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Registered number:
FOR THE YEAR ENDED 25 JANUARY 2026
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MCMANUS PUB GROUP LIMITED
CONTENTS
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MCMANUS PUB GROUP LIMITED
COMPANY INFORMATION
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MCMANUS PUB GROUP LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 25 JANUARY 2026
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 of the entity 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.
The Group’s principal activity during the period continued to be the operation of licensed public houses. At the end of the financial period, the Group owned 17 trading pubs, comprising eight freehold, seven leasehold, and two mixed tenure sites.
Turnover for the year was £16.3m (2025: £22.7m for 18 months). Gross margin was 72.5% (2025: 72.4%). After administrative expenses and impairments, the Group recorded an operating profit of £1.3m (2025: £1.1m). Profit after tax was £643k (2025: £301k).
During the year, the Group invested £691k in its pub estate.
The Group faces risks from inflationary cost pressures (payroll, energy, and business rates) and potential volatility in consumer demand. Liquidity and covenant compliance remain key risks, with debt subject to cross guarantees across Group companies. These risks are mitigated through active cost management, selective disposals, and ongoing dialogue with banking partners.
The directors use turnover, gross margin, payroll cost ratio, operating profit, and net assets as the Group’s key performance indicators:
· Turnover: £16.3m (12 months) vs (2025: £22.7m (18 months))
· Gross margin: 72.5% (2025: 72.4%)
· Payroll as % of turnover: 32.4% (2025: 33.7%)
· Operating profit as a % of turnover: 8% (2025: 5%)
· Net assets: £9.54m (2025: £9.61m)
The adjusted EBITDA used by the Directors to assess business performance takes into account one off transactions in the period and is shown as
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MCMANUS PUB GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 25 JANUARY 2026
This report was approved by the board and signed on its behalf.
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MCMANUS PUB GROUP 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.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £642,958 (2025: £301,095).
During the year, dividends of £708,259 (2025: £456,000) were paid.
The directors who served during the year were:
Trading conditions remain competitive, but the Group will continue to focus on maintaining strong gross margins, controlling costs, and investing selectively in its pub estate.
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MCMANUS PUB GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 25 JANUARY 2026
The Group is required to report its UK energy use and greenhouse gas emissions under the Companies (Directors Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. All of the Group's energy use and emissions arise in the UK. Figures for the comparative period, the 18 months ended 26 January 2025, are reported for the first time this year.
Comparison with the prior period
The comparative period covers 18 months and the current year covers 12 months, so the totals are not directly comparable. On an annualised basis (18-month figures x 12/18), the comparative equates to approximately 3,973,804 kWh and 782 tCO2e. Against this, energy use in the year fell by 6.4% and gross emissions fell by 13.5%. This reflects changes to the estate, with four pubs sold in November 2023 included in the comparative period only and the Wharf Inn sold during 2025, partly offset by the acquisition of the Montagu Arms in March 2025, together with the lower UK electricity emission factor published by the Government for 2025.
Intensity ratio
The Group has chosen total gross emissions per £1 million of turnover as its intensity ratio, as turnover is the most relevant measure of activity across its pubs. For the year ended 25 January 2026 this was 41.5 tCO2e per £1 million (18 months ended 26 January 2025: 51.6 tCO2e per £1 million).
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MCMANUS PUB GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 25 JANUARY 2026
Quantification and reporting methodology
The Group has followed the UK Government's Environmental Reporting Guidelines (March 2019) and the GHG Protocol Corporate Standard, and has used the UK Government GHG Conversion Factors for Company Reporting (2025 factors for the year ended 25 January 2026 and 2024 factors for the comparative period). The financial control approach has been applied, covering McManus Pub Group Limited and its subsidiary undertakings. Emissions from electricity are reported on a location-based basis. Energy use has been taken from supplier invoices and meter readings, using metered consumption for half-hourly supplies and the difference between opening and closing meter readings for other supplies. Approximately 99.9% of site energy in the year is based on supplier invoices and meter readings, including supplier-estimated readings where no actual reading was available; approximately 0.1% was modelled to address a short data gap using the relevant meter's surrounding consumption profile. LPG and heating oil are taken from supplier invoices. Transport emissions are calculated from fuel receipts and business mileage claims. For the comparative period, supplier records before November 2024 were held in the Group's previous accounting system; opening meter readings recovered from archived invoices were used where available and the remaining months were estimated from each site's own metered consumption profile. Vehicle-fuel receipts were not available for the full 18 months: diesel and petrol consumption for the period before the current expense system was introduced was estimated using the average daily consumption evidenced by fuel receipts in the following 12-month period, and business mileage was based on available employee mileage claims.
Energy efficiency action
The Group continues to replace equipment with more efficient alternatives as part of its refurbishment and maintenance programme. Measures taken in the year included LED lighting installed as part of refurbishments, including the Sir Pickering Phipps refurbishment in late 2025, and the continuing replacement of lamps with LEDs across the estate; the replacement of older refrigeration and kitchen equipment with new, more efficient units, including refrigeration at Brampton Halt and in the Barratts Club freezer room, bottle coolers at Sir Pickering Phipps, new glasswashers and dishwashers at five sites and a combination oven at the Montagu Arms; the installation of air-to-air heat pump systems at the Crown & Anchor and Sir Pickering Phipps, which heat more efficiently than direct electric or gas heating; and the continued move of company vehicles to electric. In the 18 months ended 26 January 2025, measures included the move of company vehicles to electric, LED lamp replacement, the replacement of refrigeration at Sir Pickering Phipps and a new high-efficiency condensing boiler at Mariners Court. Half-hourly metering at the Group's largest sites allows consumption to be monitored monthly.
There have been no significant events after the balance sheet date.
Going concern
The directors have concluded that there is no material uncertainty and that the Group can continue to adopt the going concern basis in preparing the annual report and accounts.
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MCMANUS PUB GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 25 JANUARY 2026
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.
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MCMANUS PUB GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MCMANUS PUB GROUP LIMITED
We have audited the financial statements of McManus Pub Group Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 25 January 2026, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows, the Consolidated Analysis of Net Debt 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 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 Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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MCMANUS PUB GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MCMANUS PUB GROUP LIMITED (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group 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 Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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MCMANUS PUB GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MCMANUS PUB GROUP LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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 Group 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 journals 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.
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MCMANUS PUB GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MCMANUS PUB GROUP LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.
for and on behalf of
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).
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MCMANUS PUB GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 25 JANUARY 2026
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MCMANUS PUB GROUP LIMITED
REGISTERED NUMBER: 09049831
CONSOLIDATED BALANCE SHEET
AS AT 25 JANUARY 2026
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MCMANUS PUB GROUP LIMITED
REGISTERED NUMBER: 09049831
CONSOLIDATED 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:
The notes on pages 21 to 45 form part of these financial statements.
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MCMANUS PUB GROUP LIMITED
REGISTERED NUMBER: 09049831
COMPANY BALANCE SHEET
AS AT 25 JANUARY 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 21 to 45 form part of these financial statements.
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