from the head lease instead of the underlying asset.

2
Critical accounting estimates and judgements

In the application of the company’s accounting policies, the director is 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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Estimates

There are no estimates that have significant risk of causing a material adjustment to the carrying value of assets and liabilities.

Judgements

The directors exercise judgement when considering whether to recognise impairment on non-current assets.

 

The directors exercise judgement when considering whether to recognise deferred tax assets, taking into consideration business forecasts to assess whether deferred tax assets are likely to be utilised in the foreseeable future.

Pioneer Brewing Company Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 14
3
Turnover
2024
2023
as restated
£
£
Turnover analysed by class of business
Bar and catering sales
718,309
618,131
Brewery tour income
319,517
292,532
1,037,826
910,663

In the current year, revenue earned from provision of brewery tours has been reclassified from other operating income to turnover to reflect the regular nature of the income that is generated in the ordinary course of business. The prior period has also been restated to reflect this change.

4
Operating loss
2024
2023
Operating loss for the year is stated after charging/(crediting):
£
£
Other operating income
(105,856)
-
Depreciation of property, plant and equipment
224,925
266,798
Cost of inventories recognised as an expense
290,504
313,699
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
20,000
36,450
For other services
Financial statement preparation
2,500
3,750
Tax services
-
0
4,750
Total non-audit fees
2,500
8,500
6
Employees

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

2024
2023
Number
Number
Bar staff
17
15
Pioneer Brewing Company Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
6
Employees
(Continued)
Page 15

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
408,293
420,889
Social security costs
34,523
36,221
Pension costs
20,228
18,902
463,044
476,012

During the year, no directors received emoluments (2023: £Nil). The directors are remunerated, including pension contributions, for their services through their relative employing company and these costs are not recharged.

7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest payable to group undertakings
523,122
432,845
8
Taxation
2024
2023
£
£

The charge for the year can be reconciled to the loss per the profit and loss account as follows:

2024
2023
£
£
Loss before taxation
(959,152)
(1,859,397)
Expected tax credit based on a corporation tax rate of 25.00% (2023: 23.52%)
(239,788)
(437,330)
Effect of expenses not deductible in determining taxable profit
-
0
11,140
Change in unrecognised deferred tax assets
226,033
429,710
Effect of change in UK corporation tax rate
-
0
(25,430)
Permanent capital allowances in excess of depreciation
13,755
21,910
Taxation charge for the year
-
-

No deferred tax asset has been recognised in respect of tax losses, fixed asset and short term timing differences amounting to £7,733,724 (2023: £6,829,591) as the timing of the future economic benefit from these losses and timing differences should they be relieved to the group isn't known with certainty.

Pioneer Brewing Company Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 16
9
Tangible fixed assets
Leasehold refurbishment
Plant and machinery
Fixtures and fittings
Computer equipment
Total
£
£
£
£
£
Cost
At 1 January 2024
211,988
1,728,370
408,687
26,093
2,375,138
Disposals
-
0
-
0
(395,915)
-
0
(395,915)
At 31 December 2024
211,988
1,728,370
12,772
26,093
1,979,223
Accumulated depreciation and impairment
At 1 January 2024
47,129
502,976
402,613
19,130
971,848
Charge for the year
42,570
172,837
2,555
6,963
224,925
Eliminated on disposal
-
0
-
0
(395,915)
-
0
(395,915)
At 31 December 2024
89,699
675,813
9,253
26,093
800,858
Carrying amount
At 31 December 2024
122,289
1,052,557
3,519
-
0
1,178,365
At 31 December 2023
164,859
1,225,394
6,074
6,963
1,403,290
10
Stocks
2024
2023
£
£
Finished goods
24,280
26,042
11
Debtors
2024
2023
£
£
Amounts owed by fellow group undertakings
42,644
115,709
Other debtors
524,876
620,590
Prepayments and accrued income
13,337
16,603
580,857
752,902
Pioneer Brewing Company Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 17
12
Liabilities
Due within one year
Due after one year
2024
2023
2024
2023
Notes
£
£
£
£
Loans and overdrafts
13
-
0
-
0
8,301,404
8,305,616
Creditors
14
915,278
357,050
-
0
-
0
Taxation and social security
6,211
7,292
-
-
921,489
364,342
8,301,404
8,305,616
13
Loans and overdrafts
Due after one year
2024
2023
£
£
Borrowings held at amortised cost:
Loans from fellow group undertakings
8,301,404
8,305,616

The loan is unsecured, repayable in November 2026 and has an interest rate of 6.09% on a quarterly basis.

14
Creditors
2024
2023
£
£
Trade creditors
73,898
141,238
Amounts owed to fellow group undertakings
729,914
49,949
Accruals and deferred income
110,171
125,929
Other creditors
1,295
39,934
915,278
357,050
15
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
20,228
18,902

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

Pioneer Brewing Company Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 18
16
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000

The company has one class of ordinary shares which carry no right to fixed income.

17
Related party transactions
Remuneration of key management personnel

As a wholly owned subsidiary of Anheuser-Busch InBev SA/NV, paragraph 8 (k) of FRS 101 exempts a qualifying entity for the requirements in IAS 24 to disclose related party transactions entered into between two or more members of a group.

18
Controlling party

The immediate parent undertaking as at 31 December 2024 was AB InBev UK Limited, a company incorporated in England and Wales.

 

At 31 December 2024 the ultimate parent undertaking and controlling party was Anheuser-Busch InBev SA/NV, a company incorporated in Leuven, Belgium. Copies of Anheuser-Busch InBev SA/NV consolidated financial statements can be obtained fromAB InBev NV, Brouwerijplein 1, B 3000 Leuven, Belgium.

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