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Registered number:
FOR THE PERIOD ENDED 29 MARCH 2026
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VALIANT PUB BIDCO LIMITED
COMPANY INFORMATION
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VALIANT PUB BIDCO LIMITED
CONTENTS
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VALIANT PUB BIDCO LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 29 MARCH 2026
The directors present their Strategic Report for the period ended 29 March 2026.
The principal activity of the Company is that of acting as a holding company for Valiant Pub Company Limited, Valiant Asset Polar D Limited (formerly Valiant Asset Company 1 Limited), Valiant Asset F3 Limited (formerly Valiant Asset Company 2 Limited), and Valiant Asset Polar Limited which are the operating entities for the Valiant Pub Group.
The principal activity of the Company during the year continued to be that of a holding company. The Company’s main role is to hold investments in its wholly owned subsidiaries.
The Company does not carry out any trading activities directly. Its income is derived entirely from intercompany interest receivable, and its primary expense is intercompany interest payable to the parent. The financial performance of the Company is therefore directly linked to the financial performance of the subsidiary entities. The principal activity of the Group is to acquire, invest in, and operate community focused pubs across the UK. No dividends were declared or paid during the year (2025: £nil).
The Company does not carry out trading activities and therefore the principal risk relates to the recoverability of intercompany debtor balances and in turns its ability to pay intercompany creditors. The directors review the performance of the trading subsidiaries and the recoverability of intercompany loan balances on a regular basis.
The Company will continue to act as a holding company.
The directors will continue to monitor the performance of the subsidiary closely and ensure that intercompany loans remain appropriate.
This report was approved by the board and signed on its behalf.
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VALIANT PUB BIDCO 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 £153,519 (2025 - £112,102).
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 developments.
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VALIANT PUB BIDCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 MARCH 2026
There have been no significant events affecting the Company since the period 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 BIDCO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VALIANT PUB BIDCO LIMITED
We have audited the financial statements of Valiant Pub Bidco 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 BIDCO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VALIANT PUB BIDCO 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 BIDCO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VALIANT PUB BIDCO 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 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 and management bias in accounting estimates. Audit procedures performed by the engagement team included:
∙inspecting correspondence with regulators and tax authorities;
∙inquires with management including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
∙evaluating management’s controls designed to prevent and detect irregularities;
∙identifying and testing journals, in particular journal entries posted with unusual account combinations,
∙postings with high value transactions or rounded entries; and
∙challenging assumptions and judgements made by management in their critical accounting estimates.
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 BIDCO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VALIANT PUB BIDCO 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 BIDCO LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 29 MARCH 2026
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VALIANT PUB BIDCO LIMITED
REGISTERED NUMBER: 13692654
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 11 to 16 form part of these financial statements.
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VALIANT PUB BIDCO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 29 MARCH 2026
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VALIANT PUB BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2026
Valiant Pub Bidco Limited is a private company, limited by shares, incorporated and registered in England and Wales. The Company's registered number is 13692654 and registered office address is Third Floor, 5 Lower Temple Street, Birmingham, England, B2 4JD.
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.
The Company is a holding company for Valiant Pub Company Limited, Valiant Asset Polar D Limited (formerly Valiant Asset Company 1 Limited), Valiant Asset F3 Limited (formerly Valiant Asset Company 2 Limited), and Valiant Asset Polar Limited which are the operating entities for the Valiant Pub Group. The Company’s purpose is therefore driven from the continued success of the operating entity. After reviewing the forecasts and projections to September 2027 for the operating entity, the directors have a reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future, and therefore this entity will continue to act as a holding company.
On this basis the Company continues to adopt the going concern basis in preparing its financial statements.
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VALIANT PUB BIDCO 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.
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. Impairment of investments In performing the impairment review of investments, management has made certain estimates and judgements. Each investment is assessed individually to determine whether there is any indication of impairment. The recoverable amount of each investment is determined as the higher of its fair value less costs to sell, or its value in use.
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VALIANT PUB BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2026
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VALIANT PUB BIDCO 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 BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2026
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VALIANT PUB BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2026
Profit and loss account
The immediate parent is Valiant Pub Midco 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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