Clover Pubs Holdings NI Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: NI657495

Clover Pubs Holdings NI Limited

Financial Statements

31 December 2024

Clover Pubs Holdings NI Limited

Financial Statements

Year ended 31 December 2024

Contents	Page

Officers and professional advisers	1

Strategic report	2

Directors' report	5

Independent auditor's report to the members	7

Consolidated statement of income and retained earnings	12

Company statement of income and retained earnings	13

Consolidated statement of financial position	14

Company statement of financial position	15

Consolidated statement of cash flows	16

Notes to the financial statements	17

Clover Pubs Holdings NI Limited

Officers and Professional Advisers

The board of directors	Mr P Langsford
	Mr J Conlon

Registered office	Aisling House
	50 Stranmillis Embankment
	Belfast
	BT9 5FL

Auditor	Maneely Mc Cann
	Chartered accountants & statutory auditor
	Aisling House
	50 Stranmillis Embankment
	Belfast
	BT9 5FL

Bankers	Ulster Bank
	11-16 Donegall Square East
	Belfast
	BT1 5UB

Solicitors	McMahon McKay
	Aisling House
	50 Stranmillis Embankment
	Belfast
	BT9 5FL

	McGarrigle Legal
	Eagle Star House
	5-7 Upper Queen Street
	Belfast
	BT1 6FB

Clover Pubs Holdings NI Limited

Strategic Report

Year ended 31 December 2024

The directors present their Strategic Report on the group for the year ended 31 December 2024. Review of business The principal activity of the company was that of a holding company. The principal activities of the Group during the year was that of operating public houses and bars. The group operates throughout the United Kingdom. The directors consider the results for the current period and position of the group at the period end to be satisfactory. The directors have plans in place to ensure the group is strongly placed to retain its market position. The group reported an operating profit in the period of £1,984,560 (2023: £733,521) on turnover of £17,110,953 (2023: £14,040,138). The net assets of the group at the balance sheet date were £2.2m (2023: £1.3m). Future developments The group will continue to invest in its current activities, strengthen brand appeal and pursue opportunities for profitable growth. Principal risks and uncertainties The key business risks which could impact on the performance on the group are considered to be the impact of current economic trends on hospitality and consumer spending habits, along with competition from local competitors and employee retention. With these risks and uncertainties in mind the directors are aware that any plans for future development of the business may be subject to unforeseen future events outside of their control. The directors however, focus on managing and mitigating these risks as part of the overall business strategy via strong customer service and investment in people and facilities. Given the size of the group, the directors have not delegated the responsibility of monitoring financial risk management to a sub committee. Given the nature and location of its operations the company and group are not significantly exposed to price risk or foreign exchange risk. The policies are set and reviewed by the director, and are implemented by the group's finance team. In addition to the risks noted above, the group is sensitive to the following risks below: Liquidity risk The group actively maintains a mixture of long-term and short-term finance to ensure sufficient liquidity available for operations and any planned expansions. Environment The group recognises its corporate responsibility to carry out its operations whilst minimising environmental impacts. The director's continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste wherever possible. Health and safety The group is committed to achieving the highest practical standards in health and safety management and strives to make all sites safe environments for employees and customers alike. Human resources Management of the group recognises that its most important resource is its people; their knowledge and experience is crucial to meeting customer requirements. Retention of key staff is critical and the group has invested increasingly in employment training and development and has introduced appropriate incentive and career progression arrangements.

This report was approved by the board of directors on 23 December 2025 and signed on behalf of the board by:

Mr P Langsford

Director

Registered office:

Aisling House

50 Stranmillis Embankment

Belfast

BT9 5FL

Clover Pubs Holdings NI Limited

Directors' Report

Year ended 31 December 2024

The directors present their report and the financial statements of the group for the year ended 31 December 2024 .

Directors

The directors who served the company during the year were as follows:

Mr P Langsford
Mr J Conlon

Dividends

Particulars of recommended dividends are detailed in note 12 to the financial statements.

Employment of disabled persons

The company gives full and fair consideration to applications for employment made by disabled persons where the requirements of the job can be adequately fulfilled. Where existing employees become disabled. it is the company's policy, wherever practicable, to provide continuing employment under normal terms and conditions, and to provide training, career development and promotion wherever possible.

Employee involvement

The company provides employees with information on matters of concern to them through normal management channels. The involvement of the employees in the company's performance is encouraged through appropriate incentive arrangements.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards 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 the company and 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 judgments 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 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. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

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

This report was approved by the board of directors on 23 December 2025 and signed on behalf of the board by:

Mr P Langsford

Director

Registered office:

Aisling House

50 Stranmillis Embankment

Belfast

BT9 5FL

Clover Pubs Holdings NI Limited

Independent Auditor's Report to the Members of Clover Pubs Holdings NI Limited

Year ended 31 December 2024

Opinion

We have audited the financial statements of Clover Pubs Holdings NI Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows 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 FRS 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 of the parent company's affairs as at 31 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; - 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 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 or the 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. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' report 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.

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 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 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' responsibilities statement, 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 group's and 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 group or 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, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Identifying and assessing potential risks related to irregularities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: - the nature of the industry and sector, control environment and business performance including the design of the Group's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets; - results of our enquiries of management about their own identification and assessment of the risks of irregularities; - any matters we identified having obtained and reviewed the Group's documentation of their policies and procedures relating to: - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; - the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006 and Taxation Legislation. Audit response to risks identified Our procedures to respond to risks identified included the following: - reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; - enquiring of management and external legal counsel concerning actual and potential litigation and claims; - performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; - reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and - in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in new making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. 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. 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.

Cathal Maneely

(Senior Statutory Auditor)

For and on behalf of

Maneely Mc Cann

Chartered accountants & statutory auditor

Aisling House

50 Stranmillis Embankment

Belfast

BT9 5FL

23 December 2025

Clover Pubs Holdings NI Limited

Consolidated Statement of Income and Retained Earnings

Year ended 31 December 2024

		2024	2023
Note		£	£
Turnover	4	17,110,954	14,040,138

Cost of sales	8,670,411	7,284,306
	-------------	-------------
Gross profit	8,440,543	6,755,832

Administrative expenses		6,455,983	6,022,311
		------------	------------
Operating profit	5	1,984,560	733,521

Other interest receivable and similar income	9	26,916	22,881
Interest payable and similar expenses	10	171,702	201,862
		------------	------------
Profit before taxation		1,839,774	554,540

Tax on profit	11	747,382	305,430
		------------	---------
Profit for the financial year and total comprehensive income		1,092,392	249,110
		------------	---------

Dividends paid and payable	12	( 183,800)	( 197,690)

Retained earnings at the start of the year	1,298,669	1,247,249
	------------	------------
Retained earnings at the end of the year	2,207,261	1,298,669
	------------	------------

All the activities of the group are from continuing operations.

Clover Pubs Holdings NI Limited

Company Statement of Income and Retained Earnings

Year ended 31 December 2024

		2024	2023
Note		£	£
Profit for the financial year and total comprehensive income		185,517	203,214
Dividends paid and payable	12	( 183,800)	( 197,690)

Retained earnings at the start of the year	129,124	123,600
	---------	---------
Retained earnings at the end of the year	130,841	129,124
	---------	---------

Clover Pubs Holdings NI Limited

Consolidated Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Intangible assets	13	7,688	10,613
Tangible assets	14	6,928,011	1,982,377
		------------	------------
		6,935,699	1,992,990

Current assets

Stocks	16	209,506	233,725
Debtors	17	3,039,525	3,210,060
Cash at bank and in hand		1,753,192	836,441
		------------	------------
		5,002,223	4,280,226

Creditors: amounts falling due within one year	18	4,581,639	4,086,089
		------------	------------
Net current assets		420,584	194,137
		------------	------------
Total assets less current liabilities		7,356,283	2,187,127

Creditors: amounts falling due after more than one year	19	5,022,323	888,157

Provisions	20	126,398	–
		------------	------------
Net assets		2,207,562	1,298,970
		------------	------------

Capital and reserves

Called up share capital	23	301	301
Profit and loss account		2,207,261	1,298,669
		------------	------------
Shareholders funds		2,207,562	1,298,970
		------------	------------

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

These financial statements were approved by the board of directors and authorised for issue on 23 December 2025 , and are signed on behalf of the board by:

Mr P Langsford

Director

Company registration number: NI657495

Clover Pubs Holdings NI Limited

Company Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	14	461	402
Investments	15	703	701
		-------	-------
		1,164	1,103

Current assets

Debtors	17	262,849	218,831
Cash at bank and in hand		13,388	8,788
		---------	---------
		276,237	227,619

Creditors: amounts falling due within one year	18	146,259	99,297
		---------	---------
Net current assets		129,978	128,322
		---------	---------
Total assets less current liabilities		131,142	129,425
		---------	---------
Net assets		131,142	129,425
		---------	---------

Capital and reserves

Called up share capital	23	301	301
Profit and loss account		130,841	129,124
		---------	---------
Shareholders funds		131,142	129,425
		---------	---------

The profit for the financial year of the parent company was £ 185,517 (2023: £ 203,214 ).

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

These financial statements were approved by the board of directors and authorised for issue on 23 December 2025 , and are signed on behalf of the board by:

Mr P Langsford

Director

Company registration number: NI657495

Clover Pubs Holdings NI Limited

Consolidated Statement of Cash Flows

Year ended 31 December 2024

	2024	2023
	£	£

Cash flows from operating activities

Profit for the financial year	1,092,392	249,110

Adjustments for:
Depreciation of tangible assets	767,519	701,878
Amortisation of intangible assets	2,925	3,157
Other interest receivable and similar income	( 26,916)	( 22,881)
Interest payable and similar expenses	171,702	201,862
(Gains)/loss on disposal of tangible assets	( 886)	51,468
Tax on profit	747,382	305,430
Accrued (income)/expenses	( 133,759)	449,181

Changes in:
Stocks	24,219	( 77,954)
Trade and other debtors	170,535	( 1,517,988)
Trade and other creditors	982,532	297,025
	------------	------------
Cash generated from operations	3,797,645	640,288

Interest paid	( 171,702)	( 201,862)
Interest received	26,916	22,881
Tax paid	( 340,041)	( 341,790)
	------------	---------
Net cash from operating activities	3,312,818	119,517
	------------	---------

Cash flows from investing activities

Purchase of tangible assets	( 5,736,799)	( 309,483)
Proceeds from sale of tangible assets	24,532	79,895
Purchase of intangible assets	–	( 5,504)
	------------	---------
Net cash used in investing activities	( 5,712,267)	( 235,092)
	------------	---------

Cash flows from financing activities

Proceeds from borrowings	3,500,000	–
Dividends paid	( 183,800)	( 197,690)
	------------	---------
Net cash from/(used in) financing activities	3,316,200	( 197,690)
	------------	---------

Net increase/(decrease) in cash and cash equivalents	916,751	( 313,265)
Cash and cash equivalents at beginning of year	836,441	1,149,706
	------------	------------
Cash and cash equivalents at end of year	1,753,192	836,441
	------------	------------

Clover Pubs Holdings NI Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Aisling House, 50 Stranmillis Embankment, Belfast, BT9 5FL.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

(a) Disclosures in respect of each class of share capital have not been presented.

(b) No cash flow statement has been presented for the company.

(c) Disclosures in respect of financial instruments have not been presented.

(d) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The financial statements consolidate the financial statements of Clover Pubs Holdings NI Limited and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Corporation tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Websites	-	15% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold improvements	-	15% straight line
Long leasehold property	-	15% straight line
Fixtures and fittings	-	15% straight line
Equipment	-	15% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.

Investments in joint ventures

Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2024	2023
	£	£
Drink sales	13,807,622	11,085,486
Food sales	2,872,516	2,605,580
Other income	430,816	349,072
	-------------	-------------
	17,110,954	14,040,138
	-------------	-------------

The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.

5. Operating profit

Operating profit or loss is stated after charging/crediting:

	2024	2023
	£	£
Amortisation of intangible assets	2,925	3,157
Depreciation of tangible assets	767,519	701,878
(Gains)/loss on disposal of tangible assets	( 886)	51,468
Impairment of trade debtors	(3,805)	6,503
	---------	---------

6. Auditor's remuneration

	2024	2023
	£	£
Fees payable for the audit of the financial statements	36,000	33,500
	--------	--------

7. Staff costs

The average number of persons employed by the group during the year, including the directors, amounted to:

	2024	2023
	No.	No.
Distribution staff	194	180
Administrative staff	59	49
Management staff	5	5
	----	----
	258	234
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2024	2023
	£	£
Wages and salaries	3,855,325	3,428,816
Social security costs	259,353	213,531
Other pension costs	134,763	105,328
	------------	------------
	4,249,441	3,747,675
	------------	------------

8. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2024	2023
	£	£
Remuneration	238,232	219,916
	---------	---------

Remuneration of the highest paid director in respect of qualifying services:

	2024	2023
	£	£
Aggregate remuneration	120,631	154,903
	---------	---------

9. Other interest receivable and similar income

	2024	2023
	£	£
Interest on loans and receivables	14,138	8,376
Interest receivable	12,778	14,505
	--------	--------
	26,916	22,881
	--------	--------

10. Interest payable and similar expenses

	2024	2023
	£	£
Interest on banks loans and overdrafts	78,392	9,944
Other interest payable and similar charges	93,310	191,918
	---------	---------
	171,702	201,862
	---------	---------

11. Tax on profit

Major components of tax expense

	2024	2023
	£	£

Current tax:

UK current tax expense	642,406	305,430
Adjustments in respect of prior periods	( 21,422)	–
	---------	---------
Total current tax	620,984	305,430
	---------	---------

Deferred tax:

Origination and reversal of timing differences	126,398	–
	---------	---------
Tax on profit	747,382	305,430
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 25 %).

	2024	2023
	£	£
Profit on ordinary activities before taxation	1,839,774	554,540
	------------	---------
Profit on ordinary activities by rate of tax	459,944	150,754
Adjustment to tax charge in respect of prior periods	(21,423)	–
Effect of expenses not deductible for tax purposes	43,748	36,758
Effect of capital allowances and depreciation	87,837	137,081
Effect of different UK tax rates on some earnings	–	(19,213)
Unused tax losses	50,878	50
Deferred Tax Movement	126,398	–
	------------	---------
Tax on profit	747,382	305,430
	------------	---------

12. Dividends

	2024	2023
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	183,800	197,690
	---------	---------

13. Intangible assets

Group	Websites
	£
Cost
At 1 January 2024 and 31 December 2024	19,501
	--------
Amortisation
At 1 January 2024	8,888
Charge for the year	2,925
	--------
At 31 December 2024	11,813
	--------
Carrying amount
At 31 December 2024	7,688
	--------
At 31 December 2023	10,613
	--------

The company has no intangible assets.

14. Tangible assets

Group	Leasehold improvements	Long leasehold property	Fixtures and fittings	Equipment	Total
	£	£	£	£	£
Cost
At 1 January 2024	493,353	1,988,717	2,086,541	240,571	4,809,182
Additions	46,790	5,061,561	626,214	2,234	5,736,799
Disposals	–	( 14,525)	( 10,007)	–	( 24,532)
	---------	------------	------------	---------	-------------
At 31 December 2024	540,143	7,035,753	2,702,748	242,805	10,521,449
	---------	------------	------------	---------	-------------
Depreciation
At 1 January 2024	343,984	1,340,912	991,368	150,541	2,826,805
Charge for the year	78,085	280,496	372,706	36,232	767,519
Disposals	–	–	( 886)	–	( 886)
	---------	------------	------------	---------	-------------
At 31 December 2024	422,069	1,621,408	1,363,188	186,773	3,593,438
	---------	------------	------------	---------	-------------
Carrying amount
At 31 December 2024	118,074	5,414,345	1,339,560	56,032	6,928,011
	---------	------------	------------	---------	-------------
At 31 December 2023	149,369	647,805	1,095,173	90,030	1,982,377
	---------	------------	------------	---------	-------------

Company	Fixtures and fittings
	£
Cost
At 1 January 2024	467
Additions	142
	----
At 31 December 2024	609
	----
Depreciation
At 1 January 2024	65
Charge for the year	83
	----
At 31 December 2024	148
	----
Carrying amount
At 31 December 2024	461
	----
At 31 December 2023	402
	----

15. Investments

The group has no investments.

Company	Shares in group undertakings
	£
Cost
At 1 January 2024	701
Additions	2
	----
At 31 December 2024	703
	----
Impairment
At 1 January 2024 and 31 December 2024	–
	----

Carrying amount
At 31 December 2024	703
	----
At 31 December 2023	701
	----

Subsidiaries, associates and other investments

Details of the investments in which the parent company has an interest of 20% or more are as follows:

	Class of share	Percentage of shares held
Subsidiary undertakings
3 Wise Men Pubs Ltd	Ordinary	100
Bedford Taverns Ltd	Ordinary	100
Clover Pubs NI No.1 Limited	Ordinary	100
Clover Pubs NI No.2 Limited	Ordinary	100
Clover Pubs NI No.3 Limited	Ordinary	100
Clover Pubs NI No.4 Limited	Ordinary	100
Clover Pubs NI No. 5 Limited	Ordinary	100
Clover Pubs Property NI No.1 Limited	Ordinary	100
Clover Pubs Property NI No.2 Limited	Ordinary	100

16. Stocks

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Finished goods and goods for resale	209,506	233,725	–	–
	---------	---------	----	----

17. Debtors

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Trade debtors	34,826	59,423	–	–
Amounts owed by group undertakings	–	–	259,107	208,543
Amounts owed by undertakings in which the company has a participating interest	1,530,000	1,362,064	–	–
Prepayments and accrued income	263,734	239,768	3,441	9,987
Directors loan account	422,290	587,177	–	–
Other debtors	788,675	961,628	301	301
	------------	------------	---------	---------
	3,039,525	3,210,060	262,849	218,831
	------------	------------	---------	---------

18. Creditors: amounts falling due within one year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Bank loans and overdrafts	175,000	–	–	–
Trade creditors	1,181,332	985,590	50,651	45,480
Amounts owed to group undertakings	–	–	45,329	–
Accruals and deferred income	816,160	949,919	17,052	8,502
Corporation tax	1,028,954	748,011	544	–
Social security and other taxes	618,013	683,940	28,650	20,764
Other creditors	762,180	718,629	4,033	24,551
	------------	------------	---------	--------
	4,581,639	4,086,089	146,259	99,297
	------------	------------	---------	--------

19. Creditors: amounts falling due after more than one year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Bank loans and overdrafts	3,325,000	–	–	–
Other creditors	1,697,323	888,157	–	–
	------------	---------	----	----
	5,022,323	888,157	–	–
	------------	---------	----	----

20. Provisions

Group	Deferred tax (note 21)
	£
At 1 January 2024	–
Additions	126,398
	---------
At 31 December 2024	126,398
	---------

The company does not have any provisions.

21. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Included in provisions (note 20)	126,398	–	–	–
	---------	----	----	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Accelerated capital allowances	126,398	–	–	–
	---------	----	----	----

22. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 134,763 (2023: £ 105,328 ).

23. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary Class A shares of £ 0.01 each	7,500	75	7,500	75
Ordinary Class B shares of £ 0.01 each	2,502	25	2,502	25
Ordinary Class C shares of £ 0.01 each	8,000	80	8,000	80
Ordinary Class D shares of £ 0.01 each	2,000	20	2,000	20
Ordinary Class E shares of £ 0.01 each	10,000	100	10,000	100
Ordinary Class F shares of £0.01 each	60	1	60	1

Ordinary Class G shares of £0.01 each	20	–	20	–
Ordinary Class H shares of £0.01 each	20	–	20	–
	--------	----	--------	----
	30,102	301	30,102	301
	--------	----	--------	----

24. Analysis of changes in net debt

	At 1 Jan 2024	Cash flows	At 31 Dec 2024
	£	£	£
Cash at bank and in hand	836,441	916,751	1,753,192
Debt due within one year	–	(175,000)	(175,000)
Debt due after one year	–	(3,325,000)	(3,325,000)
	---------	------------	------------
	836,441	( 2,583,249)	( 1,746,808)
	---------	------------	------------

25. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company and its subsidiary undertakings:

	2024
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr P Langsford	142,228	( 54,008)	88,220
Mr J Conlon	444,949	( 110,879)	334,070
	---------	---------	---------
	587,177	( 164,887)	422,290
	---------	---------	---------

	2023
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr P Langsford	91,249	50,979	142,228
Mr J Conlon	371,899	73,050	444,949
	---------	---------	---------
	463,148	124,029	587,177
	---------	---------	---------

26. Related party transactions

Group

Clover Pubs Property NI Limited is a related party under common control of the directors. At the balance sheet date, the group was owed £1,529,999 (2023: £1,362,064).