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Registered number:
FOR THE PERIOD ENDED 29 MARCH 2026
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VALIANT PUB COMPANY LIMITED
COMPANY INFORMATION
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VALIANT PUB COMPANY LIMITED
CONTENTS
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VALIANT PUB COMPANY LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 29 MARCH 2026
The directors present their Strategic Report for the period ended 29 March 2026.
Principal activities During the period the Company completed the final phase of the Valiant Group's restructuring programme. Following the transfer of its remaining public house assets into subsidiary companies, the Company no longer directly owns or operates licensed premises. During the year, the Company completed the transfer of its remaining public house assets into subsidiary companies. Accordingly, whilst the operation of public houses formed part of the Company's activities during the period, its principal activity is now the provision of management, operational, financial, property and administrative support services to companies within the Valiant Group.
FY26 marked the completion of a significant strategic milestone for the Group with the successful conclusion of its property and corporate restructuring programme.
The restructuring was designed to simplify the Group's ownership structure by separating property ownership from central management activities. As a result, operating and property-owning activities are now undertaken through dedicated subsidiary companies, while the Company has become the Group's central management and service provider. The transfer of the Company's public house estate was completed in two phases. Twenty-four properties were transferred during the year ended 30 March 2025, with the remaining 31 properties transferred during the current financial period. Together these transactions formed a single coordinated programme to establish a clearer and more efficient Group structure. The directors believe the revised structure provides a number of long-term benefits, including:
∙clearer ownership and accountability across the Group;
∙improved corporate governance and risk management;
∙greater operational transparency;
∙enhanced flexibility for future investment; and
∙a scalable platform to support the continued growth of the Valiant estate.
Throughout the period the Company continued to provide operational, commercial, financial and strategic support services across the Group's estate of more than 90 public houses. The directors are satisfied that the restructuring has been completed successfully with minimal disruption to ongoing operations.
Following the completion of the restructuring programme, the results for the period are presented separately as continuing and discontinued operations, with the Company's former pub trading activities shown as discontinued. The comparative information for FY25 has been restated on the same basis. Further detail is set out below.
Turnover for the period was £10.7 million (2025: £18.8 million), with the reduction reflecting the transfer of the Company's remaining pub trading activities to Group subsidiaries. Turnover from continuing operations, principally management and support fees charged to Group companies, increased to £4.9 million (2025: £1.9 million, restated).
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VALIANT PUB COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 MARCH 2026
Continuing operations generated an operating loss of £0.5 million (2025: £0.8 million loss, restated), reflecting the transition to the Company's revised role as the Group's central management and service provider. Cost recovery arrangements have now been established through management and support fees charged to Group companies.
The Company recorded a profit before tax of £7.7 million (2025: £4.9 million loss, restated). This included a non-cash gain of £11.3 million arising from the intra-group disposal of Valiant Asset Polar D Limited as part of the restructuring programme. Excluding this gain, the Company would have reported a loss before tax of £3.6 million, reflecting the operating result for the period, including the pub trading activities transferred during the year, together with net intercompany interest expense of £1.2 million. Total assets increased from £48.6 million to £62.0 million and the Company moved from net liabilities of £0.8 million to net assets of £6.9 million, principally as a result of the restructuring transactions. Following completion of the programme, investments in subsidiaries and intercompany balances now comprise the majority of the Company's assets. The directors remain satisfied with the Company's financial position and believe the revised structure provides a strong platform for future development. Discontinued operations Following completion of the restructuring programme, the Company's former pub trading activities are presented as discontinued operations within the profit and loss account. Continuing operations now comprise the Company's management, support and central service activities. The transfer of the pub estate was completed in two phases during FY25 and FY26. The comparative information for FY25 has been restated to present the former trading activities consistently as discontinued operations in both periods presented. This presentation affects only the classification of results within the financial statements and has no impact on the Company's total profit before taxation.
As the Group's central management company, the directors assess performance using financial and operational measures appropriate to the Company's revised role. The principal KPIs for the period were:
∙Continuing operations turnover: £4.9 million (2025: £1.9 million, restated), reflecting the Company's transition to the provision of management and support services across the Group.
∙Operating result from continuing operations: operating loss of £0.5 million (2025: £0.8 million loss, restated), with cost recovery arrangements established through management and support fees charged to Group companies.
∙Estate supported: more than 90 public houses, with the Company providing central operational, commercial, financial, property and administrative support across the Group.
The Board also monitors central budgets and cost control, cash generation and liquidity, health and safety and regulatory compliance, and delivery of strategic initiatives.
Strong corporate governance supporting sustainable growth The Company continues to place robust corporate governance at the centre of its operations. As the Group's central management company, it plays a key role in maintaining consistent governance standards, supporting effective decision-making and ensuring that Group policies are implemented across operating and property-owning subsidiaries.
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VALIANT PUB COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 MARCH 2026
The governance framework continued to develop during the period through:
∙Board oversight: maintaining effective strategic leadership, oversight and accountability across the Group.
∙Risk management: strengthening processes to identify, assess and mitigate operational, financial, legal and regulatory risks.
∙Ethical business practices: promoting integrity, transparency and compliance throughout the organisation.
∙Stakeholder engagement: maintaining constructive relationships with employees, operator partners, suppliers, lenders and other stakeholders to support informed decision-making and long-term success.
The directors believe that strong governance remains fundamental to the sustainable growth of the Group.
The Company continues to support the Valiant Group's commitment to operating responsible, sustainable and community-focused hospitality businesses.
Across the estate, sustainability considerations form part of ongoing refurbishment, maintenance and investment programmes. Where practical, the Group seeks to improve energy efficiency through the installation of energy-efficient equipment and building solutions, while promoting responsible procurement, waste reduction and recycling. These initiatives are intended both to reduce environmental impact and to improve the long-term efficiency and resilience of the estate. The Group's pubs remain closely connected to the communities they serve. Valiant continues to invest in the refurbishment and improvement of community pubs and works with its operator partners to maintain welcoming, locally focused venues. Charitable fundraising, local partnerships and community-led initiatives further support the role of the Group's venues as important local social hubs. Employees and operator partners are encouraged to support charitable and community activities. The directors believe that responsible investment in the estate, efficient use of resources and strong engagement with local communities contribute to the sustainable long-term development of the Group. Employees and workplace culture The directors recognise that the continued success of the Group depends upon the commitment, experience and expertise of its people. As the Group's central management company, the Company employs the operational, commercial, finance, property and support teams that provide services across the wider estate. Individual venues continue to be operated by independent operator partners who employ and manage their own pub-based teams. The Company is committed to maintaining an inclusive, supportive and rewarding working environment in which employees are encouraged to develop their skills and achieve their full potential. Investment in training, professional development, employee wellbeing and engagement remains an important priority. The Company promotes a culture of collaboration, accountability and continuous improvement, supported by regular communication between management and employees. The directors believe that maintaining a strong workplace culture is fundamental to attracting, retaining and developing talented people and supporting the Group's long-term success.
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VALIANT PUB COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 MARCH 2026
The Company's principal risks are closely linked to the performance of the wider Group and the markets in which it operates. These include:
∙economic conditions affecting the hospitality sector and consumer spending;
∙inflationary pressures impacting operating costs;
∙recruitment and retention of skilled employees;
∙food safety, health and safety and regulatory compliance;
∙cyber security and information technology resilience;
∙access to funding and liquidity; and
∙reliance on Group companies for the recovery of central management and support costs and the settlement of intercompany balances.
The Board regularly reviews these risks and maintains appropriate governance, internal controls and monitoring procedures designed to identify, assess and mitigate risks across the business.
Following completion of the restructuring programme, the Company will focus on providing high-quality management and support services to the wider Group, maintaining strong governance and operational oversight, and supporting future investment and sustainable growth across the estate.
This report was approved by the board and signed on its behalf.
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VALIANT PUB COMPANY LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 29 MARCH 2026
The directors present their report and the financial statements for the period ended 29 March 2026.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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;
∙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.
The profit for the period, after taxation, amounted to £7,714,913 (2025: loss £4,879,521).
Dividends of £nil (2025: £nil) were paid during the period ended 29 March 2026.
The directors who served during the period were:
The Company has chosen, in accordance with Companies Act 2006, s.414C(11), to set out in the Company's Strategic Report; the information relating to future development and financial risk management.
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VALIANT PUB COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 MARCH 2026
There were no post balance sheet events to disclose at the financial year end.
The auditors, HaysMac LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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VALIANT PUB COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VALIANT PUB COMPANY LIMITED
We have audited the financial statements of Valiant Pub Company Limited (the 'Company') for the period ended 29 March 2026, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
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.
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VALIANT PUB COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VALIANT PUB COMPANY LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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.
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VALIANT PUB COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VALIANT PUB COMPANY LIMITED (CONTINUED)
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 Auditors' 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:
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment law, foods standards regulations, licencing regulations and health and safety laws, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and corporation tax. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to overstate revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
∙inspecting correspondence with regulators and tax authorities;
∙discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
∙evaluating management's controls designed to prevent and detect irregularities;
∙identifying and testing accounting journal entries, in particular those journal entries which exhibited the characteristics we had identified as possible indicators of irregularities; and
∙challenging assumptions and judgements made by management in their critical accounting estimates such as whether there are indictors of impairment on fixed assets and recoverability on intercompany debtors.
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 fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' Report.
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VALIANT PUB COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VALIANT PUB COMPANY LIMITED (CONTINUED)
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 Auditors' 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.
for and on behalf of
Statutory Auditors
10 Queen Street Place
EC4R 1AG
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VALIANT PUB COMPANY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 29 MARCH 2026
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VALIANT PUB COMPANY LIMITED
REGISTERED NUMBER: 13684671
STATEMENT OF FINANCIAL POSITION
AS AT 29 MARCH 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 28 form part of these financial statements.
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VALIANT PUB COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 29 MARCH 2026
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VALIANT PUB COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2026
Valiant Pub Company Limited is a private company, limited by shares, incorporated and registered in England and Wales. The Company's registered number is 13684671 and registered office address is Third Floor, 5, Lower Temple Street, Birmingham, England, B2 4JD
During the year, the Company completed the transfer of its remaining public house assets into subsidiary companies. Accordingly, whilst the operation of public houses formed part of the Company's activities during the period, its principal activity is now the provision of management, operational, financial, property and administrative support services to companies within the Valiant Group.
2.Accounting policies
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 judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Valiant Pub Holdco Limited as at 29 March 2026 and these financial statements may be obtained from Companies House.
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
Based on operational performance forecast and continuously monitoring of cash flows, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.
The Company therefore continues to adopt the going concern basis in preparing its financial statements.
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VALIANT PUB COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2026
2.Accounting policies (continued)
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 rebates, value added tax and other sales taxes.
Revenue is generated from the sale of food and beverages in managed pubs, as well as the provision of accommodation. Food and beverage revenue is recognised at the point of sale and the below criteria must be met before revenue is recognised:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains no 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.
Other revenue is measured at the fair value of consideration received or receivable, and is derived from the rental of tenanted pubs. Revenue is recognised in the period to which it relates, excluding discounts and value added tax.
Accommodation income is recognised at the point the accommodation is provided. Any amounts received in advance are recognised in deferred income and released to turnover at the point of the stay. Any stays offered on a credit basis are recognised in trade debtors until the amount is paid.
Gambling machine income is recognised, in the Company’s capacity as agent, where net takings are recognised as earned on the Company’s proportion of gambling machine proceeds in the period of sale. Management fee revenue is recognised when services are provided to group companies. Revenue is measured at the fair value of the consideration received or receivable. Income is recognised in the period in which the related services are rendered, and when it is probable that the economic benefits associated with the transaction will flow to the Company and the amount of revenue can be reliably measured.
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VALIANT PUB COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2026
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Assets that are subject to depreciation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGU's). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
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VALIANT PUB COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2026
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due within the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
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VALIANT PUB COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2026
2.Accounting policies (continued)
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
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VALIANT PUB COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2026
2.Accounting policies (continued)
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Impairment of tangible fixed assets In carrying out the impairment review of fixed assets, it has been necessary to make estimates and judgements. Individual sites are viewed as separate cash generating units. The recoverable amount of each cash generating unit (CGU) has been identified as the higher of the fair value less cost to sell, or the value in use. A fair value of each CGU was identified using an EBITDA multiple which requires an estimation of future cash flows for a mature site post redevelopment, and judgment around the multiple that could be achieved on sale. If the estimated future cashflows were not achieved or the multiple could not be achieved on sale of a site, there could be a material impact on the financial statements through an impairment charge. The impairment charge is highly sensitive to these estimates and judgements and small movements in EBITDA or multiple can lead to an increased impairment charge. Recoverability of intercompany debtors Management evaluate intercompany debtors for impairment whenever circumstances indicate, in management’s judgement, that the carrying value may not be recoverable. An impairment review requires management to make subjective judgements concerning the future trading prospects and cash flows of the group companies under review. Where actual cash flows in subsequent years differs to those forecast as part of the management’s impairment review this may result in additional impairments or conversely reversals of existing impairments recognised in future years. Useful lives of tangible fixed assets The estimated useful economic lives of tangible fixed assets are based on management's judgement and experience. When management identifies that the actual useful economic lives differ materially from the estimates used to calculate depreciation, that charge is adjusted prospectively. Due to the significance of tangible fixed asset investment to the Company, variations between actual and estimated useful economic lives could impact operating results both positively and negatively.
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VALIANT PUB COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2026
3.Judgements in applying accounting policies (continued)
Management evaluate investments for impairment whenever circumstances indicate, in management’s judgement, that the carrying value may not be recoverable. As part of the impairment review, management make judgements around the true net asset value of investments in subsidiaries, for example one that could be achieved on sale to a third party. This involves an estimate of the fair value of assets compared to the carrying value of assets, which is at cost, in the subsidiary. Were these estimates and judgements to be incorrect, the value of the investment could be identified as less than the cost of the investment and an impairment would be required. Given the headroom identified here, no impairment is considered necessary nor likely in the future.
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VALIANT PUB COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2026
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VALIANT PUB COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2026
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VALIANT PUB COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2026
There were no factors that may affect future tax charges.
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VALIANT PUB COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2026
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VALIANT PUB COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2026
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VALIANT PUB COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2026
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VALIANT PUB COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2026
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £148,918 (2025: £129,177). Contributions totalling £24,906 (2025: £20,036) were payable to the fund at the reporting date.
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VALIANT PUB COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2026
The immediate parent is Valiant Pub Bidco Limited, a company registered in England and Wales. The registered office address is Third Floor, 5, Lower Temple Street, Birmingham, England, B2 4JD.
The smallest group in which they are consolidated is that headed by Valiant Pub Holdco Limited, a company incorporated in England and Wales. Its registered office address is Third Floor, 5, Lower Temple Street, Birmingham, England, B2 4JD. The ultimate controlling party is Njord Partners LLP, an entity registered in England and Wales. The registered office address is 10 Lower James St, London, United Kingdom, W1F 9EL.
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