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Registered number:
FOR THE PERIOD ENDED 29 MARCH 2025
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INTERPUB LIMITED
COMPANY INFORMATION
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INTERPUB LIMITED
CONTENTS
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INTERPUB LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 29 MARCH 2025
The directors present the strategic report for the year ended 29 March 2025.
The year to 29th March 2025 started on budget but a combination of factors resulted in a decline in revenue and in EBITDA in the second half of the year.
Whilst our Traditional pubs held up well, our late night venues were impacted by changing work patterns and more restrictive City regulations where the value of the night time economy is increasingly undervalued both in the UK and some European cities. Regulations and city taxes designed to stop the proliferation of Air B&B have a direct impact on our cost base which is increasingly difficult to pass on. Whilst operational costs were well controlled, fixed costs continued to rise both in the UK and Europe including mandatory wage increases, energy, security and cleaning costs, business rates and CPI lease clauses. Whilst our own booking engine has increased its traction year on year the OTA commissions have continued to edge up. Our St Christoper’s branded hostels maintained sector leading occupancy levels, but we saw a decline in net bed rate particularly in the second half of the financial year for the group. With over 4000 beds across the UK and Europe this accounted for 80% of revenue decline. In the full year to 30th March 2025 revenue fell 1.28% to £22.022m (2024 £23.700m) . Our large integrated units, i.e. combined St Christophers Inns hostels and Belushi’s branded bars in London, Edinburgh and European capitals withstood the challenges of constricted national economies and still remained both profitable and cash generative on a unit trading basis, but the pressures on the small UK leasehold units outside the city centres were more severely impacted where rising fixed costs are more difficult to absorb. Over the year end we sold 2 lossmaking leaseholds in the UK as we saw little chance of them returning to trading profit. We pay tribute to our magnificent staff across the UK and Europe for their flexibility and unfailing commitment as rotas adjust for changing customer behaviours. We believe we have the best team in the sector. We have been frustrated in our search for additional hostels. The European operators remained more financially buoyant as the EU Governments supported their hospitability business through Covid with grants or low interest loans as opposed to the UK model of expensive short term loans. The tide is gradually turning in Europe where more realistic multiples are now evident. With these changes in the revenue stream and pressures on our fixed costs it is inevitable that we have to look at our cost base and post year end have implemented a restructure of both our operational model and our HO structure. The key is to keep the balance between costs and guest experience which, on the evidence of guest feed back and ratings we are largely succeeding. It would be wrong not to note the impact of PE funded players in the market, who have built new hostels from scratch and need to fill those beds, so keeping prices low. We combat that by offering an unforgettable lifetime adventure experience across Europe for both groups and independent travellers. Safe, Secure, Value and Fun: It’s what we do best.
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INTERPUB LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 MARCH 2025
The Beds & Bars group, of which Interpub Limited is a member has operated in the hospitality industry for 62 years.
The residual debt burden taken on during and after the Covid pandemic remains a major factor in our decision making process. The major risk within our control is liquidity. The group used all levers to manage the outflow of funds whilst maintaining our capacity to retain key personnel and systems. Recruiting and retaining staff has eased further in FY 2025 although we pay a premium for that stability, whilst adding to our staff benefits. We continue to invest in our training programmes underpinning our Investors in People Platinum award. It has been tough year and FY 2026 will see a further decline in earnings as we realign the cost base of the Group to the revenue streams. The increasing fixed costs of certain units make them marginal and the directors are examining exiting units to reduce debt built up during Covid. We are fortunate to have assets to sell and the board is grateful to our sole UK bankers, HSBC, for their continued support and for their flexibility in agreeing revised terms as the financial performance evolves. As an established player and with the strength of its branded presence and focus on the guest experience Beds and Bars is well placed to protect its unique market position. Financial Risk Interpub Limited has historically funded the development of its business through retained profits and bank facilities. Despite the best endeavours of the board, curtailed trading meant that combined losses of the pandemic years totalled £15.5m which were replaced with both bank and Government backed loans These loans have variable interest rates which track a mixture of UK base rate, SONIA and Euribor. Thus changes in those rates changes the cost of finance and therefore impact net cash, profit and retentions. The group regularly reviews both its interest hedging and currency risk. Our relationship with HSBC as our sole UK banker remains excellent and they are regularly updated with financial performance, forecasts and KPI’s The Group has the benefit of a number of prime UK freehold properties. The Company is exposed to short term cancellation of bookings. In mitigation, management ensure that a non-refundable deposit is taken at the time of booking and encourages full payment in advance through, amongst other things, the fixing of exchange rates. Net bed rates across Europe have fallen further in FY 2026. This is industry wide as cut price competition from South East Asia is attracting our knowledgeable and cost conscious global travelling guest. We believe this is likely to remain a pattern for the foreseeable future which means that we have to target our cost base and ensure we offer a premium experience in our culture rich European capitals and major city hostels and bars.
Health and Safety is at the core of our business. The Health and Safety Strategy (H&S Strategy) supports the strategic and operational management of the group and looks to go beyond the traditional role of preventing harm. The H&S Strategy commits the group to continually improve the health and safety environment for its staff and customers. The H&S Strategy is not just about compliance: it is a suite of practical policies keeping all our staff, customers, sub- contractors and visitors safe. It is closely monitored and tested unit by unit and updated as required.
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INTERPUB LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 MARCH 2025
The Board believes that the group has robust data protection procedures in place. However this is an ever more complex area and the Company continually reviews and upgrades its defences against attack. In addition to its in house team the Directors engage external consultants to ensure that the group is fully compliant with relevant legislation.
The Company continues to evaluate its data security policies and procedures in accordance with GDPR regulations. Key performance indicators The board use a number of indicators to track the performance of the company (KPIs). These include, amongst others: weekly turnover, no of beds sold per division, accommodation, food and beverage gross margins, revenues by booking channel, EBITDA performance by site and customer review data. The KPIs are reviewed on a weekly and monthly basis and compared to budget and prior years’ performance.
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INTERPUB LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 MARCH 2025
The board of directors provide the following statement on how they have performed of their statutory duties in accordance with s172(1) of the Companies Act 2006.
The board of Directors of Interpub Ltd consider that both individually and together, they have acted in a way that would be most likely to promote the success of the company for the benefit of its members as a whole (having regard to stakeholders and matters set out in s172(1) (a-f) of the Act) in the decisions taken during the year ended 29 March 2025. The likely consequences of any decision in the long term Consideration of the consequences of any decision in both the short, medium and long term is considered as part of the decision making process. The interests of the company's employees Interpub Limited has continued to invest in people at all levels in the organisation, as we see this as a key factor in maintaining and improving performance in all aspects of the business. The emphasis on internal development through our award winning footsteps training programme, as well as encouraging employees to take an active role in their career, has helped to ensure ongoing employee engagement and retention. It has also helped to ensure that the majority of our new managers are promoted from within, having successfully come through the training programme. The Beds & Bars Group Ltd has continued to invest in people at all levels in the organisation, as we see this as a key factor in maintaining and improving performance in all aspects of the business. The emphasis on internal development through our award-winning footsteps training programme, as well as encouraging employees to take an active role in their career, has helped to ensure ongoing employee engagement and retention. It has also helped to ensure that the majority of our new managers are promoted from within, having successfully come through the training programme. We have continued to invest in our employees with health schemes and life cover, all of which has contributed to our success in both retaining and recruiting the best employees in the hospitality market. We are proud of our IIP Platinum award. The need to foster the company's business relationships with suppliers, customers and others Our customers are at the heart of everything we do and our mission is to provide them with a safe, secure, value and fun experience. We conduct regular customer surveys, and encourage feedback from industry rating sites in addition to interaction with social media community groups. Our suppliers and contractors are an integral part of providing a memorable guest experience. We maintain regular transparent communication with our stakeholders and pay to terms. We have nominated responsibility within each of our regions to maintain and enhance our supplier relationships.
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INTERPUB LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 MARCH 2025
The impact of the company's operations on the community and the environment The impact of our operations on the community and the environment is an important factor managing a consumer led hospitality group. The board regularly reviews processes and procedures seeking continual improvement and have implemented a number of policies across our hostel and F&B estate to minimise our environmental impact. These initiatives are outlined in more detail in the Directors’ report The desirability of the company maintaining a reputation for high standards of business conduct Our company core values of safe, secure, value and fun are a fundamental part of a family owned business. Our core values include communicating honestly and openly and set the standard for how we maintain high standards of business conduct. The need to act fairly as between members of the company. The consequences of any decision on all members of the group is considered as part of the decision making process.
This report was approved by the board on 29 December 2025 and signed on its behalf.
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INTERPUB LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 29 MARCH 2025
The directors present their report and the financial statements for the period ended 29 March 2025.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 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.
The loss for the period, after taxation, amounted to £5,546,442 (2024 - loss £2,065,066).
No ordinary dividends were paid. The directors do not recommend payments of a final dividend
The directors who served during the period were:
Our engagement with employees are detailed within the strategic report.
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INTERPUB LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 MARCH 2025
Our engagement with suppliers, customers and others are detailed within the strategic report.
The Company has claimed exemption from preparing carbon and energy report as this is disclosed in the parent
company of Beds and Bars Group Limited's Group Director's Report.
The directors have chosen in accordance with section 414C(11) of the Companies Act 2006 to include in the Strategic Report matters otherwise required to be disclosure in the Directors' report as the directors consider these are of strategic importance to the company.
There have been no significant events affecting the Company since the year end.
The auditors, Xeinadin Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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INTERPUB LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 MARCH 2025
This report was approved by the board and signed on its behalf.
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INTERPUB LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTERPUB LIMITED
We have audited the financial statements of Interpub Limited (the 'Company') for the period ended 29 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).
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.
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.
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INTERPUB LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTERPUB LIMITED (CONTINUED)
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.
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.
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.
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INTERPUB LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTERPUB LIMITED (CONTINUED)
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:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Reviewing minutes of meetings of those charged with governance;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of signficiant transactions outside the normal course of business and reviewing accounting estimates for bias;
∙Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation
Secondly, the Company is subject to many other laws and regulations where the consequence of non-compliance could have a material effort on amounts or disclosures in the financial statements. for instance the imposition of fines or litigation or the loss of the Company's license to operate. We identified the following areas as those most likely to have such an effort: health and safety, data protection laws, and employment law compliance recognising the nature of the Company's activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
Because of the inherent limitation 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 instance 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.
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.
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.
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INTERPUB LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INTERPUB LIMITED (CONTINUED)
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.
for and on behalf of
Chartered Accountants
Statutory Auditor
8th Floor
Becket House
36 Old Jewry
EC2R 8DD
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INTERPUB LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 29 MARCH 2025
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INTERPUB LIMITED
REGISTERED NUMBER: 01327896
STATEMENT OF FINANCIAL POSITION
AS AT 29 MARCH 2025
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INTERPUB LIMITED
REGISTERED NUMBER: 01327896
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 39 form part of these financial statements.
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INTERPUB LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 29 MARCH 2025
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INTERPUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2025
Interpub Limited is a private company limited by shares and is registered and incorporated in England and Wales. The address of the registered office is Overlord House, 1D Colet Gardens, Hammersmith, London, England, W14 9DH.
The company's principal activities and nature of its operations are disclosed in the Directors' Report.
2.Accounting policies
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).
Interpub Limited have taken advantage of the following disclosure exemptions:
- The requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv). - The requirements of Section 7 Statement of Cash Flows and Section 3 Financial statements presentation paragraph 3.17(d). - The requirement of Section 33 Related Party Disclosures paragraph 33.7. The company has taken advantage of the exemption under section 400 of Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group. Interpub Limited is a wholly owned subsidiary of Beds & Bars Group Limited and the results of Interpub Limited are included in the consolidated financial statements of Beds & Bars Group Limited which are available from 1D Colet Gardens, Hammersmith, London, W14 9DH.
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INTERPUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2025
2.Accounting policies (continued)
The financial statements are prepared on a going concern basis.
The financial position of the company together with its current liquidity and future cash projections have been reviewed by the directors. Year on year trading performance has been cash negative and that has continued into FY 2026. Post the FY 2025 year end the group has sold or is in the process of selling loss making or marginal assets for £3.0m which HSBC have agreed to release into cash flow whilst a further unit in the UK is close to completion which will significantly reduce bank debt. HSBC have agreed a further £1m overdraft pending these sales being completed. Sale of these units has a positive impact on EBITDA as they were either lossmaking or made a minimal contribution whilst absorbing disproportionate management time and cost. HSBC have shown continued support during the year and shown no indication of taking any action on the breach of the loan covenants. Post year end our insurers have made an interim payment of £2.750m against our total covid claim of £5.8m. As with any insurance claim the timing and quantum of a further settlement is uncertain but our loss adjusters believe the principle has been set and the full claim is valid. The group has signed a range of contracts to streamline the group management structure which is well underway and will be significantly implemented for the start of the 2027 financial year. Having considered the potential risks and evolving global economic environment the directors have a reasonable expectation that the group will maintain the support of HSBC as its bankers and have adequate resources to meet its commitments for the foreseeable future. Based on the foregoing the directors believe that it remains appropriate to adopt the going concern basis of accounting in preparing the financial statements.
Turnover represents the total value, excluding Value Added Tax, of goods sold and services provided to external customers and is recognised when the goods or services have been provided.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. The company recognises revenue in respect of management charge receivable from its subsidiary undertakings. Turnover is recognised when the company becomes entitled to receive the revenue under the intercompany arrangement.
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INTERPUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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INTERPUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2025
2.Accounting policies (continued)
Goodwill was created on the acquisition of the Bath site in 2003. It represents the excess of the purchase price compared with the fair value of the assets acquired. It has been capitalised and written off over 30 years as in the opinion of the directors this represents the period over which the goodwill is effective. Goodwill is reviewed for impairment on an annual basis.
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INTERPUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
A subsidiary is an entity controlled by the Company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
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INTERPUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The company 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.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, loans to fellow group companies, and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest. Classification of financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities Basic financial liabilities, including trade and other creditors, and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
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INTERPUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2025
2.Accounting policies (continued)
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Derecognition of financial liabilities Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire. Equity instruments Equity instruments issued by the company are recorded at the fair value of proceeds received, net of direct issue costs.
The cost 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 provide termination benefits.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the income statement so as to produce a constant periodic rate of interest on the remaining balance of the liability. Rentals payable under operating leases, including any lease incentives received, are charged to expenses on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
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INTERPUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2025
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 affect only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
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INTERPUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2025
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INTERPUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2025
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INTERPUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2025
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INTERPUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2025
Page 28
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INTERPUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2025
11.Taxation (continued)
There were no factors that may affect future tax charges.
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INTERPUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2025
Page 30
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INTERPUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2025
Page 31
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INTERPUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2025
Page 32
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INTERPUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2025
Page 33
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INTERPUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2025
Page 34
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INTERPUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2025
Page 35
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INTERPUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2025
20. (continued)
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INTERPUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2025
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INTERPUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2025
Share premium account
Profit and loss account
The Company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held seperately from those of the Company in an independently administered fund. Contributions payable to the fund at the year end and included within creditors were £55,941 (2024: £66,779).
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INTERPUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2025
Beds & Bars Limited, a company registered in England & Wales, is the immediate parent company. The registered office of Beds & Bars Limited is 1D Colet Gardens, Hammersmith, London, England, W14 9DH.
The ultimate parent company is Bars & Bars Group Limited, a company registered in England & Wales. They produce the smallest and largest consolidated group accounts which included Interpub Limited. Copies of the consolidated group accounts can be obtained from the registered office at 1D Colet Gardens, Hammersmith, London, England, W14 9DH. The ultimate controlling party is Mr K C Knowles.
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