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Registered number: 13684343 VALIANT PUB MIDCO LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 MARCH 2025
VALIANT PUB MIDCO LIMITED COMPANY INFORMATION
Directors | G Carroll
| A Fletcher
| M McGinty
| A Trolle
| J Sloyan
| T Durston (appointed 4 July 2025)
Registered number | 13684343
Registered office | Third Floor
| 5 Lower Temple Street
| Birmingham
| England
| B2 4JD
Independent auditors | HaysMac LLP
| 10 Queen Street Place
| London
| EC4R 1AG
VALIANT PUB MIDCO LIMITED CONTENTS
| Page
Strategic Report | 1
Directors' Report | 2 - 3
Independent Auditors' Report | 4 - 7
Statement of Comprehensive Income | 8
Statement of Financial Position | 9
Statement of Changes in Equity | 10
Notes to the Financial Statements | 11 - 17
VALIANT PUB MIDCO LIMITED STRATEGIC REPORT FOR THE PERIOD ENDED 30 MARCH 2025
Introduction
The directors present their Strategic Report for the period ended 30 March 2025. The principal activity of the Company is that of acting as a holding company for Valiant Pub Company Limited, Valiant Asset Company 1 Limited, and Valiant Asset Company 2 Limited, which are the operating entities for the Valiant Pub Group.
Business review
The principal activity of the Company during the year continued to be that of a holding company. The Company’s main role is to hold investments in its wholly owned subsidiaries. The Company does not carry out any trading activities directly. Its income is derived entirely from intercompany interest receivable, and its primary expense is intercompany interest payable to the parent. The financial performance of the Company is therefore directly linked to the financial performance of the subsidiary entities. The principal activity of the group is to acquire, invest in, and operate community focused pubs across the UK. No dividends were declared or paid during the year (2024: £nil).
Principal risks and uncertainties
The Company does not carry out trading activities and therefore the principal risk relates to the recoverability of intercompany debtor balances and in turns its ability to pay intercompany creditors. The directors review the performance of the trading subsidiaries and the recoverability of intercompany loan balances on a regular basis. This report was approved by the board and signed on its behalf.
................................................ J Sloyan Director
Date: 6 October 2025
Page 1
VALIANT PUB MIDCO LIMITED DIRECTORS' REPORT FOR THE PERIOD ENDED 30 MARCH 2025 The directors present their report and the financial statements for the period ended 30 March 2025.
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; ∙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 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the period, after taxation, amounted to £111,381 (2024: £93,210). Dividends of £nil (2024: £nil) were paid during the period ended 30 March 2025.
Directors
The directors who served during the period were:
G Carroll
A Fletcher
M McGinty
A Trolle
J Sloyan
Future developments and financial risk management
The Company has chosen, in accordance with Companies Act 2006, s.414C(11), to set out in the Company's Strategic Report; the information relating to future development and financial risk management. Page 2
VALIANT PUB MIDCO LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 30 MARCH 2025
Disclosure of information to auditors
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 auditors are 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 auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the period end.
Auditors
On 18 November 2024, the Company’s auditors changed their name from Haysmacintyre LLP to HaysMac LLP. The auditors, HaysMac LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
................................................ J Sloyan Director
Date: 6 October 2025
Page 3
VALIANT PUB MIDCO LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VALIANT PUB MIDCO LIMITED
Opinion
We have audited the financial statements of Valiant Pub Midco Limited (the 'Company') for the period ended 30 March 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 30 March 2025 and of its profit for the period then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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. Page 4
VALIANT PUB MIDCO LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VALIANT PUB MIDCO LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the 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.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records 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. Page 5
VALIANT PUB MIDCO LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VALIANT PUB MIDCO LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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: Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud. Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and corporation tax. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates. Audit procedures performed by the engagement team included: ∙inspecting correspondence with regulators and tax authorities; ∙discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; ∙evaluating management's controls designed to prevent and detect irregularities; ∙identifying and testing accounting journal entries, in particular those journal entries which exhibited the characteristics we had identified as possible indicators of irregularities; and ∙challenging assumptions and judgements made by management in their critical accounting estimates such as whether there are indicators of impairment on investments or debtors. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. Page 6
VALIANT PUB MIDCO LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VALIANT PUB MIDCO 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 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 Auditors' 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. Isabelle Shepherd (Senior Statutory Auditor) for and on behalf of HaysMac LLP Statutory Auditors 10 Queen Street Place London EC4R 1AG 8 October 2025 Page 7
VALIANT PUB MIDCO LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 MARCH 2025
| Period ended 30 March | Period ended 31 March
| 2025 | 2024
Note | £ | £
Interest receivable and similar income | 6 | 4,525,228 | 2,819,349
Interest payable and similar expenses | 7 | (4,413,847) | (2,726,139)
Profit before tax |  | 111,381 | 93,210
Tax on profit |  | - | -
Profit for the financial period |  | 111,381 | 93,210
There was no other comprehensive income for 2025 (2024: £nil).
The notes on pages 11 to 17 form part of these financial statements.
Page 8
VALIANT PUB MIDCO LIMITED REGISTERED NUMBER: 13684343 STATEMENT OF FINANCIAL POSITION AS AT 30 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 9 |  | 12,803,753 |  | 9,256,253
Current assets |  |  |  |  |
Debtors: amounts falling due after more than one year | 10 | 46,926,754 |  | 31,759,027 |
Net current assets |  |  | 46,926,754 |  | 31,759,027
Total assets less current liabilities |  |  | 59,730,507 |  | 41,015,280
Creditors: amounts falling due after more than one year | 11 |  | (46,722,163) |  | (31,665,817)
Net assets |  |  | 13,008,344 |  | 9,349,463
Capital and reserves |  |  |  |  |
Called up share capital | 12 |  | 12,803,753 |  | 9,256,253
Profit and loss account | 13 |  | 204,591 |  | 93,210
|  |  | 13,008,344 |  | 9,349,463
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ J Sloyan
Director
Date: 6 October 2025
The notes on pages 11 to 17 form part of these financial statements. Page 9
VALIANT PUB MIDCO LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30 MARCH 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 26 March 2023 | 4,881,253 | - | 4,881,253
Profit for the period | - | 93,210 | 93,210
Shares issued during the period | 4,375,000 | - | 4,375,000
At 01 April 2024 | 9,256,253 | 93,210 | 9,349,463
Profit for the period | - | 111,381 | 111,381
Shares issued during the period | 3,547,500 | - | 3,547,500
At 30 March 2025 | 12,803,753 | 204,591 | 13,008,344
| The notes on pages 11 to 17 form part of these financial statements.
Page 10
VALIANT PUB MIDCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 MARCH 2025
1. | General information
Valiant Pub Midco Limited is a private company, limited by shares, and incorporated in England and Wales. The Company's registered number is 13684343 and registered office address is Third Floor, 5 Lower Temple Street, Birmingham, England, B2 4JD. 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 judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Valiant Pub Holdco Limited as at 30 March 2025 and these financial statements may be obtained from Companies House.
| 2.3 | Exemption from preparing consolidated financial statements
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
| 2.4 | Going concern
The Company is a holding company for Valiant Pub Company Limited, Valiant Asset Company 1 and Valiant Asset Company 2 which are the operating entities for the Valiant Pub Group. The Company’s purpose is therefore driven from the continued success of the operating entites. After reviewing the forecasts and projections to September 2026 for the operating entities, the directors have a reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future, and therefore this entity will continue to act as a holding company. On this basis the Company continues to adopt the going concern basis in preparing its financial statements. Page 11
VALIANT PUB MIDCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 MARCH 2025 2.Accounting policies (continued)
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.7 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.8 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results may ultimately differ from those estimates. Recoverability of intercompany debtors Management evaluate intercompany debtors for impairment whenever circumstances indicate, in management’s judgement, that the carrying value may not be recoverable. An impairment review requires management to make subjective judgements concerning the future trading prospects and cash flows of the group companies under review. Where actual cash flows in subsequent years differs to those forecast as part of the management’s impairment review this may result in additional impairments or conversely reversals of existing impairments recognised in future years. Impairment of investments Management evaluate investments for impairment whenever circumstances indicate, in management’s judgement, that the carrying value may not be recoverable. As part of the impairment review, management make judgements around the true net asset value of investments in subsidiaries, for example one that could be achieved on sale to a third party. This involves an estimate of the fair value of assets compared to the carrying value of assets, which is at cost, in the subsidiary. Were these estimates and judgements to be incorrect, the value of the investment could be identified as less than the cost of the investment and an impairment would be required. Given the headroom identified here, no impairment is considered necessary nor likely in the future. Page 12
VALIANT PUB MIDCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 MARCH 2025
4. | Auditors' remuneration
| During the period, the Company obtained the following services from the Company's auditors:
|  |  |  |  | Period ended 30 March | Period ended 31 March
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 2,950 | 2,750
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
5. | Employees
| The average monthly number of employees, including the directors, during the period was as follows:
|  |  | Period ended 30 March | Period ended 31 March
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Directors | 5 | 5
| The directors are paid from Valiant Pub Company Ltd.
6. | Interest receivable
|  |  |  |  | Period ended 30 March | Period ended 31 March
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Interest receivable from group undertakings | 4,525,228 | 2,819,349
Page 13
VALIANT PUB MIDCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 MARCH 2025
7. | Interest payable and similar expenses
|  |  |  |  | Period ended 30 March | Period ended 31 March
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Interest payable on loan notes | 4,413,847 | 2,726,139
8. | Taxation
|  |  |  |  | Period ended 30 March | Period ended 31 March
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Total current tax | - | -
| Deferred tax |  |
| Total deferred tax | - | -
| Tax on profit | - | -
| Factors affecting tax charge for the period
| The tax assessed for the period is lower than (2024: lower than) the standard rate of corporation tax in the UK of 25% (2024: 24.9%). The differences are explained below:
|  |  |  |  | Period ended 30 March | Period ended 31 March
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 111,381 | 93,210
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024: 24.9%) | 27,845 | 23,228
| Effects of: |  |
| Group relief claimed | (27,845) | (23,228)
| Total tax charge for the period | - | -
Page 14
VALIANT PUB MIDCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 MARCH 2025 8.Taxation (continued)
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
9. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost |
| At 31 March 2024 | 9,256,253
| Additions | 3,547,500
| At 30 March 2025 | 12,803,753
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Class of shares | Holding
| Valiant Pub Bidco Limited* | Ordinary | 100%
| Valiant Pub Company Limited | Ordinary | 100%
| Valiant Asset Company 1 Limited | Ordinary | 100%
| Valiant Asset Company 2 Limited | Ordinary | 100%
| Valiant Asset Company 3 Limited | Ordinary | 100%
| All subsidiary undertakings highlighted with an asterisk (*) are direct subsidiary undertakings and all others are indirect holdings. All subsidiary undertakings hold the same registered office of Third Floor, 5 Lower Temple Street, Birmingham, England, B2 4JD.
Page 15
VALIANT PUB MIDCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 MARCH 2025
10. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due after more than one year |  |
| Amounts owed by group undertakings | 46,926,754 | 31,759,027
| The amounts owed by group undertakings includes an intercompany loan of £46,926,754 of which £8,590,506 (2024: £4,065,278) is accrued interest. This is a fixed loan with compound interest charged quarterly at 11.75% per annum and is due for repayment in full on 26 October 2026.
11. | Creditors: amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Loan notes | 46,722,163 | 31,665,817
| Loan notes of £46,722,164 include £8,385,915 (2024: £3,972,068) of accrued interest. This is a fixed loan with compound interest charged quarterly at 11.5% per annum and is due for repayment in full on 26 October 2026. The loan notes are held by Njord and the directors, who are related parties to the Company by virtue of having control and significant influence respectively.
12. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,280,375,303 (2024: 925,625,303) ordinary shares of £0.01 each | 12,803,753 | 9,256,253
On 4 March 2025, 41,000,000 ordinary shares of £0.01 were issued. On 23 December 2024, 160,000,000 ordinary shares of £0.01 were issued. On 23 August 2024, 47,500,000 ordinary shares of £0.01 were issued. On 28th June 2024, 18,750,000 ordinary shares of £0.01 were issued. On 19 April 2024, 87,500,000 ordinary shares of £0.01 were issued. Page 16
VALIANT PUB MIDCO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 MARCH 2025
13. | Reserves
Profit and loss account Includes all current and prior year profits and losses less any dividends paid.
14. | Controlling party
The immediate parent is Valiant Pub Holdco Limited, a company registered in England and Wales. The registered office address is Third Floor, 5, Lower Temple Street, Birmingham, England, B2 4JD. The ultimate controlling party is Njord Partners LLP, an entity registered in England and Wales. The registered office address is 4th Floor Phoenix House, 1 Station Hill, Reading, Berkshire, United Kingdom, RG1 1NB.
Page 17