ACCOUNTS - Final Accounts

Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:

Year ended 25 January

18 month period ended 26 January

Registered number: 04080189

MCMANUS MANAGED PUB CO. LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 25 JANUARY 2026

MCMANUS MANAGED PUB CO. LIMITED

CONTENTS

	Page
Company Information	1
Strategic Report	2 - 3
Directors' Report	4 - 5
Independent Auditor's Report	6 - 9
Statement of Comprehensive Income	10
Balance Sheet	11 - 12
Statement of Changes in Equity	13
Notes to the Financial Statements	14 - 30

MCMANUS MANAGED PUB CO. LIMITED

COMPANY INFORMATION

Directors	G M McManus
	P M McManus


Registered number	04080189


Registered office	Barratts Club
	Kingsthorpe Road
	Northampton
	Northamptonshire
	NN2 6HT


Independent auditor	MHA
	The Pinnacle
	150 Midsummer Boulevard
	Milton Keynes
	MK9 1LZ

Page 1

MCMANUS MANAGED PUB CO. LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 25 JANUARY 2026

Introduction

The Directors present their Strategic Report and the financial statements for the year ended 25 January 2026.

During the prior period, the Company changed its financial reporting date from 31 July 2024 to 26 January 2025 in order to better reflect the trading results of the Company and its ultimate group. As a result, the comparative figures represent an 18 month period and are therefore not directly comparable with the current year.

Business review

The Company’s principal activity during the year continued to be the operation of licensed managed public houses. At the end of the financial year, the Company operated ten pubs, comprising six freehold, two leasehold, and two mixed tenure sites.

Turnover for the year was £10.10m (2025: £13.88m for 18 months). Gross margin remained stable at 72%. After administrative expenses and impairment charges, the Company recorded an operating profit of £1.23m (2025: £1.22m). Profit after tax was £1.05m (2025: £1.26m).

During the year, the Company invested £307k in its pub estate on improvements.

Principal risks and uncertainties

The Company faces risks associated with inflation in payroll, energy, and other operating costs, as well as potential volatility in consumer spending. Liquidity and compliance with banking covenants are also key areas of focus. These risks are monitored closely, and management maintains regular dialogue with the Company’s banking partners.

Financial key performance indicators

The Directors use turnover, gross profit margin, payroll cost ratio, and operating profit conversion as the Company’s key performance indicators:

· Turnover: £10.10m (12 months) vs £13.88m (18 months)

· Gross margin: 72% (unchanged)

· Payroll as % of turnover: 32.1% (2025: 32.5%)

· Operating profit as a % of turnover: 12.19% (2025: 8.79%)

Net assets increased to £5.95m (2025: £4.90m)

The adjusted EBITDA (operating profit plus depreciation and impairment) used by the Directors to assess business performance takes into account one off transactions in the period and is shown as:

Page 2

MCMANUS MANAGED PUB CO. LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 25 JANUARY 2026

	Year ended 25 January 2026	18 month period ended 26 January 2025
	£	£

Operating profit	1,231,481	1,219,201
Add back: Depreciation	262,955	432,394
Add back: Impairment of fixed assets	59,369	219,614
Adjusted EBITDA	1,553,805	1,871,209

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

G M McManus

Director

Date: 27 October 2026

Page 3

MCMANUS MANAGED PUB CO. LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 25 JANUARY 2026

The directors present their report and the financial statements for the year ended 25 January 2026.

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;

∙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.

Results and dividends

The profit for the year, after taxation, amounted to £1,054,235 (2025: £1,261,701).

No dividends were paid during the year (2025: £Nil).

Directors

The directors who served during the year were:

G M McManus

P M McManus
C Wright (resigned 28 February 2025)

Future developments

Trading conditions remain competitive, but the Company will continue to focus on maintaining strong gross margins, controlling costs, and investing selectively in its pub estate.

Page 4

MCMANUS MANAGED PUB CO. LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 25 JANUARY 2026

Disclosure of information to auditor

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 auditor is 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 auditor is aware of that information.

Post balance sheet events

There are no post balance sheet events to disclose.

Auditor

The auditor, MHA, 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.

G M McManus

Director

Date: 27 October 2026

Page 5

MCMANUS MANAGED PUB CO. LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MCMANUS MANAGED PUB CO. LIMITED

Opinion

We have audited the financial statements of McManus Managed Pub Co. Limited (the 'Company') for the year ended 25 January 2026, which comprise the Statement of Comprehensive Income, the Balance Sheet, 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).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 25 January 2026 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.

Page 6

MCMANUS MANAGED PUB CO. LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MCMANUS MANAGED PUB CO. LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information 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.

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.

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.

Matters on which we are required to report by exception

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 4, 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

MCMANUS MANAGED PUB CO. LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MCMANUS MANAGED PUB CO. LIMITED (CONTINUED)

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

•Enquiry of management around actual and potential litigation and claims;

•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 reviewing accounting estimates for bias;

•Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

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 Auditor's Report.

Page 8

MCMANUS MANAGED PUB CO. LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MCMANUS MANAGED PUB CO. LIMITED (CONTINUED)

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Martin Herron BA (Hons) FCA (Senior Statutory Auditor)

for and on behalf of

MHA

Statutory Auditor

Milton Keynes, United Kingdom

Date:

MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).29 October 2026

Page 9

MCMANUS MANAGED PUB CO. LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 25 JANUARY 2026

	Year ended 25 January	18 month period ended 26 January
	2026	2025
Note	£	£


Turnover	4	10,103,377	13,877,995
Cost of sales		(2,867,467)	(3,949,063)
Gross profit		7,235,910	9,928,932
Administrative expenses		(5,945,060)	(8,490,117)
Impairment loss on fixed assets		(59,369)	(219,614)
Operating profit		1,231,481	1,219,201
Interest payable and similar expenses	8	-	(825)
Profit before tax		1,231,481	1,218,376
Tax on profit	9	(177,246)	43,325
Profit for the financial year/period		1,054,235	1,261,701

Other comprehensive income for the year/period
Unrealised surplus on revaluation of tangible fixed assets	-	2,604,854
Reserve transfer in relation to additional depreciation on revalued assets	-	(3,590)
Other comprehensive income for the year/period	-	2,601,264
Total comprehensive income for the year/period	1,054,235	3,862,965

There were no recognised gains and losses for 2026 or 2025 other than those included in the statement of comprehensive income.

The notes on pages 14 to 30 form part of these financial statements.

Page 10

MCMANUS MANAGED PUB CO. LIMITED

REGISTERED NUMBER: 04080189

BALANCE SHEET

AS AT 25 JANUARY 2026

		2026		2025
Note		£		£

Fixed assets
Tangible assets	10		13,091,318		13,129,813
			13,091,318		13,129,813
Current assets
Stocks	11	225,875		191,472
Debtors: amounts falling due within one year	12	300,706		234,285
Cash at bank and in hand	13	71,802		14,141
		598,383		439,898
Creditors: amounts falling due within one year	14	(6,906,808)		(7,892,783)
Net current liabilities			(6,308,425)		(7,452,885)
Total assets less current liabilities			6,782,893		5,676,928
Creditors: amounts falling due after more than one year	15		-		(4,448)
Provisions for liabilities
Deferred tax	17	(832,964)		(776,786)
			(832,964)		(776,786)
Net assets			5,949,929		4,895,694

Capital and reserves
Called up share capital	18	100,000	100,000
Non-distributable reserve	19	2,989,581	2,989,581
Profit and loss account	19	2,860,348	1,806,113
		5,949,929	4,895,694

Page 11

MCMANUS MANAGED PUB CO. LIMITED

REGISTERED NUMBER: 04080189

BALANCE SHEET (CONTINUED)

AS AT 25 JANUARY 2026

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

G M McManus

Director

Date: 27 October 2026

The notes on pages 14 to 30 form part of these financial statements.

Page 12


		MCMANUS MANAGED PUB CO. LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 25 JANUARY 2026

	Called up share capital	Non-distributable reserve	Profit and loss account	Total equity
	£	£	£	£
At 29 July 2023	100,000	388,317	540,822	1,029,139

Profit for the period	-	-	1,261,701	1,261,701
Unrealised surplus on revaluation of tangible fixed assets	-	2,604,854	-	2,604,854
Reserve transfer in relation to additional depreciation on revalued assets	-	(3,590)	3,590	-

At 26 January 2025	100,000	2,989,581	1,806,113	4,895,694

Profit for the year	-	-	1,054,235	1,054,235
At 25 January 2026	100,000	2,989,581	2,860,348	5,949,929

The notes on pages 14 to 30 form part of these financial statements.

Page 13

MCMANUS MANAGED PUB CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 25 JANUARY 2026

1.	General information

McManus Managed Pub Co. Limited is a private company limited by shares, incorporated in England and Wales, registered number 04080189. The registered office is Barratts Club, Kingsthorpe Road, Northampton, Northamptonshire, NN2 6HT.

The Company's head office is the same as its registered office but it also has trade locations in Southend-On-Sea, Lamport, Northampton, Hardingstone, Northampton and Milton Keynes.

The principal activity of the Company is the operation of licensed public houses throughout the country.

The financial statements are presented in pounds sterling which is also the functional currency of the Company, rounded to the nearest pound.

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 following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by 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 McManus Pub Group Limited as at 25 January 2026 and these financial statements may be obtained from Companies House.

2.3

Going concern

The financial statements have been prepared on a going concern basis. The directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment.

Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Page 14

MCMANUS MANAGED PUB CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 25 JANUARY 2026

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor 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.

2.5

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.6

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.7

Sale and leaseback

Where a sale and leaseback transaction results in a finance lease, no gain is immediately recognised for any excess of sales proceeds over the carrying amount of the asset. Instead, the proceeds are presented as a liability and subsequently measured at amortised cost using the effective interest method.

When a sale and leaseback transaction results in an operating lease, and it is clear that the transaction is established at fair value any profit or loss is recognised immediately. If the sale price is below fair value, any profit or loss is recognised immediately unless the loss is compensated for by the future lease payments at below market price. In that case any such loss is amortised in proportion to the lease payments over the period for which the asset is expected to be used. If the sale price is above fair value, the excess over fair value is amortised over the period for which the asset is expected to be used.

Page 15

MCMANUS MANAGED PUB CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 25 JANUARY 2026

2.Accounting policies (continued)

2.8

Finance costs

Finance costs are charged to profit or loss 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.

2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.10

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 profit or loss 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.

2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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.

Page 16

MCMANUS MANAGED PUB CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 25 JANUARY 2026

2.Accounting policies (continued)

2.12

Tangible fixed assets

Assets other than freehold property

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.

Freehold property

During the prior period, the Company moved to a revaluation model in relation to Freehold property, which was previously held at deemed cost. Valuations were performed by Colliers, an independent valuer, on 16 December 2024. These were reviewed by the directors during the year and no changes were made.

Land is not depreciated. Depreciation on other assets 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 basis:

Freehold property	-	2%	on valuation
Long-term leasehold property	-	4%	on cost
Motor vehicles	-	25%	on cost
Fixtures and fittings	-	14%	on cost

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.

2.13

Revaluation of tangible fixed assets

Individual freehold properties are carried at at fair value at the date of the revaluation less subsequent accumulated depreciation and impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.

Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Page 17

MCMANUS MANAGED PUB CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 25 JANUARY 2026

2.Accounting policies (continued)

2.14

Impairment of fixed assets

Assets that are subject to depreciation are assessed at each balance sheet 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 (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

2.15

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 profit or loss.

2.16

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.

2.17

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.

2.18

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.

2.19

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.

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.

Page 18

MCMANUS MANAGED PUB CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 25 JANUARY 2026

2.Accounting policies (continued)

2.19

Financial instruments (continued)

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.

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.

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.

Page 19

MCMANUS MANAGED PUB CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 25 JANUARY 2026

2.Accounting policies (continued)

2.19

Financial instruments (continued)

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 instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flows 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 20

MCMANUS MANAGED PUB CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 25 JANUARY 2026

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

In the application of the Company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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

Key judgements and estimates are:

Fair value of each individual public house: this is used in management's impairment review to determine whether assets are impaired. Management uses a number of sources to determine this valuation including profit generation, and valuations performed for the bank.

The split of land and buildings: land is not depreciated, whereas buildings are depreciated. Management therefore must estimate the split of the purchase cost of a pub between land and buildings in order to correctly allocate depreciation.

Residual values for property: depreciation is charged on the difference between cost and residual value of property over the asset's useful economic life. Residual values can vary from year to year given industry trends and changes in the sector and therefore are kept under regular review by management, who recognise this estimation uncertainty and that actual outcomes may differ. Management have exercised judgement in determining the fair value of freehold property, based on valuations performed by independent third-party valuers.

Useful economic lives: depreciation is charged over the useful economic life of an asset. Management make best estimates based on their experience of the sector, industry trends and individual circumstances on a case by case basis.

Turnover

The whole of the turnover is attributable to the operation of licensed public houses.

All turnover arose within the United Kingdom.

Page 21

MCMANUS MANAGED PUB CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 25 JANUARY 2026

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

14,250

15,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Wages and salaries	3,054,205	4,203,975
Social security costs	145,376	263,365
Cost of defined contribution scheme	44,933	106,439
	3,244,514	4,573,779

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

	Year ended 25 January	18 month period ended 26 January
	2026	2025
	No.	No.

Staff	189	218

Page 22

MCMANUS MANAGED PUB CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 25 JANUARY 2026

Directors' emoluments	73,882	154,849
Company contributions to defined contribution pension schemes	37,400	5,283
	111,282	160,132

During the year retirement benefits were accruing to 1 director (2025: 1) in respect of defined contribution pension schemes.

Finance leases and hire purchase contracts

825

Corporation tax
Current tax on profits for the year/period	157,262	151,224
Adjustments in respect of previous periods	(36,194)	-

Total current tax	121,068	151,224

	Deferred tax
	Origination and reversal of timing differences	56,178	(194,549)


	Total tax charge for the year/period	177,246	(43,325)

Page 23

MCMANUS MANAGED PUB CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 25 JANUARY 2026

9.Taxation (continued)

Profit on ordinary activities before tax

1,231,481

1,218,376

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%)	307,870	304,594
Effects of:
Non-tax deductible impairment	14,843	54,904
Expenses not deductible for tax purposes	-	1,276
Capital allowances for year/period in excess of depreciation	7,050	43,270
Adjustments to tax charge in respect of prior periods	(36,194)	-
Other timing differences leading to an increase in taxation	(2,016)	-
Non-deductible loss on disposal of fixed assets	5,888	2,528
Deferred tax movement	56,178	(194,549)
Group relief	(176,373)	(255,348)
Total tax charge for the year/period	177,246	(43,325)

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 24

MCMANUS MANAGED PUB CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 25 JANUARY 2026

10.	Tangible fixed assets

	Freehold property	Long-term leasehold property	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost or valuation
At 26 January 2025	13,100,359	123,966	4,315,411	41,913	17,581,649
Additions	4,715	128,967	173,697	-	307,379
Disposals	(3,516)	(19,264)	(90,802)	-	(113,582)
At 25 January 2026	13,101,558	233,669	4,398,306	41,913	17,775,446
Depreciation
At 26 January 2025	760,510	47,443	3,623,394	20,489	4,451,836
Charge for the year	70,308	6,766	185,881	-	262,955
Disposals	(201)	(6,401)	(83,430)	-	(90,032)
Impairment charge	-	59,369	-	-	59,369
At 25 January 2026	830,617	107,177	3,725,845	20,489	4,684,128
Net book value
At 25 January 2026	12,270,941	126,492	672,461	21,424	13,091,318
At 26 January 2025	12,339,849	76,523	692,017	21,424	13,129,813

Included within freehold property is land at a valuation of £4,585,126 (2025: £4,585,126) which is not depreciated.

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2026	2025
	£	£


	Motor vehicles	21,424	21,424

Page 25

MCMANUS MANAGED PUB CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 25 JANUARY 2026

11.	Stocks
		2026	2025
		£	£

	Goods for resale	225,875	191,472

12.

Debtors

					2026	2025
					£	£


Trade debtors	42,431	24,499
Other debtors	121,500	85,290
Prepayments and accrued income	136,775	124,496
	300,706	234,285

13.	Cash and cash equivalents
		2026	2025
		£	£

Cash at bank and in hand	71,802	14,141
Less: bank overdrafts	(11,760)	(79,085)
	60,042	(64,944)

Page 26

MCMANUS MANAGED PUB CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 25 JANUARY 2026

14.	Creditors: Amounts falling due within one year
		2026	2025
		£	£

Bank overdrafts	11,760	79,085
Trade creditors	444,921	405,893
Amounts owed to group undertakings	2,772,423	4,156,154
Corporation tax	157,262	178,439
Other taxation and social security	303,520	270,022
Obligations under finance lease and hire purchase contracts	-	3,036
Other creditors	3,032,044	2,577,778
Accruals and deferred income	184,878	222,376
	6,906,808	7,892,783

A cross guarantee exists on the assets of McManus Pub Group Limited, McManus Holdings Limited, McManus Pub Co. Limited and McManus Managed Pub Co. Limited. The total liability outstanding as at 25 January 2026 was £3,898,170 (2025: £4,317,494).

The bank overdraft is secured by fixed and floating charges over all freehold and leasehold property included within fixed assets of all group companies.

Obligations under hire purchase contracts are secured on the assets to which they relate.

15.	Creditors: Amounts falling due after more than one year
		2026	2025
		£	£

	Net obligations under finance leases and hire purchase contracts	-	4,448

Obligations under hire purchase contracts are secured on the assets to which they relate.

Within one year	-	3,036
Between 1-5 years	-	4,448
	-	7,484

Page 27

MCMANUS MANAGED PUB CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 25 JANUARY 2026

17.	Deferred taxation

	2026	2025
	£	£

At beginning of year/period	776,786	315,192
Charged/(credited) to profit or loss	56,178	(194,549)
Charged to other comprehensive income	-	656,143
At end of year/period	832,964	776,786

The provision for deferred taxation is made up as follows:
	2026	2025
	£	£

Accelerated capital allowances	178,346	122,821
Arising on revaluation	656,143	656,143
Timing differences	(1,525)	(2,178)
	832,964	776,786

18.	Share capital
		2026	2025
		£	£

Allotted, called up and fully paid

50,000 (2025 - 50,000) Ordinary A shares of £1.00 each	50,000	50,000
50,000 (2025 - 50,000) Ordinary B shares of £1.00 each	50,000	50,000

	100,000	100,000

All shares rank pari passu in all respects.

Page 28

MCMANUS MANAGED PUB CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 25 JANUARY 2026

19.

Reserves

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.

Non-distributable reserve

The non-distributable reserve relates to the upward revaluation of tangible fixed assets included in freehold property from the period ended 26 July 2014. During the 18 month period ended 26 January 2025, a portion of the previous revaluation surplus was released to profit and loss account, reflecting the realisation of that surplus. In addition, an unrealised surplus arose in the period following the revaluation of freehold property by independent valuers.

Not later than 1 year	272,087	147,153
Later than 1 year and not later than 5 years	1,079,760	454,454
Later than 5 years	4,185,195	1,597,058
	5,537,042	2,198,665

The lease expense in the year/period was £283,863 (2025 - £183,265).

21.

Related party transactions

As at the period end, the Company owed £2,987,621 (2025 - 2,537,671) to entities with common control.

Monies due to or from entities with common control are unsecured, to be settled in cash, due on demand and incur no interest charge.

During the period, sales to the Directors' pension scheme totalled £856,000 (2025 - £911,000).

During the period, purchases from the Directors' pension scheme totalled £167,040 (2025 - £nil).

During the period, sales to entities with common control totalled £30,389 (2025 - £35,595).

During the period, purchases from entities with common control totalled £100,907 (2025 - £61,489).

Page 29

MCMANUS MANAGED PUB CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 25 JANUARY 2026

22.	Controlling party

The immediate controlling company is McManus Holdings Limited, by virtue of its 100% shareholding in the Company.

The ultimate controlling company is McManus Pub Group Limited by virtue of its 100% shareholding in McManus Holdings Limited. McManus Pub Group Limited is both the smallest and largest group of undertakings for which group accounts are drawn up.

The ultimate controlling party is G McManus, by virtue of his 65% shareholding in McManus Pub Group Limited.

Page 30