Company registration number 02671691 (England and Wales)
PUBS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
PUBS LIMITED
COMPANY INFORMATION
Directors
D J Brunning
E B Brunning
L Cox
Secretary
D J Brunning
Company number
02671691
Registered office
Lower Farm
Whitchurch Road
Broxton
Chester
CH3 9JS
Auditor
Mitchell Charlesworth
24 Nicholas Street
Chester
CH1 2AU
PUBS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
16
Notes to the financial statements
11 - 23
PUBS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 1 -

The directors present the strategic report for the year ended 30 June 2025.

Pubs Limited is a family run company located just outside Chester and owned by Jeremy Brunning and his wife Beth. The company has no external debt and makes a modest profit. Our operations are centered around four pubs and is run by a team of approximately 1 1 0 employees (45 full-time equivalents) from a small office at Lower Farm.

Our business model focuses on making pleasing and well maintained spaces for people to meet up and enjoy good things to eat and drink served by friendly, helpful and efficient staff. The aim is to make every customer likely to return time and time again. The financial goal is simple: each pub is expected to generate a reasonable trading profit contributing to covering our central cost and ultimately generating a company wide profit.

Review of the business
Principal risks and uncertainties

The principal risk to the business remains the challenging trading environment that has developed over the past few years. It is clear for all to see that the hospitality sector is suffering, with an alarming number of good venues shutting permanently, particularly since the turn of 2025. We remain confident that our strong product, well capitalised Balance Sheet and the demographics of our target market makes the business relatively resilient to this environment in the medium to long-term, and that some amount of market consolidation is probably healthy for both us and the sector generally.

Liquidity and cash flow risk

The nature of our business means we have no real debtors and cash is received, effectively, at the point of sale. So long as the trading units run at a profit and in combination cover our central costs, we do not face much cash flow risk overall.

However there are clear seasonal patterns to trade within the year, so we must ensure we keep enough cash in reserve to cover our costs in the less profitable periods.

Development and performance

Our current principal objective is to maximise the financial efficiency of our existing trading units without compromising the product, which is well underway as at the time of writing (February 202 6).

We will also add additional revenue streams to the company, whether by increasing the number of trading units or venturing into other lines of business adjacent to our current ones, that require little capital investment and make use of our existing expertise.

As mentioned previously, future development also means making sure that we offer our customers what they want, and carefully and selectively shifting what we do where necessary as culture gradually evolves. The British pub looks considerably different today than it did fifty years ago in terms of who uses it and how, and there is no doubt it will look different in the not-too-distant future too.

By order of the board

D J Brunning
Secretary
4 February 2026
PUBS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -

The directors present their annual report and financial statements for the year ended 30 June 2025.

Principal activities

The principal activity of the company continued to be that of buying, renovating and running pubs.

Results and dividends

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

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

D J Brunning
E B Brunning
H Alford
(Resigned 30 September 2025)
L Cox
Statement of disclosure to auditor

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

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

By order of the board
D J Brunning
Secretary
4 February 2026
PUBS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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 and then apply them consistently;

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

- 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.

PUBS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PUBS LIMITED
- 4 -
Opinion

We have audited the financial statements of Pubs Limited (the 'company') for the year ended 30 June 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 June 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

PUBS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PUBS LIMITED (CONTINUED)
- 5 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, 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' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The auditor’s assessment of the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur.

Which laws and regulations the auditor identified as being of significance in the context of the entity.

The auditor’s explanation of its audit response will depend on the risks identified but may include:

- Enquiry of management, those charged with governance and the entity’s solicitors (or in-house legal team) around actual and potential litigation and claims.

- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing internal audit reports.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

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

PUBS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PUBS LIMITED (CONTINUED)
- 6 -

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.

Robert Hall (Senior Statutory Auditor)
For and on behalf of Mitchell Charlesworth, Statutory Auditor
Accountants
24 Nicholas Street
Chester
CH1 2AU
4 February 2026
PUBS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
4,025,787
4,005,568
Cost of sales
(1,197,728)
(1,314,381)
Gross profit
2,828,059
2,691,187
Administrative expenses
(2,699,258)
(3,247,096)
Profit/(loss) before taxation
128,801
(555,909)
Tax on profit/(loss)
6
26,187
7,519
Profit/(loss) for the financial year
154,988
(548,390)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

PUBS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
- 8 -
2025
2024
£
£
Profit/(loss) for the year
154,988
(548,390)
Other comprehensive income
-
-
Total comprehensive income for the year
154,988
(548,390)
PUBS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
8
1,164
2,626
Tangible assets
9
5,217,596
5,519,042
5,218,760
5,521,668
Current assets
Stocks
10
95,394
118,316
Debtors
11
332,200
316,215
Cash at bank and in hand
297,371
157,283
724,965
591,814
Creditors: amounts falling due within one year
12
(388,692)
(460,738)
Net current assets
336,273
131,076
Total assets less current liabilities
5,555,033
5,652,744
Creditors: amounts falling due after more than one year
13
(1,060,519)
(1,313,218)
Net assets
4,494,514
4,339,526
Capital and reserves
Called up share capital
17
5,750,000
5,750,000
Profit and loss reserves
(1,255,486)
(1,410,474)
Total equity
4,494,514
4,339,526

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 4 February 2026 and are signed on its behalf by:
D J Brunning
Director
Company registration number 02671691 (England and Wales)
PUBS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2023
4,500,000
(862,084)
3,637,916
Year ended 30 June 2024:
Loss and total comprehensive income
-
(548,390)
(548,390)
Issue of share capital
17
1,250,000
-
1,250,000
Balance at 30 June 2024
5,750,000
(1,410,474)
4,339,526
Year ended 30 June 2025:
Profit and total comprehensive income
-
154,988
154,988
Balance at 30 June 2025
5,750,000
(1,255,486)
4,494,514
PUBS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 11 -
1
Accounting policies
Company information

Pubs Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lower Farm, Whitchurch Road, Broxton, Chester, CH3 9JS.

1.1
Basis of preparation

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

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

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

1.2
Going concern

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

1.3
Turnover

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

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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

Software
20% straight line
1.6
Tangible fixed assets

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

PUBS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 12 -

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

Land and buildings Freehold
Nil
Land and buildings Leasehold
4%/5% straight line
Plant and machinery
20% straight line
Fixtures, fittings & equipment
20% straight line with residual value of 25%
Computer equipment
20% straight line
Motor vehicles
25% straight line

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

The freehold land and buildings is recognised at cost and is not depreciated at the year-end. The residual value of the freehold land and buildings is expected to be much greater than cost therefore no depreciation is considered necessary.

1.7
Impairment of fixed assets

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

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

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

PUBS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 13 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

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 in the company's balance sheet 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 debtors 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

PUBS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

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

1.12
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

PUBS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 15 -
1.13
Taxation

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

Current tax

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

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

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

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

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

1.15
Retirement benefits

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

1.16
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

PUBS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
- 16 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
19
(132,140)
(45,622)
Investing activities
Purchase of intangible assets
-
0
(1,680)
Proceeds from disposal of intangibles
232
-
0
Purchase of tangible fixed assets
(22,893)
(1,221,124)
Proceeds from disposal of tangible fixed assets
294,889
-
0
Net cash generated from/(used in) investing activities
272,228
(1,222,804)
Financing activities
Proceeds from issue of shares
-
0
1,250,000
Net cash (used in)/generated from financing activities
-
1,250,000
Net increase/(decrease) in cash and cash equivalents
140,088
(18,426)
Cash and cash equivalents at beginning of year
157,283
175,709
Cash and cash equivalents at end of year
297,371
157,283
PUBS LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 17 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
4,025,787
4,005,568
4
Operating profit/(loss)
2025
2024
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Research and development costs
456
107
Fees payable to the company's auditor for the audit of the company's financial statements
500
6,000
Depreciation of owned tangible fixed assets
47,587
122,360
Impairment of owned tangible fixed assets
(The Henry Potts)
-
0
346,673
Profit on disposal of tangible fixed assets
(18,137)
-
Amortisation of intangible assets
1,230
1,230
Operating lease charges
19,052
18,914
5
Employees

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

2025
2024
Number
Number
142
143
PUBS LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
5
Employees
(Continued)
- 18 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,803,350
1,898,399
Social security costs
144,536
132,988
Pension costs
30,203
28,279
1,978,089
2,059,666
6
Taxation
2025
2024
£
£
Deferred tax
Origination and reversal of timing differences
(26,187)
(7,519)

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

2025
2024
£
£
Profit/(loss) before taxation
128,801
(555,909)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
32,200
(138,977)
Tax effect of expenses that are not deductible in determining taxable profit
13
2,865
Change in unrecognised deferred tax assets
(58,400)
58,400
Deferred tax adjustments in respect of prior years
-
0
776
Fixed asset differences
-
0
69,417
Taxation credit for the year
(26,187)
(7,519)
PUBS LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 19 -
7
Impairments

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

2025
2024
Notes
£
£
In respect of:
Property, plant and equipment (The Henry Potts)
9
-
0
346,673
Recognised in:
Administrative expenses (The Henry Potts)
-
346,673
8
Intangible fixed assets
Software
£
Cost
At 1 July 2024
19,950
Disposals
(580)
At 30 June 2025
19,370
Amortisation and impairment
At 1 July 2024
17,324
Amortisation charged for the year
1,230
Disposals
(348)
At 30 June 2025
18,206
Carrying amount
At 30 June 2025
1,164
At 30 June 2024
2,626
PUBS LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 20 -
9
Tangible fixed assets
Land and buildings Freehold
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 July 2024
5,000,563
445,461
39,032
886,605
91,789
15,812
6,479,262
Additions
14,725
-
0
-
0
7,859
309
-
0
22,893
Disposals
(273,261)
-
0
-
0
(7,305)
-
0
-
0
(280,566)
At 30 June 2025
4,742,027
445,461
39,032
887,159
92,098
15,812
6,221,589
Depreciation and impairment
At 1 July 2024
-
0
345,461
35,737
495,528
67,682
15,812
960,220
Depreciation charged in the year
-
0
-
0
839
38,018
8,730
-
0
47,587
Eliminated in respect of disposals
-
0
-
0
-
0
(3,814)
-
0
-
0
(3,814)
At 30 June 2025
-
0
345,461
36,576
529,732
76,412
15,812
1,003,993
Carrying amount
At 30 June 2025
4,742,027
100,000
2,456
357,427
15,686
-
0
5,217,596
At 30 June 2024
5,000,563
100,000
3,295
391,077
24,107
-
0
5,519,042
PUBS LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
9
Tangible fixed assets
(Continued)
- 21 -

More information on impairment movements in the year is given in note 7.

10
Stocks
2025
2024
£
£
Finished goods and goods for resale
95,394
118,316
11
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
35
17
Prepayments and accrued income
8,959
19,179
8,994
19,196
2025
2024
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 14)
323,206
297,019
Total debtors
332,200
316,215
12
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Trade creditors
100,506
137,292
Taxation and social security
188,038
198,584
Deferred income
15
3,140
-
0
Other creditors
50,125
73,240
Accruals and deferred income
46,883
51,622
388,692
460,738
13
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
1,060,519
1,313,218
PUBS LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 22 -
14
Deferred taxation

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

Assets
Assets
2025
2024
Balances:
£
£
Accelerated capital allowances
(289,134)
(289,487)
Tax losses
611,782
585,770
Other
558
736
323,206
297,019
2025
Movements in the year:
£
Asset at 1 July 2024
(297,019)
Credit to profit or loss
(26,187)
Asset at 30 June 2025
(323,206)

The deferred tax asset set out above is expected to reverse and relates to the utilisation of tax losses against future expected profits of the same period.

15
Deferred income
2025
2024
£
£
Other deferred income
3,140
-
16
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
30,203
28,279

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

17
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
5,750,000
5,750,000
5,750,000
5,750,000
PUBS LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
17
Share capital
(Continued)
- 23 -
18
Directors' transactions

At the balance sheet date Mr and Mrs Brunning's Directors' Loan Account was in credit to the sum of £1,060,519 (2024: £1,313,218). There are no fixed repayment terms and the amount bears no right to interest.

19
Cash absorbed by operations
2025
2024
£
£
Profit/(loss) for the year after tax
154,988
(548,390)
Adjustments for:
Taxation credited
(26,187)
(7,519)
Gain on disposal of tangible fixed assets
(18,137)
-
Amortisation and impairment of intangible assets
1,230
1,230
Depreciation and impairment of tangible fixed assets
(Impairment of The Henry Potts)
47,587
469,033
Movements in working capital:
Decrease/(increase) in stocks
22,922
(26,155)
Decrease/(increase) in debtors
10,202
(18,657)
(Decrease)/increase in creditors
(327,885)
84,836
Increase in deferred income
3,140
-
Cash absorbed by operations
(132,140)
(45,622)
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