Company registration number 02807044 (England and Wales)
M. A. T. DAVIES HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2024
M. A. T. DAVIES HOLDINGS LIMITED
COMPANY INFORMATION
Directors
M A T Davies
T A T Davies
D G Nathan
Secretary
D G Nathan
Company number
02807044
Registered office
The Bull Courtyard
Bell Street
Henley-On-Thames
Oxfordshire
RG9 2BA
Auditor
Begbies Chartered Accountants
9 Bonhill Street
London
EC2A 4J
M. A. T. DAVIES HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Group Profit and Loss Account
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
Notes to the financial statements
16 - 28
M. A. T. DAVIES HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 29 DECEMBER 2024
- 1 -
Principal activities and review of the business

The principal activity of the company continued to be that of a holding company, whilst the group's principal activity during the year was the ownership and management of Public Houses and Inns, and the sale of beers, wines, spirits and soft drinks primarily through its licensed property estate.

Turnover continued to grow in our Leased and Tenanted estate as well as our managed division, trading under the name Honeycomb Houses. Operating profitability reduced under the pressure of higher operating costs, resulting from increased employment costs and higher utility costs.

We also recorded an impairment charge of £0.7m against a closed property in Sussex.

Trading review
2024
2023
2022
2024
2023
£'000
£'000
£'000
£'000
£'000
Turnover
41,345
38,641
35,407
7%
9%
Operating profit
7,172
7,746
8,118
-7%
-5%
EBITDA (before exceptional items)
10,701
10,884
11,226
-2%
-3%
Cash
8,728
9,812
8,541
-12%
14%

During the year turnover increased £2.7m to £41.3m, a respectable 7% over the prior year. This growth is from improved trading across both divisions, and includes a full year of trading at The White Bear, Warlingham, which was transferred from our leased pub estate to our Honeycomb portfolio in late 2023. Our Leased and Tenanted division continues to grow sales gradually.

2024 saw continuing high levels of investment back into our pub estate as capital and operating expenditure increased £3.5m over the prior year, to £8.8m. This investment included the acquisition of three pubs, added to our leased and tenanted estate, in Hampshire and Bedfordshire, areas where we were previously not represented.

Operating profits declined 7%, affected by higher operating costs resulting from government policy, inflationary pressures and international events. Also included within operating profits is an asset impairment charge of £0.7m.

EBITDA reduced by £0.2m to £10.7m, which is 26% of turnover.

Cash reserves of £8.7m are down £1.2m versus 2023, reflecting the significant investment in our estate during 2024. It is also pleasing to report that our debt position showed a reduction in borrowing of 14% down to £23.2m.

Principal risks and uncertainties

The Directors review the principal risks and uncertainties facing the group and discuss them as part of regular Board Meetings. The main risks associated with the group's financial assets and liabilities are as follows:

Operational Risk

The most pertinent operational risk is attracting, retaining and developing high-quality pub operators and employees that are essential for the successful operation of our pubs, restaurants and inns. Training, recruitment, retention and reward are areas that the directors and management teams review regularly.

Economic risk

A number of external economic factors are considered to create uncertainty across our group and the wider pub sector. Our principle economic risks include cost inflation (in areas such as food and drink production, utilities and employment costs), immigration policy and government taxation policy. The continuing rise in such costs impact our operating margins and cash reserves. We review prices using inflation indexes and supply agreements are competitively tendered. The current geo-political situation is further fueling the inflationary environment.

M. A. T. DAVIES HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2024
- 2 -

Credit risk

In order to minimise credit risk arising from a tenant or lessee partner failing to meet their obligations, checks are carried out to establish credit worthiness and business awareness prior to offering credit terms or a tenancy /lease being granted.

Interest rate risk

Changes to the UK interest rates could impact the ability of the group to meet its obligations under the debt facilities. Note 19 details the group's approach to interest rate risk.

Liquidity risk

The group minimises liquidity risk by tight control over cash collection and managing the cash and borrowing position against short-term and medium-term forecasts.

Energy risk

Energy costs continue to be significantly higher than in previous years. Where possible we fix energy pricing for between 12-24 months. In addition, we focus on energy consumption reduction and best practice energy consumption initiatives, supported by an external energy savings consultancy.

Employee engagement

The group encourages employee loyalty and commitment through regular communication meetings and open access to senior management, as well as various reward and benefit programmes.

Employees are provided with personal development opportunity through on-line and face to face training and regular appraisal discussions. In addition, the business has invested in a dedicated Training Manager for our managed pub teams.

Disabled employees

The group’s policy is to give full and fair consideration to applications for employment by disabled persons and to continuing the employment, with appropriate training, of those team members who become disabled whilst working within the group.

Business relationships

The group’s key business relationship is with pub tenant and lessee partners. To ensure this relationship is maintained and improved we offer dedicated business support through experienced Business Development Managers, centrally based marketing and property design support, a range of tenancy agreements, training programmes, and the Company continues to invest in the tenanted and leased property estate.

Section 172 statement

The directors of the group must act collectively and in accordance with a set of general duties. These duties are detailed in s172 of the UK Companies Act 2006. The directors and the group are committed to ensuring that in all business dealings they have regard to:

- The likely consequences of decisions in the long term

- The interests of the group's employees

- Fostering good business relationships with customers, suppliers and others

- The impact of the group's operations on the company and the environment

- The need to act fairly between members of the group

Acting in accordance with s172 is a key part of the role of all our group directors. The group actively supports its directors to fulfill their duties under s172. The Strategic Report and the Directors Report give examples of how the group and the directors have acted in accordance with s172.

M. A. T. DAVIES HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2024
- 3 -
Streamlined Energy and Carbon Reporting (SECR) report
This report details the group's Greenhouse Gas (GHG) emissions and energy use for the financial year 2024
All our emissions and energy use relate to UK activities only. The largest element of the emissions is generated by the activities of our managed pubs, restautants and inns.
The table below summarises emissions and energy use for the year ended 29 December 2024
2024
2023
2022
tCO2e Scope 1 Emissions [combustion of gas and fuel at our managed pubs, restaurants and inns as well as fleet vehicle use]
865
812
800
tCO2e Scope 2 Emissions [emissions from purchased electricity]
409
393
311
tCO2e Scope 3 Emissions
42
84
41
Total (GHG) emissions (scope 1 & 2)
1,316
1,289
1,152
Energy consumption used to calculate the above emissions in kWh
6,424,197
6,252,836
5,134,988
Intensity ratio [tCO2e / Turnover]
31.90
33.40
31.40
The following methodologies were used in the calculation of the above quantities:
i) The kWh consumption figures relevant to gas and electricity consumption were calculated using invoices received
ii) The consumption figures relevant to fleet vehicle use were calculated based on employee mileage records
iii) Fugitive emissions are based on contractor records
Since 2020, the group has engaged with an energy management consultancy (Hospitality Energy Saving) to establish an energy saving strategy for the business. This includes monitoring of energy consumption, targeted energy audits, and behaviour change programs. Positive results from this engagement can already be seen in the significant reduction shown in the intensity ratio metric compared to 2023. The assessment as part of the Energy Savings Opportunity Scheme (ESOS) which is currently being undertaken represents a further opportunity to highlight areas for potential improvement in energy efficiency.
M. A. T. DAVIES HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2024
- 4 -
Future developments
The outlook for 2025 has been significantly dented by the government's autumn 2024 budget which has burdened the hospitality and retail sector with increased costs, including the continuing inflation busting increases to the national minumum wage, and the increase in employer national insurance rate on top of the wholly unexpected reduction in the national insurance banding. In addition, business rates have more than doubled for most of our pub operators and more taxes have been levied on our business via the government's packaging taxes that came into force from 1st April 2025.
Despite the challenges and obstacles created by our government, the directos continue to focus the group on maximising returns through employee engagement, training and development, and supporting our pub Tenant and Lessee partners to navigate the challenges and grow their businesses.
This strategy is complemented by the group's continuing maintenance and development plans for its existing pub estate, at the same time as selectively acquiring additional pubs to ensure a long-term sustainable portfolio of high-quality pubs, restaurants and inns.

On behalf of the board

T A T Davies
Director
20 May 2025
M. A. T. DAVIES HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 DECEMBER 2024
- 5 -

The directors present their annual report and financial statements for the year ended 29 December 2024.

Principal activities

The principal activity of the company continued to be that of a holding company, whilst the group's prinaipal activity during the period was the ownership and management of public houses and inns, and the sale of beers, wines, spirits and soft drinks primarily through its licensed property estate.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £406,062. The directors do not recommend payment of a further dividend.

Directors

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

M A T Davies
T A T Davies
D G Nathan
Strategic report

In accordance with section 414C(11) of the Companies Act 2006, the company has provided further information in the Strategic Report, including as regards the future development and direction of the business, the principal business risks, the policy regarding employee engagement and disabled employees and disclosures relating to Streamlined Energy Carbon Reporting.

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 auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
T A T Davies
Director
20 May 2025
M. A. T. DAVIES HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 29 DECEMBER 2024
- 6 -

The directors are responsible for preparing the Annual 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 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- 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 group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

M. A. T. DAVIES HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF M. A. T. DAVIES HOLDINGS LIMITED
- 7 -
Opinion

We have audited the financial statements of M. A. T Davies Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 December 2024 which comprise the group profit and loss account, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 29 December 2024 and of the group's profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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 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.

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the strategic report and the directors' r eport for the financial year 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.

M. A. T. DAVIES HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF M. A. T. DAVIES HOLDINGS LIMITED
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company 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' r esponsibilities s tatement, 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 parent 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 parent 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. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

- agreement of the financial statement disclosures to underlying supporting documentation to assess compliance with those laws and regulations having an impact on the financial statements;

- enquiries and confirmation of management as to their identification of any non-compliance with laws and regulations, or any actual or potential claims;

- in relation to the risk of management override of controls, by undertaking procedures to review journal entries, accounting estimates and exceptional transactions, and evaluating whether there was evidence of bias that represented a risk of material misstatement due to fraud; and

- we assessed the susceptibility of the group's financial statements to material misstatement, including how fraud might occur, by considering the key risks impacting the financial statements.

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 due to 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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

M. A. T. DAVIES HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF M. A. T. DAVIES HOLDINGS LIMITED
- 9 -

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.

Andrew Brooker FCA
For and on behalf of Begbies Chartered Accountants
23 May 2025
Chartered Accountants
Statutory Auditor
M. A. T. DAVIES HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 29 DECEMBER 2024
- 10 -
Year
Period
ended
ended
31 December
31 December
2024
2023
Notes
£
£
Turnover
3
41,345,701
38,641,816
Cost of sales
(26,079,955)
(23,972,624)
Gross profit
15,265,746
14,669,192
Administrative expenses
(8,307,638)
(7,170,199)
Other operating income
214,270
247,327
Operating profit
4
7,172,378
7,746,320
Interest receivable and similar income
228,574
241,967
Profit on sale of fixed assets
111,686
196,663
Interest payable and similar expenses
8
(711,503)
(783,650)
Profit before taxation
6,801,135
7,401,300
Tax on profit
9
(1,841,831)
(2,226,146)
Profit for the financial year
4,959,304
5,175,154
Profit for the financial year is attributable to:
- Owners of the parent company
2,599,442
2,828,347
- Non-controlling interests
2,359,862
2,346,807
4,959,304
5,175,154
M. A. T. DAVIES HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
29 DECEMBER 2024
29 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
311,113
-
0
Tangible assets
12
100,907,542
98,787,508
Investment property
13
10,146,260
10,146,260
111,364,915
108,933,768
Current assets
Stocks
16
995,820
947,826
Debtors
17
1,161,991
882,081
Cash at bank and in hand
8,728,183
9,913,647
10,885,994
11,743,554
Creditors: amounts falling due within one year
18
(13,135,198)
(11,850,543)
Net current liabilities
(2,249,204)
(106,989)
Total assets less current liabilities
109,115,711
108,826,779
Creditors: amounts falling due after more than one year
19
(19,302,887)
(23,165,391)
Provisions for liabilities
Deferred tax liability
21
(5,317,042)
(5,350,211)
Net assets
84,495,782
80,311,177
Capital and reserves
Called up share capital
22
218,454
218,454
Share premium account
7,456,064
7,456,064
Profit and loss reserves
36,045,271
33,851,891
Equity attributable to owners of the parent company
43,719,789
41,526,409
Non-controlling interests
40,775,993
38,784,768
84,495,782
80,311,177
The financial statements were approved by the board of directors and authorised for issue on 20 May 2025 and are signed on its behalf by:
20 May 2025
T A T Davies
Director
Company registration number 02807044 (England and Wales)
M. A. T. DAVIES HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 29 DECEMBER 2024
29 December 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
7,674,378
7,674,378
7,674,378
7,674,378
Current assets
Cash at bank and in hand
352
352
Net current assets
352
352
Net assets
7,674,730
7,674,730
Capital and reserves
Called up share capital
22
218,454
218,454
Share premium account
7,456,064
7,456,064
Profit and loss reserves
212
212
Total equity
7,674,730
7,674,730

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £406,062 (2023 - £368,939 profit).

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

The financial statements were approved by the board of directors and authorised for issue on 20 May 2025 and are signed on its behalf by:
20 May 2025
T A T Davies
Director
Company registration number 02807044 (England and Wales)
M. A. T. DAVIES HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 DECEMBER 2024
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 26 December 2022
218,454
7,456,064
31,392,482
39,067,000
36,902,747
75,969,747
Period ended 31 December 2023:
Profit and total comprehensive income
-
-
2,828,347
2,828,347
2,346,807
5,175,154
Dividends
-
-
(368,939)
(368,939)
(334,936)
(703,875)
Own shares acquired
-
-
(129,849)
(129,849)
-
(129,849)
Redemption of shares
22
-
-
129,850
129,850
-
129,850
Group repurchase of shares from non-controlling interest
-
-
-
-
(129,850)
(129,850)
Balance at 31 December 2023
218,454
7,456,064
33,851,891
41,526,409
38,784,768
80,311,177
Year ended 29 December 2024:
Profit and total comprehensive income
-
-
2,599,442
2,599,442
2,359,862
4,959,304
Dividends
-
-
(406,062)
(406,062)
(368,637)
(774,699)
Balance at 29 December 2024
218,454
7,456,064
36,045,271
43,719,789
40,775,993
84,495,782
M. A. T. DAVIES HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 DECEMBER 2024
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 26 December 2022
218,454
7,456,064
212
7,674,730
Period ended 31 December 2023:
Profit and total comprehensive income
-
-
368,939
368,939
Dividends
-
-
(368,939)
(368,939)
Balance at 31 December 2023
218,454
7,456,064
212
7,674,730
Year ended 29 December 2024:
Profit and total comprehensive income
-
-
406,062
406,062
Dividends
-
-
(406,062)
(406,062)
Balance at 29 December 2024
218,454
7,456,064
212
7,674,730
M. A. T. DAVIES HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 DECEMBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
11,813,706
10,554,462
Interest paid
(711,503)
(783,650)
Income taxes paid
(2,212,582)
(1,808,933)
Net cash inflow from operating activities
8,889,621
7,961,879
Investing activities
Purchase of intangible assets
(350,002)
-
Purchase of tangible fixed assets
(6,343,616)
(3,085,489)
Proceeds from disposal of tangible fixed assets
955,771
640,741
Interest received
228,574
241,967
Net cash used in investing activities
(5,509,273)
(2,202,781)
Financing activities
Redemption of shares
129,850
Purchase of treasury shares
(129,849)
Repayment of bank loans
(3,791,113)
(3,731,249)
Group repurchase of shares from non-controlling interest
-
(129,850)
Dividends paid to equity shareholders
(406,062)
(368,939)
Dividends paid to non-controlling interests
(368,637)
(334,936)
Net cash used in financing activities
(4,565,812)
(4,564,973)
Net (decrease)/increase in cash and cash equivalents
(1,185,464)
1,194,125
Cash and cash equivalents at beginning of year
9,913,647
8,719,522
Cash and cash equivalents at end of year
8,728,183
9,913,647
M. A. T. DAVIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2024
- 16 -
1
Accounting policies
Company information

M. A. T Davies Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Bull Courtyard, Bell Street, Henley On Thames, Oxfordshire, United Kingdom, RG9 2BA.

The group consists of M. A. T Davies Holdings Ltd and all of its subsidiaries.

1.1
Reporting period

The group prepares its accounts up to the last Sunday in December each year. Accordingly the current reporting period is the 5 2 weeks ending 29 December 202 4. The comparative reporting period is the 5 3 weeks ending 31 December 202 3.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties at fair value]. The principal accounting policies adopted are set out below.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company M. A. T Davies Holdings Ltd together with all entities controlled by the parent company (its subsidiaries).

All financial statements are made up to 29 December 2024. All group companies adopt FRS102 and accounting policies are applied consistently across all members of the group.

All intra-group transactions and balances between group companies are eliminated on consolidation.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases. All of the company's subsidiaries were controlled by the parent company throughout the current and prior year.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates where appropriate.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially measured at cost and subsequently amortised to nil on a systematic basis over its estimated useful life, which is 3 years.

M. A. T. DAVIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.7
Tangible fixed assets

Freehold licensed properties owned by the company in 2006 are carried in the accounts at a 2006 valuation, with subsequent additions at cost, less accumulated depreciation.

Other tangible fixed assets are carried at cost less accumulated depreciation.

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:

Freehold property
Over 50 years (land not depreciated)
Leasehold property
Over 10 years
Leasehold land and buildings
Over the lease term
Plant and equipment
Over 2 to 10 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.9
Fixed asset investments

In the parent company financial statements, investments in subsidiaries are measured at cost.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets, or the cash generating unit to which that asset belongs, 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).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, a n impairment loss is recognised immediately in profit or loss.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and all group company bank accounts.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

M. A. T. DAVIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Fiinancial assets

The company enters into basic financial instruments which result in the recognition of financial assets such as trade debtors, cash at bank, prepayments and accrued income. At the current and prior period end date, all financial assets were classified as receivable within one year, and were measured at transaction price, less impairment.

Basic financial liabilities

Financial liabilities include trade and other creditors, accruals and deferred income and bank loans. Financial liabilities classified as payable within one year are measured at transaction price. Long term financial liabilities, which are in respect of bank loans, are measured initially at fair value and subsequently at amortised cost using the effective interest method.

1.14
Equity instruments

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

1.15
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 group’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 assets and liabilities are generally recognised for all timing differences and the carrying amounts are

reviewed at each reporting d ate.

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. Deferred tax is not

discounted.

1.16
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.

1.17
Retirement benefits

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

M. A. T. DAVIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.18
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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 have had the most significant effect on amounts recognised in the financial statements.

Investment property valuation

The directors mitigate this risk by prudent measurement and the retention of professional advisors.

Depreciation and asset impairment

Depreciation is booked in line with the accounting policy set out in Note 1. The directors are satisfied that the policy is reasonable, and that a thorough review for impairment losses has been undertaken.

Bad debt provision

The company monitors bad debts on an ongoing basis and takes a conservative approach to booking provisions against doubtful receivables.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Landllord & Tenant
18,694,784
18,567,906
Managed Houses
22,650,917
20,073,910
41,345,701
38,641,816
2024
2023
£
£
Other revenue
Interest income
228,574
241,967
Rental income arising from investment properties
214,270
247,328
M. A. T. DAVIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 20 -

All turnover is in respect of sales made in the UK.

4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
2,679,496
2,941,210
Profit on disposal of tangible fixed assets
(111,686)
(196,663)
Amortisation of intangible assets
38,889
-
Operating lease charges
164,905
224,715
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor
£
£
For audit services
Audit of the financial statements of the company and its subsidiaries
38,000
38,000
For other services
Taxation compliance services
7,000
7,000
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Retail Operations
373
328
-
-
Head Office and Administration
27
27
3
3
Total
400
355
3
3

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
9,588,747
8,486,141
-
0
-
0
Social security costs
863,304
682,643
-
-
Pension costs
202,658
169,893
-
0
-
0
10,654,709
9,338,677
-
0
-
0
M. A. T. DAVIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2024
- 21 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
1,087,675
888,032
Company pension contributions to defined contribution schemes
35,500
53,500
1,123,175
941,532
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
594,879
472,327
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank loans
711,503
783,650
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
2,050,000
2,031,275
Deferred tax
Origination and reversal of timing differences
(208,169)
194,871
Total tax charge
1,841,831
2,226,146
M. A. T. DAVIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2024
9
Taxation
(Continued)
- 22 -

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

2024
2023
£
£
Profit before taxation
6,801,135
7,401,300
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
1,700,284
1,740,786
Tax effect of expenses that are not deductible in determining taxable profit
79,509
112,540
Other non-reversing timing differences
(2,839)
(429)
Rollover / indexation / unrealised profits crystallised on capital gains
(11,073)
(110,116)
Depreciation in excess of capital allowances
109,119
288,494
Unrealised impairment loss
175,000
-
0
Taxation charge
2,050,000
2,031,275
10
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
Notes
£
£
In respect of:
Freehold property
12
700,000
-
Recognised in:
Administrative expenses
700,000
-
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2024
-
0
Additions
350,002
At 29 December 2024
350,002
Amortisation and impairment
At 1 January 2024
-
0
Amortisation charged for the year
38,889
At 29 December 2024
38,889
M. A. T. DAVIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2024
11
Intangible fixed assets
(Continued)
- 23 -
Carrying amount
At 29 December 2024
311,113
At 31 December 2023
-
0
12
Tangible fixed assets
Group
Freehold property
Leasehold property
Plant and equipment
Total
£
£
£
£
Cost or valuation
At 1 January 2024
112,688,276
657,004
14,097,074
127,442,354
Additions
5,499,751
-
0
843,865
6,343,616
Disposals
(764,363)
-
0
(389,981)
(1,154,344)
At 29 December 2024
117,423,664
657,004
14,550,958
132,631,626
Depreciation and impairment
At 1 January 2024
17,178,852
121,766
11,354,228
28,654,846
Depreciation charged in the year
1,959,521
11,782
708,193
2,679,496
Impairment losses
700,000
-
0
-
0
700,000
Eliminated in respect of disposals
(26,222)
-
0
(284,036)
(310,258)
At 29 December 2024
19,812,151
133,548
11,778,385
31,724,084
Carrying amount
At 29 December 2024
97,611,513
523,456
2,772,573
100,907,542
At 31 December 2023
95,509,424
535,238
2,742,846
98,787,508
The company had no tangible fixed assets at 29 December 2024 or 31 December 2023.

Freehold property owned by the group at 31 December 2006 is carried at a 2006 valuation, with subsequent additions carried in the accounts at cost.

The historical cost less depreciation of freehold property at 29 December 2024 is £65,574,195 (2023: £62,072,559)

13
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 January 2024 and 29 December 2024
10,146,260
-
M. A. T. DAVIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2024
13
Investment property
(Continued)
- 24 -

A revaluation of Freehold investment properties was carried out by the directors in December 202 4. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties, and with reference to a valuation carried out by Kempton Carr Croft Chartered Surveyors in the prior year. The basis of valuation is market value which is equivalent to fair value. In the directors' view the net revaluation effect for the year is not material, and hence it is not adjusted for in the period under review.

The historical cost of the investment properties at 29 December 202 4 and 31 December 202 3 was £7,117,386.

14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
-
0
-
0
7,674,378
7,674,378
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 29 December 2024
7,674,378
Carrying amount
At 29 December 2024
7,674,378
At 31 December 2023
7,674,378
15
Subsidiaries
At the period end the company held 52.41% of the share capital of the following companies:
Company
Class of shares held
Nature of business
Directly:
J T Davies & Sons Holdings Ltd
Ordinary
Holding co
Indirectly (as wholly owned subsidiaries of J T Davies & Sons Holdings Ltd)
J T D Finance Limited
Ordinary
Finance
W H Brakspear & Sons Limited
Ordinary
Trading
J T D Investments Limited
Ordinary
Investment
J T Davies & Sons Limited
Ordinary
Dormant
All of these companies are incorporated in the UK and their registered office is The Bull Courtyard, Bell Street, Henley on Thames, Oxon, RG9 2BA
M. A. T. DAVIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2024
- 25 -
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
995,820
947,826
-
0
-
0
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
328,506
254,513
-
0
-
0
Other debtors
658,485
627,568
-
0
-
0
986,991
882,081
-
-
Deferred tax asset (note 21)
175,000
-
0
-
0
-
0
1,161,991
882,081
-
-
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
3,862,503
3,791,113
-
0
-
0
Trade creditors
3,512,329
2,507,548
-
0
-
0
Corporation tax payable
894,405
1,056,987
-
0
-
0
Other taxation and social security
1,110,816
814,734
-
-
Other creditors
622,751
365,663
-
0
-
0
Accruals and deferred income
3,132,394
3,314,498
-
0
-
0
13,135,198
11,850,543
-
0
-
0
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
19,302,887
23,165,391
-
0
-
0
M. A. T. DAVIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2024
- 26 -
20
Borrowings
Group
Company
2024
2023
2024
2023
£
£
£
£
Payable within one year
3,862,503
3,791,113
-
0
-
0
Payable within two to five years
12,800,286
13,522,891
Payable after one year
6,502,601
9,642,500
-
0
-
0

Bank loans are secured against freehold properties owned by W H Brakspear & Sons Limited as well as a fixed and floating charge over all assets of the group. Interest on bank loans is analysed as follows:

2024
2023
£
£
Interest fixed at 2.33% for term
21,498,723
24,289,837
Interest payable at base rate plus 2.0%
1,666,666
2,666,666
21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
1,443,000
1,336,000
-
-
Revaluations
3,874,042
4,014,211
175,000
-
5,317,042
5,350,211
175,000
-
The company has no deferred tax assets or liabilities.
Group
2024
Movements in the year:
£
Liability at 26 December 2022
5,350,211
Charge to profit or loss
(208,169)
Liability at 31 December 2023
5,142,042
M. A. T. DAVIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2024
- 27 -
22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
'A' ordinary shares of £1 each
218,315
218,315
218,315
218,315
'B' ordinary shares of £1 each
1
1
1
1
Convertible ordinary shares of £0.01 each
13,813
13,813
138
138
232,129
232,129
218,454
218,454
23
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
229,816
218,976
-
-
Between two and five years
645,494
667,071
-
-
In over five years
6,223,112
6,357,244
-
-
7,098,422
7,243,291
-
-
24
Events after the reporting date

Subsequent to the balance sheet date, the group successfully completed an exercise to increase bank borrowing by £25m. This additional funding enables the group to continue its strategic growth path through the acquisition of pubs and inns with multi-use events and outdoor spaces.

In line with its expansion strategy, the group completed the acquisition of two significant-sized pubs with rooms and event spaces in April 2025. These acquisitions have almost doubled the size of our letting room estate and further strengthened the group's presence in the Cotswold area.

These are non-adjusting post balance sheet events and have therefore not been reflected in the financial statements for the year ended 29 December 2024.

25
Related party transactions

The company has taken advantage of the exemption contained in FRS 102 and has not disclosed details of transactions or balances with companies which form part of the group.

A group company has an agreement with J T Davies & Sons Limited Directors' Pension Scheme to provide management services in respect of The Fox & Hounds, Egham, a public house owned by the Pension Scheme.

During the period the group provided accounting support services to Elkass Limited and Alebell Limited, companies in which T A T Davies, a director, is a shareholder.

M. A. T. DAVIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2024
- 28 -
26
Controlling party

The company is controlled by Mr T A T Davies.

27
Cash generated from group operations
2024
2023
£
£
Profit after taxation
4,959,304
5,175,154
Adjustments for:
Taxation charged
1,841,831
2,226,146
Finance costs
711,503
783,650
Investment income
(228,574)
(241,967)
Gain on disposal of tangible fixed assets
(111,686)
(196,663)
Amortisation and impairment of intangible assets
38,889
-
Depreciation and impairment of tangible fixed assets
3,379,496
2,941,210
Movements in working capital:
Increase in stocks
(47,994)
(37,387)
(Increase)/decrease in debtors
(104,910)
478,203
Increase/(decrease) in creditors
1,375,847
(573,883)
Cash generated from operations
11,813,706
10,554,463
28
Analysis of changes in net debt - group
1 January 2024
Cash flows
29 December 2024
£
£
£
Cash at bank and in hand
9,913,647
(1,185,464)
8,728,183
Borrowings excluding overdrafts
(26,956,504)
3,791,114
(23,165,390)
(17,042,857)
2,605,650
(14,437,207)
2024-12-29 2024-01-01 false false CCH Software CCH Accounts Production 2025.100 M A T Davies T A T Davies Mr D G Nathan D G Nathan false 400 Andrew Brooker FCA 02807044 bus:Consolidated 2024-01-01 2024-12-29 02807044 2024-01-01 2024-12-29 02807044 bus:Director1 2024-01-01 2024-12-29 02807044 bus:Director2 2024-01-01 2024-12-29 02807044 bus:CompanySecretaryDirector1 2024-01-01 2024-12-29 02807044 bus:Director3 2024-01-01 2024-12-29 02807044 bus:CompanySecretary1 2024-01-01 2024-12-29 02807044 2024-12-29 02807044 bus:Consolidated 2022-12-26 2023-12-31 02807044 2022-12-26 2023-12-31 02807044 bus:Consolidated 2024-12-29 02807044 core:Goodwill bus:Consolidated 2024-12-29 02807044 core:Goodwill bus:Consolidated 2023-12-31 02807044 2023-12-31 02807044 bus:Consolidated 2023-12-31 02807044 core:LandBuildings core:OwnedOrFreeholdAssets bus:Consolidated 2024-12-29 02807044 core:LandBuildings core:LeasedAssetsHeldAsLessee bus:Consolidated 2024-12-29 02807044 core:PlantMachinery bus:Consolidated 2024-12-29 02807044 core:LandBuildings core:OwnedOrFreeholdAssets bus:Consolidated 2023-12-31 02807044 core:LandBuildings core:LeasedAssetsHeldAsLessee bus:Consolidated 2023-12-31 02807044 core:PlantMachinery bus:Consolidated 2023-12-31 02807044 core:ShareCapital bus:Consolidated 2024-12-29 02807044 core:ShareCapital bus:Consolidated 2023-12-31 02807044 core:SharePremium bus:Consolidated 2024-12-29 02807044 core:SharePremium bus:Consolidated 2023-12-31 02807044 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-12-31 02807044 core:Non-controllingInterests bus:Consolidated 2024-12-29 02807044 core:Non-controllingInterests bus:Consolidated 2023-12-31 02807044 core:ShareCapital 2024-12-29 02807044 core:ShareCapital 2023-12-31 02807044 core:SharePremium 2024-12-29 02807044 core:SharePremium 2023-12-31 02807044 core:RetainedEarningsAccumulatedLosses 2024-12-29 02807044 core:RetainedEarningsAccumulatedLosses 2023-12-31 02807044 core:ShareCapital bus:Consolidated 2022-12-25 02807044 core:SharePremium bus:Consolidated 2022-12-25 02807044 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-12-25 02807044 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2024-12-29 02807044 core:ShareCapital 2022-12-25 02807044 core:SharePremium 2022-12-25 02807044 core:RetainedEarningsAccumulatedLosses 2022-12-25 02807044 bus:Consolidated 2022-12-25 02807044 core:Goodwill 2024-01-01 2024-12-29 02807044 core:LandBuildings core:OwnedOrFreeholdAssets 2024-01-01 2024-12-29 02807044 core:LandBuildings core:LongLeaseholdAssets 2024-01-01 2024-12-29 02807044 core:LeaseholdImprovements 2024-01-01 2024-12-29 02807044 core:PlantMachinery 2024-01-01 2024-12-29 02807044 core:UKTax bus:Consolidated 2024-01-01 2024-12-29 02807044 core:UKTax bus:Consolidated 2022-12-26 2023-12-31 02807044 bus:Consolidated 1 2024-01-01 2024-12-29 02807044 bus:Consolidated 1 2022-12-26 2023-12-31 02807044 bus:Consolidated 2 2024-01-01 2024-12-29 02807044 bus:Consolidated 2 2022-12-26 2023-12-31 02807044 bus:Consolidated 3 2024-01-01 2024-12-29 02807044 bus:Consolidated 3 2022-12-26 2023-12-31 02807044 core:Goodwill bus:Consolidated 2023-12-31 02807044 core:Goodwill core:ExternallyAcquiredIntangibleAssets bus:Consolidated 2024-01-01 2024-12-29 02807044 core:Goodwill bus:Consolidated 2024-01-01 2024-12-29 02807044 core:LandBuildings core:OwnedOrFreeholdAssets bus:Consolidated 2023-12-31 02807044 core:LandBuildings core:LeasedAssetsHeldAsLessee bus:Consolidated 2023-12-31 02807044 core:PlantMachinery bus:Consolidated 2023-12-31 02807044 bus:Consolidated 2023-12-31 02807044 core:LandBuildings core:OwnedOrFreeholdAssets bus:Consolidated 2024-01-01 2024-12-29 02807044 core:LandBuildings core:LeasedAssetsHeldAsLessee bus:Consolidated 2024-01-01 2024-12-29 02807044 core:PlantMachinery bus:Consolidated 2024-01-01 2024-12-29 02807044 core:CurrentFinancialInstruments 2024-12-29 02807044 core:CurrentFinancialInstruments 2023-12-31 02807044 core:CurrentFinancialInstruments bus:Consolidated 2024-12-29 02807044 core:CurrentFinancialInstruments bus:Consolidated 2023-12-31 02807044 core:WithinOneYear bus:Consolidated 2024-12-29 02807044 core:WithinOneYear bus:Consolidated 2023-12-31 02807044 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-29 02807044 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 02807044 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2024-12-29 02807044 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2023-12-31 02807044 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-29 02807044 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 02807044 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2024-12-29 02807044 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2023-12-31 02807044 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-29 02807044 bus:FRS102 2024-01-01 2024-12-29 02807044 bus:Audited 2024-01-01 2024-12-29 02807044 bus:ConsolidatedGroupCompanyAccounts 2024-01-01 2024-12-29 02807044 bus:FullAccounts 2024-01-01 2024-12-29 xbrli:pure xbrli:shares iso4217:GBP