ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: 03991418

BARONS PUB COMPANY LTD

AUDITED

ANNUAL REPORT
AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED
30 SEPTEMBER 2025

BARONS PUB COMPANY LTD

COMPANY INFORMATION

Directors	Mr C M Price
	Miss H M Pillinger


Company secretary	Mrs L C Price


Registered number	03991418


Registered office	Albany House
	Claremont Lane
	Esher
	Surrey
	KT10 9FQ


Independent auditors	Wellden Turnbull Limited
	Chartered Accountants & Statutory Auditors
	Albany House
	Claremont Lane
	Esher
	Surrey
	KT10 9FQ

BARONS PUB COMPANY LTD

CONTENTS

	Page
Strategic Report	1 - 2
Directors' Report	3 - 5
Independent Auditors' Report	6 - 9
Statement of Income and Retained Earnings	10
Balance Sheet	11
Statement of Cash Flows	12
Notes to the Financial Statements	13 - 29

BARONS PUB COMPANY LTD

STRATEGIC REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Introduction

The Directors present their Strategic Report together with the audited financial statements for the year ended 30 September 2025.

Business review

The year ended 30 September 2025 was a period of investment and change for Barons Pub Company.

Turnover increased by 4.4% to £20.44m (2024: £19.59m), supported by the addition of the Curious Pig in the Parlour and continued demand across the estate. Accommodation revenue grew to £506k (2024: £350k), broadening the Company’s sources of income.

The year also brought significant challenges. The fire at the Shinfield Arms interrupted trading for much of the period, while higher employment and financing costs put pressure on profitability. Against that background, the Company remained operating profitable, reporting operating profit of £680k (2024: £630k). Gross profit was £6.43m (2024: £6.57m), with a gross margin of 31.5% (2024: 33.6%). After financing costs, the Company recorded a profit after tax of £151K (2024: £80k).

The Company continued to invest in the quality and long-term potential of its estate. Tangible fixed asset additions totalled £3.04m during the year, including investment associated with the Curious Pig and improvements across the business. In November 2024, the Company consolidated its bank borrowing into a single facility. Cash at bank and in hand stood at £369k at the year end (2024: £83k).

The Shinfield Arms reopened fully in August 2025. Together with the continued development of the Curious Pig, this gives the Company a stronger platform for the coming year. The Directors remain focused on the standards of food, service and hospitality that underpin customer loyalty, while managing costs carefully and improving the performance of each site.

Principal risks and uncertainties

The Company operates in a competitive and highly regulated hospitality sector. The principal risks are:

Strategic risks

∙Compliance with food hygiene, licensing and health & safety regulations.

∙Labour availability and compliance with employment law.

Commercial risks

∙Ongoing inflationary pressures, particularly wage costs following National Minimum Wage increases.

∙Consumer confidence and discretionary spend levels.

∙Supply chain disruption.

Operational risks

∙Recruitment and retention remain challenging, though Barons has been successful in maintaining strong management teams and a positive “Barons Values” culture.

∙IT and systems risks, mitigated by investment and resilience planning.

Financial risks

∙Exposure to rising interest rates, impacting borrowing costs.

∙Debt refinancing requirements: In November 2024, the Company successfully consolidated existing loans into a single facility, providing greater stability going forward.

∙Working capital pressures remain actively managed through close cost control and supplier engagement.

Page 1

BARONS PUB COMPANY LTD

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Financial key performance indicators

The Board uses several KPIs to monitor performance:

∙Turnover: £20.44m (2024: £19.59m)

∙Gross Profit Margin: 31.5% (2024: 33.6%)

∙Operating Profit: £680k (2024: £630k)

∙Net Assets: £707k (2024: £757k)

Alongside financial KPIs, non-financial measures remain important, including staff retention, training completion rates, customer satisfaction, and compliance audits.

Outlook

The Directors’ priority for the coming year is to build on the full reopening of the Shinfield Arms and the first full year of trading at the Curious Pig. The Company will focus on growing sales across its pubs and accommodation offer, maintaining the quality of its estate, and improving productivity through sound labour management and better operating systems.

Although employment costs and other pressures on hospitality businesses remain significant, the Directors believe the Company’s established locations, experienced teams and recent investment provide a sound basis for improving performance.

Other key performance indicators

The are no other key performance indicators.

This report was approved by the board and signed on its behalf.

Mr C M Price

Director

Date: 27 October 2026

Page 2

BARONS PUB COMPANY LTD

DIRECTORS' REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

The Directors present their report and the financial statements for the year ended 30 September 2025.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the Directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgements and accounting estimates that are reasonable and prudent;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Company in the year under review continued to be that of restaurateur and publicans.

Results and dividends

The profit for the year, after taxation, amounted to £151,497 (2024 - £79,630).

During the year dividends of £201,000 (2024 - £209,000) were paid.

Directors

The Directors who served during the year were:

Mr C M Price

Miss H M Pillinger

Future developments

The Company intends to concentrate on the performance of its existing estate, including the continued development of the Curious Pig and the return to full trading at the Shinfield Arms. Planned improvements to operating and financial systems will support more timely reporting, cost control and decision-making. The Directors will consider further investment where it strengthens the customer offer and is supported by expected returns.

Page 3

BARONS PUB COMPANY LTD

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Financial instruments

The Company holds financial instruments to finance its operations, being trade debtors, trade creditors and loans from third parties. Trade debtors and trade creditors arise directly from the Company's operations. Loans from third parties were mainly used to fund the acquisition and fit out of new premises. The operations and working capital of the Company are funded principally out of retained profits.

Engagement with employees

The Company implements a policy of providing employees with information through the use of regular meetings, internal e-mails, monthly training briefs, staff briefings, compliance suite & our intranet system.

Regular communication occurs between management and employees through the direct involvement of management in the day to day running of the business.

Disabled employees

The Company is an equal opportunities employer, which means that we are committed to providing equality of opportunity in employment to all persons. When recruiting new employees or when offering our current employees with opportunities for promotion, it means we will:

∙follow the good practice recommendations of the codes of practice and other guidance issued by the Equality Commission;

∙not discriminate unlawfully against any person and select the best person for the job in terms of qualification and abilities; and

∙to achieve these aims we have set up a recruitment and selection procedure. The Operations Director has the main responsibility for implementing this policy procedure.

Matters covered in the Strategic Report

The review of the business, key performance indicators and the principal risks and uncertainties are not shown in the Directors Report as they are shown in the Strategic Report in accordance with S414C (11) of the Companies Act 2006.

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

The Directors are not aware of any events since 30 September 2025 requiring disclosure in these financial statements.

Page 4

BARONS PUB COMPANY LTD

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Auditors

Under section 487(2) of the Companies Act 2006, Wellden Turnbull Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.

Mr C M Price

Director

Date: 27 October 2026

Page 5

BARONS PUB COMPANY LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARONS PUB COMPANY LTD

Opinion

We have audited the financial statements of Barons Pub Company Ltd (the 'Company') for the year ended 30 September 2025, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the 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 Financial Reporting Standard 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 30 September 2025 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

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 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.

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 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.

Page 6

BARONS PUB COMPANY LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARONS PUB COMPANY LTD (CONTINUED)

Opinion 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 set out on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 7

BARONS PUB COMPANY LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARONS PUB COMPANY LTD (CONTINUED)

Auditors' 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 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. We have identified the greatest risk of a material impact on the financial statements from irregularities, including fraud, to relate to the timing and recognition of revenue, and the override of controls by management. We have obtained an understanding of the legal and regulatory frameworks that the Company operates within including both those that directly have an impact on the financial statements and more widely those for which non-compliance could have a significant impact on the Company’s operations and reputation. The Companies Act 2006, employee legislation, food hygiene regulations, alcohol licensing regulations, health and safety legislation and data protection are those we have identified in this regard. Auditing standards limit the required procedures as to non-compliance with laws and regulations to enquiries of those charged with governance and review of any applicable correspondence.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

∙Assessing the susceptibility of the Company’s financial statements to material misstatements by obtaining an understanding of how fraud might occur;

∙Enquiring of management and those charged with governance as to actual and potential litigation and claims and testing of internal controls in place, where applicable, to mitigate risks of fraud and non-compliance with laws and regulations;

∙Identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, by identifying the laws and regulations applicable to the Company through discussions with management and reviewing inspection reports, where applicable, to ensure that no breaches have incurred that would have a reputational, operational or financial impact on the Company;

∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations, as well as reviewing minutes of meetings of those charged with Governance, where available;

∙Performing audit work over the risk of timing and recognition of income, including testing of internal controls over income reconciliation and recognition, analytical procedures to ensure completeness and substantive procedures to ensure accuracy, based on the requirements of accounting standards; and

∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business, and performing analytical procedures to identify any significant unusual or unexpected transactions or relationships.

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.

Page 8

BARONS PUB COMPANY LTD

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARONS PUB COMPANY LTD (CONTINUED)

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.

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 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.

Mark Nelligan FCA (Senior Statutory Auditor)

for and on behalf of

Wellden Turnbull Limited

Chartered Accountants

Statutory Auditors

Albany House

Claremont Lane

Esher

Surrey

KT10 9FQ

27 October 2026

Page 9

BARONS PUB COMPANY LTD

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

	2025	2024
Note	£	£


Turnover	4	20,442,933	19,587,817
Cost of sales		(14,011,005)	(13,013,935)
Gross profit		6,431,928	6,573,882
Administrative expenses		(6,349,287)	(5,959,279)
Exceptional administrative expenses	14	215,747	-
Other operating income	5	14,660	14,962
Exceptional other operating income	14	367,229	-
Operating profit	6	680,277	629,565
Interest receivable and similar income	10	11,187	13,530
Interest payable and expenses	11	(595,577)	(406,501)
Profit before tax		95,887	236,594
Tax on profit	12	55,610	(156,964)
Profit after tax		151,497	79,630



Retained earnings at the beginning of the year	756,827	886,197
Profit for the year	151,497	79,630
Dividends declared and paid	(201,000)	(209,000)
Retained earnings at the end of the year	707,324	756,827

There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of income and retained earnings.

The notes on pages 13 to 29 form part of these financial statements.

Page 10

BARONS PUB COMPANY LTD

REGISTERED NUMBER: 03991418

BALANCE SHEET

AS AT 30 SEPTEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	15		51,726		76,726
Tangible assets	16		9,366,981		6,821,480
			9,418,707		6,898,206
Current assets
Stocks	17	222,474		193,841
Debtors: amounts falling due after more than one year	18	135,282		125,752
Debtors: amounts falling due within one year	18	493,251		262,758
Cash at bank and in hand	19	369,384		83,243
		1,220,391		665,594
Creditors: amounts falling due within one year	20	(2,988,085)		(4,085,805)
Net current liabilities			(1,767,694)		(3,420,211)
Total assets less current liabilities			7,651,013		3,477,995
Creditors: amounts falling due after more than one year	21		(6,618,223)		(2,363,323)
Provisions for liabilities
Deferred tax	23	(325,366)		(357,745)
			(325,366)		(357,745)
Net assets			707,424		756,927

Capital and reserves
Called up share capital	24	100	100
Profit and loss account	25	707,324	756,827
Shareholder's funds		707,424	756,927

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr C M Price

Director

Date: 27 October 2026

The notes on pages 13 to 29 form part of these financial statements.

Page 11

BARONS PUB COMPANY LTD

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	151,497	79,630
Adjustments for:
Amortisation of intangible assets	25,000	27,914
Depreciation of tangible assets	474,610	429,067
Loss on disposal of tangible assets	16,505	-
Interest payable	595,577	406,501
Interest receivable	(11,187)	(13,530)
Taxation charge	(55,610)	156,964
(Increase)/decrease in stocks	(28,633)	24,834
(Increase) in debtors	(203,248)	(27,135)
Increase/(decrease) in creditors	909,094	(352,871)
Corporation tax paid	(145,260)	(84,109)
Loan write off	-	(8,202)
Net cash generated from operating activities	1,728,345	639,063

Cash flows from investing activities
Purchase of tangible fixed assets	(606,658)	(181,781)
Sale of tangible fixed assets	750	-
Interest received	11,187	13,530
Net cash from investing activities	(594,721)	(168,251)
Cash flows from financing activities
New secured loans	207,170	-
Repayment of loans	(255,761)	(539,332)
Dividends paid	(201,000)	(209,000)
Interest paid	(587,575)	(406,502)
Net cash used in financing activities	(837,166)	(1,154,834)
Net increase/(decrease) in cash and cash equivalents	296,458	(684,022)
Cash and cash equivalents at beginning of year	72,926	756,947
Cash and cash equivalents at the end of year	369,384	72,925

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	369,384	83,243
Bank overdrafts	-	(10,318)
	369,384	72,925

Page 12

BARONS PUB COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

1.	General information

Barons Pub Company Ltd is a private company, limited by shares and incorporated in England and Wales, registration number 03991418.The registered office is Albany House,Claremont Lane,Esher,Surrey,KT10 9FQ.

The principal place of business is The Cricketers Pub, Horsell Birch, Woking,Surrey,GU21 4XB.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The statements are presented in sterling, which is the functional currency of the Company and rounded to the nearest £.

The following principal accounting policies have been applied:

2.2

Compliance with accounting standards

The financial statements have been prepared in accordance with the provisions of FRS102. There were no material departures from that standard.

2.3

Going concern

The Directors have prepared the financial statements on a going concern basis, which they consider appropriate.

In reaching this conclusion, the Directors have reviewed detailed forecasts covering a period of at least twelve months from the date of approval of these financial statements. These forecasts take into account the current trading environment, the Company’s cost base, and the impact of recent economic pressures including higher wage costs and interest rates.

The Company has traded profitably in the year ended 30 September 2025, generating an operating profit of £680,277 and net cash inflows from operating activities of £1,728,345. Net assets decreased to £598,864, and the business remains cash generative.

During the year in November 2024, the Company refinanced its borrowings, consolidating all existing bank loans and facilities into a single new facility. This refinancing provides greater stability, a clearer repayment profile, and improved flexibility in managing cash flows.

The Directors believe that the Company’s estate of high-quality pubs, together with its diversified trading model (including strong gardens and additional revenue from pizza trailers), provides resilience against market challenges.

Having considered the financial position, cash flow forecasts and available facilities, the Directors are confident that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Page 13

BARONS PUB COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Food and beverage revenue is recognised when goods are delivered to the customer at the point of sale.

Accommodation revenue is recognised over the period of occupancy.

2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to Statement of Income and Retained Earnings on a straight-line basis over the lease term.

2.6

Interest income

Interest income is recognised in the Statement of Income and Retained Earnings using the effective
interest method.

2.7

Finance costs

Finance costs are charged in the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 14

BARONS PUB COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.10

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

				Goodwill	-	10	years
				Software	-	3	years

Page 15

BARONS PUB COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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 and reducing balance basis.

Depreciation is provided on the following basis:

Freehold property	-		held at historic cost less impairment
Short-term leasehold property	-		over the term of the lease
Plant and machinery	-	25%	straight line
Motor vehicles	-	25%	reducing balance
Fixtures and fittings	-	20%	reducing balance
Office equipment	-	33%	straight line
Improvements to freehold property	-	2%	straight line
Improvements to leasehold property	-		over the term of the lease

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 the Statement of Income and Retained Earnings.

2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired,the carrying amount is reduced to its selling price less costs to complete and sell.The impairment loss is recognised immediately in the Statement of Income and Retained Earnings.

2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 16

BARONS PUB COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.

Increases in provisions are generally charged as an expense to profit or loss.

2.18

Financial instruments

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 Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

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 with the operating cycle fall into this category of financial instruments.

Page 17

BARONS PUB COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.18

Financial instruments (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 the Statement of Income and Retained Earnings.

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 Statement of Income and Retained Earnings.

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.

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.

Page 18

BARONS PUB COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in conformity with FRS102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses.

The Directors are of the opinion, there are no material judgements when applying accounting policies or areas where material uncertainty exists regarding an estimation.

Wet and Dry	19,845,877	19,139,095
Accommodation	505,567	350,036
Rent receivable	91,488	98,686
	20,442,932	19,587,817

All turnover arose within the United Kingdom.

5.	Other operating income
		2025	2024
		£	£

Misc income	14,660	-
Profit on disposal of tangible assets	-	-
Insurance funds	-	14,962
	14,660	14,962

Other operating lease rentals

1,235,749

1,136,862

Page 19

BARONS PUB COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Fees payable to the Company's auditors for the audit of the Company's financial statements

18,706

16,549

Wages and salaries	7,782,066	7,219,464
Social security costs	651,577	496,909
Cost of defined contribution scheme	212,707	231,207
	8,646,350	7,947,580

The average monthly number of employees, including the Directors, during the year was as follows:

	2025	2024
	No.	No.

Retail staff	479	486
Administration staff	22	20
Directors	2	2

	503	508

9.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	80,688	81,081
Company contributions to defined contribution pension schemes	43,421	69,408
	124,109	150,489

During the year retirement benefits were accruing to 2 Directors (2024 - 2) in respect of defined contribution pension schemes.

Page 20

BARONS PUB COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

10.	Interest receivable
		2025	2024
		£	£

Bank interest receivable

11,187

13,530

11.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	448,407	255,718
Other loan interest payable	147,170	147,252
Other interest payable	-	3,531
	595,577	406,501

Corporation tax
Current tax on profits for the year	-	131,717
Adjustments in respect of previous periods	(23,231)	-

Total current tax	(23,231)	131,717

Deferred tax
Origination and reversal of timing differences	(32,379)	25,247
Total deferred tax	(32,379)	25,247


	Taxation on (loss)/profit on ordinary activities	(55,610)	156,964

Page 21

BARONS PUB COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

12.Taxation (continued)

Profit on ordinary activities before tax

95,887

236,594

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	23,972	59,149
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	2,345	15,625
Utilisation of tax losses	7,606	-
Depreciation not attracting capital allowances	36,008	31,712
Amortisation of goodwill	6,250	6,978
Adjustments to tax charge in respect of prior periods	(23,231)	-
Short-term timing difference leading to an increase (decrease) in taxation	(108,560)	(1,544)
Change in tax rate	-	45,044
Total tax charge for the year	(55,610)	156,964

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

13.	Dividends
		2025	2024
		£	£

Ordinary shares

201,000

209,000

Page 22

BARONS PUB COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

14.	Exceptional items
		2025	2024
		£	£

Gain arising on insurance proceeds in excess of net book value	215,747	-
Buisness interruption insurance proceeds	367,229	-
	582,976	-

The exceptional revenue is a result of The Shinfield Arms closing due to a fire. The £582,976 of insurance proceeds covered losses due to the closure of the establishment and tangible fixed assets damaged in the fire.

15.	Intangible assets

	Computer software	Goodwill	Total
	£	£	£
Cost
At 1 October 2024	12,000	436,341	448,341
At 30 September 2025	12,000	436,341	448,341
Amortisation
At 1 October 2024	12,000	359,615	371,615
Charge for the year on owned assets	-	25,000	25,000
At 30 September 2025	12,000	384,615	396,615
Net book value
At 30 September 2025	-	51,726	51,726
At 30 September 2024	-	76,726	76,726

Page 23


		BARONS PUB COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

	16.	Tangible fixed assets

	Freehold property	Short-term leasehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Office equipment	Improvement to properties	Total
	£	£	£	£	£	£	£	£
Cost or valuation
At 1 October 2024	4,130,796	832,158	1,298,177	24,639	1,568,796	356,682	3,384,767	11,596,015
Additions	2,434,059	-	307,113	-	236,570	10,172	49,452	3,037,366
Disposals	-	-	(142,388)	(5,650)	(54,940)	(59,375)	-	(262,353)
At 30 September 2025	6,564,855	832,158	1,462,902	18,989	1,750,426	307,479	3,434,219	14,371,028
Depreciation
At 1 October 2024	-	679,229	1,059,500	24,639	987,761	345,299	1,678,107	4,774,535
Charge for the year on owned assets	-	13,254	147,085	-	162,467	7,352	144,452	474,610
Disposals	-	-	(142,388)	(5,650)	(37,685)	(59,375)	-	(245,098)
At 30 September 2025	-	692,483	1,064,197	18,989	1,112,543	293,276	1,822,559	5,004,047
Net book value
At 30 September 2025	6,564,855	139,675	398,705	-	637,883	14,203	1,611,660	9,366,981
At 30 September 2024	4,130,796	152,929	238,677	-	581,035	11,383	1,706,660	6,821,480

Page 24

BARONS PUB COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

17.	Stocks
		2025	2024
		£	£

	Wet and dry stocks	222,474	193,841

18.	Debtors
		2025	2024
		£	£

Due after more than one year
Other debtors	135,282	125,752

					2025	2024
					£	£

Due within one year
Trade debtors	2,829	1,570
Other debtors	54,088	164,314
Prepayments and accrued income	436,334	96,874
	493,251	262,758

19.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	369,384	83,243
Less: bank overdrafts	-	(10,317)
	369,384	72,926

Page 25

BARONS PUB COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

20.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Debenture loans	-	1,400,000
Bank overdrafts	-	10,317
Bank loans	91,042	555,822
Trade creditors	871,963	760,272
Corporation tax	-	131,717
Other taxation and social security	727,882	490,412
Other creditors	695,697	272,698
Accruals and deferred income	601,501	464,567
	2,988,085	4,085,805

21.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Debentures loans	1,400,000	-
Bank loans	5,218,223	2,363,323
	6,618,223	2,363,323

Page 26

BARONS PUB COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Amounts falling due within one year
Bank loans	91,042	555,822
Debenture loans	-	1,400,000
Amounts falling due 1-2 years
Bank loans	99,230	466,915
Amounts falling due 2-5 years
Bank loans	421,195	356,359
Debenture loans	1,400,000	-
Amounts falling due after more than 5 years
Bank loans	4,697,798	1,540,050
	6,709,265	4,319,146

Included within creditors are debenture loans of £1,400,000. As part of the Company’s refinancing arrangements with its bank, the repayment terms of these debenture loans were amended. The repayment date has been deferred to 25 November 2029 in accordance with the revised financing arrangements.

Bank loans are accounted for at amortised cost and are repayable in instalments.

The loan attracts a rate of 7% for first 60 months and then 5.5% over the Bank of England base rate for next 156 months. The loan is repayable over a period of 20 years. demand.

Secured loans

In the current year the bank loans and overdrafts are secured by first legal charges over the following premises:

- The Curious Pig In The Parlour, Effingham Road, Crawley, Surrey (a freehold property);
- The Inn at West End, 42 Guildford Rd, West End, Woking (a freehold property); and
- The Jovial Sailor, Portsmouth Road, Ripley, Woking, (a freehold property).

In the prior year the bank loans and overdrafts are secured by legal charges over the following premises as well as the goodwill arising on any business carried on within the following sites:

- The Cricketers Inn, Horsell Birch, Woking, Surrey (a leasehold property);
- The Rose & Crown, Green Road, Thorpe Green, Egham, Surrey (a leasehold property);
- The Inn at West End, 42 Guildford Rd, West End, Woking (a freehold property); and
- The Jovial Sailor, Portsmouth Road, Ripley, Woking, (a freehold property).

Page 27

BARONS PUB COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

23.	Deferred taxation

	2025	2024
	£	£

At beginning of year	357,745	332,498
Charged to profit or loss	(32,379)	25,247
At end of year	325,366	357,745

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

Accelerated capital allowances

325,366

357,745

24.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

100 (2024 - 100) Ordinary shares of £1.00 each	100	100

25.

Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

26.	Analysis of net debt

		At 1 October 2024	Cash flows	Other non-cash changes	At 30 September 2025
		£	£	£	£

Cash at bank and in hand	83,243	286,141	-	369,384
Bank overdrafts	(10,317)	10,317	-	-
Debt due after 1 year	(2,363,323)	-	(2,854,900)	(5,218,223)
Debt due within 1 year	(1,977,593)	60,052	426,499	(1,491,042)
	(4,267,990)	356,510	(2,428,401)	(6,339,881)

Page 28

BARONS PUB COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

27.	Pension commitments

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 £212,707 (2024 - £231,207) . Contributions totalling £Nil (2024 - £19,880) were payable to the fund at the balance sheet date and are included in creditors.

Not later than 1 year	774,759	705,875
Later than 1 year and not later than 5 years	3,066,035	2,823,499
Later than 5 years	3,373,395	3,771,334
	7,214,189	7,300,708

29.	Related party transactions
	At the balance sheet date, the Directors were owed £1,890 (2024 - £1,890) by the Company.This amount is interest free, repayable on demand, this is included within other creditors. Dividends paid to Directors amounted to 100,500 (2024 - £104,500).

Page 29