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Registered number: 06232939 Bravo Inns Limited Annual report and financial statements For the Period Ended 1 June 2025
Bravo Inns Limited Company Information
Directors | A Clifford
| C Jowsey
| N Gray
Registered number | 06232939
Registered office | One St Peter's Square
| Manchester
| M2 3DE
Independent auditor | BDO LLP
| 55 Baker Street
| London
| W1U 7EU
Solicitors | Addleshaw Goddard LLP
| Milton Gate
| 60 Chiswell Street
| London
| EC1Y 4AG
Bravo Inns Limited Contents
| Page
Strategic report | 1
Directors' report | 2 - 4
Independent auditor's report | 5 - 8
Profit and loss account | 9
Statement of comprehensive income | 10
Balance sheet | 11
Statement of changes in equity | 12
Notes to the financial statements | 13 - 28
Bravo Inns Limited Strategic report For the Period Ended 1 June 2025
Business review
Bravo Inns Limited is a subsidiary of the Admiral Taverns group. The immediate parent undertaking is Hawthorn Leisure (Bravo Inns) Limited, a company incorporated in the United Kingdom. The Company’s ultimate parent undertaking and controlling party is PSSF Brady (Cayman) Limited, an entity incorporated in the Cayman Islands. During the period ended 1 June 2025 the Company generated turnover of £2.2m (2024 - £2.2m), an operating loss of £0.1m (2024 - profit £0.6m) and underlying operating profit (excluding exceptional items) of £134k (2024 - profit £94k). The pub count at the end of the period was 7 (2024 - 7), with the disposal of no pubs. The average number of pubs during the period was 7 (2024 - 7). Underlying operating profit per pub was £19.1k (2024 - profit £13.4k).
Key performance indicators and principal risks and uncertainties
A comprehensive review of the state of affairs of the Group into which the Company is consolidated, including key performance indicators and key risks and uncertainties is contained in the report and financial statements of PSSF Brady Holdco (UK) Limited. This report was approved by the board on 16 December 2025 and signed on its behalf.
N Gray Director
Page 1
Bravo Inns Limited Directors' report For the Period Ended 1 June 2025 The directors present their report and the financial statements for the period ended 1 June 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙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.
Principal activity
The Company’s principal activities are the sale of alcoholic beverages and the collection of rents from its estate of licensed premises (“pubs”).
Results and dividends
The loss for the period, after taxation, amounted to £97,000 (2024 - profit £554,000). The directors do not recommend a final dividend (2024 - £nil).
Directors
The directors who served during the period were:
A Clifford
C Jowsey
N Gray
Qualifying third party indemnity provisions
The directors have the benefit of an indemnity which is a qualifying third-party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force during the financial period and is currently in force at the date of the approval of the financial statements. The Group also purchased and maintained throughout the year financial year Directors’ and Officers’ liability insurance in respect of itself and directors. Page 2
Bravo Inns Limited Directors' report (continued) For the Period Ended 1 June 2025
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Going concern
The Company is a member of the Admiral Taverns group of companies (the Group). A full list of the Group can be found in the accounts of PSSF Brady Holdco (UK) Limited as referred to in note 21. The Company has a cross guarantee arrangement in relation to the Group’s financing and therefore the Group position is relevant. In assessing going concern the Directors have considered the limiting factors that may prevent them from supporting a going concern assumption for the Group. These are: ∙insufficient cash resources to pay creditors as and when they become due; and ∙an inability to meet certain financial covenants (the Leverage Test) in the Group’s amended loan facilities agreement with ICG, which could lead to an event of default which would trigger a demand for repayment of the Facility. Cash Resources As of 30 November 2025, the Group had £31.5m of free cash and undrawn, committed credit facilities of £12.0m. The pub estates continue to trade well meeting management’s expectations and generating cash. Pub disposals remain on track and Management have yet to see any impact on pub values as a result of the UK’s Financial Crisis. The Group has hedged its own utility costs and over half its interest rate exposure under its debt facilities. The robust cash position is also supported by the large freehold asset base. Leverage Test The Leverage Test (a quarterly covenant test of the ratio of net debt to EBITDA over the preceding 12-month period) was reset in August 2021 as part of the extension of the existing facilities to fund the Hawthorn Acquisition. This included raised levels of covenant headroom and the addition of certain Pandemic Protection clauses, suspending the leverage test in the event of further large scale, Government mandated closures of pubs and replacing it with a minimum liquidly requirement or maintaining at least £5m of liquid cash resources during the impacted period. The Group's forecasts show the Leverage Test is met. Conclusion The Directors have concluded that sufficient resources exist for the Group to meet its liabilities as they fall due for the twelve months from the date of approval of the accounts. Accordingly, they continue to adopt the going concern basis in preparing these financial statements. Page 3
Bravo Inns Limited Directors' report (continued) For the Period Ended 1 June 2025
Auditor
The auditor, BDO LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 16 December 2025 and signed on its behalf.
N Gray Director
Page 4
Independent auditor's report to the members of Bravo Inns Limited
Opinion on the financial statements
In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 1 June 2025 and of its loss for the 53 week period then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006. We have audited the financial statements of Bravo Inns Limited ("the Company") for the 53 week period ended 1 June 2025 which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, 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).
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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence 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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report. Page 5
Independent auditor's report to the members of Bravo Inns Limited (continued)
Other information
The Directors are responsible for the other information. The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. 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.
Other Companies Act 2006 reporting
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. 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 Statement of Directors Responsibilities, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 6
Independent auditor's report to the members of Bravo Inns Limited (continued)
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: Non-compliance with laws and regulations Based on: ∙Our understanding of the Company and the industry in which it operates; ∙Discussion with management and those charged with governance; and ∙Obtaining an understanding of the Company’s policies and procedures regarding compliance with laws and regulations. We considered the significant laws and regulations to be the applicable accounting framework, UK tax legislation and the Companies Act 2006. Our procedures in respect of the above included: ∙Review of minutes of meetings of those charged with governance for any instances of non-compliance with laws and regulations; ∙Review of correspondence with tax authorities for any instances of non-compliance with laws and regulations; ∙Review of financial statement disclosures and agreeing to supporting documentation; and ∙Review of legal expenditure accounts to understand the nature of expenditure incurred. Fraud We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included: ∙Enquiry with management and those charged with governance regarding any known or suspected instances of fraud; ∙Obtaining an understanding of the Company’s policies and procedures relating to: ∙Detecting and responding to the risks of fraud; and ∙Internal controls established to mitigate risks related to fraud. ∙Review of minutes of meetings of those charged with governance for any known or suspected instances of fraud; ∙Discussion amongst the engagement team as to how and where fraud might occur in the financial statements; ∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; ∙Considering remuneration incentive schemes and performance targets and the related financial statement areas impacted by these. Based on our risk assessment, we considered the areas most susceptible to fraud to be Management override of controls and Manual journal postings to revenue. Our procedures in respect of the above included: ∙Testing a sample of journal entries throughout the year, which met a defined risk criteria, by agreeing to supporting documentation; ∙Testing journal entries posted to revenue for any unusual journals or unusual user postings; and Page 7
Independent auditor's report to the members of Bravo Inns Limited (continued) ∙Assessing significant estimates made by management for bias by challenging the assumptions and judgements made by management in their significant accounting estimates and judgements including, valuation of the pub estate, measurement of provisions and going concern. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members who were all deemed to have appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. A further description of our responsibilities 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 Auditor's report.
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. Mark RA Edwards (Senior Statutory Auditor) for and on behalf of BDO LLP (Statutory Auditor) 55 Baker Street London W1U 7EU 17 December 2025 BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127). Page 8
Bravo Inns Limited Profit and loss account For the Period Ended 1 June 2025
| Period ended 1 June | Period ended 26 May
| 2025 | 2024
Note | £000 | £000
Turnover | 4 | 2,235 | 2,150
Cost of sales |  | (1,036) | (1,001)
Gross profit |  | 1,199 | 1,149
Administrative expenses |  | (1,065) | (1,055)
Exceptional administrative expenses |  | (227) | 479
Operating (loss)/profit | 5 | (93) | 573
Tax on (loss)/profit | 9 | (4) | (19)
(Loss)/profit for the financial period |  | (97) | 554
The notes on pages 13 to 28 form part of these financial statements.
Page 9
Bravo Inns Limited Statement of comprehensive income For the Period Ended 1 June 2025
|  |  |  | Period ended 1 June | Period ended 26 May
|  |  |  | 2025 | 2024
|  |  | Note | £000 | £000
(Loss)/profit for the financial period |  | (97) | 554
Other comprehensive income |  |  |
Unrealised surplus on revaluation of tangible fixed assets |  | 520 | 705
Other comprehensive income for the period |  | 520 | 705
Total comprehensive income for the period |  | 423 | 1,259
The notes on pages 13 to 28 form part of these financial statements.
Page 10
Bravo Inns Limited Registered number: 06232939 Balance sheet As at 1 June 2025
|  | 1 June |  | 26 May
|  | 2025 |  | 2024
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Tangible assets | 11 |  | 4,365 |  | 4,062
|  |  | 4,365 |  | 4,062
Current assets |  |  |  |  |
Stocks | 12 | 19 |  | 21 |
Debtors: amounts falling due within one year | 13 | 1,252 |  | 1,149 |
Cash at bank and in hand | 14 | 24 |  | 16 |
|  | 1,295 |  | 1,186 |
Creditors: amounts falling due within one year | 15 | (136) |  | (150) |
Net current assets |  |  | 1,159 |  | 1,036
Total assets less current liabilities |  |  | 5,524 |  | 5,098
Provisions for liabilities |  |  |  |  |
Deferred tax | 17 | (11) |  | (8) |
|  |  | (11) |  | (8)
Net assets |  |  | 5,513 |  | 5,090
Capital and reserves |  |  |  |  |
Called up share capital | 18 |  | 3,846 |  | 3,846
Share premium account |  |  | 1,504 |  | 1,504
Revaluation reserve |  |  | 1,431 |  | 911
Profit and loss account |  |  | (1,268) |  | (1,171)
|  |  | 5,513 |  | 5,090
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 December 2025.
N Gray
Director
The notes on pages 13 to 28 form part of these financial statements. Page 11
Bravo Inns Limited Statement of changes in equity For the Period Ended 1 June 2025
| Called up share capital | Share premium account | Revaluation reserve | Profit and loss account | Total equity
| £000 | £000 | £000 | £000 | £000
At 28 May 2023 | 3,846 | 1,504 | 212 | (1,731) | 3,831
Comprehensive income for the period |  |  |  |  |
Profit for the period | - | - | - | 554 | 554
Surplus/(deficit) on revaluation of property | - | - | 705 | - | 705
Other comprehensive loss for the period | - | - | 705 | 554 | 1,259
Transfer to/from profit and loss account | - | - | (6) | 6 | -
At 26 May 2024 | 3,846 | 1,504 | 911 | (1,171) | 5,090
Comprehensive income for the period |  |  |  |  |
Loss for the period | - | - | - | (97) | (97)
Surplus/(deficit) on revaluation of property | - | - | 520 | - | 520
Other comprehensive income for the period | - | - | 520 | (97) | 423
At 1 June 2025 | 3,846 | 1,504 | 1,431 | (1,268) | 5,513
| The notes on pages 13 to 28 form part of these financial statements.
Page 12
Bravo Inns Limited Notes to the financial statements For the Period Ended 1 June 2025
1. | General information
Bravo Inns Limited is a limited liability company incorporated in England. The Registered Office is One St Peter's Square, Manchester, M2 3DE. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Going concern
The Company is a member of the Admiral Taverns group of companies (the Group). A full list of the Group can be found in the consolidated accounts of PSSF Brady Holdco (UK) Limited as referred to in note 21. The Company has a cross guarantee arrangement in relation to the Group’s financing and therefore the Group position is relevant. In assessing Going Concern the Directors have considered the limiting factors that may prevent them from supporting a going concern assumption for the Group. These are: ∙insufficient cash resources to pay creditors as and when they become due; and ∙an inability to meet certain financial covenants (the Leverage Test) in the Group’s amended loan facilities agreement with ICG, which could lead to an event of default which could trigger a demand for repayment of the Facility. Cash Resources As of 30 November 2025, the Group had £31.5m of free cash and undrawn, committed credit facilities of £12.0m. The pub estates continue to trade well meeting management’s expectations and generating cash. Pub disposals remain on track and Management have yet to see any impact on pub values as a result of the UK’s Financial Crisis. The Group has hedged its own utility costs and over half its interest rate exposure under its debt facilities. The robust cash position is also supported by the large freehold asset base. Leverage Test The Leverage Test (a quarterly covenant test of the ratio of net debt to EBITDA over the preceding 12-month period) was reset in August 2021 as part of the extension of the existing facilities to fund the Hawthorn Acquisition. This included raised levels of covenant headroom and the addition of certain Pandemic Protection clauses, suspending the leverage test in the event of further large scale, Government mandated closures of pubs and replacing it with a minimum liquidly requirement or maintaining at least £5m of liquid cash resources during the impacted period. The Group's forecasts show the Leverage Test is met. Conclusion The Directors have concluded that sufficient resources exist for the Group to meet its liabilities as they fall due for the twelve months from the date of approval of the accounts. Accordingly, they continue to adopt the going concern basis in preparing these financial statements. Page 13
Bravo Inns Limited Notes to the financial statements For the Period Ended 1 June 2025 2.Accounting policies (continued)
| 2.3 | Cash flow
The Company, being a qualifying entity which has been included in the Group’s consolidated financial statements that are publicly available, is exempt from the requirement to draw up a cash flow statement under FRS102.
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.5 | Operating leases: the Company as lessor
Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.
| 2.6 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Page 14
Bravo Inns Limited Notes to the financial statements For the Period Ended 1 June 2025 2.Accounting policies (continued)
| 2.7 | Current and deferred taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.8 | Exceptional and non-underlying items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence. Operating profit is stated after all expenses except for profit or loss on disposal of property, plant and equipment which is considered to be outside the operating cycle of the business. Page 15
Bravo Inns Limited Notes to the financial statements For the Period Ended 1 June 2025 2.Accounting policies (continued)
| 2.9 | Tangible fixed assets
All fixed assets are initially recorded at cost or fair value if acquired through a business combination. Thereafter, property fixed assets are recorded at valuation, all other assets are recorded at depreciated cost. All assets are subject to depreciation and, in the event that indications of impairment exist, impairment review. Property assets are revalued annually by the directors. Valuation movements arising as a result of the annual revaluation above depreciated historic cost are reflected through the Other Comprehensive Income, whereas valuation movements below depreciated historic cost are reflected through the Profit and Loss Account in arriving at operating profit. The carrying value of properties held under lease agreements is derived after taking into account the cost of the head lease. In the event that the cost of the head lease exceeds the gross value of the leased asset, the corresponding net credit balance is recorded within provisions. Expenditure on additions and improvements to the licensed estate is capitalised at cost as the expenditure is incurred. Such expenditure is then subject to depreciation over an expected average useful life of 7 years. Short leasehold properties, being properties with 50 years or less of the lease remaining unexpired, are depreciated on a straight line basis over the unexpired term of the lease. Freehold land is not depreciated. Freehold buildings are only depreciated in the event that residual value at the end of their useful economic life is assessed as being materially below book value. Fixtures, fittings and equipment which are to be retained by the Group are depreciated on a straight line basis over 3 years. Fixtures, fittings and equipment which the Group aims to sell to licensee are depreciated on a straight line basis over 4 years. The carrying values of tangible fixed assets are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable. Where a property is earmarked for disposal at the balance sheet date, and the carrying value exceeds the anticipated net proceeds on disposal, a provision for the anticipated loss on disposal is recorded. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account.
| 2.10 | Stocks
Stock which comprises tenants’ fixtures and fittings is stated at the lower of cost and net realisable value. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.11 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 16
Bravo Inns Limited Notes to the financial statements For the Period Ended 1 June 2025 2.Accounting policies (continued)
| 2.12 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.13 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.14 | Dilapidations provision
The Company has made a dilapidations provision in anticipation of the cost of future repairs and renovations that will need to be made in line with the lease obligations.
| 2.15 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Page 17
Bravo Inns Limited Notes to the financial statements For the Period Ended 1 June 2025 2.Accounting policies (continued)
| 2.15 | Financial instruments (continued)
Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Derecognition of financial assets Page 18
Bravo Inns Limited Notes to the financial statements For the Period Ended 1 June 2025 2.Accounting policies (continued)
| 2.15 | Financial instruments (continued)
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
3. | Judgments in applying accounting policies 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 for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements and key sources of estimation uncertainty in the financial statements: Taxation The Company establishes provisions based on reasonable estimates, for possible consequences of audits by the tax authorities of the respective countries in which it operates. The amount of such provisions is based on various factors, such as experience with previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority. Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies. Further details are contained in note 17. Fixed assets The valuation was prepared using the open market value on an existing use basis. Pubs on the market or with a deal progressing are valued at the appropriate sales price. Most other pubs are valued on an income multiple basis. Income multiples take into account the geographical location of the pub and the tenure. Further details are contained in note 11. Page 19
Bravo Inns Limited Notes to the financial statements For the Period Ended 1 June 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | Period ended 1 June | Period ended 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Alcoholic and non-alcoholic drink revenue | 2,101 | 2,034
| Gaming and other income | 134 | 116
|  | 2,235 | 2,150
| All turnover arose within the United Kingdom.
5. | Operating (loss)/profit
| The operating (loss)/profit is stated after charging:
|  |  |  |  | Period ended 1 June | Period ended 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Exceptional and non-underlying items | 10 | 227 | 91
6. | Auditor's remuneration
| During the period, the Company obtained the following services from the Company's auditor and its associates:
|  |  |  |  | Period ended 1 June | Period ended 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| The auditing of accounts of the Company | 8 | 7
| The total audit fee for the Admiral Taverns group of companies of £515,000 (2024 - £482,000) has been charged to and paid by Admiral Taverns (Chester) Limited and Hawthorn Leisure Management Limited, fellow group companies.
Page 20
Bravo Inns Limited Notes to the financial statements For the Period Ended 1 June 2025
7. | Employees
| The average number of employees during the year was Nil (2024 - Nil)
| All staff are employed and remunerated by Admiral Taverns (Chester) Limited, a fellow group company.
8. | Directors' remuneration
| The directors were paid in respect of their services to the group as a whole by a fellow group company, Admiral Taverns (Chester) Limited, £1,476,000 (2024 - £1,405,000). Directors' remuneration includes contributions to pension schemes of £49,000 (2024 - £49,000).
9. | Taxation
|  |  |  |  | Period ended 1 June | Period ended 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Total current tax | - | -
| Deferred tax |  |
| Accelerated capital allowances | - | (7)
| Tax losses carried forward | 4 | 26
| Total deferred tax | 4 | 19
| Taxation on (loss)/profit on ordinary activities | 4 | 19
Page 21
Bravo Inns Limited Notes to the financial statements For the Period Ended 1 June 2025 9.Taxation (continued)
| Factors affecting tax charge for the period
| The tax assessed for the period is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | Period ended 1 June | Period ended 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| (Loss)/profit on ordinary activities before tax | (93) | 573
| (Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | (23) | 143
| Effects of: |  |
| Expenses not deductible for tax purposes | 65 | (121)
| Deferred tax movement | (47) | 26
| Group relief | 9 | (29)
| Total tax charge for the period | 4 | 19
| Factors that may affect future tax charges
The standard rate of Corporation Tax in the UK is currently 25% (2024 - 25%). Accordingly, the company’s profit for this accounting period are taxed at an effective rate of 25% (2024 - 25%). The increase of the main rate of corporation tax from 19% to 25% from 1 April 2023 was announced in the Finance Bill 2021, which was substantively enacted on 24 May 2021. Any future profits will be taxed at the appropriate rate. Deferred tax as at 1 June 2025 has been calculated at 25%; being the substantively enacted rate at which the deferred tax is expected to reverse. Page 22
Bravo Inns Limited Notes to the financial statements For the Period Ended 1 June 2025
10. | Exceptional and non-underlying items
|  |  |  |  | Period ended 1 June | Period ended 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Exceptional administrative expenses |  |  |
| Movement in valuation reflected through profit and loss | 11 | 227 | (449)
| Loss on disposal of tangible fixed assets |  | (7) | 8
| Asbestos provision |  | 7 | (38)
|  |  | 227 | (479)
| Property assets are revalued annually by the directors. Valuation movements below depreciated historic cost are reflected through the Profit and Loss Account. In the period this movement was a credit of £10,000 and debit of £237,000 (2024 - credit of £449,000). The Company has reviewed its pub estate for Asbestos and has incurred £7,000 in respect of removal costs.
Page 23
Bravo Inns Limited Notes to the financial statements For the Period Ended 1 June 2025
11. | Tangible fixed assets
|  | Freehold property | Long-term leasehold property | Fixtures and fittings | Total
|  | £000 | £000 | £000 | £000
| Cost or valuation |  |  |  |
| At 26 May 2024 | 2,835 | 1,168 | 957 | 4,960
| Additions | 77 | 19 | 36 | 132
| Revaluation deficit to profit and loss | (3) | (266) | - | (269)
| Disposals | (1) | (1) | - | (2)
| Revaluation surplus to reserves | 613 | (143) | - | 470
| At 1 June 2025 | 3,521 | 777 | 993 | 5,291
| Depreciation |  |  |  |
| At 26 May 2024 | (1) | - | 899 | 898
| Charge for the period on owned assets | 64 | 29 | 27 | 120
| Revaluation surplus to profit and loss | (13) | (29) | - | (42)
| Revaluation surplus to reserves | (50) | - | - | (50)
| At 1 June 2025 | - | - | 926 | 926
| Net book value |  |  |  |
| At 1 June 2025 | 3,521 | 777 | 67 | 4,365
| At 26 May 2024 | 2,836 | 1,168 | 58 | 4,062
Page 24
Bravo Inns Limited Notes to the financial statements For the Period Ended 1 June 2025
11. | Tangible fixed assets (continued)
| The net book value of tangible fixed assets comprise:
|  | Freehold property | Long-term leasehold property | Fixtures & Fittings | Total
|  | £000 | £000 | £000 | £000
| Public houses at valuation | 3,521 | 777 | - | 4,298
| Other assets at depreciated cost | - | - | 67 | 67
|  | 3,521 | 777 | 67 | 4,365
| Land and buildings classified as property, plant and equipment were valued on 31 March 2025 (2024 - 26 May 2024) using Market Value, as defined in the RICS Red Book, carried out by external independent qualified valuers. The fair value of land and buildings is a level 3 recurring fair value measurement. Item and valuation approach Fair value is determined by applying the income approach based on the Fair Maintainable Trade (FMT) for each pub applied to a year's purchase multiplier. The choice of the multiplier (derived from "all risks" yield) is based on market evidence from the sale of comparable businesses and properties. For closed properties the valuer has had to regard to potential revenues that could be generated, and to the underlying real estate value.
| The historical cost at 1 June 2025 of the estate of public houses included at valuation is as follows:
|  | Freehold property | Long-term leasehold property | Total
|  | £000 | £000 | £000
| Public houses | 2,089 | 777 | 2,866
12. | Stocks
|  |  |  |  | 1 June | 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Finished goods and goods for resale | 19 | 21
|  | 19 | 21
Page 25
Bravo Inns Limited Notes to the financial statements For the Period Ended 1 June 2025
13. | Debtors
|  |  |  |  | 1 June | 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Trade debtors | 3 | -
| Amounts owed by group undertakings | 1,193 | 1,107
| Prepayments and accrued income | 56 | 42
|  | 1,252 | 1,149
14. | Cash and cash equivalents
|  |  |  |  | 1 June | 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Cash at bank and in hand | 24 | 16
|  | 24 | 16
15. | Creditors: Amounts falling due within one year
|  |  |  |  | 1 June | 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Trade creditors | 1 | 8
| Other creditors | 12 | 15
| Accruals and deferred income | 123 | 127
|  | 136 | 150
Page 26
Bravo Inns Limited Notes to the financial statements For the Period Ended 1 June 2025
16. | Financial instruments
|  |  |  |  | 1 June | 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Financial assets |  |
| Cash | 24 | 16
| Financial assets that are debt instruments measured at amortised cost | 1,196 | 1,107
|  | 1,220 | 1,123
| Financial liabilities |  |
| Financial liabilities measured at amortised cost | (136) | (152)
| Financial assets measured at fair value through profit or loss comprise cash at bank and in hand
| Financial assets measured at amortised cost comprise trade debtors, HP debtors, intercompany debtors and other debtors.
| Financial liabilities measured at amortised cost comprise trade creditors, intercompany creditors, other creditors and accruals.
17. | Deferred taxation
|  | 2025
|  | £000
| At 26 May 2024 | (8)
| Credited to profit or loss | (3)
| At 1 June 2025 | (11)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 1 June | 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| (Accelerated)/decelerated capital allowances | (11) | (8)
|  | (11) | (8)
Page 27
Bravo Inns Limited Notes to the financial statements For the Period Ended 1 June 2025
18. | Share capital
|  |  |  |  | 1 June | 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
|  | Allotted, called up and fully paid |  |
|  | 769,170,394 (2024 - 769,170,394) Ordinary shares of £0.005 each | 3,846 | 3,846
| The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do no confer any rights of redemption.
19. | Commitments under operating leases
| At 1 June 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 1 June | 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Not later than 1 year | 1 | 1
| Later than 1 year and not later than 5 years | 6 | 5
| Later than 5 years | 79 | 72
|  | 86 | 78
20. | Related party transactions
| The company has taken advantage of the exemption not to disclose transactions with other wholly owned members of the PSSF Brady Holdco (UK) Limited group. There are no other related party transactions requiring disclosure in the financial statements.
21. | Ultimate parent undertaking and controlling party
The immediate parent undertaking is Hawthorn Leisure (Bravo Inns) Limited, a company incorporated in the United Kingdom. The Company’s ultimate parent undertaking and controlling party is PSSF Brady (Cayman) Limited, an entity incorporated in the Cayman Islands. The group financial statements of the AT Brady Holdings Limited group incorporated in the United Kingdom, being the smallest consolidated financial statements including the results of the Company, will be available to the public and may be obtained from the registered office of AT Brady Holdings Limited at Milton Gate, 60 Chiswell Street, London, United Kingdom, EC1Y 4AG. The group financial statements of the PSSF Brady Holdco (UK) Limited group, incorporated in the United Kingdom, being the largest consolidated financial statements including the results of the Company, will be available to the public and may be obtained from the registered office of PSSF Brady Holdco (UK) Limited at One St. Peters Square, Manchester, United Kingdom, M2 3DE.
Page 28