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Registered number: 10935753 AT Brady Bidco Limited Annual Report and Financial Statements For the Period Ended 1 June 2025
AT Brady Bidco Limited Company Information
Directors | A Clifford
| N Gray
| C Jowsey
| T Bhattacharjee
| P Westermann
Registered number | 10935753
Registered office | Milton Gate
| 60 Chiswell Street
| London
| EC1Y 4AG
Independent auditor | BDO LLP
| 55 Baker Street
| London
| W1U 7EU
Solicitors | Addleshaw Goddard LLP
| Milton Gate
| 60 Chiswell Street
| London
| EC1Y 4AG
AT Brady Bidco Limited Contents
| Page
Strategic Report | 1
Directors' Report | 2 - 3
Independent Auditor's Report | 4 - 7
Profit and Loss Account | 8
Balance Sheet | 9
Statement of Changes in Equity | 10
Notes to the Financial Statements | 11 - 22
AT Brady Bidco Limited Strategic Report For the Period Ended 1 June 2025
Business review
The Company is part of the Admiral Group and a comprehensive trading review for the Group is included in the consolidated accounts of PSSF Brady Holdco (UK) Limited. The Company’s income comprises a management recharge to fellow group companies and interest income receivable on amounts owed by group undertakings. The Company’s costs primarily represent interest payable on amounts owed to group undertakings and the amortisation of finance costs.
Financial key performance indicators
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
AT Brady Bidco 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 principal activities of the Company are to act as a financing and holding company.
Results and dividends
The loss for the period, after taxation, amounted to £3,599,000 (2024 - profit 4,635,000). No dividends were paid in the period (2024 - £nil).
Directors
The directors who served during the period were:
A Clifford
N Gray
C Jowsey
P Westermann
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
AT Brady Bidco 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 20. 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.
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 3
Independent Auditor's Report to the Members of AT Brady Bidco 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 AT Brady Bidco Limited (the 'Company') for the 53 week period ended 1 June 2025 which comprise the Profit and Loss account, 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 4
Independent Auditor's Report to the Members of AT Brady Bidco 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 5
Independent Auditor's Report to the Members of AT Brady Bidco 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; Page 6
Independent Auditor's Report to the Members of AT Brady Bidco Limited (continued) ∙Testing journal entries posted to revenue for any unusual journals or unusual user postings; and ∙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 7
AT Brady Bidco 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 | 40,000 | 45,000
Gross profit |  | 40,000 | 45,000
Administrative expenses |  | (11) | -
Exceptional administrative income |  | (8) | -
Operating profit |  | 39,981 | 45,000
Interest payable and similar expenses | 8 | (43,580) | (40,365)
(Loss)/profit before tax |  | (3,599) | 4,635
Tax on (loss)/profit | 9 | - | -
(Loss)/profit for the financial period |  | (3,599) | 4,635
There are no items of other comprehensive income for 2025 or 2024 other than the (loss)/profit for the period. As a result, no separate Statement of Comprehensive Income has been presented.
The notes on pages 11 to 22 form part of these financial statements.
Page 8
AT Brady Bidco Limited Registered number: 10935753 Balance Sheet As at 1 June 2025
|  | 1 June |  | 26 May
|  | 2025 |  | 2024
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Investments | 11 |  | 365,270 |  | 365,270
|  |  | 365,270 |  | 365,270
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 12 | 95,098 |  | 89,652 |
Cash at bank and in hand | 13 | 2,124 |  | 3,432 |
|  | 97,222 |  | 93,084 |
Creditors: amounts falling due within one year | 14 | (9,245) |  | (7,496) |
Net current assets |  |  | 87,977 |  | 85,588
Total assets less current liabilities |  |  | 453,247 |  | 450,858
Creditors: amounts falling due after more than one year | 15 |  | (355,208) |  | (349,220)
Net assets |  |  | 98,039 |  | 101,638
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 11 |  | 11
Share premium account |  |  | 114,245 |  | 114,245
Revaluation reserve |  |  | 67,802 |  | 67,802
Profit and loss account |  |  | (84,019) |  | (80,420)
|  |  | 98,039 |  | 101,638
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 11 to 22 form part of these financial statements. Page 9
AT Brady Bidco 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 | 11 | 114,245 | 67,802 | (85,055) | 97,003
Comprehensive income for the period |  |  |  |  |
Profit for the period | - | - | - | 4,635 | 4,635
At 26 May 2024 | 11 | 114,245 | 67,802 | (80,420) | 101,638
Comprehensive income for the period |  |  |  |  |
Loss for the period | - | - | - | (3,599) | (3,599)
Other comprehensive income for the period | - | - | - | (3,599) | (3,599)
At 1 June 2025 | 11 | 114,245 | 67,802 | (84,019) | 98,039
| The notes on pages 11 to 22 form part of these financial statements.
Page 10
AT Brady Bidco Limited Notes to the Financial Statements For the Period Ended 1 June 2025
1. | General information
AT Brady Bidco Limited is a limited liability company incorporated in England. The Registered Office is Milton Gate, 60 Chiswell Street, London, EC1Y 4AG. 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 Company is itself a subsidiary company and is exempt from the requirement to prepare group accounts by virtue of section 400 of the Companies Act 2006. These financial statements therefore present information about the Company as an individual undertaking and not about its group. 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 20. 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. Page 11
AT Brady Bidco Limited Notes to the Financial Statements For the Period Ended 1 June 2025 2.Accounting policies (continued)
| 2.2 | Going concern (continued)
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.
| 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. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 12
AT Brady Bidco Limited Notes to the Financial Statements For the Period Ended 1 June 2025 2.Accounting policies (continued)
| 2.6 | Borrowing costs
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
| 2.7 | Current and deferred taxation
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.
| 2.9 | Valuation of investments
Investments in subsidiaries are initially recorded at cost, including directly attributable costs, plus the directors’ assessment of the fair value of any deferred consideration. Subsequently, deferred consideration is revised to reflect actual amounts payable. Investments in subsidiaries are reviewed for impairment in the event that there are any indicators of impairment.
| 2.10 | 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 13
AT Brady Bidco Limited Notes to the Financial Statements For the Period Ended 1 June 2025 2.Accounting policies (continued)
| 2.11 | 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.
| 2.12 | 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.
| 2.13 | Financial instruments
The Company used an interest rate cap to adjust interest rate exposures. The cap was initially recognised at fair value on the date a derivative contract was entered into and was subsequently revalued to fair value and shown on the balance sheet at the year end with movements in fair value reflected through the profit and loss account. The interest rate cap expired in March 2025 and has not been renewed.
3. | Judgements 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. Derivative instruments The group used interest rate cap to adjust interest rate exposures. This caps the floating rate element of its facilities at 2% from March 2023 until March 2025, helping to insulate the Group from the effects of rising interest rates. Derivative financial instruments were measured at fair value. The fair value of interest rate cap contracts was determined by appropriately qualified external valuer. The cost of the cap was £1.9m. The fair value was nil at the period end as the cap had expired (2024 - £6.1m). Page 14
AT Brady Bidco 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
| Management fee income | 40,000 | 45,000
|  | 40,000 | 45,000
| All turnover arose within the United Kingdom.
5. | 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
| Fees payable to the Company's auditor and its associates for the audit of the Company's financial statements | 52 | 54
| 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, a fellow group company.
6. | Employees
All staff are employed and remunerated by Admiral Taverns (Chester) Limited, a fellow group company.
7. | 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).
Page 15
AT Brady Bidco Limited Notes to the Financial Statements For the Period Ended 1 June 2025
8. | Interest payable and similar expenses
|  |  |  |  | Period ended 1 June | Period ended 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Interest payable to group undertakings | 43,580 | 40,365
|  | 43,580 | 40,365
9. | Taxation
|  |  |  |  | Period ended 1 June | Period ended 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Taxation on (loss)/profit on ordinary activities | - | -
Page 16
AT Brady Bidco 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 - lower 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 | (3,599) | 4,635
| (Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | (900) | 1,159
| Effects of: |  |
| Expenses not deductible for tax purposes | 1,516 | -
| Utilisation of tax losses | (106) | -
| Group relief for nil payment | (510) | (1,159)
| Total tax charge for the period | - | -
| 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 loss 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.
10. | Exceptional and non-underlying items
|  |  |  |  | Period ended 1 June | Period ended 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Restructuring and integration costs | 8 | -
|  | 8 | -
Page 17
AT Brady Bidco Limited Notes to the Financial Statements For the Period Ended 1 June 2025
11. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £000
| Cost or valuation |
| At 26 May 2024 | 365,270
| At 1 June 2025 | 365,270
The Company has fully impaired its investments in subsidiary undertakings in prior periods. Details of the investments in which the Company (unless indicated) holds 20% or more of the nominal value of any class of share are as follows:
| Name | Class of share | Note | Principal activity
| Admiral Taverns (Chester) Limited* | Ordinary | 1 | Management company
| Admiral Taverns (Relax) Limited* | Ordinary | 1 | Pub company
| Admiral Taverns (Portfolio No 2) Limited* | Ordinary | 1 | Pub company
| Admiral Taverns Limited* | Ordinary | 1 | Pub company
| Admiral Taverns (Harmony) Limited* | Ordinary | 1 | Pub company
| Admiral Taverns (780) Limited* | Ordinary | 1 | Pub company
| Admiral Taverns (Max) Limited* | Ordinary | 1 | Holding company
| Admiral Taverns Nevada Properties Limited* | Ordinary | 1 | Pub company
| Admiral Taverns Piccadilly Limited* | Ordinary | 1 | Pub company
| Pub Partnership Acquisitions Limited* | Ordinary | 1 | Pub company
| Hawthorn Leisure Management Limited* | Ordinary | 2 | Management company
| Hawthorn Leisure (Mantle) Limited* | Ordinary | 1 | Pub company
| Hawthorn Leisure Public Houses Limited* | Ordinary | 1 | Pub company
| Hawthorn Leisure Community Pubs Limited* | Ordinary | 1 | Pub company
| Bravo Inns Limited* | Ordinary | 2 | Pub company
| Bravo Inns II Limited* | Ordinary | 2 | Pub company
| Hawthorn Leisure Limited* | Ordinary | 2 | Pub company
| Hawthorn Leisure Acquisitions Limited* | Ordinary | 2 | Pub company
| Hawthorn Leisure Honey Limited* | Ordinary | 2 | Pub company
| Hawthorn Leisure Holdings No 4 Limited* | Ordinary | 3 | Holding company
| Hawthorn Leisure Holdings No 7 Limited* | Ordinary | 4 | Holding company
| Hawthorn Leisure Property Unit Trust No 4* | Ordinary | 5 | Trust
| Hawthorn Leisure Scotco Limited* | Ordinary | 2 | Dormant
| Hawthorn Leisure Holdings Limited* | Ordinary | 2 | Holding company
| Hawthorn Leisure Topco Limited | Ordinary | 1 | Holding company
| Admiral Taverns Bidco Limited | Ordinary | 1 | Holding company
Page 18
AT Brady Bidco Limited Notes to the Financial Statements For the Period Ended 1 June 2025
11. | Fixed asset investments (continued)
* Indirectly held investment 1. The entities are unlisted, 100% holdings and incorporated in the United Kingdom with registered addresses of Milton Gate, 60 Chiswell Street, London, EC1Y 4AG. 2. The above entities are unlisted, 100% holdings and incorporated in the United Kingdom with registered addresses of One St Peter's Square, Manchester, M2 3DE. 3. The above entities are unlisted, 100% holdings and incorporated in the Guernsey with registered addresses of PO Box 142, Suite 2, Block C, Hirzel Court, Guernsey, GY1 3HT. 4. The above entities are unlisted, 100% holdings and incorporated in the Guernsey with registered addresses of De Catapan House, Grange Road, St Peter Port, Guernsey, GY1 2QG. 5. The Group has 100% holding of Units of the Trust and it has a registered address of IFC 5, St Helier, Jersey, JE1 1ST.
12. | Debtors
|  |  |  |  | 1 June | 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Amounts owed by group undertakings | 95,068 | 83,566
| Prepayments and accrued income | 30 | 23
| Financial instruments | - | 6,063
|  | 95,098 | 89,652
13. | Cash and cash equivalents
|  |  |  |  | 1 June | 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Cash at bank and in hand | 2,124 | 3,432
|  | 2,124 | 3,432
Page 19
AT Brady Bidco Limited Notes to the Financial Statements For the Period Ended 1 June 2025
14. | Creditors: Amounts falling due within one year
|  |  |  |  | 1 June | 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Amounts owed to group undertakings | - | 4
| Accruals and deferred income | 9,245 | 7,492
|  | 9,245 | 7,496
15. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 1 June | 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Bank loans | 355,208 | 349,220
|  | 355,208 | 349,220
| The third-party debt from Intermediate Capital Group plc (“ICG”) has a term of seven years starting from 18 August 2021 and the rate of interest is 3 month libor plus an agreed margin.
16. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 1 June | 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Amounts falling due 2-5 years |  |
| Bank loans | 355,208 | 349,220
|  | 355,208 | 349,220
Page 20
AT Brady Bidco Limited Notes to the Financial Statements For the Period Ended 1 June 2025
16. | Loans (continued)
| Bank loans are made up of the following:
|  |  |  |  | 1 June | 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Bank loans | 361,090 | 356,304
| Finance costs | (16,534) | (15,867)
| Amortisation of finance costs | 10,652 | 8,783
|  | 355,208 | 349,220
17. | Financial instruments
|  |  |  |  | 1 June | 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Financial assets |  |
| Cash at bank and in hand | 2,124 | 3,432
| Financial assets that are debt instruments measured at amortised cost | 95,068 | 83,566
| FV through P/L | - | 6,063
|  | 97,192 | 93,061
| Financial liabilities |  |
| Financial liabilities measured at amortised cost | (364,453) | (363,802)
| Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.
| Financial assets measured at amortised cost comprise of intercompany debtors.
| Financial liabilities measured at amortised cost comprise trade creditors, intercompany creditors, other creditors, accruals and bank loans.
Page 21
AT Brady Bidco 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 |  |
| 111,195,570 (2024 - 111,195,570) A1 Ordinary shares shares of £0.0001 each | 11 | 11
|  | 11 | 11
| The Ordinary shares confer on a show of hands, one vote per shareholder. On a poll vote, one vote per share. Right to participate pari passu in relation to any dividends. Right to participate pari passu in relation to any distributions of capital. The ordinary shares are not redeemable.
19. | Related party transactions
| The Company has taken advantage of the exemption available 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.
20. | Ultimate parent undertaking and controlling party
The company’s immediate parent undertaking is AT Brady Holdings 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 22