REGISTERED NUMBER: 03609525 (England and Wales)

FINANCIAL STATEMENTS FOR THE PERIOD 2 FEBRUARY 2025 TO 31 JANUARY 2026

FOR

MARKET TOWN TAVERNS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

J D Clague

Ms G R Cowley

M N Crowther

D Hall

O G Neale

SECRETARY:

D Hall

REGISTERED OFFICE:

Arcadia Otley Road

Headingley

Leeds

Yorkshire

LS6 2UE

REGISTERED NUMBER:

03609525 (England and Wales)

AUDITORS:

Moore Dixon LP

26-28 Athol Street

Douglas

Isle of Man

IM1 IJB

FIXED ASSETS

Tangible assets

5

363,716

442,496

CURRENT ASSETS

Stocks

79,236

77,704

Debtors

6

355,799

339,313

Cash at bank

76,686

74,026

511,721

491,043

CREDITORS

Amounts falling due within one year

7

5,305,127

5,617,809

NET CURRENT LIABILITIES

(4,793,406

)

(5,126,766

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(4,429,690

)

(4,684,270

)

CAPITAL AND RESERVES

Called up share capital

10

624,664

624,664

Share premium

5,605

5,605

Retained earnings

(5,059,959

)

(5,314,539

)

SHAREHOLDERS' FUNDS

(4,429,690

)

(4,684,270

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2026 and were signed on its behalf by:

D Hall - Director

M N Crowther - Director

1.	STATUTORY INFORMATION

Market Town Taverns Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost conventions unless otherwise specified.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Critical accounting judgements and key sources of estimation uncertainty

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

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

Turnover

Turnover is recognised at the fair value of the consideration received or receivable from the provision of food and beverages from its ale and wine bars & accommodation in the normal course of business, and is shown net of VAT and trade discounts.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold

-

straight line over period of lease

Fixtures and fittings

-

1 to 11 years

Motor vehicles

-

Over 5 years

Computer equipment

-

5 to 10 years

Tangible fixed assets are recorded at cost. When an asset is sold the cost and accumulated depreciation are recognised in the profit and loss account and off set against the sale proceeds.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' .

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 instruments, which includes trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at the market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument's measured at present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Equity instruments

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

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The company is currently in a net liability position and continues to suffer recurring losses. Therefore, the Company is dependant upon the continuing financial support of its parent company, Heron and Brearley Holdings (Isle of Man) Limited in order to allow it to meet its operational obligations as they fall due. The directors are satisfied that this financial support as reflected by amounts owed to group undertakings (Note 8), will continue and therefore have continued to adopt the going concern basis in preparing its financial statements.

Employee benefits

The costs of short term benefits are recognised as a liability and an expense, unless those costs are required to be recognised as stock.

The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received. This is only recognised if considered to be material.

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

Expenses

Expenses are accounted for on an accruals basis.

Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to settle the obligation is recognised at its present value. When a provision is measured at present value, the unwinding of the discount as a finance cost in the profit or loss in the period in which it arises.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 76 (2025 - 228 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Long

and

Motor

Computer

leasehold

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 2 February 2025

395,597

1,022,902

111,601

25,200

1,555,300

Additions

-

80,443

-

-

80,443

Disposals

(18,964

)

(146,875

)

-

-

(165,839

)

At 31 January 2026

376,633

956,470

111,601

25,200

1,469,904

DEPRECIATION

At 2 February 2025

272,810

737,894

76,900

25,200

1,112,804

Charge for period

25,857

117,430

11,411

-

154,698

Eliminated on disposal

(18,964

)

(142,350

)

-

-

(161,314

)

At 31 January 2026

279,703

712,974

88,311

25,200

1,106,188

NET BOOK VALUE

At 31 January 2026

96,930

243,496

23,290

-

363,716

At 1 February 2025

122,787

285,008

34,701

-

442,496

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/1/26

1/2/25

£

£

Trade debtors

12,753

14,273

Amounts owed by group undertakings

16,987

-

Other debtors

326,059

325,040

355,799

339,313

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/1/26

1/2/25

£

£

Trade creditors

326,720

348,297

Amounts owed to group undertakings

4,808,421

5,032,270

Taxation and social security

67,306

59,712

Other creditors

102,680

177,530

5,305,127

5,617,809

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31/1/26

1/2/25

£

£

Within one year

100,661

100,661

Between one and five years

226,695

299,656

In more than five years

122,206

149,630

449,562

549,947

9.	DEFERRED TAX

£

Balance at 2 February 2025

(243,906

)

Provided during period

(1

)

Balance at 31 January 2026

(243,907

)

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/1/26

1/2/25

value:

£

£

624,564

Ordinary

£1

624,564

624,564

100

'A' Ordinary

£1

100

100

624,664

624,664

Ordinary share capital carries full voting rights to participate in distributions of income or capital. A shares carry no voting rights to participate in any distribution of income or capital.

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Dixon (Senior Statutory Auditor)

for and on behalf of Moore Dixon LP

We draw attention to the balance sheet of the financial statements, which indicates that the company has net liabilities of £4,429,690 (2025: £4,684,270) and a profit of £254,580 (2025: loss £96,630) and is dependent upon the continuing financial support of its parent company, Heron and Brearley Holdings Limited, in order to allow it to meet its operational obligations as they fall due. The conditions set forth in note 3 indicates that a material uncertainty exists that may cast doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is considered to be Heron and Brearley Holdings Limited, a company based in the Isle of Man.

The consolidated financial statements are drawn up by Heron and Brearley Holdings Limited, whose address is:

Distribution Centre,

Kewaigue

Douglas

IM2 1QG

Isle of Man

13.	LOAN GUARANTEE

The Company has given an unlimited guarantee over loans taken out by the former parent company, Heron and Brearley Limited. Security consisting of first legal fixed and floating charge over all assets held by the Company has also been granted.

In addition there is also a secondary charge over all the assets held by the company following the issuance of loan notes by Heron and Brearley Holdings Limited.