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COMPANY REGISTRATION NUMBER: 09088230

Roseacre Pub Company Ltd

Financial Statements

31 March 2025

Roseacre Pub Company Ltd

Financial Statements

Year ended 31 March 2025

Contents | Page

Strategic report | 1

Directors' report | 3

Independent auditor's report to the members | 6

Statement of income and retained earnings | 10

Statement of financial position | 11

Statement of cash flows | 12

Notes to the financial statements | 13

Roseacre Pub Company Ltd

Strategic Report

Year ended 31 March 2025
The directors present the strategic report for the year ended 31 March 2025. Review of the business the company is a wholly owned subsidiary of Sage Pubs Limited. Turnover for the year has increased from £12,592,719 in the prior year to £14,311,412 in the current year, an increase of 13.65%. This is due to the acquisition of a new site and improved sales revenue. Gross profit percentage has remained similar to the prior year. Though administrative expenses have increased, largely based on an increase in wages necessary to support the new site, operating profit has still increased in both percentage and in total, from £1,276,378 (10.13%) in the prior year to to £1,669,871 (11.66%) in the current year. This is as a result of improved operational efficiency. As a result of the positive changes noted above, profit before taxation has increased considerably, rising from £1,278,439 in the prior year to £1,669,704 in the current year. Subsequently, the corporation tax payable has also increased from £292,512 in the prior year to £404,892 in the current year. Due to capital allowances claimed on a number of fixed asset additions in the period, the deferred taxation provision has also increased from £152,622 in the prior year to £170,058 in the current year. Principal risks and uncertainties The principal risks to the business are: Laws and regulations In addition to standard company regulations (eg. health and safety, data protection and taxation) the company must adhere to licencing and food hygiene laws, in common with all businesses in this sector. There have been no significant issues with regards to any laws or regulations, and the directors monitor compliance closely. Price risk As with any company in the current economic climate, the main price risk is with regards to the potential for an increase in the cost of stock purchases as a result of inflation. Additionally, the strong competition in the sector means it is necessary to ensure that its products are appropriately priced with reference to competitors of a similar quality. The directors monitor the cost of purchases and the price of the company's products to ensure a good balance between sales volume and profitability. Looking towards future periods, the upcoming changes to the minimum wages will have an effect on all companies in the sector. The directors believe that the company is well placed to ensure continued profitability without having to compromise the customer experience. Credit risk The company does not offer credit of any kind. All goods and services are paid for ahead of time. There is therefore no risk with regards to credit. Liquidity and cash flow risk The company does not have any loans or similar arrangements, has significant net current assets, has sufficient cash at bank to cover all liabilities as at the balance sheet date, and is very profitable. There is therefore little to no risk at the current time with regards to liquidity and cash flow. Development and performance In the coming year the directors plan to acquire new sites to further grow the business, whilst continuing to maintain quality standards at the current sites to ensure they continue to operate profitably. Key performance indicators As noted in the review of the business, the company has had an excellent year of trading, and this is reflected by the movements in key performance indicators. Turnover has increased by 13.65%, from £12,592,719 to £14,311,412. This is reflective of the increase in the number of sites trading for the full period and continued success of existing sites. Wages costs have increased by 20.63%, from £4,060,616 to £4,897,406. This increase is in line with turnover, as expected. The net profit achieved by the company has increased by 30.611%, from £1,278,439 to £1,669,704. This is partially due to the improvements in turnover and gross/net profit margins.
This report was approved by the board of directors on 14 March 2026 and signed on behalf of the board by:

Mr Ashley Gartshore
Director

Registered office:
Suite C
The Quadrant
99 Parkway Avenue
Sheffield
South Yorkshire
S9 4WG

Roseacre Pub Company Ltd

Directors' Report

Year ended 31 March 2025
The directors present their report and the financial statements of the company for the year ended 31 March 2025 .
Principal activities
The principal activity of the company during the year was that of operating Public Houses.
Directors
The directors who served the company during the year were as follows:

Mr Ashley Gartshore |
Mrs alicia Gartshore |

Dividends
Particulars of recommended dividends are detailed in note 13 to the financial statements.
Employment of disabled persons
Disability in employment: policy, procedure, and guidance 1. Policy statement We aim to create an inclusive and supportive working environment where all staff with a disability or long-term health condition feel valued and able to reach their full potential. We promote a proactive approach to anticipating barriers that exist in the workplace encouraging an accessible and inclusive environment for all. Alongside this, we understand that staff with additional needs may require reasonable adjustments and additional support to meet the demands of their role. 2. Definition of Disability Disability is a protected characteristic under the Equality Act 2010. The full definitions of a disability are set out in the HM Government document Equality Act 2010 Guidance. It states that:'A person has a disability if they have a physical or mental impairment, and the impairment has a substantial and long-term adverse effect on his or her ability to carry out normal day-to-day activities.' Equality Act 2010, section 6 Under the Equality Act 2010, we must consider making reasonable adjustments when: We know, or could be expected to know, a member of staff or job applicant has a disability or long-term health condition. A member of staff or job applicant with a disability or long-term health condition asks for adjustments. A member of staff with a disability or long-term health condition is having difficulty with any part of their role. A member of staff's absence record, sickness record or delay in returning to work is because of or linked to their disability or long-term health condition. We must make changes if they are reasonable. What is reasonable will depend on each individual circumstance? 3. Time off for medical appointments related to a disability or long-term health condition. Time off for employees requiring treatment, rehabilitation or assessment related to their disability or long-term health condition is identified under the Equality Act as a reasonable adjustment. This type of time off is planned and different from sickness absence that is unpredictable and for unknown periods of time. There may be occasions when this time off will need to be taken at short notice and/or is unpredictable and flexibility should be applied. This time off should be discussed between the member of staff and General Manager and recorded as a reasonable adjustment . 4. Recording Disability related sickness absence It is recognised that a disability or long-term health condition may mean that a member of staff has a higher level of sickness absence. If a particular absence is linked to a member of staff's disability or long-term health condition, this will be recorded as disability related sickness absence and not general sickness absence when documenting the return-to-work meeting following each episode. 5. Disability language You should always take the lead from the individual on how they prefer to be described as not everyone who is protected under the Equality Act will see themselves as disabled.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 14 March 2026 and signed on behalf of the board by:

Mr Ashley Gartshore
Director

Registered office:
Suite C
The Quadrant
99 Parkway Avenue
Sheffield
South Yorkshire
S9 4WG

Roseacre Pub Company Ltd

Independent Auditor's Report to the Members of Roseacre Pub Company Ltd

Year ended 31 March 2025
Opinion
We have audited the financial statements of Roseacre Pub Company Ltd (the 'company') for the year ended 31 March 2025 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the 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 directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - Enquiry of management and those charged with governance around actual and potential litigation and claims. - Review of tax compliance to identify any instances of non-compliance with laws and regulations. - Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. - Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, reviewing accounting estimates for bias and reviewing for significant transactions outside the normal course of business. Our initial risk assessment identified management override and misstatement of revenue as potential risk areas. Audit testing on journal entries, sales cut-off, and substantive sales testing have been carried out to address the potential risks in these areas. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Daniel Johnson FCCA
(Senior Statutory Auditor)

For and on behalf of
Nuvo Audit Limited, Statutory Auditor
First Floor, Sterling House
Outrams Wharf
Little Eaton
Derbyshire
DE21 5EL

16 March 2026

Roseacre Pub Company Ltd

Statement of Income and Retained Earnings

Year ended 31 March 2025

| 2025 | 2024
Note | £ | £
Turnover | 4 | 14,311,412 | 12,592,719

Cost of sales | 5,398,463 | 4,761,032
| ------------- | -------------
Gross profit | 8,912,949 | 7,831,687

Administrative expenses | 7,652,807 | 6,640,030
Other operating income | 5 | 409,729 | 84,721
|  | ------------ | ------------
Operating profit | 6 | 1,669,871 | 1,276,378

Other interest receivable and similar income | 10 | – | 2,061
Interest payable and similar expenses | 11 | 167 | –
| ------------ | ------------
Profit before taxation | 1,669,704 | 1,278,439

Tax on profit | 12 | 422,328 | 320,066
| ------------ | ------------
Profit for the financial year and total comprehensive income | 1,247,376 | 958,373
| ------------ | ------------

Dividends paid and payable | 13 | ( 538,000) | ( 228,621)

Retained earnings at the start of the year (as previously reported) | 1,807,467 | 1,273,062
Prior period adjustments | – | (195,347)
| ------------ | ------------
Retained earnings at the start of the year (restated) | 1,807,467 | 1,077,715
| ------------ | ------------
Retained earnings at the end of the year | 2,516,843 | 1,807,467
| ------------ | ------------

All the activities of the company are from continuing operations.

Roseacre Pub Company Ltd

Statement of Financial Position

31 March 2025

| 2025 | 2024
Note | £ | £ | £

Fixed assets

Tangible assets | 14 |  | 775,587 | 680,706

Current assets

Stocks | 15 | 170,525 |  | 153,022
Debtors | 16 | 1,315,934 |  | 1,069,899
Cash at bank and in hand | 1,761,259 |  | 1,185,617
| ------------ |  | ------------
| 3,247,718 |  | 2,408,538

Creditors: amounts falling due within one year | 17 | 1,336,304 |  | 1,129,055
| ------------ |  | ------------
Net current assets |  | 1,911,414 | 1,279,483
|  | ------------ | ------------
Total assets less current liabilities |  | 2,687,001 | 1,960,189

Provisions

Taxation including deferred tax | 18 |  | 170,058 | 152,622
|  | ------------ | ------------
Net assets |  | 2,516,943 | 1,807,567
|  | ------------ | ------------

Capital and reserves

Called up share capital | 23 |  | 100 | 100
Profit and loss account |  | 2,516,843 | 1,807,467
|  | ------------ | ------------
Shareholders funds |  | 2,516,943 | 1,807,567
|  | ------------ | ------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 14 March 2026 , and are signed on behalf of the board by:

Mr Ashley Gartshore
Director

Company registration number: 09088230

Roseacre Pub Company Ltd

Statement of Cash Flows

Year ended 31 March 2025

| 2025 | 2024
| £ | £

Cash flows from operating activities

Profit for the financial year | 1,247,376 | 958,373

Adjustments for: |  |
Depreciation of tangible assets | 207,214 | 148,861
Impairment of tangible assets | 53,271 | –
Other interest receivable and similar income | – | ( 2,061)
Interest payable and similar expenses | 167 | –
Gains on disposal of tangible assets | – | ( 21)
Tax on profit | 422,328 | 320,066
Accrued (income)/expenses | ( 116,866) | 11,160

Changes in: |  |
Stocks | ( 17,503) | ( 33,542)
Trade and other debtors | ( 104,550) | ( 466,041)
Trade and other creditors | 71,478 | 83,001
| ------------ | ------------
Cash generated from operations | 1,762,915 | 1,019,796

Interest paid | ( 167) | –
Interest received | – | 2,061
Tax paid | ( 293,740) | ( 57,540)
| ------------ | ------------
Net cash from operating activities | 1,469,008 | 964,317
| ------------ | ------------

Cash flows from investing activities

Purchase of tangible assets | ( 355,366) | ( 282,342)
Proceeds from sale of tangible assets | – | 1,253
| ------------ | ------------
Net cash used in investing activities | ( 355,366) | ( 281,089)
| ------------ | ------------

Cash flows from financing activities

Proceeds from borrowings | – | ( 8,333)
Dividends paid | ( 538,000) | ( 228,621)
| ------------ | ------------
Net cash used in financing activities | ( 538,000) | ( 236,954)
| ------------ | ------------

Net increase in cash and cash equivalents | 575,642 | 446,274
Cash and cash equivalents at beginning of year | 1,185,617 | 739,343
| ------------ | ------------
Cash and cash equivalents at end of year | 1,761,259 | 1,185,617
| ------------ | ------------

Roseacre Pub Company Ltd

Notes to the Financial Statements

Year ended 31 March 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite C, The Quadrant, 99 Parkway Avenue, Sheffield, S9 4WG. The principal place of business of the company is The Dovecote, 41 Coventry Road, Narborough, Leicester, LE19 2GN.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. The company has prepared it's financial statements to the nearest £.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Fixtures & Fittings | - | 20% reducing balance

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Stocks are recorded on a first in first out basis.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:

| 2025 | 2024
| £ | £
Sale of goods | 14,311,412 | 12,592,719
| ------------- | -------------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other operating income

| 2025 | 2024
| £ | £
Other operating income | 409,729 | 84,721
| --------- | --------

6. Operating profit
Operating profit or loss is stated after charging/crediting:

| 2025 | 2024
| £ | £
Depreciation of tangible assets | 207,214 | 148,861

Impairment of tangible assets recognised in:

| Administrative expenses | 53,270 | –
Gains on disposal of tangible assets | – | ( 21)
Impairment of trade debtors | 3,350 | –
| --------- | ---------

7. Auditor's remuneration

| 2025 | 2024
| £ | £
Fees payable for the audit of the financial statements | 20,000 | 20,000
| -------- | --------

8. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:

| 2025 | 2024
| No. | No.
Production staff | 280 | 255
Administrative staff | 10 | 9
Management staff | 9 | 5
| ---- | ----
| 299 | 269
| ---- | ----

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

| 2025 | 2024
| £ | £
Wages and salaries | 4,539,670 | 3,780,307
Social security costs | 307,211 | 245,507
Other pension costs | 119,538 | 60,677
| ------------ | ------------
| 4,966,419 | 4,086,491
| ------------ | ------------

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

| 2025 | 2024
| £ | £
Remuneration | 15,838 | 18,959
Company contributions to defined contribution pension plans | 53,175 | 6,916
| -------- | --------
| 69,013 | 25,875
| -------- | --------

10. Other interest receivable and similar income

| 2025 | 2024
| £ | £
Interest on cash and cash equivalents | – | 2,061
| ---- | -------

11. Interest payable and similar expenses

| 2025 | 2024
| £ | £
Other interest payable and similar charges | 167 | –
| ---- | ----

12. Tax on profit
Major components of tax expense

| 2025 | 2024
| £ | £

Current tax:

UK current tax expense | 404,892 | 292,512

Deferred tax:

Origination and reversal of timing differences | 17,436 | 27,554
| --------- | ---------
Tax on profit | 422,328 | 320,066
| --------- | ---------

Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

| 2025 | 2024
| £ | £
Profit on ordinary activities before taxation | 1,669,704 | 1,278,439
| ------------ | ------------
Profit on ordinary activities by rate of tax | 417,426 | 319,610
Effect of expenses not deductible for tax purposes | 4,902 | 456
| ------------ | ------------
Tax on profit | 422,328 | 320,066
| ------------ | ------------

13. Dividends

| 2025 | 2024
| £ | £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) | 538,000 | 228,621
| --------- | ---------

14. Tangible assets

| Fixtures and fittings | Total
| £ | £
Cost |  |
At 1 April 2024 | 1,632,625 | 1,632,625
Additions | 355,366 | 355,366
| ------------ | ------------
At 31 March 2025 | 1,987,991 | 1,987,991
| ------------ | ------------
Depreciation |  |
At 1 April 2024 | 951,919 | 951,919
Charge for the year | 207,214 | 207,214
Impairment losses | 53,271 | 53,271
| ------------ | ------------
At 31 March 2025 | 1,212,404 | 1,212,404
| ------------ | ------------
Carrying amount |  |
At 31 March 2025 | 775,587 | 775,587
| ------------ | ------------
At 31 March 2024 | 680,706 | 680,706
| ------------ | ------------

Tangible assets held at valuation
15. Stocks

| 2025 | 2024
| £ | £
Liquor and Food | 170,525 | 153,022
| --------- | ---------

16. Debtors

| 2025 | 2024
| £ | £
Amounts owed by undertakings in which the company has a participating interest | 768,280 | 766,740
Prepayments and accrued income | 354,252 | 147,131
Other debtors | 193,402 | 156,028
| ------------ | ------------
| 1,315,934 | 1,069,899
| ------------ | ------------

17. Creditors: amounts falling due within one year

| 2025 | 2024
| £ | £
Trade creditors | 574,150 | 481,861
Accruals and deferred income | 212,400 | 187,781
Corporation tax | 374,391 | 263,239
Social security and other taxes | 162,165 | 156,219
Other creditors | 13,198 | 39,955
| ------------ | ------------
| 1,336,304 | 1,129,055
| ------------ | ------------

18. Provisions

| Deferred tax (note 19)
| £
At 1 April 2024 | 152,622
Additions | 17,436
| ---------
At 31 March 2025 | 170,058
| ---------

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

| 2025 | 2024
| £ | £
Included in provisions (note 18) | 170,058 | 152,622
| --------- | ---------

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

| 2025 | 2024
| £ | £
Accelerated capital allowances | 170,058 | 152,622
| --------- | ---------

The deferred tax liability set out above will be reversed when associated assets are depreciated or sold. The reversal of deferred tax in the next 12 months is not expected to be material.
20. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 119,538 (2024: £ 60,677 ).
21. Financial instruments

|  | 2025 | 2024
|  | £ | £
| Financial Assets | 2,722,941 | 2,099,675

|  | 2025 | 2024
|  | £ | £
| Financial Liabilities | 585,850 | 519,699

The totals for financial instruments held at fair value above relate to assets and liabilities valued at cost, which due to their short-life nature is deemed to be equal to fair value. As such there have been no charges to profit or loss in respect of adjustments to fair value recognised in the period.
22.
23. Called up share capital
Issued, called up and fully paid

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £ 1 each | 100 | 100 | 100 | 100
| ---- | ---- | ---- | ----

Ordinary shares are voting, participating, non - redeemable shares.
24. Analysis of changes in net debt

| At 1 Apr 2024 | Cash flows | At 31 Mar 2025
| £ | £ | £
Cash at bank and in hand | 1,185,617 | 575,642 | 1,761,259
| ------------ | --------- | ------------

25. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:

| 2025 | 2024
| £ | £
Not later than 1 year | 585,016 | 581,371
Later than 1 year and not later than 5 years | 1,251,059 | 1,556,997
Later than 5 years | – | 85,963
| ------------ | ------------
| 1,836,075 | 2,224,331
| ------------ | ------------

The company's future minimum operating lease payments under non-cancellable operating leases are as disclosed above. The company's total operating leasing costs for the year ended 31 March 2025 was £551,008 (2024: £507,635)
26. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:

| 2025
|  | Balance brought forward | Advances/ (credits) to the directors | Amounts repaid | Balance outstanding
|  | £ | £ | £ | £
| Mr M Thomas | – | – | – | –
|  | ---- | ---- | ---- | ----

| 2024
|  | Balance brought forward | Advances/ (credits) to the directors | Amounts repaid | Balance outstanding
|  | £ | £ | £ | £
| Mr M Thomas | 388,792 | 241,491 | ( 630,283) | –
|  | --------- | --------- | --------- | ----

The loan is interest free and repayable on demand.

Roseacre Pub Company Ltd

Notes to the Financial Statements (continued)

Year ended 31 March 2025
27. Related party transactions
At the year end, the company extended loans totalling £768,280 (2024: £766,740) to its parent company. These loans were interest free and repayable on demand.
28. Controlling party
Sage Pubs Limited is the sole owner, and ultimate parent. Sage Pubs Limited is incorporated in the UK, and its registered office is Suite C, The Quadrant, Sheffield, South Yorkshire, United Kingdom, S9 4WG. Copies of the group accounts can be obtained from Companies House, or the aforementioned registered office. The ultimate controlling party is considered to be Ashley & Alicia Gartshore who each hold 50% of the total share capital in Sage Pubs Limited.