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"value": "
Authorisation of financial statements
The financial statements of Fuller, Smith & Turner P.L.C. and its subsidiaries (the \u201cGroup\u201d) for the 52 weeks ended 29 March 2025
were authorised for issue by the Board of Directors on 10 June 2025 and the Balance Sheet was signed on the Board\u2019s behalf by
M J Turner. Fuller, Smith & Turner P.L.C. is a public limited company incorporated and domiciled in England and Wales. The Company\u2019s
\u201cA\u201d Ordinary Shares are traded on the London Stock Exchange.
Material accounting policies
Basis of preparation
The Group\u2019s and Company\u2019s financial statements have been prepared in accordance with international accounting standards
in conformity with the requirements of the Companies Act 2006, and in accordance with UK adopted International Financial
Reporting Standards, and applied to the financial statements of the Group and the Company for the 52 weeks ended 29 March
2025. The principal accounting policies adopted by the Group and by the Company are set out in the accounting policies below.
The Group and Company financial statements are presented in Sterling and all values are shown in millions of pounds (\u00a3m) rounded
to the nearest hundred thousand, except where otherwise indicated.
As permitted by Section 408 of the Companies Act 2006, a separate Income Statement for the Parent Company has not
been prepared.
Going concern
The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position, are set
out in the Strategic Report on pages 10 to 55. The financial position of the Company, its cash flows, net debt and borrowing facilities
and the maturity of those facilities are set out on pages 116 to 169.
In addition, there are further details in the financial statements on the Group\u2019s financial risk management, objectives and policies
in Note 25.
At 29 March 2025, the Group Balance Sheet comprises 87% of the estate being freehold properties and available headroom on
facilities of \u00a349.7 million and \u00a313.8 million of cash with resulting net debt of \u00a3142.2 million.
During the year, the Group secured a new facility of \u00a3185 million until August 2028. The unsecured banking facilities of \u00a3185 million
are split between a revolving credit facility of \u00a3100 million and a term loan of \u00a385 million. Under the facilities agreement, the
covenant suite (tested quarterly) consists of net debt to adjusted EBITDA (leverage) and adjusted EBITDA to net finance charges.
The Group\u2019s debentures of \u00a320 million are not due for repayment until 2028.
The Group has modelled financial projections for the going concern period, which is defined as the 12-month period from the date
of approval of these financial statements to the end of Q1 FY2027, based upon two scenarios, the \u2018base case\u2019 and the \u2018downside
case\u2019. The base case is the Board approved FY2026 budget as well as the Q1 FY2027 plan which forms part of the Board approved
three-year plan. The base case assumes that sales will continue to grow, but with modest food and drink volume growth. The base
case assumes that staff costs will increase, impacted by the National Minimum Wage and Employers National Insurance costs
resulting in continued wage inflation across all job roles. The base case scenario indicates that the Group will have sufficient resources
to continue to settle its debts as they fall due and operate well within its covenants for the going concern assessment period.
The Group has also modelled a \u2018downside case\u2019 which assumes that sales volumes reduce by 10% in FY2026 and 5% in FY2027 from
the \u2018base case\u2019 and that staff costs increase at a higher rate than assumed in the \u2018base case\u2019. In this \u2018downside case\u2019, there are
mitigating actions that management could implement which have not been modelled, such as overhead cost reduction and
reduction of capital expenditure and other property spend to essential maintenance. Further mitigating actions would also include
disposals of licensed and unlicensed properties. Under this scenario, the Group would still have sufficient resources to settle liabilities
as they fall due and headroom on its covenants through the duration of the period.
The Group has also performed a reverse stress test to ascertain how far EBITDA would have to decline before it failed the covenant
tests. EBITDA would need to decrease by 48% from the base case to fail the covenant tests. The Directors have concluded that the
reduction in EBITDA required to breach the covenants is too remote and that this scenario is therefore considered implausible.
The Directors have also determined that, over the period of the going concern assessment, there is not expected to be a significant
financial impact because of climate change.
After due consideration of the matters set out above, the Directors are satisfied that there is a reasonable expectation that the
Group has adequate resources to continue in operational existence for the going concern assessment period, being the 12 months
from the date of signing these financial statements through to the end of Q1 FY 2027, and have therefore adopted the going
concern basis in the preparation of these financial statements.
Significant accounting judgements, estimates and assumptions The areas of estimation and assumption which are considered to be significant in the preparation of the financial statements are as follows: \u2022 The Group determines whether goodwill is impaired on an annual basis and this requires an estimation of the value in use of the cash-generating units (\u201cCGUs\u201d) to which the goodwill is allocated. This involves estimation of future cash flows and choosing a suitable discount rate. Full details are supplied in Note 13, together with an analysis of those key assumptions. \u2022 The Group reviews impairment of all property, plant and equipment and right-of-use assets at CGU level where there is any indication of impairment. This requires an estimation of the value in use and involves estimation of future cash flows and choosing a suitable discount rate. See Note 13, which describes the assumptions used, together with an analysis of the key assumptions. \u2022 Measurement of defined benefit pension obligations requires estimation of future changes in inflation, as well as mortality rates, the expected return on assets and the selection of a suitable discount rate. These have been determined on advice from the Group\u2019s qualified actuary. The estimates used and the key assumptions are provided in Note 22. The areas of judgement which are considered to be significant in the preparation of the financial statements are as follows: \u2022 Judgement is used to determine those items that should be separately disclosed to allow a better understanding of the underlying trading performance of the Group. The judgement includes assessment of whether an item is of a nature that is not consistent with normal trading activities or of sufficient size or infrequency. See Note 5 for further details. \u2022 The Group has exercised significant accounting estimation and judgement in the recognition of deferred tax liabilities in respect of property, plant and equipment. Significant accounting estimates and judgements include those used to determine the amount of net book value of property, plant and equipment to which the initial recognition exemption applies, the calculation of the tax base on sale (which is subject to certain restrictions under tax law) and the offsetting of inherent losses against inherent gains where tax losses are expected to be utilised against future profits and gains. Basis of consolidation The Group financial statements consolidate the financial statements of Fuller, Smith & Turner P.L.C. and the entities it controls (its subsidiaries) drawn up for the 52 weeks ended 29 March 2025 (2024: 52 weeks ended 30 March 2024). Subsidiaries are consolidated from the date of their acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. Control comprises the power to direct the relevant activities of the subsidiary which significantly affect the return of the subsidiary, so as to obtain benefit from its activities, and is achieved through direct or indirect ownership of voting rights; currently exercisable or convertible potential voting rights; or by way of contractual agreement. All intercompany balances and transactions, including unrealised profits arising from them, are eliminated. Business combinations and goodwill Business combinations are accounted for under IFRS 3 Business Combinations using the purchase method. Any excess of the consideration of the business combination over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities is recognised in the Balance Sheet as goodwill and is not amortised. To the extent that the net fair value of the acquired entity\u2019s identifiable assets, liabilities and contingent liabilities is greater than the cost of the investment, a gain is recognised immediately in the Income Statement. Where substantially all the fair value of the gross assets acquired in a business combination is concentrated in a group of similar identifiable assets, the Group applies the option concentration test under IFRS 3. Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments is measured at fair value with the changes in fair value recognised in the statement of profit or loss in accordance with IFRS 9. Other contingent consideration that is not within the scope of IFRS 9 is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. After initial recognition, goodwill is stated at cost less any accumulated impairment losses, with the carrying value being reviewed for impairment, at least annually and whenever events or changes in circumstances indicate that the carrying value may be impaired. Any impairment of goodwill made cannot be reversed if circumstances subsequently change. For the purpose of impairment testing, goodwill is allocated to the related CGUs (or group of CGUs) monitored by management. Where the recoverable amount of the CGU is less than its carrying amount, including goodwill, an impairment loss is recognised in the Income Statement. The carrying amount of goodwill allocated to a CGU is taken into account when determining the gain or loss on disposal of the CGU, or of an operation within it. Property, plant and equipment Property, plant and equipment is stated at cost or deemed cost less accumulated depreciation and any impairment in value. Depreciation is calculated on a straight-line basis to write down the cost to the estimated residual value over the expected useful life of the asset as follows:
Freehold buildings \u2013 Hotel accommodation and offices
Up to 50 years
Freehold buildings \u2013 Licensed retail property and unlicensed property
From 50 to 100 years
Leasehold improvements
The term of the lease
Roofs
From 10 to 50 years
Plant, machinery and vehicles, fixtures and fittings
From three years up to 25 years
As required under IAS 16 Property, Plant and Equipment, expected useful lives and residual values are reviewed every year. Land is not depreciated. An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the Income Statement when the asset is derecognised. Hive-up transaction When a subsidiary transfers its business to its parent immediately after acquisition (hive-up transaction) the assets are transferred at market value and the investment is reduced to reflect the net effect of a return of capital in the form of the underlying net assets with any difference taken to the merger reserve. Investment property The Group owns properties that are not used for the sale of goods or services but are held for capital appreciation or rental purposes. These properties are classified as investment properties and their carrying values are based on cost less impairment. Depreciation is calculated on a straight-line basis to write down the cost to the estimated residual value over the expected useful life of the asset, which for investment properties is between 50 and 100 years. Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses. Internally generated intangibles, excluding capitalised development costs, are not capitalised and the related expenditure is reflected in profit or loss in the period in which the expenditure is incurred. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, either individually or at the CGU level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. An intangible asset is derecognised upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss. Impairment Carrying values are reviewed for impairment if events indicate that the carrying value of the asset may not be recoverable. If such an indicator exists and where the carrying values exceed the estimated recoverable amount, the assets or CGUs are written down to their recoverable amounts. An asset\u2019s recoverable amount is the greater of the fair value less costs to sell and the value in use. In assessing value in use, the estimated future cash flows are discounted to present value using a pre-tax discount rate that reflects the current market assessments of the time value of money and risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the smallest CGUs to which the asset belongs. The Group bases its impairment calculation on the most recent management approved budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of three years. A long-term growth rate is calculated and applied to project future cash flows after the second year. For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognised impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset\u2019s or CGU\u2019s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Impairment losses, and any reversal of such losses, are recognised in the Income Statement. Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. a) Right-of-use assets The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the lease term. b) Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. Variable lease payments that do not depend on an index or a rate are recognised as expenses in the period in which the event or condition that triggers the payment occurs. The lease payment also includes the exercise price of a purchase option reasonably certain to be exercised by the Group and payment of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. Extensions to leases are recognised when it is reasonably certain the option is going to be exercised. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. The carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term or a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments). The Group\u2019s lease liabilities are included in Cash, Borrowings and Net Debt (see Note 21). c) Short-term leases and leases of low value assets The Group applies the short-term lease recognition exemption to its short-term leases of equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low value assets are recognised as expense on a straight-line basis over the lease term. Group as a lessor Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease terms and is included in revenue in the Income Statement due to its operating nature. Assets held for sale and discontinued operations Assets are classified as held for sale when the carrying amount will be recovered principally through a sale transaction rather than continuing use. The criteria for held for sale classification are regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification. Assets held for sale are valued at the lower of the carrying amount and fair value less costs to sell. No depreciation is charged whilst assets are classified as held for sale. In accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, results for the discontinued operations are presented separately in the Group\u2019s Income Statement (for which the comparatives and related notes would be restated). Inventories Inventories are stated at the lower of cost and net realisable value. Cost is calculated using the \u201cAverage Weighted Cost\u201d method. Net realisable value is the estimated selling price in the ordinary course of business less estimated costs of completion and the costs to be incurred in marketing, selling and distribution. Financial instruments Initial recognition and derecognition A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the financial instrument. Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expires. Financial assets Recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (\u201cOCI\u201d) and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component are measured at the transaction price in accordance with IFRS 15. There are three measurement categories into which the Group classifies its debt instruments: \u2022 Amortised cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains / (losses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the statement of profit or loss. The Group\u2019s cash and cash equivalents, trade and other receivables fall into this category. \u2022 Fair value through OCI (\u201cFVOCI\u201d): Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets\u2019 cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken through OCI and will be recycled upon derecognition of the asset. \u2022 Fair value through profit or loss (\u201cFVPL\u201d): Assets that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognised in profit or loss and presented net within other gains / (losses) in the period in which it arises. Impairment IFRS 9\u2019s impairment requirements use more forward-looking information to recognise expected credit losses \u2013 the expected credit loss (\u201cECL\u201d) model. Recognition of credit losses is no longer dependent on the Group first identifying a credit loss event. Instead, the Group considers a broader range of information when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the future cash flows of the instrument. When assessing impairment for trade receivables, the Group has applied the simplified approach to expected credit losses as per IFRS 9 Financial Instruments. The model focuses on an appraisal of the risk that a receivable will default rather than whether a loss has been incurred. This involves an unbiased assessment of a range of possible outcomes and their probabilities of occurrence, and is supported by past experience of collecting payments as well as changes in economic conditions that correlate with default on receivables. Expected credit losses are initially determined based on the Group\u2019s historical credit loss experience, any forward- looking factors specific to a particular trade receivable and the current economic environment. The timing of initial recognition for impairment losses is the same period that the asset is recognised. Movements in expected credit losses are recognised in the Income Statement within operating costs. At the point a trade receivable is written off the ledger as uncollectable, the cost is charged against the allowance account and any subsequent recoveries of amounts previously written off are credited to the Income Statement. In the Parent Company, amounts due from subsidiary undertakings are recognised at their original amount less allowance for impairment based on the ECL model. In determining the model, the Company considers the net assets and the resources available to that subsidiary. Financial liabilities Recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, derivative financial instruments and lease liabilities. For purposes of subsequent measurement, financial liabilities are classified in two categories: \u2022 Financial liabilities at fair value through profit or loss which are measured subsequently at fair value with gains or losses recognised in the Income Statement. \u2022 Financial liabilities at amortised cost (loans and borrowings) which are measured using the effective interest method. Bank loans, overdrafts and debentures Interest bearing bank loans, overdrafts and debentures are initially recorded at the fair value of proceeds received, net of direct issue costs, and thereafter at amortised cost. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an effective interest rate basis in the Income Statement. Finance charges are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously. Derivative financial instruments and hedge accounting Recognition and measurement The Group uses interest rate swaps to hedge its interest rate risks. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. For the purpose of hedge accounting, hedges are classified as: \u2022 Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or liability or an unrecognised firm commitment. \u2022 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment. \u2022 Hedges of a net investment in a foreign operation. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u2022 There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument. \u2022 The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic relationship. \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below. The Group has interest rate swaps which are classified as cash flow hedges. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in the cash flow hedge reserve within equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss, within other gains / (losses). Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item. If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the amount will be immediately reclassified to profit or loss as a reclassification adjustment. When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, but the risk management objective remains the same, the hedge ratio is adjusted so that it meets the qualifying criteria again. Classification of shares as debt or equity When shares are issued, any component that creates a financial liability of the Company or Group is presented as a liability in the Balance Sheet; measured initially at fair value net of transaction costs and thereafter at amortised cost until extinguished on conversion or redemption. The corresponding dividends relating to the liability component are charged as interest expense in the Income Statement. The initial fair value of the liability component is determined using a market rate for an equivalent liability without a conversion feature. The remainder of the proceeds on issue is allocated to the equity component and included in shareholders\u2019 equity, net of transaction costs. The carrying amount of the equity component is not remeasured in subsequent years. The Group\u2019s ordinary shares are classified as equity instruments. For the purposes of the disclosures given in Note 25, the Group considers its capital to comprise its ordinary share capital, share premium, capital redemption reserve, hedging reserve and accumulated retained earnings plus its preference shares which are classified as a financial liability in the Balance Sheet. There have been no changes to what the Group considers to be capital since the prior year. Preference shares The Group\u2019s preference shares are reported under non-current liabilities. The corresponding dividends on preference shares are charged as interest in the Income Statement. Preference share dividends are at fixed rates. Revenue Revenue is recognised under IFRS 15 upon application of the following steps: \u2022 Identify the contract with a customer. \u2022 Identify the performance obligations in the contract. \u2022 Determine the transaction price. \u2022 Allocate the transaction price to each performance obligation. \u2022 Recognise revenue when a performance obligation is satisfied by transferring a promised good or service to a customer. Managed Pubs and Hotels revenue primarily consists of food, drink and accommodation sales. Food and drink revenue is recognised when control of the goods / services has transferred, being at the point the customer purchases the food or drink. The Group also takes bookings for events and accommodation which require a deposit to secure the booking. A contract liability for the deposit is recognised at the time of the sale. The contract liability is released and revenue is recognised on a straight-line basis over the duration of the room occupation or event. A contract liability is recognised until the event is complete or the guest has occupied the room. The Group also earns revenue through selling drink to the Tenanted Inns division which is supplied to Fuller\u2019s by Asahi under the Long-Term Supply Agreement (\u201cLTSA\u201d). Revenue is recognised as though the Group is the principal as it has primary responsibility over the product and also bears the inventory risk. Revenue is recognised under IFRS 16 where the Group receives rental income from Tenanted and unlicensed properties. This is recognised on a straight-line basis over the lease term. Some rental income includes turnover rent which is based on the percentage of the income generated by that pub. This is recognised when the revenue is earned. Revenue is recognised for machine income when net takings are earned. Separately disclosed items The Group presents as separately disclosed items on the face of the Income Statement those material items of income and expense which, because of the nature or expected infrequency of the events giving rise to them, merit separate presentation to allow shareholders to understand better the elements of financial performance in the year, so as to facilitate comparison with prior periods and to better assess trends in financial performance. Separately disclosed items are a key element used to demonstrate the underlying performance of the Group and reported as an alternative performance measure within the management commentary for the reporting period. Share-based payments The Group has an employee Share Incentive Plan that awards shares to employees based on the reported profits of the Group for the year, and a Long-Term Incentive Plan that awards shares to Directors and Senior Executives subject to specific performance criteria. The Group also issues equity-settled share-based payments to certain employees under approved and unapproved share option schemes and a Savings Related Share Option Scheme. The cost of equity-settled transactions with employees is measured by reference to the fair value of the equity instruments at the date at which they are granted and is recognised as an expense over the vesting period, which ends on the date on which the relevant employees become fully entitled to the award. Fair value is determined using an appropriate pricing model. In valuing equity-settled transactions, no account is taken of any vesting conditions. The Group has no equity-settled transactions that are linked to the price of the shares of the Company (market conditions). No expense is recognised for awards that do not ultimately vest. At each Balance Sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and management\u2019s best estimate of the achievement or otherwise of non-market conditions and of the number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous Balance Sheet date is recognised in the Income Statement, with a corresponding entry in equity. Where the terms of an equity-settled award are modified or a new award is designated as replacing a cancelled or settled award, the cost based on the original award terms continues to be recognised over the original vesting period. In addition, an expense is recognised over the remainder of the new vesting period for the incremental fair value of any modification, based on the difference between the fair value of the original award and the fair value of the modified award, both as measured on the date of the modification. No reduction is recognised if this difference is negative. Where an equity-settled award is cancelled (including when a non-vesting condition within the control of the entity or employee is not met), it is treated as if it had vested on the date of cancellation, and any cost not yet recognised in the Income Statement for the award is expensed immediately. Any compensation paid up to the fair value of the award at the cancellation or settlement date is deducted from equity, with any excess over fair value being treated as an expense in the Income Statement. Own shares Shares to be awarded under employee incentive plans and those that have been awarded but have yet to vest unconditionally are held at cost by an employee share ownership trust (\u201cESOT\u201d) and shown as a deduction from equity in the Balance Sheet. ESOT is an independently managed trust and not controlled by the Group. In addition to the purchase of shares by the various ESOTs for specific awards, the Group also from time to time acquires own shares to be held as treasury shares. These shares are occasionally but not exclusively used to satisfy awards under various share option schemes. Treasury shares are held at cost and shown as a deduction from total equity in the Balance Sheet. Consideration received for the sale of such shares is also recognised in equity, with any difference between the proceeds from sale and the original cost being taken to reserves. No gain or loss is recognised in the profit or loss on the purchase, sale, issue or cancellation of treasury shares. Taxation Income tax expense represents the sum of the tax currently payable and deferred tax. Current tax The current tax payable is based on taxable profit for the year using UK tax rates enacted or substantively enacted at the Balance Sheet date and any adjustment to tax payable in respect of previous years. Taxable profit differs from net profit as reported in the Income Statement because it excludes items of income or expense that are taxable or deductible in other years or are never taxable or deductible. Deferred tax Deferred tax is recognised on temporary differences at the Balance Sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against which they can be utilised. Such deferred tax assets and liabilities are not recognised where the asset or liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. The carrying amount of deferred tax assets is reviewed at each Balance Sheet date. Deferred tax is not recognised in respect of taxable temporary differences associated with investments in subsidiaries, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balance relates to the same taxation entities. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the periods when the asset is realised or the liability is settled, based on tax rates and laws enacted or substantively enacted at the Balance Sheet date. Current and deferred tax for the year Current and deferred tax are recognised in the Income Statement except when they relate to items that are recognised in the Statement of Comprehensive Income or in equity, in which case the current and deferred tax are also recognised in the Statement of Comprehensive Income or directly in equity respectively. Pensions and other post-employment benefits Defined contribution schemes Payments to defined contribution retirement benefit schemes are charged to the Income Statement as they fall due. Defined benefit schemes The Group operated a defined benefit pension plan for eligible employees where contributions were made into a separate fund administered by Trustees. The scheme closed to future accrual in January 2015. The cost of providing benefits under the defined benefit plan is determined using the projected unit credit method calculated by qualified actuaries. This attributes entitlement to benefits to the current period (to determine current service cost) and to the current and prior periods (to determine the present value of defined benefit obligation) and is based on actuarial advice. Past service cost is recognised as an expense at the earlier of the date when a plan amendment or curtailment occurs and the date when an entity recognises any termination benefits, or related restructuring costs under IAS 37 Provisions, Contingent Liabilities and Contingent Assets. When a settlement (eliminating all obligations for benefits already accrued) or a curtailment (reducing future obligations as a result of a material reduction in the scheme membership or a reduction in future entitlement) occurs, the obligation and related plan assets are remeasured using current actuarial assumptions and the resultant gain or loss is recognised in the Income Statement during the period in which the settlement or curtailment occurs. The Group determines the net interest charge / (credit) on the net defined benefit liability / (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the period to the net pension liability / (asset) at the beginning of the period. The net interest charge / (credit) is recognised immediately as a separately disclosed finance cost / (income) in the Income Statement. Actuarial gains and losses are recognised in full in the Statement of Comprehensive Income in the period in which they occur. The defined benefit pension asset or liability in the Balance Sheet comprises the total of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is restricted to the sum of the present value of any amount the Group expects to recover by way of refunds from the plan or reductions in the future contributions. Dividends Dividends recommended by the Board but unpaid at the year end are not recognised in the financial statements until they are paid (in the case of the interim dividend) or approved by shareholders at the Annual General Meeting (in the case of the final dividend). The Company\u2019s investments in subsidiaries In its separate financial statements, the Parent Company recognises its investment in its subsidiaries on the basis of cost less provision for impairment. New and amended IFRS accounting standards that are effective for the current year The IASB and IFRIC have issued the following standards and interpretations with an effective date for periods starting on or before the date on which these financial statements start: \u2022 IFRIC update on IFRS 8 (no effective date). The adoption of the above standard has not had any material impact on the disclosures or amounts reported in these financial statements. Other new standards and interpretations effective for the current year are not applicable to the Group and therefore have not had any impact on the Group\u2019s financial position and results. New standards and interpretations effective for future periods and not yet adopted At the date of authorisation of these financial statements, the Group has not applied any new or revised IFRS Accounting Standards that have been issued but are not yet effective. The standards applicable to the Group are shown below: \u2022 IFRS 18: Presentation and disclosure in Financial Statements (effective 1 January 2027). \u2022 Amendments to IFRS 9 and IFRS 7: Amendments to the Classification and Measurement of Financial Instruments (effective 1 January 2026). The Directors are considering the impact the above will have on the Group\u2019s financial position, results, and disclosures.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-338": { "value": "Authorisation of financial statements The financial statements of Fuller, Smith & Turner P.L.C. and its subsidiaries (the \u201cGroup\u201d) for the 52 weeks ended 29 March 2025 were authorised for issue by the Board of Directors on 10 June 2025 and the Balance Sheet was signed on the Board\u2019s behalf by M J Turner. Fuller, Smith & Turner P.L.C. is a public limited company incorporated and domiciled in England and Wales. The Company\u2019s \u201cA\u201d Ordinary Shares are traded on the London Stock Exchange. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-2": { "value": "Fuller, Smith & Turner P.L.C.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-3": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-4": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-336": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-339": { "value": "Basis of preparation The Group\u2019s and Company\u2019s financial statements have been prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006, and in accordance with UK adopted International Financial Reporting Standards, and applied to the financial statements of the Group and the Company for the 52 weeks ended 29 March 2025. The principal accounting policies adopted by the Group and by the Company are set out in the accounting policies below. The Group and Company financial statements are presented in Sterling and all values are shown in millions of pounds (\u00a3m) rounded to the nearest hundred thousand, except where otherwise indicated. As permitted by Section 408 of the Companies Act 2006, a separate Income Statement for the Parent Company has not been prepared. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-387": { "value": "The Group\u2019s and Company\u2019s financial statements have been prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006, and in accordance with UK adopted International Financial Reporting Standards, and applied to the financial statements of the Group and the Company for the 52 weeks ended 29 March 2025. The principal accounting policies adopted by the Group and by the Company are set out in the accounting policies below. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-388": { "value": "The Group and Company financial statements are presented in Sterling and all values are shown in millions of pounds (\u00a3m) rounded to the nearest hundred thousand, except where otherwise indicated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-340": { "value": "Going concern The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position, are set out in the Strategic Report on pages 10 to 55. The financial position of the Company, its cash flows, net debt and borrowing facilities and the maturity of those facilities are set out on pages 116 to 169. In addition, there are further details in the financial statements on the Group\u2019s financial risk management, objectives and policies in Note 25. At 29 March 2025, the Group Balance Sheet comprises 87% of the estate being freehold properties and available headroom on facilities of \u00a349.7 million and \u00a313.8 million of cash with resulting net debt of \u00a3142.2 million. During the year, the Group secured a new facility of \u00a3185 million until August 2028. The unsecured banking facilities of \u00a3185 million are split between a revolving credit facility of \u00a3100 million and a term loan of \u00a385 million. Under the facilities agreement, the covenant suite (tested quarterly) consists of net debt to adjusted EBITDA (leverage) and adjusted EBITDA to net finance charges. The Group\u2019s debentures of \u00a320 million are not due for repayment until 2028. The Group has modelled financial projections for the going concern period, which is defined as the 12-month period from the date of approval of these financial statements to the end of Q1 FY2027, based upon two scenarios, the \u2018base case\u2019 and the \u2018downside case\u2019. The base case is the Board approved FY2026 budget as well as the Q1 FY2027 plan which forms part of the Board approved three-year plan. The base case assumes that sales will continue to grow, but with modest food and drink volume growth. The base case assumes that staff costs will increase, impacted by the National Minimum Wage and Employers National Insurance costs resulting in continued wage inflation across all job roles. The base case scenario indicates that the Group will have sufficient resources to continue to settle its debts as they fall due and operate well within its covenants for the going concern assessment period. The Group has also modelled a \u2018downside case\u2019 which assumes that sales volumes reduce by 10% in FY2026 and 5% in FY2027 from the \u2018base case\u2019 and that staff costs increase at a higher rate than assumed in the \u2018base case\u2019. In this \u2018downside case\u2019, there are mitigating actions that management could implement which have not been modelled, such as overhead cost reduction and reduction of capital expenditure and other property spend to essential maintenance. Further mitigating actions would also include disposals of licensed and unlicensed properties. Under this scenario, the Group would still have sufficient resources to settle liabilities as they fall due and headroom on its covenants through the duration of the period. The Group has also performed a reverse stress test to ascertain how far EBITDA would have to decline before it failed the covenant tests. EBITDA would need to decrease by 48% from the base case to fail the covenant tests. The Directors have concluded that the reduction in EBITDA required to breach the covenants is too remote and that this scenario is therefore considered implausible. The Directors have also determined that, over the period of the going concern assessment, there is not expected to be a significant financial impact because of climate change. After due consideration of the matters set out above, the Directors are satisfied that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the going concern assessment period, being the 12 months from the date of signing these financial statements through to the end of Q1 FY 2027, and have therefore adopted the going concern basis in the preparation of these financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-343": { "value": "
Significant accounting judgements, estimates and assumptions
The areas of estimation and assumption which are considered to be significant in the preparation of the financial statements are
as follows:
\u2022 The Group determines whether goodwill is impaired on an annual basis and this requires an estimation of the value in use of the
cash-generating units (\u201cCGUs\u201d) to which the goodwill is allocated. This involves estimation of future cash flows and choosing a
suitable discount rate. Full details are supplied in Note 13, together with an analysis of those key assumptions.
\u2022 The Group reviews impairment of all property, plant and equipment and right-of-use assets at CGU level where there is any
indication of impairment. This requires an estimation of the value in use and involves estimation of future cash flows and choosing
a suitable discount rate. See Note 13, which describes the assumptions used, together with an analysis of the key assumptions.
\u2022 Measurement of defined benefit pension obligations requires estimation of future changes in inflation, as well as mortality rates,
the expected return on assets and the selection of a suitable discount rate. These have been determined on advice from the
Group\u2019s qualified actuary. The estimates used and the key assumptions are provided in Note 22.
The areas of judgement which are considered to be significant in the preparation of the financial statements are as follows:
\u2022 Judgement is used to determine those items that should be separately disclosed to allow a better understanding of the
underlying trading performance of the Group. The judgement includes assessment of whether an item is of a nature that is not
consistent with normal trading activities or of sufficient size or infrequency. See Note 5 for further details.
\u2022 The Group has exercised significant accounting estimation and judgement in the recognition of deferred tax liabilities in respect
of property, plant and equipment. Significant accounting estimates and judgements include those used to determine the
amount of net book value of property, plant and equipment to which the initial recognition exemption applies, the calculation
of the tax base on sale (which is subject to certain restrictions under tax law) and the offsetting of inherent losses against
inherent gains where tax losses are expected to be utilised against future profits and gains.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-341": { "value": "
Basis of consolidation
The Group financial statements consolidate the financial statements of Fuller, Smith & Turner P.L.C. and the entities it controls
(its subsidiaries) drawn up for the 52 weeks ended 29 March 2025 (2024: 52 weeks ended 30 March 2024). Subsidiaries are
consolidated from the date of their acquisition, being the date on which the Group obtains control, and continue to be
consolidated until the date that such control ceases. Control comprises the power to direct the relevant activities of the subsidiary
which significantly affect the return of the subsidiary, so as to obtain benefit from its activities, and is achieved through direct or
indirect ownership of voting rights; currently exercisable or convertible potential voting rights; or by way of contractual agreement.
All intercompany balances and transactions, including unrealised profits arising from them, are eliminated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-342": { "value": "
Business combinations and goodwill
Business combinations are accounted for under IFRS 3 Business Combinations using the purchase method. Any excess of the
consideration of the business combination over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities and
contingent liabilities is recognised in the Balance Sheet as goodwill and is not amortised. To the extent that the net fair value of
the acquired entity\u2019s identifiable assets, liabilities and contingent liabilities is greater than the cost of the investment, a gain is
recognised immediately in the Income Statement. Where substantially all the fair value of the gross assets acquired in a business
combination is concentrated in a group of similar identifiable assets, the Group applies the option concentration test under IFRS 3.
Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent
consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent
consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments is
measured at fair value with the changes in fair value recognised in the statement of profit or loss in accordance with IFRS 9. Other
contingent consideration that is not within the scope of IFRS 9 is measured at fair value at each reporting date with changes in fair
value recognised in profit or loss.
After initial recognition, goodwill is stated at cost less any accumulated impairment losses, with the carrying value being reviewed
for impairment, at least annually and whenever events or changes in circumstances indicate that the carrying value may be
impaired. Any impairment of goodwill made cannot be reversed if circumstances subsequently change.
For the purpose of impairment testing, goodwill is allocated to the related CGUs (or group of CGUs) monitored by management.
Where the recoverable amount of the CGU is less than its carrying amount, including goodwill, an impairment loss is recognised in
the Income Statement.
The carrying amount of goodwill allocated to a CGU is taken into account when determining the gain or loss on disposal of the
CGU, or of an operation within it.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-436": { "value": "Business combinations and goodwill Business combinations are accounted for under IFRS 3 Business Combinations using the purchase method. Any excess of the consideration of the business combination over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities is recognised in the Balance Sheet as goodwill and is not amortised. To the extent that the net fair value of the acquired entity\u2019s identifiable assets, liabilities and contingent liabilities is greater than the cost of the investment, a gain is recognised immediately in the Income Statement. Where substantially all the fair value of the gross assets acquired in a business combination is concentrated in a group of similar identifiable assets, the Group applies the option concentration test under IFRS 3. Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments is measured at fair value with the changes in fair value recognised in the statement of profit or loss in accordance with IFRS 9. Other contingent consideration that is not within the scope of IFRS 9 is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. After initial recognition, goodwill is stated at cost less any accumulated impairment losses, with the carrying value being reviewed for impairment, at least annually and whenever events or changes in circumstances indicate that the carrying value may be impaired. Any impairment of goodwill made cannot be reversed if circumstances subsequently change. For the purpose of impairment testing, goodwill is allocated to the related CGUs (or group of CGUs) monitored by management. Where the recoverable amount of the CGU is less than its carrying amount, including goodwill, an impairment loss is recognised in the Income Statement. The carrying amount of goodwill allocated to a CGU is taken into account when determining the gain or loss on disposal of the CGU, or of an operation within it. Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses. Internally generated intangibles, excluding capitalised development costs, are not capitalised and the related expenditure is reflected in profit or loss in the period in which the expenditure is incurred. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, either individually or at the CGU level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. An intangible asset is derecognised upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-418": { "value": "Business combinations and goodwill Business combinations are accounted for under IFRS 3 Business Combinations using the purchase method. Any excess of the consideration of the business combination over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities is recognised in the Balance Sheet as goodwill and is not amortised. To the extent that the net fair value of the acquired entity\u2019s identifiable assets, liabilities and contingent liabilities is greater than the cost of the investment, a gain is recognised immediately in the Income Statement. Where substantially all the fair value of the gross assets acquired in a business combination is concentrated in a group of similar identifiable assets, the Group applies the option concentration test under IFRS 3. Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments is measured at fair value with the changes in fair value recognised in the statement of profit or loss in accordance with IFRS 9. Other contingent consideration that is not within the scope of IFRS 9 is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. After initial recognition, goodwill is stated at cost less any accumulated impairment losses, with the carrying value being reviewed for impairment, at least annually and whenever events or changes in circumstances indicate that the carrying value may be impaired. Any impairment of goodwill made cannot be reversed if circumstances subsequently change. For the purpose of impairment testing, goodwill is allocated to the related CGUs (or group of CGUs) monitored by management. Where the recoverable amount of the CGU is less than its carrying amount, including goodwill, an impairment loss is recognised in the Income Statement. The carrying amount of goodwill allocated to a CGU is taken into account when determining the gain or loss on disposal of the CGU, or of an operation within it. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-389": { "value": "Business combinations and goodwill Business combinations are accounted for under IFRS 3 Business Combinations using the purchase method. Any excess of the consideration of the business combination over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities is recognised in the Balance Sheet as goodwill and is not amortised. To the extent that the net fair value of the acquired entity\u2019s identifiable assets, liabilities and contingent liabilities is greater than the cost of the investment, a gain is recognised immediately in the Income Statement. Where substantially all the fair value of the gross assets acquired in a business combination is concentrated in a group of similar identifiable assets, the Group applies the option concentration test under IFRS 3. Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments is measured at fair value with the changes in fair value recognised in the statement of profit or loss in accordance with IFRS 9. Other contingent consideration that is not within the scope of IFRS 9 is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. After initial recognition, goodwill is stated at cost less any accumulated impairment losses, with the carrying value being reviewed for impairment, at least annually and whenever events or changes in circumstances indicate that the carrying value may be impaired. Any impairment of goodwill made cannot be reversed if circumstances subsequently change. For the purpose of impairment testing, goodwill is allocated to the related CGUs (or group of CGUs) monitored by management. Where the recoverable amount of the CGU is less than its carrying amount, including goodwill, an impairment loss is recognised in the Income Statement. The carrying amount of goodwill allocated to a CGU is taken into account when determining the gain or loss on disposal of the CGU, or of an operation within it. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-344": { "value": "
Property, plant and equipment
Property, plant and equipment is stated at cost or deemed cost less accumulated depreciation and any impairment in value.
Depreciation is calculated on a straight-line basis to write down the cost to the estimated residual value over the expected useful
life of the asset as follows:
Freehold buildings \u2013 Hotel accommodation and offices
Up to 50 years
Freehold buildings \u2013 Licensed retail property and unlicensed property
From 50 to 100 years
Leasehold improvements
The term of the lease
Roofs
From 10 to 50 years
Plant, machinery and vehicles, fixtures and fittings
From three years up to 25 years
As required under IAS 16 Property, Plant and Equipment, expected useful lives and residual values are reviewed every year. Land is not depreciated. An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the Income Statement when the asset is derecognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-390": { "value": "Property, plant and equipment Property, plant and equipment is stated at cost or deemed cost less accumulated depreciation and any impairment in value. Depreciation is calculated on a straight-line basis to write down the cost to the estimated residual value over the expected useful life of the asset as follows:
Freehold buildings \u2013 Hotel accommodation and offices
Up to 50 years
Freehold buildings \u2013 Licensed retail property and unlicensed property
From 50 to 100 years
Leasehold improvements
The term of the lease
Roofs
From 10 to 50 years
Plant, machinery and vehicles, fixtures and fittings
From three years up to 25 years
As required under IAS 16 Property, Plant and Equipment, expected useful lives and residual values are reviewed every year. Land
is not depreciated. An item of property, plant and equipment and any significant part initially recognised is derecognised upon
disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal.
Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the
carrying amount of the asset) is included in the Income Statement when the asset is derecognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-345": { "value": "
Hive-up transaction
When a subsidiary transfers its business to its parent immediately after acquisition (hive-up transaction) the assets are transferred at
market value and the investment is reduced to reflect the net effect of a return of capital in the form of the underlying net assets
with any difference taken to the merger reserve.
", "dimensions": { "concept": "fullersmithturnerplc:DescriptionOfAccountingPolicyForHiveUpTransaction", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-346": { "value": "
Investment property
The Group owns properties that are not used for the sale of goods or services but are held for capital appreciation or rental
purposes. These properties are classified as investment properties and their carrying values are based on cost less impairment.
Depreciation is calculated on a straight-line basis to write down the cost to the estimated residual value over the expected useful
life of the asset, which for investment properties is between 50 and 100 years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-347": { "value": "
Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a
business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost
less any accumulated amortisation and accumulated impairment losses. Internally generated intangibles, excluding capitalised
development costs, are not capitalised and the related expenditure is reflected in profit or loss in the period in which the
expenditure is incurred. The useful lives of intangible assets are assessed as either finite or indefinite.
Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment whenever there is an
indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset
with a finite useful life are reviewed at least at the end of each reporting period.
Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, either individually or at
the CGU level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be
supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis.
An intangible asset is derecognised upon disposal (i.e., at the date the recipient obtains control) or when no future economic
benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference
between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-437": { "value": "
Impairment
Carrying values are reviewed for impairment if events indicate that the carrying value of the asset may not be recoverable. If such
an indicator exists and where the carrying values exceed the estimated recoverable amount, the assets or CGUs are written down
to their recoverable amounts. An asset\u2019s recoverable amount is the greater of the fair value less costs to sell and the value in use. In
assessing value in use, the estimated future cash flows are discounted to present value using a pre-tax discount rate that reflects the
current market assessments of the time value of money and risks specific to the asset. In determining fair value less costs of disposal,
recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is
used. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the smallest
CGUs to which the asset belongs.
The Group bases its impairment calculation on the most recent management approved budgets and forecast calculations, which
are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast
calculations generally cover a period of three years. A long-term growth rate is calculated and applied to project future cash flows
after the second year.
For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that
previously recognised impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the
asset\u2019s or CGU\u2019s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the
assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. The reversal is limited
so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would
have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years.
Impairment losses, and any reversal of such losses, are recognised in the Income Statement.
Impairment IFRS 9\u2019s impairment requirements use more forward-looking information to recognise expected credit losses \u2013 the expected credit loss (\u201cECL\u201d) model. Recognition of credit losses is no longer dependent on the Group first identifying a credit loss event. Instead, the Group considers a broader range of information when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the future cash flows of the instrument. When assessing impairment for trade receivables, the Group has applied the simplified approach to expected credit losses as per IFRS 9 Financial Instruments. The model focuses on an appraisal of the risk that a receivable will default rather than whether a loss has been incurred. This involves an unbiased assessment of a range of possible outcomes and their probabilities of occurrence, and is supported by past experience of collecting payments as well as changes in economic conditions that correlate with default on receivables. Expected credit losses are initially determined based on the Group\u2019s historical credit loss experience, any forward- looking factors specific to a particular trade receivable and the current economic environment. The timing of initial recognition for impairment losses is the same period that the asset is recognised. Movements in expected credit losses are recognised in the Income Statement within operating costs. At the point a trade receivable is written off the ledger as uncollectable, the cost is charged against the allowance account and any subsequent recoveries of amounts previously written off are credited to the Income Statement. In the Parent Company, amounts due from subsidiary undertakings are recognised at their original amount less allowance for impairment based on the ECL model. In determining the model, the Company considers the net assets and the resources available to that subsidiary. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-348": { "value": "
Leases
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to
control the use of an identified asset for a period of time in exchange for consideration.
Group as a lessee
The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low
value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the
underlying assets.
a) Right-of-use assets
The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available
for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any
remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs
incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets
are depreciated on a straight-line basis over the lease term.
b) Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments
to be made over the lease term. The lease payments include fixed payments less any lease incentives receivable, variable lease
payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. Variable lease
payments that do not depend on an index or a rate are recognised as expenses in the period in which the event or condition that
triggers the payment occurs. The lease payment also includes the exercise price of a purchase option reasonably certain to be
exercised by the Group and payment of penalties for terminating a lease, if the lease term reflects the Group exercising the option
to terminate. Extensions to leases are recognised when it is reasonably certain the option is going to be exercised.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement
date because the interest rate implicit in the lease is not readily determinable. The carrying amount of lease liabilities is remeasured
if there is a modification, a change in the lease term or a change in the lease payments (e.g., changes to future payments resulting
from a change in an index or rate used to determine such lease payments).
The Group\u2019s lease liabilities are included in Cash, Borrowings and Net Debt (see Note 21).
c) Short-term leases and leases of low value assets
The Group applies the short-term lease recognition exemption to its short-term leases of equipment (i.e., those leases that have a
lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease
of low value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on
short-term leases and leases of low value assets are recognised as expense on a straight-line basis over the lease term.
Group as a lessor
Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified
as operating leases. Rental income arising is accounted for on a straight-line basis over the lease terms and is included in revenue
in the Income Statement due to its operating nature.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-392": { "value": "
Assets held for sale and discontinued operations
Assets are classified as held for sale when the carrying amount will be recovered principally through a sale transaction rather than
continuing use. The criteria for held for sale classification are regarded as met only when the sale is highly probable and the asset
or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that
it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be
committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification.
Assets held for sale are valued at the lower of the carrying amount and fair value less costs to sell. No depreciation is charged whilst
assets are classified as held for sale.
In accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, results for the discontinued operations are
presented separately in the Group\u2019s Income Statement (for which the comparatives and related notes would be restated).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-351": { "value": "Assets held for sale and discontinued operations Assets are classified as held for sale when the carrying amount will be recovered principally through a sale transaction rather than continuing use. The criteria for held for sale classification are regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification. Assets held for sale are valued at the lower of the carrying amount and fair value less costs to sell. No depreciation is charged whilst assets are classified as held for sale. In accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, results for the discontinued operations are presented separately in the Group\u2019s Income Statement (for which the comparatives and related notes would be restated). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-419": { "value": "Assets held for sale and discontinued operations Assets are classified as held for sale when the carrying amount will be recovered principally through a sale transaction rather than continuing use. The criteria for held for sale classification are regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification. Assets held for sale are valued at the lower of the carrying amount and fair value less costs to sell. No depreciation is charged whilst assets are classified as held for sale. In accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, results for the discontinued operations are presented separately in the Group\u2019s Income Statement (for which the comparatives and related notes would be restated). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-349": { "value": "
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is calculated using the \u201cAverage Weighted Cost\u201d method.
Net realisable value is the estimated selling price in the ordinary course of business less estimated costs of completion and the costs
to be incurred in marketing, selling and distribution.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-350": { "value": "
Financial instruments
Initial recognition and derecognition
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of
another entity.
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the financial instrument. Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expires. Financial assets Recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (\u201cOCI\u201d) and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component are measured at the transaction price in accordance with IFRS 15. There are three measurement categories into which the Group classifies its debt instruments: \u2022 Amortised cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains / (losses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the statement of profit or loss. The Group\u2019s cash and cash equivalents, trade and other receivables fall into this category. \u2022 Fair value through OCI (\u201cFVOCI\u201d): Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets\u2019 cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken through OCI and will be recycled upon derecognition of the asset. \u2022 Fair value through profit or loss (\u201cFVPL\u201d): Assets that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognised in profit or loss and presented net within other gains / (losses) in the period in which it arises. Impairment IFRS 9\u2019s impairment requirements use more forward-looking information to recognise expected credit losses \u2013 the expected credit loss (\u201cECL\u201d) model. Recognition of credit losses is no longer dependent on the Group first identifying a credit loss event. Instead, the Group considers a broader range of information when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the future cash flows of the instrument. When assessing impairment for trade receivables, the Group has applied the simplified approach to expected credit losses as per IFRS 9 Financial Instruments. The model focuses on an appraisal of the risk that a receivable will default rather than whether a loss has been incurred. This involves an unbiased assessment of a range of possible outcomes and their probabilities of occurrence, and is supported by past experience of collecting payments as well as changes in economic conditions that correlate with default on receivables. Expected credit losses are initially determined based on the Group\u2019s historical credit loss experience, any forward- looking factors specific to a particular trade receivable and the current economic environment. The timing of initial recognition for impairment losses is the same period that the asset is recognised. Movements in expected credit losses are recognised in the Income Statement within operating costs. At the point a trade receivable is written off the ledger as uncollectable, the cost is charged against the allowance account and any subsequent recoveries of amounts previously written off are credited to the Income Statement. In the Parent Company, amounts due from subsidiary undertakings are recognised at their original amount less allowance for impairment based on the ECL model. In determining the model, the Company considers the net assets and the resources available to that subsidiary. Financial liabilities Recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, derivative financial instruments and lease liabilities. For purposes of subsequent measurement, financial liabilities are classified in two categories: \u2022 Financial liabilities at fair value through profit or loss which are measured subsequently at fair value with gains or losses recognised in the Income Statement. \u2022 Financial liabilities at amortised cost (loans and borrowings) which are measured using the effective interest method. Bank loans, overdrafts and debentures Interest bearing bank loans, overdrafts and debentures are initially recorded at the fair value of proceeds received, net of direct issue costs, and thereafter at amortised cost. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an effective interest rate basis in the Income Statement. Finance charges are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously. Derivative financial instruments and hedge accounting Recognition and measurement The Group uses interest rate swaps to hedge its interest rate risks. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. For the purpose of hedge accounting, hedges are classified as: \u2022 Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or liability or an unrecognised firm commitment. \u2022 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment. \u2022 Hedges of a net investment in a foreign operation. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u2022 There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument. \u2022 The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic relationship. \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below. The Group has interest rate swaps which are classified as cash flow hedges. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in the cash flow hedge reserve within equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss, within other gains / (losses). Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item. If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the amount will be immediately reclassified to profit or loss as a reclassification adjustment. When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, but the risk management objective remains the same, the hedge ratio is adjusted so that it meets the qualifying criteria again. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-391": { "value": "
Financial assets
Recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other
comprehensive income (\u201cOCI\u201d) and fair value through profit or loss. The classification of financial assets at initial recognition
depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. With
the exception of trade receivables that do not contain a significant financing component or for which the Group has applied
the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at
fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component are
measured at the transaction price in accordance with IFRS 15.
There are three measurement categories into which the Group classifies its debt instruments:
\u2022 Amortised cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments
of principal and interest, are measured at amortised cost. Interest income from these financial assets is included in finance
income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss
and presented in other gains / (losses) together with foreign exchange gains and losses. Impairment losses are presented as
separate line item in the statement of profit or loss. The Group\u2019s cash and cash equivalents, trade and other receivables fall into
this category.
\u2022 Fair value through OCI (\u201cFVOCI\u201d): Assets that are held for collection of contractual cash flows and for selling the financial assets,
where the assets\u2019 cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the
carrying amount are taken through OCI and will be recycled upon derecognition of the asset.
\u2022 Fair value through profit or loss (\u201cFVPL\u201d): Assets that do not meet the criteria for amortised cost or FVOCI are measured at FVPL.
A gain or loss on a debt investment that is subsequently measured at FVPL is recognised in profit or loss and presented net within
other gains / (losses) in the period in which it arises.
Impairment
IFRS 9\u2019s impairment requirements use more forward-looking information to recognise expected credit losses \u2013 the expected credit
loss (\u201cECL\u201d) model. Recognition of credit losses is no longer dependent on the Group first identifying a credit loss event. Instead, the
Group considers a broader range of information when assessing credit risk and measuring expected credit losses, including past
events, current conditions, and reasonable and supportable forecasts that affect the future cash flows of the instrument.
When assessing impairment for trade receivables, the Group has applied the simplified approach to expected credit losses as per
IFRS 9 Financial Instruments. The model focuses on an appraisal of the risk that a receivable will default rather than whether a loss
has been incurred. This involves an unbiased assessment of a range of possible outcomes and their probabilities of occurrence,
and is supported by past experience of collecting payments as well as changes in economic conditions that correlate with default
on receivables. Expected credit losses are initially determined based on the Group\u2019s historical credit loss experience, any forward-
looking factors specific to a particular trade receivable and the current economic environment.
The timing of initial recognition for impairment losses is the same period that the asset is recognised. Movements in expected credit
losses are recognised in the Income Statement within operating costs. At the point a trade receivable is written off the ledger as
uncollectable, the cost is charged against the allowance account and any subsequent recoveries of amounts previously written off
are credited to the Income Statement.
In the Parent Company, amounts due from subsidiary undertakings are recognised at their original amount less allowance for
impairment based on the ECL model. In determining the model, the Company considers the net assets and the resources available
to that subsidiary.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-421": { "value": "Impairment IFRS 9\u2019s impairment requirements use more forward-looking information to recognise expected credit losses \u2013 the expected credit loss (\u201cECL\u201d) model. Recognition of credit losses is no longer dependent on the Group first identifying a credit loss event. Instead, the Group considers a broader range of information when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the future cash flows of the instrument. When assessing impairment for trade receivables, the Group has applied the simplified approach to expected credit losses as per IFRS 9 Financial Instruments. The model focuses on an appraisal of the risk that a receivable will default rather than whether a loss has been incurred. This involves an unbiased assessment of a range of possible outcomes and their probabilities of occurrence, and is supported by past experience of collecting payments as well as changes in economic conditions that correlate with default on receivables. Expected credit losses are initially determined based on the Group\u2019s historical credit loss experience, any forward- looking factors specific to a particular trade receivable and the current economic environment. The timing of initial recognition for impairment losses is the same period that the asset is recognised. Movements in expected credit losses are recognised in the Income Statement within operating costs. At the point a trade receivable is written off the ledger as uncollectable, the cost is charged against the allowance account and any subsequent recoveries of amounts previously written off are credited to the Income Statement. In the Parent Company, amounts due from subsidiary undertakings are recognised at their original amount less allowance for impairment based on the ECL model. In determining the model, the Company considers the net assets and the resources available to that subsidiary. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-394": { "value": "Financial liabilities Recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, derivative financial instruments and lease liabilities. For purposes of subsequent measurement, financial liabilities are classified in two categories: \u2022 Financial liabilities at fair value through profit or loss which are measured subsequently at fair value with gains or losses recognised in the Income Statement. \u2022 Financial liabilities at amortised cost (loans and borrowings) which are measured using the effective interest method. Bank loans, overdrafts and debentures Interest bearing bank loans, overdrafts and debentures are initially recorded at the fair value of proceeds received, net of direct issue costs, and thereafter at amortised cost. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an effective interest rate basis in the Income Statement. Finance charges are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-420": { "value": "
Bank loans, overdrafts and debentures
Interest bearing bank loans, overdrafts and debentures are initially recorded at the fair value of proceeds received, net of direct issue
costs, and thereafter at amortised cost. Finance charges, including premiums payable on settlement or redemption and direct issue
costs, are accounted for on an effective interest rate basis in the Income Statement. Finance charges are added to the carrying
amount of the instrument to the extent that they are not settled in the period in which they arise.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-393": { "value": "
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position
if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to
realise the assets and settle the liabilities simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-422": { "value": "
Derivative financial instruments and hedge accounting
Recognition and measurement
The Group uses interest rate swaps to hedge its interest rate risks. Such derivative financial instruments are initially recognised at fair
value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are
carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as:
\u2022 Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or liability or an unrecognised
firm commitment.
\u2022 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated
with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm
commitment.
\u2022 Hedges of a net investment in a foreign operation.
At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes
to apply hedge accounting and the risk management objective and strategy for undertaking the hedge.
The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and
how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of
sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting
if it meets all of the following effectiveness requirements:
\u2022 There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\u2022 The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic relationship.
\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the
Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of
hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below.
The Group has interest rate swaps which are classified as cash flow hedges. The effective portion of changes in the fair value
of derivatives that are designated and qualify as cash flow hedges is recognised in the cash flow hedge reserve within equity.
The gain or loss relating to the ineffective portion is recognised immediately in profit or loss, within other gains / (losses). Amounts
previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods
when the hedged item affects profit or loss, in the same line as the recognised hedged item. If cash flow hedge accounting is
discontinued, the amount that has been accumulated in OCI must remain in accumulated OCI if the hedged future cash flows
are still expected to occur. Otherwise, the amount will be immediately reclassified to profit or loss as a reclassification adjustment.
When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting,
but the risk management objective remains the same, the hedge ratio is adjusted so that it meets the qualifying criteria again.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-395": { "value": "Derivative financial instruments and hedge accounting Recognition and measurement The Group uses interest rate swaps to hedge its interest rate risks. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. For the purpose of hedge accounting, hedges are classified as: \u2022 Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or liability or an unrecognised firm commitment. \u2022 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment. \u2022 Hedges of a net investment in a foreign operation. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u2022 There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument. \u2022 The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic relationship. \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below. The Group has interest rate swaps which are classified as cash flow hedges. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in the cash flow hedge reserve within equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss, within other gains / (losses). Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item. If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the amount will be immediately reclassified to profit or loss as a reclassification adjustment. When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, but the risk management objective remains the same, the hedge ratio is adjusted so that it meets the qualifying criteria again. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-438": { "value": "Derivative financial instruments and hedge accounting Recognition and measurement The Group uses interest rate swaps to hedge its interest rate risks. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. For the purpose of hedge accounting, hedges are classified as: \u2022 Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or liability or an unrecognised firm commitment. \u2022 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment. \u2022 Hedges of a net investment in a foreign operation. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u2022 There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument. \u2022 The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic relationship. \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below. The Group has interest rate swaps which are classified as cash flow hedges. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in the cash flow hedge reserve within equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss, within other gains / (losses). Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item. If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the amount will be immediately reclassified to profit or loss as a reclassification adjustment. When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, but the risk management objective remains the same, the hedge ratio is adjusted so that it meets the qualifying criteria again. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-352": { "value": "
Classification of shares as debt or equity
When shares are issued, any component that creates a financial liability of the Company or Group is presented as a liability in
the Balance Sheet; measured initially at fair value net of transaction costs and thereafter at amortised cost until extinguished on
conversion or redemption. The corresponding dividends relating to the liability component are charged as interest expense in
the Income Statement. The initial fair value of the liability component is determined using a market rate for an equivalent liability
without a conversion feature.
The remainder of the proceeds on issue is allocated to the equity component and included in shareholders\u2019 equity, net of
transaction costs. The carrying amount of the equity component is not remeasured in subsequent years.
The Group\u2019s ordinary shares are classified as equity instruments. For the purposes of the disclosures given in Note 25, the Group
considers its capital to comprise its ordinary share capital, share premium, capital redemption reserve, hedging reserve and
accumulated retained earnings plus its preference shares which are classified as a financial liability in the Balance Sheet.
There have been no changes to what the Group considers to be capital since the prior year.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-353": { "value": "
Preference shares
The Group\u2019s preference shares are reported under non-current liabilities. The corresponding dividends on preference shares are
charged as interest in the Income Statement. Preference share dividends are at fixed rates.
", "dimensions": { "concept": "fullersmithturnerplc:DescriptionOfAccountingPolicyForPreferenceShares", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-354": { "value": "
Revenue
Revenue is recognised under IFRS 15 upon application of the following steps:
\u2022 Identify the contract with a customer.
\u2022 Identify the performance obligations in the contract.
\u2022 Determine the transaction price.
\u2022 Allocate the transaction price to each performance obligation.
\u2022 Recognise revenue when a performance obligation is satisfied by transferring a promised good or service to a customer.
Managed Pubs and Hotels revenue primarily consists of food, drink and accommodation sales. Food and drink revenue is
recognised when control of the goods / services has transferred, being at the point the customer purchases the food or drink.
The Group also takes bookings for events and accommodation which require a deposit to secure the booking. A contract liability
for the deposit is recognised at the time of the sale. The contract liability is released and revenue is recognised on a straight-line
basis over the duration of the room occupation or event. A contract liability is recognised until the event is complete or the guest
has occupied the room.
The Group also earns revenue through selling drink to the Tenanted Inns division which is supplied to Fuller\u2019s by Asahi under the
Long-Term Supply Agreement (\u201cLTSA\u201d). Revenue is recognised as though the Group is the principal as it has primary responsibility
over the product and also bears the inventory risk.
Revenue is recognised under IFRS 16 where the Group receives rental income from Tenanted and unlicensed properties. This is
recognised on a straight-line basis over the lease term. Some rental income includes turnover rent which is based on the percentage
of the income generated by that pub. This is recognised when the revenue is earned. Revenue is recognised for machine income
when net takings are earned.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-355": { "value": "
Separately disclosed items
The Group presents as separately disclosed items on the face of the Income Statement those material items of income and
expense which, because of the nature or expected infrequency of the events giving rise to them, merit separate presentation to
allow shareholders to understand better the elements of financial performance in the year, so as to facilitate comparison with prior
periods and to better assess trends in financial performance. Separately disclosed items are a key element used to demonstrate the
underlying performance of the Group and reported as an alternative performance measure within the management commentary
for the reporting period.
", "dimensions": { "concept": "fullersmithturnerplc:DescriptionOfAccountingPolicyForSeparatelyDisclosedItems", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-356": { "value": "
Share-based payments
The Group has an employee Share Incentive Plan that awards shares to employees based on the reported profits of the Group for
the year, and a Long-Term Incentive Plan that awards shares to Directors and Senior Executives subject to specific performance
criteria. The Group also issues equity-settled share-based payments to certain employees under approved and unapproved share
option schemes and a Savings Related Share Option Scheme.
The cost of equity-settled transactions with employees is measured by reference to the fair value of the equity instruments at the
date at which they are granted and is recognised as an expense over the vesting period, which ends on the date on which the
relevant employees become fully entitled to the award. Fair value is determined using an appropriate pricing model. In valuing
equity-settled transactions, no account is taken of any vesting conditions. The Group has no equity-settled transactions that are
linked to the price of the shares of the Company (market conditions).
No expense is recognised for awards that do not ultimately vest. At each Balance Sheet date before vesting, the cumulative
expense is calculated, representing the extent to which the vesting period has expired and management\u2019s best estimate of the
achievement or otherwise of non-market conditions and of the number of equity instruments that will ultimately vest. The movement
in cumulative expense since the previous Balance Sheet date is recognised in the Income Statement, with a corresponding entry
in equity.
Where the terms of an equity-settled award are modified or a new award is designated as replacing a cancelled or settled award,
the cost based on the original award terms continues to be recognised over the original vesting period. In addition, an expense is
recognised over the remainder of the new vesting period for the incremental fair value of any modification, based on the difference
between the fair value of the original award and the fair value of the modified award, both as measured on the date of the
modification. No reduction is recognised if this difference is negative.
Where an equity-settled award is cancelled (including when a non-vesting condition within the control of the entity or employee is
not met), it is treated as if it had vested on the date of cancellation, and any cost not yet recognised in the Income Statement for
the award is expensed immediately. Any compensation paid up to the fair value of the award at the cancellation or settlement
date is deducted from equity, with any excess over fair value being treated as an expense in the Income Statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-357": { "value": "
Own shares
Shares to be awarded under employee incentive plans and those that have been awarded but have yet to vest unconditionally
are held at cost by an employee share ownership trust (\u201cESOT\u201d) and shown as a deduction from equity in the Balance Sheet.
ESOT is an independently managed trust and not controlled by the Group.
In addition to the purchase of shares by the various ESOTs for specific awards, the Group also from time to time acquires own shares
to be held as treasury shares. These shares are occasionally but not exclusively used to satisfy awards under various share option
schemes. Treasury shares are held at cost and shown as a deduction from total equity in the Balance Sheet.
Consideration received for the sale of such shares is also recognised in equity, with any difference between the proceeds from
sale and the original cost being taken to reserves. No gain or loss is recognised in the profit or loss on the purchase, sale, issue or
cancellation of treasury shares.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-359": { "value": "
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The current tax payable is based on taxable profit for the year using UK tax rates enacted or substantively enacted at the Balance
Sheet date and any adjustment to tax payable in respect of previous years. Taxable profit differs from net profit as reported in the
Income Statement because it excludes items of income or expense that are taxable or deductible in other years or are never
taxable or deductible.
Deferred tax
Deferred tax is recognised on temporary differences at the Balance Sheet date between the tax bases of assets and liabilities and
their carrying amounts for financial reporting purposes.
Deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised for all deductible
temporary differences, carry-forward of unused tax assets and unused tax losses, to the extent that it is probable that taxable profit
will be available against which they can be utilised.
Such deferred tax assets and liabilities are not recognised where the asset or liability arises from the initial recognition of goodwill
or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the
accounting profit nor taxable profit or loss. The carrying amount of deferred tax assets is reviewed at each Balance Sheet date.
Deferred tax is not recognised in respect of taxable temporary differences associated with investments in subsidiaries, where the
timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not
reverse in the foreseeable future.
Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and
where the deferred tax balance relates to the same taxation entities.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the periods when the asset is realised
or the liability is settled, based on tax rates and laws enacted or substantively enacted at the Balance Sheet date.
Current and deferred tax for the year
Current and deferred tax are recognised in the Income Statement except when they relate to items that are recognised in the
Statement of Comprehensive Income or in equity, in which case the current and deferred tax are also recognised in the Statement
of Comprehensive Income or directly in equity respectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-396": { "value": "Deferred tax Deferred tax is recognised on temporary differences at the Balance Sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against which they can be utilised. Such deferred tax assets and liabilities are not recognised where the asset or liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. The carrying amount of deferred tax assets is reviewed at each Balance Sheet date. Deferred tax is not recognised in respect of taxable temporary differences associated with investments in subsidiaries, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balance relates to the same taxation entities. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the periods when the asset is realised or the liability is settled, based on tax rates and laws enacted or substantively enacted at the Balance Sheet date. Current and deferred tax for the year Current and deferred tax are recognised in the Income Statement except when they relate to items that are recognised in the Statement of Comprehensive Income or in equity, in which case the current and deferred tax are also recognised in the Statement of Comprehensive Income or directly in equity respectively. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-358": { "value": "
Pensions and other post-employment benefits
Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged to the Income Statement as they fall due.
Defined benefit schemes
The Group operated a defined benefit pension plan for eligible employees where contributions were made into a separate fund
administered by Trustees. The scheme closed to future accrual in January 2015.
The cost of providing benefits under the defined benefit plan is determined using the projected unit credit method calculated by
qualified actuaries. This attributes entitlement to benefits to the current period (to determine current service cost) and to the current
and prior periods (to determine the present value of defined benefit obligation) and is based on actuarial advice.
Past service cost is recognised as an expense at the earlier of the date when a plan amendment or curtailment occurs and the
date when an entity recognises any termination benefits, or related restructuring costs under IAS 37 Provisions, Contingent Liabilities
and Contingent Assets.
When a settlement (eliminating all obligations for benefits already accrued) or a curtailment (reducing future obligations as a result
of a material reduction in the scheme membership or a reduction in future entitlement) occurs, the obligation and related plan
assets are remeasured using current actuarial assumptions and the resultant gain or loss is recognised in the Income Statement
during the period in which the settlement or curtailment occurs.
The Group determines the net interest charge / (credit) on the net defined benefit liability / (asset) for the period by applying the
discount rate used to measure the defined benefit obligation at the beginning of the period to the net pension liability / (asset)
at the beginning of the period. The net interest charge / (credit) is recognised immediately as a separately disclosed finance
cost / (income) in the Income Statement. Actuarial gains and losses are recognised in full in the Statement of Comprehensive
Income in the period in which they occur.
The defined benefit pension asset or liability in the Balance Sheet comprises the total of the present value of the defined benefit
obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the
obligations are to be settled directly. Fair value is based on market price information and in the case of quoted securities is the
published bid price. The value of a net pension benefit asset is restricted to the sum of the present value of any amount the Group
expects to recover by way of refunds from the plan or reductions in the future contributions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-360": { "value": "
Dividends
Dividends recommended by the Board but unpaid at the year end are not recognised in the financial statements until they are paid
(in the case of the interim dividend) or approved by shareholders at the Annual General Meeting (in the case of the final dividend).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-361": { "value": "
The Company\u2019s investments in subsidiaries
In its separate financial statements, the Parent Company recognises its investment in its subsidiaries on the basis of cost less provision
for impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-363": { "value": "
New and amended IFRS accounting standards that are effective for the current year
The IASB and IFRIC have issued the following standards and interpretations with an effective date for periods starting on or before
the date on which these financial statements start:
\u2022 IFRIC update on IFRS 8 (no effective date).
The adoption of the above standard has not had any material impact on the disclosures or amounts reported in these financial
statements.
Other new standards and interpretations effective for the current year are not applicable to the Group and therefore have not had
any impact on the Group\u2019s financial position and results.
New standards and interpretations effective for future periods and not yet adopted
At the date of authorisation of these financial statements, the Group has not applied any new or revised IFRS Accounting Standards
that have been issued but are not yet effective.
The standards applicable to the Group are shown below:
\u2022 IFRS 18: Presentation and disclosure in Financial Statements (effective 1 January 2027).
\u2022 Amendments to IFRS 9 and IFRS 7: Amendments to the Classification and Measurement of Financial Instruments
(effective 1 January 2026).
The Directors are considering the impact the above will have on the Group\u2019s financial position, results, and disclosures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-424": { "value": "New and amended IFRS accounting standards that are effective for the current year The IASB and IFRIC have issued the following standards and interpretations with an effective date for periods starting on or before the date on which these financial statements start: \u2022 IFRIC update on IFRS 8 (no effective date). The adoption of the above standard has not had any material impact on the disclosures or amounts reported in these financial statements. Other new standards and interpretations effective for the current year are not applicable to the Group and therefore have not had any impact on the Group\u2019s financial position and results. New standards and interpretations effective for future periods and not yet adopted At the date of authorisation of these financial statements, the Group has not applied any new or revised IFRS Accounting Standards that have been issued but are not yet effective. The standards applicable to the Group are shown below: \u2022 IFRS 18: Presentation and disclosure in Financial Statements (effective 1 January 2027). \u2022 Amendments to IFRS 9 and IFRS 7: Amendments to the Classification and Measurement of Financial Instruments (effective 1 January 2026). The Directors are considering the impact the above will have on the Group\u2019s financial position, results, and disclosures.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-397": { "value": "New and amended IFRS accounting standards that are effective for the current year The IASB and IFRIC have issued the following standards and interpretations with an effective date for periods starting on or before the date on which these financial statements start: \u2022 IFRIC update on IFRS 8 (no effective date). The adoption of the above standard has not had any material impact on the disclosures or amounts reported in these financial statements. Other new standards and interpretations effective for the current year are not applicable to the Group and therefore have not had any impact on the Group\u2019s financial position and results. New standards and interpretations effective for future periods and not yet adopted At the date of authorisation of these financial statements, the Group has not applied any new or revised IFRS Accounting Standards that have been issued but are not yet effective. The standards applicable to the Group are shown below: \u2022 IFRS 18: Presentation and disclosure in Financial Statements (effective 1 January 2027). \u2022 Amendments to IFRS 9 and IFRS 7: Amendments to the Classification and Measurement of Financial Instruments (effective 1 January 2026). The Directors are considering the impact the above will have on the Group\u2019s financial position, results, and disclosures.", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-362": { "value": "
2. Segmental Analysis
Operating segments
For management purposes, the Group\u2019s operating segments are:
\u2022 Managed Pubs and Hotels, which comprises managed pubs and managed hotels.
\u2022 Tenanted Inns, which comprises pubs operated by third parties under tenancy or lease agreements.
The most important measure used to evaluate the performance of the business is adjusted profit, which is the profit before tax,
adjusted for separately disclosed items. The operating segments are organised and managed separately according to the nature
of the products and services provided, with each segment representing a strategic operating unit. The Managed Pubs and Hotels
operating segments have been aggregated to one reportable segment on the basis they have similar economic characteristics.
Economic indicators assessed in determining that the aggregated operating segments share similar characteristics included
expected future financial performance, operating and competitive risks and return on capital. As such the operating segments
meet the aggregation criteria in paragraph 12 IFRS 8 Operating Segments. More details of these segments are given in the Strategic
Report on pages 10 to 55 of this report.
As segment assets and liabilities are not regularly provided to the Chief Operating Decision Maker, the Group has elected, as
provided under IFRS 8 Operating Segments, not to disclose a measure of segment assets and liabilities.
Managed Pubs
and Hotels Tenanted Inns
Unallocated
1
Total
52 weeks ended 29 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
Sale of goods and services
304.4
23.9
\u2013
328.3
Accommodation income
36.7
\u2013
\u2013
36.7
Total revenue from contracts with customers
341.1
23.9
\u2013
365.0
Rental income
1.6
9.7
\u2013
11.3
Revenue
342.7
33.6
\u2013
376.3
Segment result
47.6
14.4
(21.6)
40.4
Operating separately disclosed items
(12.1)
Operating profit
28.3
Profit on disposal properties
18.9
Net finance costs
(13.4)
Profit before tax
33.8
Other segment information
Additions to property, plant and equipment
49.3
3.4
\u2013
52.7
Depreciation and amortisation
23.3
3.2
0.7
27. 2
Impairment of property and goodwill net of reversals
9.0
1.4
\u2013
10.4
Managed Pubs
and Hotels Tenanted Inns
Unallocated
1
Total
52 weeks ended 30 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
Sale of goods and services
288.1
24.1
\u2013
312.2
Accommodation income
35.5
\u2013
\u2013
35.5
Total revenue from contracts with customers
323.6
24.1
\u2013
3 47. 7
Rental income
1.7
9.7
\u2013
11. 4
Revenue
325.3
33.8
\u2013
3 59.1
Segment result
41.6
13.7
(20.8)
34.5
Operating separately disclosed items
(6.8)
Operating profit
27. 7
Net finance costs
(13.3)
Profit before tax
14.4
Other segment information
Additions to property, plant and equipment
23.0
3.9
0.1
2 7. 0
Depreciation and amortisation
22.4
3.0
0.9
26.3
Impairment of property and right-of-use assets net of reversals
5.1
3.2
\u2013
8.3
1 Unallocated expenses represent primarily the salaries and costs of central management and support services. Unallocated capital expenditure relates to additions to the Head Office Geographical information All of the Group\u2019s business is within the UK and therefore the Group only has one distinct geographical market.
52 weeks ended 52 weeks ended
29 March 2025 30 March 2024
\u00a3m \u00a3m
Revenue disclosed in the Income Statement is analysed as follows:
Sale of goods and services
328.3
312.2
Accommodation income
36.7
35.5
Total revenue from contracts with customers
365.0
3 47. 7
Rental income
11.3
11. 4
Revenue
376.3
359.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-439": { "value": "2. Segmental Analysis Operating segments For management purposes, the Group\u2019s operating segments are: \u2022 Managed Pubs and Hotels, which comprises managed pubs and managed hotels. \u2022 Tenanted Inns, which comprises pubs operated by third parties under tenancy or lease agreements. The most important measure used to evaluate the performance of the business is adjusted profit, which is the profit before tax, adjusted for separately disclosed items. The operating segments are organised and managed separately according to the nature of the products and services provided, with each segment representing a strategic operating unit. The Managed Pubs and Hotels operating segments have been aggregated to one reportable segment on the basis they have similar economic characteristics. Economic indicators assessed in determining that the aggregated operating segments share similar characteristics included expected future financial performance, operating and competitive risks and return on capital. As such the operating segments meet the aggregation criteria in paragraph 12 IFRS 8 Operating Segments. More details of these segments are given in the Strategic Report on pages 10 to 55 of this report. As segment assets and liabilities are not regularly provided to the Chief Operating Decision Maker, the Group has elected, as provided under IFRS 8 Operating Segments, not to disclose a measure of segment assets and liabilities.
Managed Pubs
and Hotels Tenanted Inns
Unallocated
1
Total
52 weeks ended 29 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
Sale of goods and services
304.4
23.9
\u2013
328.3
Accommodation income
36.7
\u2013
\u2013
36.7
Total revenue from contracts with customers
341.1
23.9
\u2013
365.0
Rental income
1.6
9.7
\u2013
11.3
Revenue
342.7
33.6
\u2013
376.3
Segment result
47.6
14.4
(21.6)
40.4
Operating separately disclosed items
(12.1)
Operating profit
28.3
Profit on disposal properties
18.9
Net finance costs
(13.4)
Profit before tax
33.8
Other segment information
Additions to property, plant and equipment
49.3
3.4
\u2013
52.7
Depreciation and amortisation
23.3
3.2
0.7
27. 2
Impairment of property and goodwill net of reversals
9.0
1.4
\u2013
10.4
Managed Pubs
and Hotels Tenanted Inns
Unallocated
1
Total
52 weeks ended 30 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
Sale of goods and services
288.1
24.1
\u2013
312.2
Accommodation income
35.5
\u2013
\u2013
35.5
Total revenue from contracts with customers
323.6
24.1
\u2013
3 47. 7
Rental income
1.7
9.7
\u2013
11. 4
Revenue
325.3
33.8
\u2013
3 59.1
Segment result
41.6
13.7
(20.8)
34.5
Operating separately disclosed items
(6.8)
Operating profit
27. 7
Net finance costs
(13.3)
Profit before tax
14.4
Other segment information
Additions to property, plant and equipment
23.0
3.9
0.1
2 7. 0
Depreciation and amortisation
22.4
3.0
0.9
26.3
Impairment of property and right-of-use assets net of reversals
5.1
3.2
\u2013
8.3
1 Unallocated expenses represent primarily the salaries and costs of central management and support services. Unallocated capital expenditure relates to additions to the Head Office
3. Revenue
Geographical information
All of the Group\u2019s business is within the UK and therefore the Group only has one distinct geographical market.
52 weeks ended 52 weeks ended
29 March 2025 30 March 2024
\u00a3m \u00a3m
Revenue disclosed in the Income Statement is analysed as follows:
Sale of goods and services
328.3
312.2
Accommodation income
36.7
35.5
Total revenue from contracts with customers
365.0
3 47. 7
Rental income
11.3
11. 4
Revenue
376.3
359.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-423": { "value": "2. Segmental Analysis Operating segments For management purposes, the Group\u2019s operating segments are: \u2022 Managed Pubs and Hotels, which comprises managed pubs and managed hotels. \u2022 Tenanted Inns, which comprises pubs operated by third parties under tenancy or lease agreements. The most important measure used to evaluate the performance of the business is adjusted profit, which is the profit before tax, adjusted for separately disclosed items. The operating segments are organised and managed separately according to the nature of the products and services provided, with each segment representing a strategic operating unit. The Managed Pubs and Hotels operating segments have been aggregated to one reportable segment on the basis they have similar economic characteristics. Economic indicators assessed in determining that the aggregated operating segments share similar characteristics included expected future financial performance, operating and competitive risks and return on capital. As such the operating segments meet the aggregation criteria in paragraph 12 IFRS 8 Operating Segments. More details of these segments are given in the Strategic Report on pages 10 to 55 of this report. As segment assets and liabilities are not regularly provided to the Chief Operating Decision Maker, the Group has elected, as provided under IFRS 8 Operating Segments, not to disclose a measure of segment assets and liabilities.
Managed Pubs
and Hotels Tenanted Inns
Unallocated
1
Total
52 weeks ended 29 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
Sale of goods and services
304.4
23.9
\u2013
328.3
Accommodation income
36.7
\u2013
\u2013
36.7
Total revenue from contracts with customers
341.1
23.9
\u2013
365.0
Rental income
1.6
9.7
\u2013
11.3
Revenue
342.7
33.6
\u2013
376.3
Segment result
47.6
14.4
(21.6)
40.4
Operating separately disclosed items
(12.1)
Operating profit
28.3
Profit on disposal properties
18.9
Net finance costs
(13.4)
Profit before tax
33.8
Other segment information
Additions to property, plant and equipment
49.3
3.4
\u2013
52.7
Depreciation and amortisation
23.3
3.2
0.7
27. 2
Impairment of property and goodwill net of reversals
9.0
1.4
\u2013
10.4
Managed Pubs
and Hotels Tenanted Inns
Unallocated
1
Total
52 weeks ended 30 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
Sale of goods and services
288.1
24.1
\u2013
312.2
Accommodation income
35.5
\u2013
\u2013
35.5
Total revenue from contracts with customers
323.6
24.1
\u2013
3 47. 7
Rental income
1.7
9.7
\u2013
11. 4
Revenue
325.3
33.8
\u2013
3 59.1
Segment result
41.6
13.7
(20.8)
34.5
Operating separately disclosed items
(6.8)
Operating profit
27. 7
Net finance costs
(13.3)
Profit before tax
14.4
Other segment information
Additions to property, plant and equipment
23.0
3.9
0.1
2 7. 0
Depreciation and amortisation
22.4
3.0
0.9
26.3
Impairment of property and right-of-use assets net of reversals
5.1
3.2
\u2013
8.3
1 Unallocated expenses represent primarily the salaries and costs of central management and support services. Unallocated capital expenditure relates to additions to the Head Office . 3. Revenue Geographical information All of the Group\u2019s business is within the UK and therefore the Group only has one distinct geographical market.
52 weeks ended 52 weeks ended
29 March 2025 30 March 2024
\u00a3m \u00a3m
Revenue disclosed in the Income Statement is analysed as follows:
Sale of goods and services
328.3
312.2
Accommodation income
36.7
35.5
Total revenue from contracts with customers
365.0
3 47. 7
Rental income
11.3
11. 4
Revenue
376.3
359.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-398": { "value": "Geographical information All of the Group\u2019s business is within the UK and therefore the Group only has one distinct geographical market.
52 weeks ended 52 weeks ended
29 March 2025 30 March 2024
\u00a3m \u00a3m
Revenue disclosed in the Income Statement is analysed as follows:
Sale of goods and services
328.3
312.2
Accommodation income
36.7
35.5
Total revenue from contracts with customers
365.0
3 47. 7
Rental income
11.3
11. 4
Revenue
376.3
359.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-364": { "value": "
4. Operating Costs
52 weeks ended 52 weeks ended
29 March 2025 30 March 2024
\u00a3m \u00a3m
Production costs and cost of goods used in retailing
87.1
88.0
Staff costs
137.9
129.9
Repairs and maintenance
12.9
12.5
Depreciation of property, plant and equipment and amortisation of intangible assets
21.1
20.1
Depreciation of right-of-use assets
6.1
6.2
Rental expense relating to short-term and low value leases
0.3
0.3
Variable lease payments
1
4.1
3.9
Property costs
17. 2
15.6
Utilities
13.4
13.6
Separately disclosed items (Note 5)
12.1
6.8
Other operating costs
35.8
34.5
348.0
331.4
1 Variable lease payments are dependent on turnover levels.
Details of income and direct expenses relating to rental income from investment properties are shown in Note 12.
a) Auditor\u2019s remuneration
52 weeks ended 52 weeks ended
29 March 2025 30 March 2024
\u00a3m \u00a3m
Fees payable to Company\u2019s auditors:
\u2013 Statutory audit fees of Group financial statements
0.5
0.5
0.5
0.5
Other audit related services of \u00a36,000 (2024: \u00a36,000) for covenant reporting and nil (2024: \u00a310,000) for agreed upon procedures on
the half year announcement.
b) Employee benefit expenses
1
52 weeks ended 52 weeks ended
29 March 2025 30 March 2024
\u00a3m \u00a3m
Wages and salaries
1,2
123.8
116 .1
Social security costs
9.1
8.5
Pension benefits
2.3
2.2
Other staff costs
3
2.7
3.1
137.9
129.9
1 Includes Executive Directors.
2 Includes share-based charge of \u00a31.5 million (2024: \u00a31.7 million).
3 Includes temporary staff costs of \u00a32.1 million (2024: \u00a33.0 million).
c) Average number of employees
1
The average monthly number of persons employed by the Group (including part-time staff) was as follows:
2025 2024
Number Number
Pub and hotel teams
5,195
5,177
Support office
2
116
116
5,311
5,293
1 Includes Executive Directors.
2 Support office includes Finance, People Team, IT and other central functions.
d) Directors\u2019 emoluments
Full details are provided in the Directors\u2019 Remuneration Report and tables on pages 86 to 103.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-425": { "value": "4. Operating Costs
52 weeks ended 52 weeks ended
29 March 2025 30 March 2024
\u00a3m \u00a3m
Production costs and cost of goods used in retailing
87.1
88.0
Staff costs
137.9
129.9
Repairs and maintenance
12.9
12.5
Depreciation of property, plant and equipment and amortisation of intangible assets
21.1
20.1
Depreciation of right-of-use assets
6.1
6.2
Rental expense relating to short-term and low value leases
0.3
0.3
Variable lease payments
1
4.1
3.9
Property costs
17. 2
15.6
Utilities
13.4
13.6
Separately disclosed items (Note 5)
12.1
6.8
Other operating costs
35.8
34.5
348.0
331.4
1 Variable lease payments are dependent on turnover levels. Details of income and direct expenses relating to rental income from investment properties are shown in Note 12. a) Auditor\u2019s remuneration
52 weeks ended 52 weeks ended
29 March 2025 30 March 2024
\u00a3m \u00a3m
Fees payable to Company\u2019s auditors:
\u2013 Statutory audit fees of Group financial statements
0.5
0.5
0.5
0.5
Other audit related services of \u00a36,000 (2024: \u00a36,000) for covenant reporting and nil (2024: \u00a310,000) for agreed upon procedures on the half year announcement. b) Employee benefit expenses1
52 weeks ended 52 weeks ended
29 March 2025 30 March 2024
\u00a3m \u00a3m
Wages and salaries
1,2
123.8
116 .1
Social security costs
9.1
8.5
Pension benefits
2.3
2.2
Other staff costs
3
2.7
3.1
137.9
129.9
1 Includes Executive Directors. 2 Includes share-based charge of \u00a31.5 million (2024: \u00a31.7 million). 3 Includes temporary staff costs of \u00a32.1 million (2024: \u00a33.0 million). c) Average number of employees1 The average monthly number of persons employed by the Group (including part-time staff) was as follows:
2025 2024
Number Number
Pub and hotel teams
5,195
5,177
Support office
2
116
116
5,311
5,293
1 Includes Executive Directors. 2 Support office includes Finance, People Team, IT and other central functions. d) Directors\u2019 emoluments Full details are provided in the Directors\u2019 Remuneration Report and tables on pages 86 to 103.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-399": { "value": "a) Auditor\u2019s remuneration
52 weeks ended 52 weeks ended
29 March 2025 30 March 2024
\u00a3m \u00a3m
Fees payable to Company\u2019s auditors:
\u2013 Statutory audit fees of Group financial statements
0.5
0.5
0.5
0.5
Other audit related services of \u00a36,000 (2024: \u00a36,000) for covenant reporting and nil (2024: \u00a310,000) for agreed upon procedures on the half year announcement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-400": { "value": "c) Average number of employees1 The average monthly number of persons employed by the Group (including part-time staff) was as follows:
2025 2024
Number Number
Pub and hotel teams
5,195
5,177
Support office
2
116
116
5,311
5,293
1 Includes Executive Directors. 2 Support office includes Finance, People Team, IT and other central functions. d) Directors\u2019 emoluments Full details are provided in the Directors\u2019 Remuneration Report and tables on pages 86 to 103.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-365": { "value": "
5. Separately Disclosed Items
The Group presents separately disclosed items on the face of the Income Statement for those material items of income and expense
which, because of the nature or expected infrequency of the events giving rise to them, merit separate presentation to allow
shareholders to understand better the elements of financial performance in the year.
52 weeks ended 52 weeks ended
29 March 2025 30 March 2024
\u00a3m \u00a3m
Amounts included in operating profit:
Impairment of properties, right-of-use assets and assets classified as held for sale net of
reversal of impairments (Note 13)
(10.4)
(8.3)
Insurance and legal claims
\u2013
0.4
VAT provision release
\u2013
1.1
Professional fees
(0.9)
\u2013
Pension past service costs
(0.8)
\u2013
Total separately disclosed items included in operating profit
(12.1)
(6.8)
Profit on disposal of properties
18.9
\u2013
Separately disclosed finance credits:
Finance credit on net pension liabilities
0.8
0.7
Finance charge on the write down of arrangement fees
(0.8)
\u2013
Total separately disclosed finance credits
\u2013
0.7
Total separately disclosed items before tax
6.8
(6.1)
Separately disclosed tax:
Profit on disposal of properties
(0.7)
\u2013
Other items
1.5
0.5
Total separately disclosed tax
0.8
0.5
Total separately disclosed items
7.6
(5.6)
The impairment charge of \u00a310.4 million (30 March 2024: \u00a38.3 million) relates to the write down to their recoverable value of 23
properties (\u00a39.2 million), three assets held for sale properties (\u00a30.6 million), the write down of goodwill (\u00a31.0 million), net of the reversal
of impairment for one property (\u00a30.4 million).
Professional fees of \u00a30.9 million relate to \u00a30.7 million of fees incurred as part of the acquisition of Lovely Pubs and \u00a30.2 million of fees
incurred as part of the bank facility refinancing.
The pension past service cost of \u00a30.8 million relates to the recognition of an additional liability in relation to the equalisation of
retirement ages between 17 May 1990 and 21 July 1992.
\u00a318.9 million of profit has been recognised on the sale of 45 properties, including 37 tenanted sites sold to Admiral Taverns
(there were no disposals of properties in the 52 weeks ended to 30 March 2024).
The finance charge on the write down of arrangement fees of \u00a30.8 million relates to the remaining loan arrangement fee on the
previous facility at the date of refinancing.
The cash impact of operating separately disclosed items before tax for the 52 weeks ended 29 March 2025 was \u00a30.2 million cash
outflow (30 March 2024: \u00a31.7 million cash inflow).
", "dimensions": { "concept": "fullersmithturnerplc:DisclosureOfSeparatelyDisclosedItems", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-367": { "value": "
6. Finance Costs
52 weeks ended 52 weeks ended
29 March 2025 30 March 2024
\u00a3m \u00a3m
Finance Income
Interest income from financial assets
0.3
0.3
Finance costs
Interest expense arising on:
Financial liabilities at amortised cost \u2013 loans and debentures
(10.4)
(11.1)
Financial liabilities at amortised cost \u2013 preference shares
(0.1)
(0.1)
Financial liabilities at amortised cost \u2013 lease liabilities (Note 16)
(3.2)
(3.1)
Net finance costs before separately disclosed items
(13.4)
(14.0)
Finance credit on net pension liabilities (Note 5)
0.8
0.7
Finance charge on the write down of arrangement fees (Note 5)
(0.8)
\u2013
Net finance costs after separately disclosed items
(13.4)
(13.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-448": { "value": "6. Finance Costs
52 weeks ended 52 weeks ended
29 March 2025 30 March 2024
\u00a3m \u00a3m
Finance Income
Interest income from financial assets
0.3
0.3
Finance costs
Interest expense arising on:
Financial liabilities at amortised cost \u2013 loans and debentures
(10.4)
(11.1)
Financial liabilities at amortised cost \u2013 preference shares
(0.1)
(0.1)
Financial liabilities at amortised cost \u2013 lease liabilities (Note 16)
(3.2)
(3.1)
Net finance costs before separately disclosed items
(13.4)
(14.0)
Finance credit on net pension liabilities (Note 5)
0.8
0.7
Finance charge on the write down of arrangement fees (Note 5)
(0.8)
\u2013
Net finance costs after separately disclosed items
(13.4)
(13.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-444": { "value": "6. Finance Costs
52 weeks ended 52 weeks ended
29 March 2025 30 March 2024
\u00a3m \u00a3m
Finance Income
Interest income from financial assets
0.3
0.3
Finance costs
Interest expense arising on:
Financial liabilities at amortised cost \u2013 loans and debentures
(10.4)
(11.1)
Financial liabilities at amortised cost \u2013 preference shares
(0.1)
(0.1)
Financial liabilities at amortised cost \u2013 lease liabilities (Note 16)
(3.2)
(3.1)
Net finance costs before separately disclosed items
(13.4)
(14.0)
Finance credit on net pension liabilities (Note 5)
0.8
0.7
Finance charge on the write down of arrangement fees (Note 5)
(0.8)
\u2013
Net finance costs after separately disclosed items
(13.4)
(13.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-440": { "value": "6. Finance Costs
52 weeks ended 52 weeks ended
29 March 2025 30 March 2024
\u00a3m \u00a3m
Finance Income
Interest income from financial assets
0.3
0.3
Finance costs
Interest expense arising on:
Financial liabilities at amortised cost \u2013 loans and debentures
(10.4)
(11.1)
Financial liabilities at amortised cost \u2013 preference shares
(0.1)
(0.1)
Financial liabilities at amortised cost \u2013 lease liabilities (Note 16)
(3.2)
(3.1)
Net finance costs before separately disclosed items
(13.4)
(14.0)
Finance credit on net pension liabilities (Note 5)
0.8
0.7
Finance charge on the write down of arrangement fees (Note 5)
(0.8)
\u2013
Net finance costs after separately disclosed items
(13.4)
(13.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-426": { "value": "6. Finance Costs
52 weeks ended 52 weeks ended
29 March 2025 30 March 2024
\u00a3m \u00a3m
Finance Income
Interest income from financial assets
0.3
0.3
Finance costs
Interest expense arising on:
Financial liabilities at amortised cost \u2013 loans and debentures
(10.4)
(11.1)
Financial liabilities at amortised cost \u2013 preference shares
(0.1)
(0.1)
Financial liabilities at amortised cost \u2013 lease liabilities (Note 16)
(3.2)
(3.1)
Net finance costs before separately disclosed items
(13.4)
(14.0)
Finance credit on net pension liabilities (Note 5)
0.8
0.7
Finance charge on the write down of arrangement fees (Note 5)
(0.8)
\u2013
Net finance costs after separately disclosed items
(13.4)
(13.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-402": { "value": "6. Finance Costs
52 weeks ended 52 weeks ended
29 March 2025 30 March 2024
\u00a3m \u00a3m
Finance Income
Interest income from financial assets
0.3
0.3
Finance costs
Interest expense arising on:
Financial liabilities at amortised cost \u2013 loans and debentures
(10.4)
(11.1)
Financial liabilities at amortised cost \u2013 preference shares
(0.1)
(0.1)
Financial liabilities at amortised cost \u2013 lease liabilities (Note 16)
(3.2)
(3.1)
Net finance costs before separately disclosed items
(13.4)
(14.0)
Finance credit on net pension liabilities (Note 5)
0.8
0.7
Finance charge on the write down of arrangement fees (Note 5)
(0.8)
\u2013
Net finance costs after separately disclosed items
(13.4)
(13.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-366": { "value": "
7. Ta xa t i on
Tax on profit on ordinary activities
52 weeks ended 52 weeks ended
29 March 2025 30 March 2024
Group \u00a3m \u00a3m
Tax charged in the Income Statement
Current tax on profit for the year
2.2
1.7
Total current tax expense
2.2
1.7
Deferred income tax:
Origination and reversal of temporary differences
5.1
4.0
Adjustments over provided in previous years
(0.7)
(0.4)
Total deferred tax expense
4.4
3.6
Total tax charged in the Income Statement
6.6
5.3
Analysed as:
Before separately disclosed items
7.4
5.8
Separately disclosed items
(0.8)
(0.5)
6.6
5.3
Reconciliation of the total tax charge
The tax expense in the Income Statement for the year is lower (2024: tax expense is higher) than the standard rate of corporation
tax in the UK of 25% (2024: 25%). The differences are reconciled below:
52 weeks ended 52 weeks ended
29 March 2025 30 March 2024
\u00a3m \u00a3m
Profit before tax expense
33.8
14.4
Accounting profit multiplied by the UK standard rate of corporation tax of 25% (2024: 25%)
8.5
3.6
Items not deductible for tax purposes
0.5
0.2
Deferred tax over-provided in previous years
(0.7)
(0.4)
Net movements in respect of property
(1.7)
1.9
Total tax charged in the Income Statement
6.6
5.3
Deferred tax charged / (credited) to the Income Statement
Deferred tax depreciation
1.3
1.2
Unrealised capital gains (on PP&E)
(3.0)
(1.2)
Retirement benefit obligations
0.3
0.8
Tax losses
1.9
2.9
Other
3.9
(0.1)
Deferred tax in the Income Statement
4.4
3.6
Tax relating to items credited to the Statement of Comprehensive Income
Deferred tax:
Net actuarial losses on pension scheme
(4.5)
(0.1)
Total tax credited in the Statement of Comprehensive Income
(4.4)
(0.1)
Deferred tax provision
The deferred tax included in the Balance Sheet is as follows:
Deferred tax
Deferred tax asset / (liability)
Retirement Tax losses Unrealised
benefit carried Employee Decelerated tax capital gains Pension
obligations forward share schemes depreciation (on PP&E) spreading
Other
1
Total
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balances at 1 April 2023
(3.7)
9.9
\u2013
3.4
(28.8)
0.1
4.4
(14.7)
(Charge) / credit to
Income Statement
(0.8)
(2.9)
0.1
(1.2)
1.2
(0.1)
0.1
(3.6)
Credit to other
comprehensive income
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
Balances at 30 March 2024
(4.4)
7.0
0.1
2.2
(27.6)
\u2013
4.5
(18.2)
(Charge) / credit to
Income Statement
(0.3)
(1.9)
0.4
(1.3)
3.0
\u2013
(4.3)
(4.4)
Credit to other
comprehensive income
4.5
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
4.5
Acquisitions
\u2013
\u2013
\u2013
(0.2)
\u2013
\u2013
\u2013
(0.2)
Balances at 29 March 2025
(0.2)
5.1
0.5
0.7
(24.6)
\u2013
0.2
(18.3)
1 Prior year balance includes \u00a34.3 million of timing difference between tax and accounting treatment of capital disposals.
2025 2024
Group \u00a3m \u00a3m
Deferred tax assets
6.5
13.8
Deferred tax liabilities
(24.8)
(32.0)
(18.3)
(18.2)
Deferred tax asset / (liability)
Retirement Tax losses Unrealised
benefit carried Employee Decelerated tax capital gains Pension
obligations forward share schemes depreciation (on PP&E) spreading
Other
1
Total
Company \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balances at 1 April 2023
(3.7)
9.9
\u2013
3.4
(28.8)
0.1
4.4
(14.7)
(Charge) / credit to
Income Statement
(0.8)
(2.9)
0.1
(1.2)
1.2
(0.1)
0.1
(3.6)
Credit to other
comprehensive income
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
Balances at 30 March 2024
(4.4)
7. 0
0.1
2.2
(27.6)
\u2013
4.5
(18.2)
(Charge) / credit to
Income Statement
(0.3)
(1.9)
0.4
(1.3)
3.0
\u2013
(4.3)
(4.4)
Credit to other
comprehensive income
4.5
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
4.5
Acquisitions
\u2212
\u2013
\u2013
(0.2)
\u2212
\u2013
\u2013
(0.2)
Balances at 29 March 2025
(0.2)
5.1
0.5
0.7
(24.6)
\u2013
0.2
(18.3)
1 Prior year balance includes \u00a34.3 million of timing difference between tax and accounting treatment of capital disposals.
2025 2024
Company \u00a3m \u00a3m
Deferred tax assets
6.5
13.8
Deferred tax liabilities
(24.8)
(32.0)
(18.3)
(18.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-401": { "value": "7. Ta xa t i on Tax on profit on ordinary activities
52 weeks ended 52 weeks ended
29 March 2025 30 March 2024
Group \u00a3m \u00a3m
Tax charged in the Income Statement
Current tax on profit for the year
2.2
1.7
Total current tax expense
2.2
1.7
Deferred income tax:
Origination and reversal of temporary differences
5.1
4.0
Adjustments over provided in previous years
(0.7)
(0.4)
Total deferred tax expense
4.4
3.6
Total tax charged in the Income Statement
6.6
5.3
Analysed as:
Before separately disclosed items
7.4
5.8
Separately disclosed items
(0.8)
(0.5)
6.6
5.3
Reconciliation of the total tax charge The tax expense in the Income Statement for the year is lower (2024: tax expense is higher) than the standard rate of corporation tax in the UK of 25% (2024: 25%). The differences are reconciled below:
52 weeks ended 52 weeks ended
29 March 2025 30 March 2024
\u00a3m \u00a3m
Profit before tax expense
33.8
14.4
Accounting profit multiplied by the UK standard rate of corporation tax of 25% (2024: 25%)
8.5
3.6
Items not deductible for tax purposes
0.5
0.2
Deferred tax over-provided in previous years
(0.7)
(0.4)
Net movements in respect of property
(1.7)
1.9
Total tax charged in the Income Statement
6.6
5.3
Deferred tax charged / (credited) to the Income Statement
Deferred tax depreciation
1.3
1.2
Unrealised capital gains (on PP&E)
(3.0)
(1.2)
Retirement benefit obligations
0.3
0.8
Tax losses
1.9
2.9
Other
3.9
(0.1)
Deferred tax in the Income Statement
4.4
3.6
Tax relating to items credited to the Statement of Comprehensive Income
Deferred tax:
Net actuarial losses on pension scheme
(4.5)
(0.1)
Total tax credited in the Statement of Comprehensive Income
(4.4)
(0.1)
Deferred tax provision The deferred tax included in the Balance Sheet is as follows: Deferred tax
Deferred tax asset / (liability)
Retirement Tax losses Unrealised
benefit carried Employee Decelerated tax capital gains Pension
obligations forward share schemes depreciation (on PP&E) spreading
Other
1
Total
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balances at 1 April 2023
(3.7)
9.9
\u2013
3.4
(28.8)
0.1
4.4
(14.7)
(Charge) / credit to
Income Statement
(0.8)
(2.9)
0.1
(1.2)
1.2
(0.1)
0.1
(3.6)
Credit to other
comprehensive income
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
Balances at 30 March 2024
(4.4)
7.0
0.1
2.2
(27.6)
\u2013
4.5
(18.2)
(Charge) / credit to
Income Statement
(0.3)
(1.9)
0.4
(1.3)
3.0
\u2013
(4.3)
(4.4)
Credit to other
comprehensive income
4.5
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
4.5
Acquisitions
\u2013
\u2013
\u2013
(0.2)
\u2013
\u2013
\u2013
(0.2)
Balances at 29 March 2025
(0.2)
5.1
0.5
0.7
(24.6)
\u2013
0.2
(18.3)
1 Prior year balance includes \u00a34.3 million of timing difference between tax and accounting treatment of capital disposals.
2025 2024
Group \u00a3m \u00a3m
Deferred tax assets
6.5
13.8
Deferred tax liabilities
(24.8)
(32.0)
(18.3)
(18.2)
Deferred tax asset / (liability)
Retirement Tax losses Unrealised
benefit carried Employee Decelerated tax capital gains Pension
obligations forward share schemes depreciation (on PP&E) spreading
Other
1
Total
Company \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balances at 1 April 2023
(3.7)
9.9
\u2013
3.4
(28.8)
0.1
4.4
(14.7)
(Charge) / credit to
Income Statement
(0.8)
(2.9)
0.1
(1.2)
1.2
(0.1)
0.1
(3.6)
Credit to other
comprehensive income
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
Balances at 30 March 2024
(4.4)
7. 0
0.1
2.2
(27.6)
\u2013
4.5
(18.2)
(Charge) / credit to
Income Statement
(0.3)
(1.9)
0.4
(1.3)
3.0
\u2013
(4.3)
(4.4)
Credit to other
comprehensive income
4.5
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
4.5
Acquisitions
\u2212
\u2013
\u2013
(0.2)
\u2212
\u2013
\u2013
(0.2)
Balances at 29 March 2025
(0.2)
5.1
0.5
0.7
(24.6)
\u2013
0.2
(18.3)
1 Prior year balance includes \u00a34.3 million of timing difference between tax and accounting treatment of capital disposals.
2025 2024
Company \u00a3m \u00a3m
Deferred tax assets
6.5
13.8
Deferred tax liabilities
(24.8)
(32.0)
(18.3)
(18.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-369": { "value": "
8. Earnings Per Share
52 weeks ended 52 weeks ended
29 March 2025 30 March 2024
Group \u00a3m \u00a3m
Profit attributable to equity shareholders
27. 2
9.1
Separately disclosed items net of tax
(7.6)
5.6
Adjusted earnings attributable to equity shareholders
19.6
14.7
Weighted average share capital
57,270,000
60,043,000
Dilutive outstanding options and share awards
625,000
482,000
Diluted weighted average share capital
57,895,000
60,525,000
40p \u201cA\u201d and \u201cC\u201d Ordinary Share
Pence
Pence
Basic earnings per share
47.49
15.16
Diluted earnings per share
46.98
15.04
Adjusted earnings per share
34.22
24.48
Diluted adjusted earnings per share
33.85
24.29
4p \u201cB\u201d Ordinary Share
Pence
Pence
Basic earnings per share
4.75
1.52
Diluted earnings per share
4.70
1.50
Adjusted earnings per share
3.42
2.45
Diluted adjusted earnings per share
3.39
2.43
For the purposes of calculating the number of shares to be used above, \u201cB\u201d Ordinary Shares have been treated as one-tenth of an
\u201cA\u201d or \u201cC\u201d Ordinary Share. The earnings per share calculation is based on earnings from continuing operations and on the weighted
average ordinary share capital which excludes shares held by trusts relating to employee share options and shares held in treasury
of 4,599,962 (2024: 3,410,735).
Diluted earnings per share amounts are calculated using the same earnings figure as for basic earnings per share, divided by the
weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares
that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares.
Adjusted earnings per share are calculated on profit before tax excluding separately disclosed items and on the same weighted
average ordinary share capital as for the basic and diluted earnings per share. Adjusted earnings per share measures have been
included as the Directors consider that these measures better reflect the underlying earnings of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-368": { "value": "
9. Dividends
52 weeks ended 52 weeks ended
29 March 2025 30 March 2024
\u00a3m \u00a3m
Declared and paid during the year
Equity dividends on ordinary shares:
Final dividend for 2024: 11.12p (2023: 10.0p)
6.5
6.1
Interim dividend for 2025: 7.41p (2024: 6.63p)
4.2
3.9
Equity dividends paid
10.7
10.0
Dividends on cumulative preference shares (Note 6)
0.1
0.1
Proposed for approval at the Annual General Meeting
Final dividend for 2025: 12.35p (2024: 11.12p)
6.8
6.5
The pence figures above are for the 40p \u201cA\" Ordinary Shares and 40p \u201cC\" Ordinary Shares. The 4p \u201cB\" Ordinary Shares carry
dividend rights of one-tenth of those applicable to the 40p \u201cA\" Ordinary Shares. Own shares held in the employee share trusts do
not qualify for dividends as the Trustees have waived their rights. Dividends are also not paid on own shares held as treasury shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-7": { "value": "0.1112", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-8": { "value": "0.10", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2023-04-02T00:00:00/2024-05-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-6": { "value": "0.1235", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-5": { "value": "0.1112", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2023-04-02T00:00:00/2024-05-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-370": { "value": "
10. Intangible Assets
Group and Company
IT Development Group Company
Goodwill costs Total Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April 2023
31.8
3.0
34.8
6.6
At 30 March 2024
31.8
3.0
34.8
6.6
At 29 March 2025
31.8
3.0
34.8
6.6
Amortisation and impairment
At 1 April 2023
5.1
0.7
5.8
0.9
Provided during the year
\u2013
0.4
0.4
0.4
At 30 March 2024
5.1
1.1
6.2
1.3
Provided during the year
\u2013
0.5
0.5
0.5
Impairment
1.0
\u2013
1.0
1.0
At 29 March 2025
6.1
1.6
7.7
2.8
Net book value at 29 March 2025
25.7
1.4
27.1
3.8
Net book value at 30 March 2024
26.7
1.9
28.6
5.3
Net book value at 1 April 2023
26.7
2.3
2 9. 0
5.7
IT Development costs
Costs are capitalised as IT development costs where it is deemed that the Group has control of the underlying asset. IT development
costs relate to the implementation of a finance system and are made up of consulting time and internal employee costs.
Amortisation is recognised over the useful life of the asset of seven years.
Goodwill
2025
2024
Net book value of Goodwill Managed Tenanted Total
is allocated to CGUs as follows: \u00a3m \u00a3m
\u00a3m
\u00a3m
Gales estate
9.1
13.6
22.7
22.7
Jacomb Guinness estate
0.6
\u2013
0.6
0.6
Bel & The Dragon
\u2013
\u2013
\u2013
1.0
Cotswold Inns & Hotels
2.4
\u2013
2.4
2.4
12.1
13.6
25.7
26.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-427": { "value": "10. Intangible Assets
Group and Company
IT Development Group Company
Goodwill costs Total Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April 2023
31.8
3.0
34.8
6.6
At 30 March 2024
31.8
3.0
34.8
6.6
At 29 March 2025
31.8
3.0
34.8
6.6
Amortisation and impairment
At 1 April 2023
5.1
0.7
5.8
0.9
Provided during the year
\u2013
0.4
0.4
0.4
At 30 March 2024
5.1
1.1
6.2
1.3
Provided during the year
\u2013
0.5
0.5
0.5
Impairment
1.0
\u2013
1.0
1.0
At 29 March 2025
6.1
1.6
7.7
2.8
Net book value at 29 March 2025
25.7
1.4
27.1
3.8
Net book value at 30 March 2024
26.7
1.9
28.6
5.3
Net book value at 1 April 2023
26.7
2.3
2 9. 0
5.7
IT Development costs Costs are capitalised as IT development costs where it is deemed that the Group has control of the underlying asset. IT development costs relate to the implementation of a finance system and are made up of consulting time and internal employee costs. Amortisation is recognised over the useful life of the asset of seven years. Goodwill
2025
2024
Net book value of Goodwill Managed Tenanted Total
is allocated to CGUs as follows: \u00a3m \u00a3m
\u00a3m
\u00a3m
Gales estate
9.1
13.6
22.7
22.7
Jacomb Guinness estate
0.6
\u2013
0.6
0.6
Bel & The Dragon
\u2013
\u2013
\u2013
1.0
Cotswold Inns & Hotels
2.4
\u2013
2.4
2.4
12.1
13.6
25.7
26.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-403": { "value": "10. Intangible Assets
Group and Company
IT Development Group Company
Goodwill costs Total Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April 2023
31.8
3.0
34.8
6.6
At 30 March 2024
31.8
3.0
34.8
6.6
At 29 March 2025
31.8
3.0
34.8
6.6
Amortisation and impairment
At 1 April 2023
5.1
0.7
5.8
0.9
Provided during the year
\u2013
0.4
0.4
0.4
At 30 March 2024
5.1
1.1
6.2
1.3
Provided during the year
\u2013
0.5
0.5
0.5
Impairment
1.0
\u2013
1.0
1.0
At 29 March 2025
6.1
1.6
7.7
2.8
Net book value at 29 March 2025
25.7
1.4
27.1
3.8
Net book value at 30 March 2024
26.7
1.9
28.6
5.3
Net book value at 1 April 2023
26.7
2.3
2 9. 0
5.7
IT Development costs Costs are capitalised as IT development costs where it is deemed that the Group has control of the underlying asset. IT development costs relate to the implementation of a finance system and are made up of consulting time and internal employee costs. Amortisation is recognised over the useful life of the asset of seven years. Goodwill
2025
2024
Net book value of Goodwill Managed Tenanted Total
is allocated to CGUs as follows: \u00a3m \u00a3m
\u00a3m
\u00a3m
Gales estate
9.1
13.6
22.7
22.7
Jacomb Guinness estate
0.6
\u2013
0.6
0.6
Bel & The Dragon
\u2013
\u2013
\u2013
1.0
Cotswold Inns & Hotels
2.4
\u2013
2.4
2.4
12.1
13.6
25.7
26.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-371": { "value": "
11. Property, Plant and Equipment
Land & buildings
Land & buildings \u2013 owned & acting Plant, machinery
\u2013 owned & used as lessor & vehicles Fixtures & fittings Total
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April 2023
496.4
111.6
6.3
187. 2
801.5
Additions
7. 7
5.2
\u2013
14.1
2 7. 0
Disposals
(0.1)
(0.1)
\u2013
(2.8)
(3.0)
Transfer of use
(30.2)
30.2
\u2013
\u2013
\u2013
Transfer to assets held for sale (Note 19)
(1.4)
\u2013
\u2013
(0.3)
(1.7)
At 30 March 2024
472.4
146.9
6.3
198.2
823.8
Additions
34.9
1.7
\u2013
16.1
52.7
Disposals
(3.2)
(15.6)
\u2013
(9. 8)
(28.6)
Transfer to assets held for sale (Note 19)
(3.1)
\u2013
\u2013
(0.3)
(3.4)
At 29 March 2025
501.0
133.0
6.3
204.2
844.5
Depreciation and impairment
At 1 April 2023
70.0
11. 3
1.7
135.2
218.2
Provided during the year
4.9
1.7
\u2013
13.1
19.7
Disposals
\u2013
\u2013
\u2013
(2.7)
(2.7)
Transfer of use
(4.8)
4.8
\u2013
\u2013
\u2013
Impairment loss (Note 13)
3.8
3.2
\u2212
\u2212
7.0
Transfer to assets held for sale (Note 19)
(0.1)
\u2013
\u2013
(0.2)
(0.3)
At 30 March 2024
73.8
21.0
1.7
145.4
241.9
Provided during the year
6.0
1.5
\u2013
13.1
20.6
Disposals
(1.3)
(1.7)
\u2013
(8.9)
(11.9)
Impairment loss net of reversal (Note 13)
8.8
\u2013
\u2013
\u2013
8.8
Transfer to assets held for sale (Note 19)
(0.4)
\u2013
\u2013
(0.2)
(0.6)
At 29 March 2025
86.9
20.8
1.7
149.4
258.8
Net book value at 29 March 2025
414.1
112.2
4.6
54.8
585.7
Net book value at 30 March 2024
398.6
125.9
4.6
52.8
581.9
Net book value at 1 April 2023
426.4
100.3
4.6
52.0
583.3
1 In the prior year, 23 sites were transferred from Managed to Tenanted.
Land & buildings
Land & buildings \u2013 owned & acting Plant, machinery
\u2013 owned & used as lessor & vehicles Fixtures & fittings Total
Company \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 April 2023
492.9
111. 6
4.8
186.8
796.1
Additions
7. 7
5.2
\u2013
14.1
2 7. 0
Disposals
(0.1)
(0.1)
\u2013
(2.8)
(3.0)
Transfer of use
(30.2)
30.2
\u2013
\u2013
\u2013
Transfer to assets held for sale (Note 19)
(1.4)
\u2013
\u2013
(0.3)
(1.7)
At 30 March 2024
468.9
146.9
4.8
197. 8
818.4
Additions
34.9
1.7
\u2013
16.1
52.7
Disposals
(3.2)
(15.6)
\u2013
(9. 8)
(28.6)
Transfer to assets held for sale (Note 19)
(3.1)
\u2013
\u2013
(0.3)
(3.4)
At 29 March 2025
497. 5
133.0
4.8
203.8
839.1
Depreciation and impairment
At 1 April 2023
65.8
11. 3
2.5
133.2
212.8
Provided during the year
4.9
1.7
\u2013
13.1
19. 7
Disposals
\u2013
\u2013
\u2013
(2.7)
(2.7)
Transfer of use
(4.8)
4.8
\u2013
\u2013
\u2013
Impairment loss
3.8
3.2
\u2013
\u2013
7. 0
Transfer to assets held for sale (Note 19)
(0.1)
\u2013
\u2013
(0.2)
(0.3)
At 30 March 2024
69.6
21.0
2.5
143.4
236.5
Provided during the year
6.0
1.5
\u2013
13.1
20.6
Disposals
(1.3)
(1.7)
\u2013
(8.9)
(11.9)
Impairment loss
8.8
\u2013
\u2013
\u2013
8.8
Transfer to assets held for sale (Note 19)
(0.4)
\u2013
\u2013
(0.2)
(0.6)
At 29 March 2025
82.7
20.8
2.5
147. 4
253.4
Net book value at 29 March 2025
414.8
112.2
2.3
56.4
585.7
Net book value at 30 March 2024
399.3
125.9
2.3
54.4
581.9
Net book value at 1 April 2023
42 7.1
100.3
2.3
53.6
583.3
1 In the prior year, 23 sites were transferred from Managed to Tenanted", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-372": { "value": "
12. Investment Properties
Group and Company
freehold and leasehold
properties
\u00a3m
Cost at 1 April 2023
1.6
At 30 March 2024
1.6
Disposals
(0.2)
At 29 March 2025
1.4
Depreciation and impairment at 1 April 2023
0.1
At 30 March 2024
0.1
At 29 March 2025
0.1
Net book value at 29 March 2025
1.3
Net book value at 30 March 2024
1.5
Net book value at 1 April 2023
1.5
Fair value at 29 March 2025
6.6
Fair value at 30 March 2024
6.7
Fair value at 1 April 2023
6.7
The fair value of investment properties has been estimated by the Directors, based on the rental income earned on the properties
during the year and average yields earned on comparable properties from publicly available information, which is a Level 3 fair
value valuation technique. An independent valuation of the properties has not been performed.
Impairment
The Group considers each trading outlet to be a CGU, and each CGU is reviewed annually for indicators of impairment. In assessing
whether an asset has been impaired, the carrying amount of the CGU is compared to its recoverable amount. The recoverable
amount is the higher of its fair value less costs to sell and its value in use. During the 52 weeks ended 29 March 2025, the Group did
not impair any investment properties (FY2024: \u00a3nil).
Management have determined that the highest and best use of the property is its current use.
Investment property income
The properties are let on both landlord and tenant repairing leases. Amounts recognised in the Income Statement relating to rental
income from investment properties are as follows:
2025 2024
Group and Company \u00a3m \u00a3m
Rental income
0.3
0.3
Direct operating expenses
\u2013
(0.1)
All direct operating expenses relate to properties that generate rental income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-373": { "value": "
13. Impairment
During the year, impairment losses, net of reversals, of \u00a310.4 million (2024: \u00a38.3 million) were recognised within separately
disclosed items:
2025 2024
Group \u00a3m \u00a3m
Impairment losses
Property, plant and equipment
9.2
9.1
Right-of-use assets
\u2013
1.3
Assets held for sale
0.6
\u2013
Intangible assets
1.0
\u2013
Impairment reversals \u2013 Property, plant and equipment
(0.4)
(2.1)
Total net impairment charge
10.4
8.3
2025 2024
Company \u00a3m \u00a3m
Impairment losses
Property, plant and equipment
9.2
9.1
Right-of-use assets
\u2013
1.1
Assets held for sale
0.6
\u2013
Investment in subsidiary
2
\u2013
0.7
Intangible assets
1.0
\u2013
Impairment reversals \u2013 Property, plant and equipment
(0.4)
(2.1)
Total net impairment charge
10.4
8.8
1 Assets held for sale were impaired after classification to assets held for sale, therefore under IFRS 5 this is an adjustment to fair value.
2 Investment in Cotswold Inns & Hotels was impaired in the prior year as the majority of the trade and assets has been hived up into the Parent Company.
Property, plant and equipment and right-of-use assets
The Group considers each trading outlet to be a CGU, and each CGU is reviewed annually for indicators of impairment. In assessing
whether an asset has been impaired, the carrying amount of the CGU is compared to its recoverable amount. The recoverable
amount is the higher of its fair value less costs to sell (\u201cFVLCS\u201d) and its value in use. In the absence of any information about the fair
value of a CGU, the recoverable amount is deemed to be its value in use. For the purposes of estimating the value in use of CGUs,
management have used a discounted cash flow approach. The calculations use cash flow projections based on the following
plans covering a three-year period.
The Group uses a range of methods for estimating FVLCS which include applying a market multiple to the CGU EBITDA and, for
leasehold sites, present value techniques using a discounted cash flow method. The Group has also obtained valuations for a
subset of these CGUs from a third party property valuation expert. Both FVLCS methods rely on inputs not normally observable
by market participants and are therefore Level 3 measurements in the fair value hierarchy.
The assumptions used by management in setting the Board-approved financial budgets for the initial three-year period were
as follows:
\u2022 Trading volumes and forecast growth rates: The forecasts make assumptions on trading volumes by site based on the FY2025
results, assumptions around the UK and the global economy and the ongoing impact on consumer confidence.
\u2022 Operating profits: The forecasts are based on historical experience of operating margins, adjusted for the impact of inflation
net of price increases.
\u2022 Local factors impacting the site in the current year or expected to impact the site in future years. Key assumptions include
the future potential of recently invested sites and the impact of increasing or reducing market supply in the local area.
\u2022 A long-term growth rate of 2.0% (2024: 2.0%) was used for cash flows subsequent to the three year approved budget /
forecast period.
\u2022 An EBITDA multiple is estimated based on a normalised trading basis and market data obtained from external sources.
An average multiple of 10.5x (freehold 11.8x) (2024: 10.5x (freehold 11.8x)) is used for the Managed estate and 10.9x
(2024: 10.9x) on the Tenanted estate.
\u2022 The discount rate is based on the Group\u2019s weighted average cost of capital, which is used across all CGUs due to their similar
characteristics. The pre-tax discount rate is 10.7% (2024: 10.7%).
During the 52 weeks ended 29 March 2025, the Group recognised an impairment loss of \u00a39.2 million (2024: \u00a39.1 million) on property,
plant and equipment and an adjustment to fair value of \u00a30.6 million (2024: nil) on assets held for sale in respect of the write down
of 26 properties where their asset values exceeded the higher of FVLCS or their value in use. The impairment losses were driven
principally by changes in the local competitive environment in which the pubs are situated. Net of the impairment loss there
is \u00a30.4 million (2024: \u00a32.1 million) of impairment reversal recognised for one pub where investment has led to a significant growth
in performance.
Sensitivity to changes in assumptions
The calculation of value in use is most sensitive to the assumptions in respect of achievement of budgeted cash flows, growth
rate and discount rate. The calculation of value in use is also dependent on the following assumptions: sales volume; gross margin
in Managed premises; barrelage and rent projections in Tenanted premises; and wage cost in Managed premises. The key
assumptions above have their assigned values based on management knowledge and historical information. The value in use
calculations are sensitive to the assumptions used. The Directors consider a movement of 1.5% in the discount rate and 0.5% in the
growth rate to be reasonable with reference to current market yield curves and the current economic conditions. The impact is set
out as follows:
2025 2024
Impact on impairment of assets at risk \u2013 increase / (decrease) \u00a3m \u00a3m
Increase discount rate by 1.5%
16.6
20.0
Decrease discount rate by 1.5%
(14.4)
(14.1)
Increase growth rate by 0.5%
(4.6)
(4.9)
Decrease growth rate by 0.5%
4.7
5.8
The value in use calculation is also sensitive to variations in the budgeted cash flows, which are impacted by the continued
unstable economic environment and the consumer behaviour as a result of it. The CGUs represented by the \u2018impact on impairment
of assets at risk\u2019 would have their FVLCS determined in order to conclude whether an impairment is required. A general decrease
in property values across the portfolio would have a similar effect to that set out above, i.e., any reduction in property values could
lead to assets being at risk of impairment. In the current year, a decrease of 5% in the FVLCS would have led to an additional
impairment of \u00a32.5 million for the CGUs where recoverable amount has been assessed on FVLCS.
Goodwill
Goodwill acquired through business combinations has been allocated for impairment testing on an estate and divisional CGU
level. This represents the lowest level within the Group at which goodwill is monitored for internal management purposes. An
analysis of goodwill by operating segment is included within Note 10. Recoverable amount is based on a calculation of value in
use based upon the same cash flows as discussed under property, plant and equipment. Cash flows beyond the budget period
are extrapolated in perpetuity on the assumption that the growth rate does not exceed the average long-term growth rate for
the relevant markets. The same assumptions to calculate the value in use are used for goodwill as those for property, plant and
equipment. There was an impairment to goodwill in the Bel & The Dragon of \u00a31.0 million in the 52 weeks ended 29 March 2025
(2024: \u00a3nil). This impairment to goodwill was driven principally by changes to the local competitive environment in which the pubs
are situated.
Sensitivity to changes in assumptions
Management have considered reasonable changes in key assumptions used in their calculations of value in use. An increase of
1.5% in the discount rate or decrease in the growth of 0.5% would not result in an impairment.
Investment property
The Group considers each trading outlet to be a CGU, and each CGU is reviewed annually for indicators of impairment.
During the 52 weeks ended 29 March 2025, the Group did not impair any investment properties (2024: \u00a3nil). Refer to Note 12.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-404": { "value": "
14. Other Financial Assets and Liabilities
Group Group Company Company
2025 2024 2025 2024
Group and Company \u00a3m \u00a3m \u00a3m \u00a3m
Interest rate cap and collar
\u2013
0.1
\u2013
0.1
Total financial assets within non-current assets
\u2013
0.1
\u2013
0.1
Details of the interest rate cap and collar and interest rate swaps are provided in Note 25c (i).
21. Cash, Borrowings and Net Debt Cash and cash equivalents
Group Group Company Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Cash at bank and in hand
13.8
12.2
13.8
12.2
For the purposes of the Consolidated Cash Flow Statement, cash and cash equivalents comprise cash at bank and in hand, as above. Cash at bank earns interest at floating rates. The cash at bank and in hand figure includes amounts receivable from customers for debit or credit card payment transactions of \u00a35.7 million (2024: \u00a36.2 million) in the three days before the end of the financial year which did not clear the bank (and therefore show on the bank statement) until the first working day of the new financial year.
Group Group Company Company
2025 2024 2025 2024
Borrowings \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
134.5
123.8
134.5
123.8
Debenture stock
19.9
19.9
19.9
19.9
Preference shares
1.6
1.6
1.6
1.6
Total borrowings
156.0
145.3
156.0
145.3
Analysed as:
Borrowings within current liabilities
\u2013
\u2013
\u2013
\u2013
Borrowings within non-current liabilities
156.0
145.3
156.0
145.3
156.0
145.3
156.0
145.3
All borrowings at both year ends are denominated in Sterling and, where appropriate, are stated net of issue costs. Further information on borrowings is given in Note 25. Bank loans Group and Company On 12 March 2025, the Group secured a new facility of \u00a3185 million with a syndicate of five banks, split between a revolving credit facility of \u00a3100 million and a term loan of \u00a385 million. The facility is unsecured and available until 31 August 2028. The new facilities bear an interest rate margin dependant on leverage covenant plus SONIA. Under the terms of the revolving credit facility the Group expects to and has the discretion to roll over the obligation for at least 12 months from the Balance Sheet date, and as a result, these amounts are reported as non-current liabilities in the Balance Sheet. At 29 March 2025, \u00a349.7 million (2024: \u00a375.0 million) of the total \u00a3185 million (2024: \u00a3200 million) committed bank facility was available and undrawn. The bank loans are repayable as follows:
2025 2024
\u00a3m \u00a3m
In the third to fifth year inclusive
135.3
125.0
Less: bank loan arrangement fees
(0.8)
(1.2)
Non-current liabilities
134.5
123.8
Debenture stock The debenture stocks are secured on specified fixed and floating assets of the Company and are redeemable on maturity. Debenture stocks are repayable as follows:
2025 2024
\u00a3m \u00a3m
Current liabilities
\u2013
\u2013
In the third to fifth year inclusive \u2013 6.875% Debenture Stock 2028 (1st floating charge)
20.0
20.0
Less: discount on issue
(0.1)
(0.1)
Non-current liabilities
19.9
19.9
Preference shares The Company\u2019s preference shares are classified as debt. The shares are not redeemable and are included in borrowings within non-current liabilities. See Note 23 for further details of the preference shares. Analysis of net debt Group
At 30 March 2024 Cash flows
Non-cash
1
At 29 March 2025
52 weeks ended 29 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
Cash and short-term deposits
12.2
1.6
\u2013
13.8
12.2
1.6
\u2013
13.8
Financial liabilities:
Lease liabilities
(65.9)
8.3
(3.2)
(60.8)
(65.9)
8.3
(3.2)
(60.8)
Debt:
Bank loans
2
(123.8)
(9.5)
(1.2)
(134.5)
Debenture stock
(19.9)
\u2013
\u2013
(19.9)
Preference shares
(1.6)
\u2013
\u2013
(1.6)
Total borrowings
(145.3)
(9. 5)
(1.2)
(156.0)
Net debt
(199. 0)
0.4
(4.4)
(203.0)
At 1 April 2023 Cash flows
Non-cash
1
At 30 March 2024
52 weeks ended 30 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
Cash and short-term deposits
14.1
(1.9)
\u2013
12.2
14.1
(1.9)
\u2013
12.2
Financial liabilities:
Lease liabilities
(71.8)
8.7
(2.8)
(65.9)
(71.8)
8.7
(2.8)
(65.9)
Debt:
Bank loans
2
(119. 4)
(4.1)
(0.3)
(123.8)
Debenture stock
(25.9)
6.0
\u2013
(19.9)
Preference shares
(1.6)
\u2013
\u2013
(1.6)
Total borrowings
(146.9)
1.9
(0.3)
(145.3)
Net debt
(204.6)
8.7
(3.1)
(199.0)
1 Non-cash movements relate to the amortisation of arrangement fees, arrangement fees accrued and movements in lease liabilities. 2 Bank loans are net of arrangement fees and cash flows include the payment of arrangement fees.
Company
At 30 March 2024 Cash flows
Non-cash
1
At 29 March 2025
52 weeks ended 29 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
Cash and short-term deposits
12.2
1.6
\u2013
13.8
12.2
1.6
\u2013
13.8
Financial liabilities:
Lease liabilities
(65.5)
8.2
(3.2)
(60.5)
(65.5)
8.2
(3.2)
(60.5)
Debt:
Bank loans
2
(123.8)
(9.5)
(1.2)
(134.5)
Debenture stock
(19.9)
\u2013
\u2013
(19.9)
Preference shares
(1.6)
\u2013
\u2013
(1.6)
Total borrowings
(145.3)
(9. 5)
(1.2)
(156.0)
Net debt
(198.6)
0.3
(4.4)
(202.7)
At 1 April 2023 Cash flows
Non-cash
1
At 30 March 2024
52 weeks ended 30 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
Cash and short-term deposits
14.1
(1.9)
\u2013
12.2
14.1
(1.9)
\u2013
12.2
Financial liabilities:
Lease liabilities
(71.3)
8.7
(2.9)
(65.5)
(71.3)
8.7
(2.9)
(65.5)
Debt:
Bank loans
2
(119. 4)
(4.1)
(0.3)
(123.8)
Debenture stock
(25.9)
6.0
\u2013
(19.9)
Preference shares
(1.6)
\u2013
\u2013
(1.6)
Total borrowings
(146.9)
1.9
(0.3)
(145.3)
Net debt
(204.1)
8.7
(3.2)
(198.6)
1 Non-cash movements relate to the amortisation of arrangement fees, arrangement fees accrued and movements in lease liabilities.
2 Bank loans net of arrangement fees and cash flows include the payment of arrangement fees .
The Group\u2019s financial assets and liabilities as recognised at the Balance Sheet date may also be categorised as follows:
2025 2024
Group \u00a3m \u00a3m
Non-current assets
Derivative financial instruments used for hedging
\u2013
0.1
Total non-current assets
\u2013
0.1
Current assets
Trade and other receivables in scope of IFRS 9
2.8
2.1
Total current assets
2.8
2.1
Total financial assets
2.8
2.2
Current liabilities
Financial liabilities at amortised cost:
Trade and other payables in scope of IFRS 9
15.5
23.3
Lease liabilities
5.2
4.4
Total carried at amortised cost
20.7
2 7. 7
Total current liabilities
20.7
2 7. 7
Non-current liabilities
Financial liabilities at amortised cost:
Lease liabilities
55.6
61.5
Loans and debenture stock
154.4
143.7
Preference shares
1.6
1.6
Total carried at amortised cost
211.6
206.8
Total non-current liabilities
211.6
206.8
Total financial liabilities
232.3
234.5
2025 2024
Company \u00a3m \u00a3m
Non-current assets
Derivative financial instruments used for hedging
\u2013
0.1
Total non-current assets
\u2013
0.1
Current assets
Trade and other receivables in scope of IFRS 9
2.8
2.1
Total current assets
2.8
2.1
Total financial assets
2.8
2.2
Current liabilities
Financial liabilities at amortised cost:
Trade and other payables in scope of IFRS 9
178.1
176.5
Lease liabilities
5.1
4.3
Total carried at amortised cost
183.2
180.8
Total current liabilities
183.2
180.8
Non-current liabilities
Financial liabilities at amortised cost:
Lease liabilities
55.4
61.2
Loans and debenture stock
154.4
143.7
Preference shares
1.6
1.6
Total carried at amortised cost
211. 4
206.5
Total non-current liabilities
211. 4
206.5
Total financial liabilities
394.6
3 87. 3
There is no set-off of financial assets and liabilities as shown above. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-374": { "value": "14. Other Financial Assets and Liabilities
Group Group Company Company
2025 2024 2025 2024
Group and Company \u00a3m \u00a3m \u00a3m \u00a3m
Interest rate cap and collar
\u2013
0.1
\u2013
0.1
Total financial assets within non-current assets
\u2013
0.1
\u2013
0.1
Details of the interest rate cap and collar and interest rate swaps are provided in Note 25c (i). 21. Cash, Borrowings and Net Debt Cash and cash equivalents
Group Group Company Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Cash at bank and in hand
13.8
12.2
13.8
12.2
For the purposes of the Consolidated Cash Flow Statement, cash and cash equivalents comprise cash at bank and in hand, as above. Cash at bank earns interest at floating rates. The cash at bank and in hand figure includes amounts receivable from customers for debit or credit card payment transactions of \u00a35.7 million (2024: \u00a36.2 million) in the three days before the end of the financial year which did not clear the bank (and therefore show on the bank statement) until the first working day of the new financial year.
Group Group Company Company
2025 2024 2025 2024
Borrowings \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
134.5
123.8
134.5
123.8
Debenture stock
19.9
19.9
19.9
19.9
Preference shares
1.6
1.6
1.6
1.6
Total borrowings
156.0
145.3
156.0
145.3
Analysed as:
Borrowings within current liabilities
\u2013
\u2013
\u2013
\u2013
Borrowings within non-current liabilities
156.0
145.3
156.0
145.3
156.0
145.3
156.0
145.3
All borrowings at both year ends are denominated in Sterling and, where appropriate, are stated net of issue costs. Further information on borrowings is given in Note 25. Bank loans Group and Company On 12 March 2025, the Group secured a new facility of \u00a3185 million with a syndicate of five banks, split between a revolving credit facility of \u00a3100 million and a term loan of \u00a385 million. The facility is unsecured and available until 31 August 2028. The new facilities bear an interest rate margin dependant on leverage covenant plus SONIA. Under the terms of the revolving credit facility the Group expects to and has the discretion to roll over the obligation for at least 12 months from the Balance Sheet date, and as a result, these amounts are reported as non-current liabilities in the Balance Sheet. At 29 March 2025, \u00a349.7 million (2024: \u00a375.0 million) of the total \u00a3185 million (2024: \u00a3200 million) committed bank facility was available and undrawn. The bank loans are repayable as follows:
2025 2024
\u00a3m \u00a3m
In the third to fifth year inclusive
135.3
125.0
Less: bank loan arrangement fees
(0.8)
(1.2)
Non-current liabilities
134.5
123.8
Debenture stock The debenture stocks are secured on specified fixed and floating assets of the Company and are redeemable on maturity. Debenture stocks are repayable as follows:
2025 2024
\u00a3m \u00a3m
Current liabilities
\u2013
\u2013
In the third to fifth year inclusive \u2013 6.875% Debenture Stock 2028 (1st floating charge)
20.0
20.0
Less: discount on issue
(0.1)
(0.1)
Non-current liabilities
19.9
19.9
Preference shares The Company\u2019s preference shares are classified as debt. The shares are not redeemable and are included in borrowings within non-current liabilities. See Note 23 for further details of the preference shares. Analysis of net debt Group
At 30 March 2024 Cash flows
Non-cash
1
At 29 March 2025
52 weeks ended 29 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
Cash and short-term deposits
12.2
1.6
\u2013
13.8
12.2
1.6
\u2013
13.8
Financial liabilities:
Lease liabilities
(65.9)
8.3
(3.2)
(60.8)
(65.9)
8.3
(3.2)
(60.8)
Debt:
Bank loans
2
(123.8)
(9.5)
(1.2)
(134.5)
Debenture stock
(19.9)
\u2013
\u2013
(19.9)
Preference shares
(1.6)
\u2013
\u2013
(1.6)
Total borrowings
(145.3)
(9. 5)
(1.2)
(156.0)
Net debt
(199. 0)
0.4
(4.4)
(203.0)
At 1 April 2023 Cash flows
Non-cash
1
At 30 March 2024
52 weeks ended 30 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
Cash and short-term deposits
14.1
(1.9)
\u2013
12.2
14.1
(1.9)
\u2013
12.2
Financial liabilities:
Lease liabilities
(71.8)
8.7
(2.8)
(65.9)
(71.8)
8.7
(2.8)
(65.9)
Debt:
Bank loans
2
(119. 4)
(4.1)
(0.3)
(123.8)
Debenture stock
(25.9)
6.0
\u2013
(19.9)
Preference shares
(1.6)
\u2013
\u2013
(1.6)
Total borrowings
(146.9)
1.9
(0.3)
(145.3)
Net debt
(204.6)
8.7
(3.1)
(199.0)
1 Non-cash movements relate to the amortisation of arrangement fees, arrangement fees accrued and movements in lease liabilities. 2 Bank loans are net of arrangement fees and cash flows include the payment of arrangement fees. Company
At 30 March 2024 Cash flows
Non-cash
1
At 29 March 2025
52 weeks ended 29 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
Cash and short-term deposits
12.2
1.6
\u2013
13.8
12.2
1.6
\u2013
13.8
Financial liabilities:
Lease liabilities
(65.5)
8.2
(3.2)
(60.5)
(65.5)
8.2
(3.2)
(60.5)
Debt:
Bank loans
2
(123.8)
(9.5)
(1.2)
(134.5)
Debenture stock
(19.9)
\u2013
\u2013
(19.9)
Preference shares
(1.6)
\u2013
\u2013
(1.6)
Total borrowings
(145.3)
(9. 5)
(1.2)
(156.0)
Net debt
(198.6)
0.3
(4.4)
(202.7)
At 1 April 2023 Cash flows
Non-cash
1
At 30 March 2024
52 weeks ended 30 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
Cash and short-term deposits
14.1
(1.9)
\u2013
12.2
14.1
(1.9)
\u2013
12.2
Financial liabilities:
Lease liabilities
(71.3)
8.7
(2.9)
(65.5)
(71.3)
8.7
(2.9)
(65.5)
Debt:
Bank loans
2
(119. 4)
(4.1)
(0.3)
(123.8)
Debenture stock
(25.9)
6.0
\u2013
(19.9)
Preference shares
(1.6)
\u2013
\u2013
(1.6)
Total borrowings
(146.9)
1.9
(0.3)
(145.3)
Net debt
(204.1)
8.7
(3.2)
(198.6)
1 Non-cash movements relate to the amortisation of arrangement fees, arrangement fees accrued and movements in lease liabilities. 2 Bank loans net of arrangement fees and cash flows include the payment of arrangement fees .
25. Financial Instruments
Details of the Group\u2019s treasury function are included in the Financial Review\u2019s discussion of financial risks and treasury policies on
page 35.
The accounting treatment of the Group\u2019s financial instruments is detailed in Note 1.
a) Capital management \u2013 Group and Company
As described in Note 1, the Group considers its capital to comprise the following:
2025 2024
Group \u00a3m \u00a3m
Ordinary share capital
23.8
25.4
Share premium
53.2
53.2
Capital redemption reserve
5.3
3.7
Retained earnings
359.5
381.9
Preference shares
1.6
1.6
443.4
465.8
2025 2024
Company \u00a3m \u00a3m
Ordinary share capital
23.8
25.4
Share premium
53.2
53.2
Capital redemption reserve
5.3
3.7
Merger reserve
(10.6)
(1.6)
Retained earnings
292.4
316.0
Preference shares
1.6
1.6
365.7
398.3
In managing its capital, the primary objective is to ensure that the Group is able to continue to operate as a going concern and to
maximise return to shareholders through a combination of capital growth, distributions and the payment of preference dividends
to its preference shareholders. The Group seeks to maintain a ratio of debt and equity that balances risks and returns at an
acceptable level and maintains sufficient funds to meet working capital targets, investment requirements and comply with lending
covenants. As a minimum, the Board reviews the Group\u2019s dividend policy twice yearly and reviews the treasury position at every
Board meeting.
The Group\u2019s financial assets and liabilities as recognised at the Balance Sheet date may also be categorised as follows:
2025 2024
Group \u00a3m \u00a3m
Non-current assets
Derivative financial instruments used for hedging
\u2013
0.1
Total non-current assets
\u2013
0.1
Current assets
Trade and other receivables in scope of IFRS 9
2.8
2.1
Total current assets
2.8
2.1
Total financial assets
2.8
2.2
Current liabilities
Financial liabilities at amortised cost:
Trade and other payables in scope of IFRS 9
15.5
23.3
Lease liabilities
5.2
4.4
Total carried at amortised cost
20.7
2 7. 7
Total current liabilities
20.7
2 7. 7
Non-current liabilities
Financial liabilities at amortised cost:
Lease liabilities
55.6
61.5
Loans and debenture stock
154.4
143.7
Preference shares
1.6
1.6
Total carried at amortised cost
211.6
206.8
Total non-current liabilities
211.6
206.8
Total financial liabilities
232.3
234.5
2025 2024
Company \u00a3m \u00a3m
Non-current assets
Derivative financial instruments used for hedging
\u2013
0.1
Total non-current assets
\u2013
0.1
Current assets
Trade and other receivables in scope of IFRS 9
2.8
2.1
Total current assets
2.8
2.1
Total financial assets
2.8
2.2
Current liabilities
Financial liabilities at amortised cost:
Trade and other payables in scope of IFRS 9
178.1
176.5
Lease liabilities
5.1
4.3
Total carried at amortised cost
183.2
180.8
Total current liabilities
183.2
180.8
Non-current liabilities
Financial liabilities at amortised cost:
Lease liabilities
55.4
61.2
Loans and debenture stock
154.4
143.7
Preference shares
1.6
1.6
Total carried at amortised cost
211. 4
206.5
Total non-current liabilities
211. 4
206.5
Total financial liabilities
394.6
3 87. 3
There is no set-off of financial assets and liabilities as shown above.
c) Financial risks \u2013 Group and Company The main risks associated with the Group\u2019s financial assets and liabilities are set out below, as are the Group\u2019s policies for their management. Derivative instruments are used to change the economic characteristics of financial instruments in accordance with Group policy. i. Interest rate risk The Group manages its cost of borrowings using a mixture of fixed rates, variable rates and interest rate collars. Fixed rates do not expose the Group to cash flow interest rate risk, but do not enjoy a reduction in borrowing costs in markets where rates are falling. Floating rate borrowings, although not exposed to changes in fair value, expose the Group to cash flow risk following rises in interest rates and cost. The debentures totalling \u00a319.9 million (FY2024: \u00a319.9 million), net of interest paid in advance, are at fixed rates. The bank facilities totalling \u00a3185 million (FY2024: \u00a3200 million) are at floating rates. At the year end, after taking account of the interest rate collar, 45% (FY2024: 48%) of the Group\u2019s drawn bank loans and 52% (FY2024: 56%) of gross borrowings were at fixed rates or hedged. Interest rate collar The Group has entered into an interest rate collar agreement, where the Group sold a floor and bought a cap, in order to hedge the risk in interest cash flows on its borrowings going higher than the cap. At the Balance Sheet date, \u00a360 million (FY2024: \u00a360 million) of the Group\u2019s and Company\u2019s borrowings were hedged by interest rate collar at floor and cap rate of 3.10% and 5.00% respectively. The interest rate collar is expected to impact the Income Statement in line with the liquidity risk table shown in section (iii) below. The interest rate collar cash flow hedge in effect at 29 March 2025 was assessed as being highly effective. Net unrealised gain of \u00a3nil (FY2024: \u00a3nil) has been recorded in other comprehensive income. Sensitivity \u2013 Group and Company The Group borrows in Sterling at market rates. Three-month Sterling SONIA rate during the 52 weeks ended 29 March 2025 ranged between 4.46% and 5.20%. The Directors consider 1.0% to be a reasonable possible increase in rates and 1.0% to be a reasonable possible decrease in rates, with reference to market yield curves and the current economic conditions. The annualised effect of these changes to interest rates on the floating rate debt at the Balance Sheet date, all other variables being constant, are as follows:
Group
Company
1
2025 2024 2025 2024
Impact on post-tax profit and net equity \u2013 increase / (decrease) \u00a3m \u00a3m \u00a3m \u00a3m
Decrease interest rate by 1.0% (2024: 0.5%)
1.4
0.7
1.9
1.2
Increase interest rate by 1.0% (2024: 1.0%)
(1.2)
(1.1)
(2.3)
(2.1)
1 The Company has substantial interest bearing payables due to subsidiary companies (Note 20). ii. Credit risk The risk of financial loss due to a counter-party\u2019s failure to honour its obligations arises principally in relation to transactions where the Group provides goods and services on deferred payment terms, deposits surplus cash and enters into derivative contracts. Group policies are aimed at minimising losses and deferred terms are only granted to customers who demonstrate an appropriate payment history and satisfy credit worthiness procedures. Individual customers are subject to credit limits to control debt exposure and goods may also be sold on a cash with order basis. Cash deposits with financial institutions for short periods and derivative transactions are only permitted with financial institutions approved by the Board. There are no significant concentrations of credit risk within the Group. The maximum credit risk exposure relating to financial assets is represented by their carrying value as at the Balance Sheet date. Trade and other receivables The Group records impairment losses on its trade receivables separately from gross receivables. Further detail is included in Note 18. iii. Liquidity risk The Group minimises liquidity risk by managing cash generation, applying trade receivables collection targets, monitoring daily cash receipts and payments and setting rolling cash forecasts. Investments have cash payback periods applied as part of a tightly controlled investment appraisal process. The Group\u2019s rating with credit agencies is excellent. The Group has a mixture of long and short-term borrowings and overdraft facilities: 1% (FY2024: 1%) of the Group\u2019s borrowings are repayable after more than five years, 99% (FY2024: 99%) within the first to fifth years and nil (FY2024: nil) within one year. The tables below summarise the maturity profile of the Group\u2019s financial liabilities at 29 March 2025 based on undiscounted contractual cash flows, including interest payable. Floating rate interest is estimated using the prevailing interest rate at the Balance Sheet date.
On Less than 3 to 12 1 to 5 6 to 10 More than
demand 3 months months years years 10 years Total
Group at 29 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest bearing loans and borrowings
\u2013
2.5
7.5
178.4
\u2013
\u2013
188.4
Preference shares
1
\u2013
\u2013
0.1
0.5
0.6
2.8
4.0
Trade and other payables
11.5
3.5
0.5
\u2013
\u2013
\u2013
15.5
Lease liabilities
\u2013
1.7
5.3
28.0
25.1
22.2
82.3
On Less than 3 to 12 1 to 5 6 to 10 More than
demand 3 months months years years 10 years Total
Group at 30 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest bearing loans and borrowings
\u2013
2.9
8.7
170.2
\u2013
\u2013
181.8
Preference shares
1
\u2013
\u2013
0.1
0.5
0.6
2.8
4.0
Trade and other payables
19.2
3.3
0.8
\u2013
\u2013
\u2013
23.3
Lease liabilities
\u2013
2.1
6.3
29.0
28.0
28.3
93.7
1 The preference shares have no contractual repayment date. For the purposes of the table above, interest payments have been shown for 20 years from the Balance Sheet date. The Company figures are as for the Group, except as follows:
On Less than 3 to 12 1 to 5 6 to 10 More than
demand 3 months months years years 10 years Total
Company at 29 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Amounts due to subsidiary undertakings
2
162.6
\u2013
\u2013
\u2013
\u2013
\u2013
162.6
Trade and other payables
11.5
3.5
0.5
\u2013
\u2013
\u2013
15.5
Lease liabilities
\u2013
1.6
4.9
26.8
24.3
22.2
79.8
On Less than 3 to 12 1 to 5 6 to 10 More than
demand 3 months months years years 10 years Total
Company at 30 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Amounts due to subsidiary undertakings
2
153.2
\u2013
\u2013
\u2013
\u2013
\u2013
153.2
Trade and other payables
19.2
3.3
0.8
\u2013
\u2013
\u2013
23.3
Lease liabilities
\u2013
2.1
6.2
28.8
28.1
28.3
93.5
2 Amounts due to subsidiary undertakings have no fixed repayment date. Interest is payable on the balance at 3% above the Bank of England base rate. Security \u2013 Group and Company The 6.875% debentures 2028 are secured by a floating charge over the assets of the Company. Covenants \u2013 Group and Company The Group and Company are subject to a number of covenants in relation to their borrowing facilities which, if contravened and not rectified, would result in its loans becoming immediately repayable. Under the agreement, there is a covenant suite which consist of net debt to adjusted EBITDA (leverage) and adjusted EBITDA to net finance charges. See further details in Note 21.
d) Fair value
Book value
Fair value
2025 2024 2025 2024
Group \u00a3m \u00a3m \u00a3m
\u00a3m
Fair value Level
Financial assets
Interest rate collar
\u2013
0.1
\u2013
0.1
3
Financial liabilities
Fixed rate borrowings
(19.9)
(19.9)
(23.0)
(23.0)
3
Floating rate borrowings
(134.5)
(123.8)
(134.5)
(123.8)
3
Preference shares
(1.6)
(1.6)
(1.6)
(1.6)
3
The Company figures are the same as the Group.
Level 1 fair values are valuation techniques where inputs are quoted prices in active markets for identical assets or liabilities.
Level 2 fair values are valuation techniques where all inputs which have a significant effect on the recorded fair value are
observable, either directly or indirectly, but are not derived directly from quoted prices in active markets. The Group bases its
valuations on information provided by financial institutions, who use a variety of estimation techniques based on market conditions,
such as interest rate expectations, existing at each Balance Sheet date.
Level 3 fair values are valuation techniques for which all inputs that have a significant effect on the recorded fair value are not
observable. Derivative fair values are obtained from quoted market prices in active markets. The fair values of borrowings have
been calculated by discounting the expected future cash flows at prevailing interest rates. Interest rates for borrowings range from
6% to 8%. The fair values of preference shares have been calculated using the market interest rates.
Management assessed that the fair values of cash and short-term deposits, trade receivables and other receivables, and trade
and other payables approximate their carrying amounts largely due to the short-term maturities of these instruments.
There were no transfers between levels in the fair value hierarchy as at 29 March 2025 and 30 March 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-451": { "value": "14. Other Financial Assets and Liabilities
Group Group Company Company
2025 2024 2025 2024
Group and Company \u00a3m \u00a3m \u00a3m \u00a3m
Interest rate cap and collar
\u2013
0.1
\u2013
0.1
Total financial assets within non-current assets
\u2013
0.1
\u2013
0.1
Details of the interest rate cap and collar and interest rate swaps are provided in Note 25c (i). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-449": { "value": "14. Other Financial Assets and Liabilities
Group Group Company Company
2025 2024 2025 2024
Group and Company \u00a3m \u00a3m \u00a3m \u00a3m
Interest rate cap and collar
\u2013
0.1
\u2013
0.1
Total financial assets within non-current assets
\u2013
0.1
\u2013
0.1
Details of the interest rate cap and collar and interest rate swaps are provided in Note 25c (i). Due within one year:
2025 2024
Group \u00a3m \u00a3m
Trade payables
11.5
19.2
Other tax and social security
7. 2
4.6
Other payables
8.6
8.7
Accruals
22.4
23.9
Contract liabilities
3.6
3.3
53.3
59.7
Due within one year:
2025 2024
Company \u00a3m \u00a3m
Trade payables
11.5
19.2
Amounts due to subsidiary undertakings
162.6
153.2
Other tax and social security
7. 2
4.6
Other payables
8.6
8.7
Accruals
22.4
23.8
Contract liabilities
3.6
3.3
215.9
212.8
Company amounts due to subsidiary undertakings of \u00a3162.6 million (2024: \u00a3153.2 million) have no fixed repayment date. Interest is payable on the balance at 3% above the Bank of England base rate. Company amounts due to subsidiary undertakings are unsecured. Contract liabilities relate to deposits to secure bookings for various events and accommodation. The remaining balance will unwind and be recognised as revenue in the following year . 21. Cash, Borrowings and Net Debt Cash and cash equivalents
Group Group Company Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Cash at bank and in hand
13.8
12.2
13.8
12.2
For the purposes of the Consolidated Cash Flow Statement, cash and cash equivalents comprise cash at bank and in hand, as above. Cash at bank earns interest at floating rates. The cash at bank and in hand figure includes amounts receivable from customers for debit or credit card payment transactions of \u00a35.7 million (2024: \u00a36.2 million) in the three days before the end of the financial year which did not clear the bank (and therefore show on the bank statement) until the first working day of the new financial year.
Group Group Company Company
2025 2024 2025 2024
Borrowings \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
134.5
123.8
134.5
123.8
Debenture stock
19.9
19.9
19.9
19.9
Preference shares
1.6
1.6
1.6
1.6
Total borrowings
156.0
145.3
156.0
145.3
Analysed as:
Borrowings within current liabilities
\u2013
\u2013
\u2013
\u2013
Borrowings within non-current liabilities
156.0
145.3
156.0
145.3
156.0
145.3
156.0
145.3
All borrowings at both year ends are denominated in Sterling and, where appropriate, are stated net of issue costs. Further information on borrowings is given in Note 25. Bank loans Group and Company On 12 March 2025, the Group secured a new facility of \u00a3185 million with a syndicate of five banks, split between a revolving credit facility of \u00a3100 million and a term loan of \u00a385 million. The facility is unsecured and available until 31 August 2028. The new facilities bear an interest rate margin dependant on leverage covenant plus SONIA. Under the terms of the revolving credit facility the Group expects to and has the discretion to roll over the obligation for at least 12 months from the Balance Sheet date, and as a result, these amounts are reported as non-current liabilities in the Balance Sheet. At 29 March 2025, \u00a349.7 million (2024: \u00a375.0 million) of the total \u00a3185 million (2024: \u00a3200 million) committed bank facility was available and undrawn. The bank loans are repayable as follows:
2025 2024
\u00a3m \u00a3m
In the third to fifth year inclusive
135.3
125.0
Less: bank loan arrangement fees
(0.8)
(1.2)
Non-current liabilities
134.5
123.8
Debenture stock The debenture stocks are secured on specified fixed and floating assets of the Company and are redeemable on maturity. Debenture stocks are repayable as follows:
2025 2024
\u00a3m \u00a3m
Current liabilities
\u2013
\u2013
In the third to fifth year inclusive \u2013 6.875% Debenture Stock 2028 (1st floating charge)
20.0
20.0
Less: discount on issue
(0.1)
(0.1)
Non-current liabilities
19.9
19.9
Preference shares The Company\u2019s preference shares are classified as debt. The shares are not redeemable and are included in borrowings within non-current liabilities. See Note 23 for further details of the preference shares. Analysis of net debt Group
At 30 March 2024 Cash flows
Non-cash
1
At 29 March 2025
52 weeks ended 29 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
Cash and short-term deposits
12.2
1.6
\u2013
13.8
12.2
1.6
\u2013
13.8
Financial liabilities:
Lease liabilities
(65.9)
8.3
(3.2)
(60.8)
(65.9)
8.3
(3.2)
(60.8)
Debt:
Bank loans
2
(123.8)
(9.5)
(1.2)
(134.5)
Debenture stock
(19.9)
\u2013
\u2013
(19.9)
Preference shares
(1.6)
\u2013
\u2013
(1.6)
Total borrowings
(145.3)
(9. 5)
(1.2)
(156.0)
Net debt
(199. 0)
0.4
(4.4)
(203.0)
At 1 April 2023 Cash flows
Non-cash
1
At 30 March 2024
52 weeks ended 30 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
Cash and short-term deposits
14.1
(1.9)
\u2013
12.2
14.1
(1.9)
\u2013
12.2
Financial liabilities:
Lease liabilities
(71.8)
8.7
(2.8)
(65.9)
(71.8)
8.7
(2.8)
(65.9)
Debt:
Bank loans
2
(119. 4)
(4.1)
(0.3)
(123.8)
Debenture stock
(25.9)
6.0
\u2013
(19.9)
Preference shares
(1.6)
\u2013
\u2013
(1.6)
Total borrowings
(146.9)
1.9
(0.3)
(145.3)
Net debt
(204.6)
8.7
(3.1)
(199.0)
1 Non-cash movements relate to the amortisation of arrangement fees, arrangement fees accrued and movements in lease liabilities. 2 Bank loans are net of arrangement fees and cash flows include the payment of arrangement fees. Company
At 30 March 2024 Cash flows
Non-cash
1
At 29 March 2025
52 weeks ended 29 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
Cash and short-term deposits
12.2
1.6
\u2013
13.8
12.2
1.6
\u2013
13.8
Financial liabilities:
Lease liabilities
(65.5)
8.2
(3.2)
(60.5)
(65.5)
8.2
(3.2)
(60.5)
Debt:
Bank loans
2
(123.8)
(9.5)
(1.2)
(134.5)
Debenture stock
(19.9)
\u2013
\u2013
(19.9)
Preference shares
(1.6)
\u2013
\u2013
(1.6)
Total borrowings
(145.3)
(9. 5)
(1.2)
(156.0)
Net debt
(198.6)
0.3
(4.4)
(202.7)
At 1 April 2023 Cash flows
Non-cash
1
At 30 March 2024
52 weeks ended 30 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
Cash and short-term deposits
14.1
(1.9)
\u2013
12.2
14.1
(1.9)
\u2013
12.2
Financial liabilities:
Lease liabilities
(71.3)
8.7
(2.9)
(65.5)
(71.3)
8.7
(2.9)
(65.5)
Debt:
Bank loans
2
(119. 4)
(4.1)
(0.3)
(123.8)
Debenture stock
(25.9)
6.0
\u2013
(19.9)
Preference shares
(1.6)
\u2013
\u2013
(1.6)
Total borrowings
(146.9)
1.9
(0.3)
(145.3)
Net debt
(204.1)
8.7
(3.2)
(198.6)
1 Non-cash movements relate to the amortisation of arrangement fees, arrangement fees accrued and movements in lease liabilities. 2 Bank loans net of arrangement fees and cash flows include the payment of arrangement fees ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-445": { "value": "14. Other Financial Assets and Liabilities
Group Group Company Company
2025 2024 2025 2024
Group and Company \u00a3m \u00a3m \u00a3m \u00a3m
Interest rate cap and collar
\u2013
0.1
\u2013
0.1
Total financial assets within non-current assets
\u2013
0.1
\u2013
0.1
Details of the interest rate cap and collar and interest rate swaps are provided in Note 25c (i). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-441": { "value": "14. Other Financial Assets and Liabilities
Group Group Company Company
2025 2024 2025 2024
Group and Company \u00a3m \u00a3m \u00a3m \u00a3m
Interest rate cap and collar
\u2013
0.1
\u2013
0.1
Total financial assets within non-current assets
\u2013
0.1
\u2013
0.1
Details of the interest rate cap and collar and interest rate swaps are provided in Note 25c (i).
Group Group Company Company
2025 2024 2025 2024
Group and Company \u00a3m \u00a3m \u00a3m \u00a3m
Current
1.9
1.5
1.9
1.5
Overdue up to 30 days
0.5
0.4
0.5
0.4
Overdue between 30 and 60 days
0.1
0.1
0.1
0.1
Overdue between 60 and 90 days
\u2013
\u2013
\u2013
\u2013
Overdue more than 90 days
0.9
0.9
0.9
0.9
Trade receivables before loss allowance
3.4
2.9
3.4
2.9
Less loss allowance
(0.6)
(0.8)
(0.6)
(0.8)
Trade receivables net of loss allowance
2.8
2.1
2.8
2.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-428": { "value": "14. Other Financial Assets and Liabilities
Group Group Company Company
2025 2024 2025 2024
Group and Company \u00a3m \u00a3m \u00a3m \u00a3m
Interest rate cap and collar
\u2013
0.1
\u2013
0.1
Total financial assets within non-current assets
\u2013
0.1
\u2013
0.1
Details of the interest rate cap and collar and interest rate swaps are provided in Note 25c (i). The Group\u2019s financial assets and liabilities as recognised at the Balance Sheet date may also be categorised as follows:
2025 2024
Group \u00a3m \u00a3m
Non-current assets
Derivative financial instruments used for hedging
\u2013
0.1
Total non-current assets
\u2013
0.1
Current assets
Trade and other receivables in scope of IFRS 9
2.8
2.1
Total current assets
2.8
2.1
Total financial assets
2.8
2.2
Current liabilities
Financial liabilities at amortised cost:
Trade and other payables in scope of IFRS 9
15.5
23.3
Lease liabilities
5.2
4.4
Total carried at amortised cost
20.7
2 7. 7
Total current liabilities
20.7
2 7. 7
Non-current liabilities
Financial liabilities at amortised cost:
Lease liabilities
55.6
61.5
Loans and debenture stock
154.4
143.7
Preference shares
1.6
1.6
Total carried at amortised cost
211.6
206.8
Total non-current liabilities
211.6
206.8
Total financial liabilities
232.3
234.5
2025 2024
Company \u00a3m \u00a3m
Non-current assets
Derivative financial instruments used for hedging
\u2013
0.1
Total non-current assets
\u2013
0.1
Current assets
Trade and other receivables in scope of IFRS 9
2.8
2.1
Total current assets
2.8
2.1
Total financial assets
2.8
2.2
Current liabilities
Financial liabilities at amortised cost:
Trade and other payables in scope of IFRS 9
178.1
176.5
Lease liabilities
5.1
4.3
Total carried at amortised cost
183.2
180.8
Total current liabilities
183.2
180.8
Non-current liabilities
Financial liabilities at amortised cost:
Lease liabilities
55.4
61.2
Loans and debenture stock
154.4
143.7
Preference shares
1.6
1.6
Total carried at amortised cost
211. 4
206.5
Total non-current liabilities
211. 4
206.5
Total financial liabilities
394.6
3 87. 3
There is no set-off of financial assets and liabilities as shown above. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-375": { "value": "
15. Investments in Subsidiaries
Cost Provision Net book value
Company \u00a3m \u00a3m \u00a3m
At 1 April 2023
120.8
(12.1)
108.7
Impairment
\u2013
(0.7)
(0.7)
At 30 March 2024
120.8
(12.8)
108.0
Acquisition of Lovely Pubs
21.2
\u2013
21.2
Return of capital
(11.9)
\u2013
(11. 9)
Impairment
\u2013
(9.3)
(9. 3)
At 29 March 2025
130.1
(22 .1)
108.0
In August 2024 the Group acquired Lovely Pubs and subsequently hived the trade and assets up to the Parent Company, Fuller,
Smith & Turner P.L.C.. The \u00a311.9 million credit to the investment value for Lovely Pubs reflects the net effect of a return of capital in
the form of the underlying assets. The impairment to the remaining investment value of \u00a39.3 million was recognised as there is no
longer any trade and assets in the subsidiary companies to support the value.
Principal subsidiary undertakings
Holding
Proportion held
Nature of business
Griffin Catering Services Limited
\u00a31 Ordinary Shares
100% (indirect)
Managed houses service company
George Gale and Company Limited
\u00a31 Ordinary Shares
100%
Non-trading subsidiary
25p \u201cA\" Ordinary Shares
100%
\u00a310 Preference Shares
100%
F.S.T. Trustee Limited
\u00a31 Ordinary Shares
100%
Non-trading subsidiary
Fuller Smith & Turner Estates Limited
\u00a31 Ordinary Shares
100%
Non-trading subsidiary
Ringwoods Limited
\u00a31 Ordinary Shares
100%
Non-trading subsidiary
Griffin Inns LTD.
\u00a31 Ordinary Shares
100%
Non-trading subsidiary
Jacomb Guinness Limited
\u00a31 Ordinary Shares
100%
Non-trading subsidiary
45 Woodfield Limited
\u00a31 Ordinary Shares
100% (indirect)
Non-trading subsidiary
Grand Canal Trading Limited
\u00a31 Ordinary Shares
100% (indirect)
Non-trading subsidiary
B & D Country Inns I Limited
\u00a31 Ordinary Shares
100%
Holding company
B & D Country Inns II Limited
\u00a31 Ordinary Shares
100%
Holding company
B & D (Cookham) Limited
\u00a31 Ordinary Shares
100% (indirect)
Non-trading subsidiary
B & D (Farnham) Limited
1
\u00a31 Ordinary Shares
100% (indirect)
Non-trading subsidiary
B & D (Kingsclere) Limited
2
\u00a31 Ordinary Shares
100% (indirect)
Non-trading subsidiary
B & D (Odiham) Limited
2
\u00a31 Ordinary Shares
100% (indirect)
Non-trading subsidiary
B & D (Reading) Limited
\u00a31 Ordinary Shares
100% (indirect)
Non-trading subsidiary
B & D (Win) Limited
\u00a31 Ordinary Shares
100% (indirect)
Non-trading subsidiary
RSH 200
Limited
\u00a31 Ordinary Shares
100%
Holding company
Cotswold Inns and Hotels Limited
\u00a31 Ordinary Shares
100% (indirect)
Non-trading subsidiary
Mortons Bar & Grill Limited
\u00a31 Ordinary Shares
100%
Non-trading subsidiary
Mortons Bar & Grill (Alcester) Limited
\u00a31 Ordinary Shares
100% (indirect)
Non-trading subsidiary
Mortons Catering Limited
\u00a31 Ordinary Shares
100% (indirect)
Non-trading subsidiary
The Classic Country Pub Co. Limited
\u00a31 Ordinary Shares
100% (indirect)
Non-trading subsidiary
Mortons Bar & Grill (Bromsgrove) Limited
\u00a31 Ordinary Shares
100% (indirect)
Non-trading subsidiary
1 This company was dissolved on 20 May 2025.
2 These companies were dissolved on 6 May 2025.
The above companies are registered and operate in England and Wales. The registered office of all subsidiary companies is the
same as Fuller, Smith & Turner P.L.C. at Pier House, 86-93 Strand-on-the-Green, London, W4 3NN.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-405": { "value": "15. Investments in Subsidiaries
Cost Provision Net book value
Company \u00a3m \u00a3m \u00a3m
At 1 April 2023
120.8
(12.1)
108.7
Impairment
\u2013
(0.7)
(0.7)
At 30 March 2024
120.8
(12.8)
108.0
Acquisition of Lovely Pubs
21.2
\u2013
21.2
Return of capital
(11.9)
\u2013
(11. 9)
Impairment
\u2013
(9.3)
(9. 3)
At 29 March 2025
130.1
(22 .1)
108.0
In August 2024 the Group acquired Lovely Pubs and subsequently hived the trade and assets up to the Parent Company, Fuller, Smith & Turner P.L.C.. The \u00a311.9 million credit to the investment value for Lovely Pubs reflects the net effect of a return of capital in the form of the underlying assets. The impairment to the remaining investment value of \u00a39.3 million was recognised as there is no longer any trade and assets in the subsidiary companies to support the value.
Principal subsidiary undertakings
Holding
Proportion held
Nature of business
Griffin Catering Services Limited
\u00a31 Ordinary Shares
100% (indirect)
Managed houses service company
George Gale and Company Limited
\u00a31 Ordinary Shares
100%
Non-trading subsidiary
25p \u201cA\" Ordinary Shares
100%
\u00a310 Preference Shares
100%
F.S.T. Trustee Limited
\u00a31 Ordinary Shares
100%
Non-trading subsidiary
Fuller Smith & Turner Estates Limited
\u00a31 Ordinary Shares
100%
Non-trading subsidiary
Ringwoods Limited
\u00a31 Ordinary Shares
100%
Non-trading subsidiary
Griffin Inns LTD.
\u00a31 Ordinary Shares
100%
Non-trading subsidiary
Jacomb Guinness Limited
\u00a31 Ordinary Shares
100%
Non-trading subsidiary
45 Woodfield Limited
\u00a31 Ordinary Shares
100% (indirect)
Non-trading subsidiary
Grand Canal Trading Limited
\u00a31 Ordinary Shares
100% (indirect)
Non-trading subsidiary
B & D Country Inns I Limited
\u00a31 Ordinary Shares
100%
Holding company
B & D Country Inns II Limited
\u00a31 Ordinary Shares
100%
Holding company
B & D (Cookham) Limited
\u00a31 Ordinary Shares
100% (indirect)
Non-trading subsidiary
B & D (Farnham) Limited
1
\u00a31 Ordinary Shares
100% (indirect)
Non-trading subsidiary
B & D (Kingsclere) Limited
2
\u00a31 Ordinary Shares
100% (indirect)
Non-trading subsidiary
B & D (Odiham) Limited
2
\u00a31 Ordinary Shares
100% (indirect)
Non-trading subsidiary
B & D (Reading) Limited
\u00a31 Ordinary Shares
100% (indirect)
Non-trading subsidiary
B & D (Win) Limited
\u00a31 Ordinary Shares
100% (indirect)
Non-trading subsidiary
RSH 200
Limited
\u00a31 Ordinary Shares
100%
Holding company
Cotswold Inns and Hotels Limited
\u00a31 Ordinary Shares
100% (indirect)
Non-trading subsidiary
Mortons Bar & Grill Limited
\u00a31 Ordinary Shares
100%
Non-trading subsidiary
Mortons Bar & Grill (Alcester) Limited
\u00a31 Ordinary Shares
100% (indirect)
Non-trading subsidiary
Mortons Catering Limited
\u00a31 Ordinary Shares
100% (indirect)
Non-trading subsidiary
The Classic Country Pub Co. Limited
\u00a31 Ordinary Shares
100% (indirect)
Non-trading subsidiary
Mortons Bar & Grill (Bromsgrove) Limited
\u00a31 Ordinary Shares
100% (indirect)
Non-trading subsidiary
1 This company was dissolved on 20 May 2025. 2 These companies were dissolved on 6 May 2025. The above companies are registered and operate in England and Wales. The registered office of all subsidiary companies is the same as Fuller, Smith & Turner P.L.C. at Pier House, 86-93 Strand-on-the-Green, London, W4 3NN.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-376": { "value": "
16. Leases
This note provides information for leases where the Group is a lessee. For leases where the Group is a lessor, see Note 28.
a) Amounts recognised in the Balance Sheet
Group Group Company Company
2025 2024 2025 2024
Group and Company \u00a3m \u00a3m \u00a3m \u00a3m
Right-of-use assets
Properties
52.5
58.6
52.5
58.5
Equipment
0.3
0.1
0.2
0.1
52.8
58.7
52.7
58.6
Lease liabilities
Current
5.2
4.4
5.1
4.3
Non-current
55.6
61.5
55.4
61.2
60.8
65.9
60.5
65.5
Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period:
Property Equipment Total
Group \u00a3m \u00a3m \u00a3m
Net carrying value as at 1 April 2023
66.2
0.2
66.4
Lease amendments
1
(0.2)
\u2013
(0.2)
Depreciation
(6.1)
(0.1)
(6.2)
Impairment
(1.3)
\u2013
(1.3)
Net carrying value as at 30 March 2024
58.6
0.1
58.7
Lease amendments
1
(0.2)
0.4
0.2
Depreciation
(5.9)
(0.2)
(6.1)
Net carrying value as at 29 March 2025
52.5
0.3
52.8
Property Equipment Total
Company \u00a3m \u00a3m \u00a3m
Net carrying value as at 1 April 2023
65.8
0.2
66.0
Lease amendments
1
(0.2)
\u2013
(0.2)
Depreciation
(6.0)
(0.1)
(6.1)
Impairment
(1.1)
\u2013
(1.1)
Net carrying value as at 30 March 2024
58.5
0.1
58.6
Lease amendments
1
(0.2)
0.3
0.1
Depreciation
(5.8)
(0.2)
(6.0)
Net carrying value as at 29 March 2025
52.5
0.2
52.7
1 Lease amendments include lease terminations, modifications, reassessments and extensions to existing lease agreements.
Set out below are the carrying amounts of lease liabilities (included under interest bearing loans and borrowings) and the
movements during the period:
Group Company
\u00a3m \u00a3m
Net carrying value as at 1 April 2023
71.8
71.3
Lease amendments
1
(0.3)
(0.2)
Accretion of interest
3.1
3.1
Payments
(8.7)
(8.7)
Net carrying value as at 30 March 2024
65.9
65.5
Accretion of interest
3.2
3.2
Payments
(8.3)
(8.2)
Net carrying value as at 29 March 2025
60.8
60.5
1 Lease amendments include lease terminations, modifications, reassessments and extensions to existing lease agreements.
A maturity analysis of gross lease liability payments is included within Note 25.
b) Amounts recognised in the Income Statement
52 weeks ended 52 weeks ended
29 March 2025 30 March 2024
Group \u00a3m \u00a3m
Depreciation charge on right-of-use assets
Properties
5.9
6.1
Equipment
0.2
0.1
6.1
6.2
Interest charge on right-of-use assets
Interest expense (included in finance cost)
3.2
3.1
Expense relating to short-term leases and low value assets (included in operating costs)
0.3
0.3
Expense relating to variable lease payments not included in lease liabilities
(included in operating costs)
4.1
3.9
Impairment of right-of-use assets
\u2013
1.3
Income from sub-leasing right-of-use assets
(0.1)
(0.2)
7.5
8.4
The Group\u2019s total cash outflow in relation to leases is included within Note 21.
Variable lease payments
Some property leases contain variable payment terms that are linked to sales generated from a pub. Variable payment terms are
used for a variety of reasons, including minimising the fixed costs base for newly established pubs. Variable lease payments that
depend on sales are recognised in profit or loss in the period in which the condition that triggers those payments occurs. Variable
lease payments recognised in the income statement in the year ended 29 March 2025 were \u00a34.1 million (2024: \u00a33.9 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-377": { "value": "
17. Inve nto r i es
Group Group Company Company
2025 2024 2025 2024
Group and Company \u00a3m \u00a3m \u00a3m \u00a3m
Stock at retail outlets
4.6
4.0
4.6
4.0
Amounts recognised in profit or loss
Inventories recognised as an expense during the year ended 29 March 2025 amounted to \u00a387.1 million (2024: \u00a388.0 million).
These were included in operating costs. Inventory is stated net of a provision for obsolete stock of \u00a30.3 million (2024: \u00a30.2 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-378": { "value": "
18. Trade and Other Receivables
2025 2024
Group \u00a3m \u00a3m
Trade receivables
2.8
2.1
Other receivables
1.9
1.7
Prepayments and accrued income
7.3
4.6
12.0
8.4
2025 2024
Company \u00a3m \u00a3m
Trade receivables
2.8
2.1
Other receivables
1.9
1.7
Prepayments and accrued income
7.3
4.6
12.0
8.4
At 29 March 2025, the Group has included in other receivables \u00a30.1million (2024: \u00a30.1 million) in relation to lease receivable
for subleases.
The trade receivables balance above is shown net of the loss allowance. The Group and Company provide against trade
receivables based on an expected credit loss model, calculated from the probability of default for the remaining life of the asset.
In measuring the expected credit losses, the trade receivables have been assessed on a collective basis as they possess shared
credit risk characteristics. They have been grouped based on the days past due and also according to the geographical location
of customers, which is the same for all.
The expected loss rates are based on the payment profile for sales over the past 24 months before the Balance Sheet date.
The historical rates are adjusted to reflect current and forward-looking macroeconomic factors affecting the customer\u2019s ability
to settle the amount outstanding. A financial asset is written off when there is no reasonable expectation of recovering the
contractual cash flows.
The movements on the loss allowance during the year are summarised below:
2025 2024
Group and Company \u00a3m \u00a3m
As at 30 March 2024
0.8
0.8
Amounts released for balances written off during the year
(0.2)
\u2013
As at 29 March 2025
0.6
0.8
The contractual ageing of the trade receivables balance is as follows:
Group Group Company Company
2025 2024 2025 2024
Group and Company \u00a3m \u00a3m \u00a3m \u00a3m
Current
1.9
1.5
1.9
1.5
Overdue up to 30 days
0.5
0.4
0.5
0.4
Overdue between 30 and 60 days
0.1
0.1
0.1
0.1
Overdue between 60 and 90 days
\u2013
\u2013
\u2013
\u2013
Overdue more than 90 days
0.9
0.9
0.9
0.9
Trade receivables before loss allowance
3.4
2.9
3.4
2.9
Less loss allowance
(0.6)
(0.8)
(0.6)
(0.8)
Trade receivables net of loss allowance
2.8
2.1
2.8
2.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-446": { "value": "18. Trade and Other Receivables
2025 2024
Group \u00a3m \u00a3m
Trade receivables
2.8
2.1
Other receivables
1.9
1.7
Prepayments and accrued income
7.3
4.6
12.0
8.4
2025 2024
Company \u00a3m \u00a3m
Trade receivables
2.8
2.1
Other receivables
1.9
1.7
Prepayments and accrued income
7.3
4.6
12.0
8.4
At 29 March 2025, the Group has included in other receivables \u00a30.1million (2024: \u00a30.1 million) in relation to lease receivable for subleases. The trade receivables balance above is shown net of the loss allowance. The Group and Company provide against trade receivables based on an expected credit loss model, calculated from the probability of default for the remaining life of the asset. In measuring the expected credit losses, the trade receivables have been assessed on a collective basis as they possess shared credit risk characteristics. They have been grouped based on the days past due and also according to the geographical location of customers, which is the same for all. The expected loss rates are based on the payment profile for sales over the past 24 months before the Balance Sheet date. The historical rates are adjusted to reflect current and forward-looking macroeconomic factors affecting the customer\u2019s ability to settle the amount outstanding. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. The movements on the loss allowance during the year are summarised below:
2025 2024
Group and Company \u00a3m \u00a3m
As at 30 March 2024
0.8
0.8
Amounts released for balances written off during the year
(0.2)
\u2013
As at 29 March 2025
0.6
0.8
The contractual ageing of the trade receivables balance is as follows:
Group Group Company Company
2025 2024 2025 2024
Group and Company \u00a3m \u00a3m \u00a3m \u00a3m
Current
1.9
1.5
1.9
1.5
Overdue up to 30 days
0.5
0.4
0.5
0.4
Overdue between 30 and 60 days
0.1
0.1
0.1
0.1
Overdue between 60 and 90 days
\u2013
\u2013
\u2013
\u2013
Overdue more than 90 days
0.9
0.9
0.9
0.9
Trade receivables before loss allowance
3.4
2.9
3.4
2.9
Less loss allowance
(0.6)
(0.8)
(0.6)
(0.8)
Trade receivables net of loss allowance
2.8
2.1
2.8
2.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-406": { "value": "
2025 2024
Group \u00a3m \u00a3m
Trade receivables
2.8
2.1
Other receivables
1.9
1.7
Prepayments and accrued income
7.3
4.6
12.0
8.4
2025 2024
Company \u00a3m \u00a3m
Trade receivables
2.8
2.1
Other receivables
1.9
1.7
Prepayments and accrued income
7.3
4.6
12.0
8.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-379": { "value": "
19. Assets Held for Sale
Group Company
Group and Company \u00a3m \u00a3m
Assets held for sale as at 30 March 2024
8.4
8.4
Assets disposed of during the year
(7. 6)
(7. 6)
Assets transferred from property, plant and equipment
2.8
2.8
Adjustment to fair value
(0.6)
(0.6)
Assets held for sale as at 29 March 2025
3.0
3.0
At 29 March 2025, six properties have been classified as held for sale (2024: nine properties). The properties were reclassified
predominantly from property, plant and equipment as the carrying amounts of the properties identified are to be recovered
principally through sales transactions rather than through continuing use. Sale is expected within 12 months from the reporting
date. An adjustment to fair value of \u00a30.6 million was recognised on assets classified as held for sale during the year (2024: \u00a3nil).
Valuations performed are based on observations of transactions involving properties of a similar nature, location and condition.
Since this valuation was performed using a significant non observable input, the fair value measurement can be categorised as
level 3.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-407": { "value": "19. Assets Held for Sale
Group Company
Group and Company \u00a3m \u00a3m
Assets held for sale as at 30 March 2024
8.4
8.4
Assets disposed of during the year
(7. 6)
(7. 6)
Assets transferred from property, plant and equipment
2.8
2.8
Adjustment to fair value
(0.6)
(0.6)
Assets held for sale as at 29 March 2025
3.0
3.0
At 29 March 2025, six properties have been classified as held for sale (2024: nine properties). The properties were reclassified predominantly from property, plant and equipment as the carrying amounts of the properties identified are to be recovered principally through sales transactions rather than through continuing use. Sale is expected within 12 months from the reporting date. An adjustment to fair value of \u00a30.6 million was recognised on assets classified as held for sale during the year (2024: \u00a3nil). Valuations performed are based on observations of transactions involving properties of a similar nature, location and condition. Since this valuation was performed using a significant non observable input, the fair value measurement can be categorised as level 3.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-380": { "value": "
20. Trade and Other Payables
Due within one year:
2025 2024
Group \u00a3m \u00a3m
Trade payables
11.5
19.2
Other tax and social security
7. 2
4.6
Other payables
8.6
8.7
Accruals
22.4
23.9
Contract liabilities
3.6
3.3
53.3
59.7
Due within one year:
2025 2024
Company \u00a3m \u00a3m
Trade payables
11.5
19.2
Amounts due to subsidiary undertakings
162.6
153.2
Other tax and social security
7. 2
4.6
Other payables
8.6
8.7
Accruals
22.4
23.8
Contract liabilities
3.6
3.3
215.9
212.8
Company amounts due to subsidiary undertakings of \u00a3162.6 million (2024: \u00a3153.2 million) have no fixed repayment date. Interest
is payable on the balance at 3% above the Bank of England base rate. Company amounts due to subsidiary undertakings
are unsecured.
Contract liabilities relate to deposits to secure bookings for various events and accommodation. The remaining balance will unwind
and be recognised as revenue in the following year .
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-408": { "value": "20. Trade and Other Payables Due within one year:
2025 2024
Group \u00a3m \u00a3m
Trade payables
11.5
19.2
Other tax and social security
7. 2
4.6
Other payables
8.6
8.7
Accruals
22.4
23.9
Contract liabilities
3.6
3.3
53.3
59.7
Due within one year:
2025 2024
Company \u00a3m \u00a3m
Trade payables
11.5
19.2
Amounts due to subsidiary undertakings
162.6
153.2
Other tax and social security
7. 2
4.6
Other payables
8.6
8.7
Accruals
22.4
23.8
Contract liabilities
3.6
3.3
215.9
212.8
Company amounts due to subsidiary undertakings of \u00a3162.6 million (2024: \u00a3153.2 million) have no fixed repayment date. Interest is payable on the balance at 3% above the Bank of England base rate. Company amounts due to subsidiary undertakings are unsecured. Contract liabilities relate to deposits to secure bookings for various events and accommodation. The remaining balance will unwind and be recognised as revenue in the following year . ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-450": { "value": "Due within one year:
2025 2024
Group \u00a3m \u00a3m
Trade payables
11.5
19.2
Other tax and social security
7. 2
4.6
Other payables
8.6
8.7
Accruals
22.4
23.9
Contract liabilities
3.6
3.3
53.3
59.7
Due within one year:
2025 2024
Company \u00a3m \u00a3m
Trade payables
11.5
19.2
Amounts due to subsidiary undertakings
162.6
153.2
Other tax and social security
7. 2
4.6
Other payables
8.6
8.7
Accruals
22.4
23.8
Contract liabilities
3.6
3.3
215.9
212.8
Company amounts due to subsidiary undertakings of \u00a3162.6 million (2024: \u00a3153.2 million) have no fixed repayment date. Interest is payable on the balance at 3% above the Bank of England base rate. Company amounts due to subsidiary undertakings are unsecured. Contract liabilities relate to deposits to secure bookings for various events and accommodation. The remaining balance will unwind and be recognised as revenue in the following year
The bank loans are repayable as follows:
2025 2024
\u00a3m \u00a3m
In the third to fifth year inclusive
135.3
125.0
Less: bank loan arrangement fees
(0.8)
(1.2)
Non-current liabilities
134.5
123.8
Debenture stocks are repayable as follows:
2025 2024
\u00a3m \u00a3m
Current liabilities
\u2013
\u2013
In the third to fifth year inclusive \u2013 6.875% Debenture Stock 2028 (1st floating charge)
20.0
20.0
Less: discount on issue
(0.1)
(0.1)
Non-current liabilities
19.9
19.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-447": { "value": "21. Cash, Borrowings and Net Debt Cash and cash equivalents
Group Group Company Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Cash at bank and in hand
13.8
12.2
13.8
12.2
For the purposes of the Consolidated Cash Flow Statement, cash and cash equivalents comprise cash at bank and in hand, as above. Cash at bank earns interest at floating rates. The cash at bank and in hand figure includes amounts receivable from customers for debit or credit card payment transactions of \u00a35.7 million (2024: \u00a36.2 million) in the three days before the end of the financial year which did not clear the bank (and therefore show on the bank statement) until the first working day of the new financial year.
Group Group Company Company
2025 2024 2025 2024
Borrowings \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
134.5
123.8
134.5
123.8
Debenture stock
19.9
19.9
19.9
19.9
Preference shares
1.6
1.6
1.6
1.6
Total borrowings
156.0
145.3
156.0
145.3
Analysed as:
Borrowings within current liabilities
\u2013
\u2013
\u2013
\u2013
Borrowings within non-current liabilities
156.0
145.3
156.0
145.3
156.0
145.3
156.0
145.3
All borrowings at both year ends are denominated in Sterling and, where appropriate, are stated net of issue costs. Further information on borrowings is given in Note 25. Bank loans Group and Company On 12 March 2025, the Group secured a new facility of \u00a3185 million with a syndicate of five banks, split between a revolving credit facility of \u00a3100 million and a term loan of \u00a385 million. The facility is unsecured and available until 31 August 2028. The new facilities bear an interest rate margin dependant on leverage covenant plus SONIA. Under the terms of the revolving credit facility the Group expects to and has the discretion to roll over the obligation for at least 12 months from the Balance Sheet date, and as a result, these amounts are reported as non-current liabilities in the Balance Sheet. At 29 March 2025, \u00a349.7 million (2024: \u00a375.0 million) of the total \u00a3185 million (2024: \u00a3200 million) committed bank facility was available and undrawn. The bank loans are repayable as follows:
2025 2024
\u00a3m \u00a3m
In the third to fifth year inclusive
135.3
125.0
Less: bank loan arrangement fees
(0.8)
(1.2)
Non-current liabilities
134.5
123.8
Debenture stock The debenture stocks are secured on specified fixed and floating assets of the Company and are redeemable on maturity. Debenture stocks are repayable as follows:
2025 2024
\u00a3m \u00a3m
Current liabilities
\u2013
\u2013
In the third to fifth year inclusive \u2013 6.875% Debenture Stock 2028 (1st floating charge)
20.0
20.0
Less: discount on issue
(0.1)
(0.1)
Non-current liabilities
19.9
19.9
Preference shares
The Company\u2019s preference shares are classified as debt. The shares are not redeemable and are included in borrowings within
non-current liabilities. See Note 23 for further details of the preference shares.
Analysis of net debt
Group
At 30 March 2024 Cash flows
Non-cash
1
At 29 March 2025
52 weeks ended 29 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
Cash and short-term deposits
12.2
1.6
\u2013
13.8
12.2
1.6
\u2013
13.8
Financial liabilities:
Lease liabilities
(65.9)
8.3
(3.2)
(60.8)
(65.9)
8.3
(3.2)
(60.8)
Debt:
Bank loans
2
(123.8)
(9.5)
(1.2)
(134.5)
Debenture stock
(19.9)
\u2013
\u2013
(19.9)
Preference shares
(1.6)
\u2013
\u2013
(1.6)
Total borrowings
(145.3)
(9. 5)
(1.2)
(156.0)
Net debt
(199. 0)
0.4
(4.4)
(203.0)
At 1 April 2023 Cash flows
Non-cash
1
At 30 March 2024
52 weeks ended 30 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
Cash and short-term deposits
14.1
(1.9)
\u2013
12.2
14.1
(1.9)
\u2013
12.2
Financial liabilities:
Lease liabilities
(71.8)
8.7
(2.8)
(65.9)
(71.8)
8.7
(2.8)
(65.9)
Debt:
Bank loans
2
(119. 4)
(4.1)
(0.3)
(123.8)
Debenture stock
(25.9)
6.0
\u2013
(19.9)
Preference shares
(1.6)
\u2013
\u2013
(1.6)
Total borrowings
(146.9)
1.9
(0.3)
(145.3)
Net debt
(204.6)
8.7
(3.1)
(199.0)
1 Non-cash movements relate to the amortisation of arrangement fees, arrangement fees accrued and movements in lease liabilities.
2 Bank loans are net of arrangement fees and cash flows include the payment of arrangement fees.
Company
At 30 March 2024 Cash flows
Non-cash
1
At 29 March 2025
52 weeks ended 29 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
Cash and short-term deposits
12.2
1.6
\u2013
13.8
12.2
1.6
\u2013
13.8
Financial liabilities:
Lease liabilities
(65.5)
8.2
(3.2)
(60.5)
(65.5)
8.2
(3.2)
(60.5)
Debt:
Bank loans
2
(123.8)
(9.5)
(1.2)
(134.5)
Debenture stock
(19.9)
\u2013
\u2013
(19.9)
Preference shares
(1.6)
\u2013
\u2013
(1.6)
Total borrowings
(145.3)
(9. 5)
(1.2)
(156.0)
Net debt
(198.6)
0.3
(4.4)
(202.7)
At 1 April 2023 Cash flows
Non-cash
1
At 30 March 2024
52 weeks ended 30 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
Cash and short-term deposits
14.1
(1.9)
\u2013
12.2
14.1
(1.9)
\u2013
12.2
Financial liabilities:
Lease liabilities
(71.3)
8.7
(2.9)
(65.5)
(71.3)
8.7
(2.9)
(65.5)
Debt:
Bank loans
2
(119. 4)
(4.1)
(0.3)
(123.8)
Debenture stock
(25.9)
6.0
\u2013
(19.9)
Preference shares
(1.6)
\u2013
\u2013
(1.6)
Total borrowings
(146.9)
1.9
(0.3)
(145.3)
Net debt
(204.1)
8.7
(3.2)
(198.6)
1 Non-cash movements relate to the amortisation of arrangement fees, arrangement fees accrued and movements in lease liabilities. 2 Bank loans net of arrangement fees and cash flows include the payment of arrangement fees . ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-442": { "value": "21. Cash, Borrowings and Net Debt Cash and cash equivalents
Group Group Company Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Cash at bank and in hand
13.8
12.2
13.8
12.2
For the purposes of the Consolidated Cash Flow Statement, cash and cash equivalents comprise cash at bank and in hand, as above. Cash at bank earns interest at floating rates. The cash at bank and in hand figure includes amounts receivable from customers for debit or credit card payment transactions of \u00a35.7 million (2024: \u00a36.2 million) in the three days before the end of the financial year which did not clear the bank (and therefore show on the bank statement) until the first working day of the new financial year.
Group Group Company Company
2025 2024 2025 2024
Borrowings \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
134.5
123.8
134.5
123.8
Debenture stock
19.9
19.9
19.9
19.9
Preference shares
1.6
1.6
1.6
1.6
Total borrowings
156.0
145.3
156.0
145.3
Analysed as:
Borrowings within current liabilities
\u2013
\u2013
\u2013
\u2013
Borrowings within non-current liabilities
156.0
145.3
156.0
145.3
156.0
145.3
156.0
145.3
All borrowings at both year ends are denominated in Sterling and, where appropriate, are stated net of issue costs. Further information on borrowings is given in Note 25. Bank loans Group and Company On 12 March 2025, the Group secured a new facility of \u00a3185 million with a syndicate of five banks, split between a revolving credit facility of \u00a3100 million and a term loan of \u00a385 million. The facility is unsecured and available until 31 August 2028. The new facilities bear an interest rate margin dependant on leverage covenant plus SONIA. Under the terms of the revolving credit facility the Group expects to and has the discretion to roll over the obligation for at least 12 months from the Balance Sheet date, and as a result, these amounts are reported as non-current liabilities in the Balance Sheet. At 29 March 2025, \u00a349.7 million (2024: \u00a375.0 million) of the total \u00a3185 million (2024: \u00a3200 million) committed bank facility was available and undrawn. The bank loans are repayable as follows:
2025 2024
\u00a3m \u00a3m
In the third to fifth year inclusive
135.3
125.0
Less: bank loan arrangement fees
(0.8)
(1.2)
Non-current liabilities
134.5
123.8
Debenture stock The debenture stocks are secured on specified fixed and floating assets of the Company and are redeemable on maturity. Debenture stocks are repayable as follows:
2025 2024
\u00a3m \u00a3m
Current liabilities
\u2013
\u2013
In the third to fifth year inclusive \u2013 6.875% Debenture Stock 2028 (1st floating charge)
20.0
20.0
Less: discount on issue
(0.1)
(0.1)
Non-current liabilities
19.9
19.9
Preference shares The Company\u2019s preference shares are classified as debt. The shares are not redeemable and are included in borrowings within non-current liabilities. See Note 23 for further details of the preference shares. Analysis of net debt Group
At 30 March 2024 Cash flows
Non-cash
1
At 29 March 2025
52 weeks ended 29 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
Cash and short-term deposits
12.2
1.6
\u2013
13.8
12.2
1.6
\u2013
13.8
Financial liabilities:
Lease liabilities
(65.9)
8.3
(3.2)
(60.8)
(65.9)
8.3
(3.2)
(60.8)
Debt:
Bank loans
2
(123.8)
(9.5)
(1.2)
(134.5)
Debenture stock
(19.9)
\u2013
\u2013
(19.9)
Preference shares
(1.6)
\u2013
\u2013
(1.6)
Total borrowings
(145.3)
(9. 5)
(1.2)
(156.0)
Net debt
(199. 0)
0.4
(4.4)
(203.0)
At 1 April 2023 Cash flows
Non-cash
1
At 30 March 2024
52 weeks ended 30 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
Cash and short-term deposits
14.1
(1.9)
\u2013
12.2
14.1
(1.9)
\u2013
12.2
Financial liabilities:
Lease liabilities
(71.8)
8.7
(2.8)
(65.9)
(71.8)
8.7
(2.8)
(65.9)
Debt:
Bank loans
2
(119. 4)
(4.1)
(0.3)
(123.8)
Debenture stock
(25.9)
6.0
\u2013
(19.9)
Preference shares
(1.6)
\u2013
\u2013
(1.6)
Total borrowings
(146.9)
1.9
(0.3)
(145.3)
Net debt
(204.6)
8.7
(3.1)
(199.0)
1 Non-cash movements relate to the amortisation of arrangement fees, arrangement fees accrued and movements in lease liabilities. 2 Bank loans are net of arrangement fees and cash flows include the payment of arrangement fees. Company
At 30 March 2024 Cash flows
Non-cash
1
At 29 March 2025
52 weeks ended 29 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
Cash and short-term deposits
12.2
1.6
\u2013
13.8
12.2
1.6
\u2013
13.8
Financial liabilities:
Lease liabilities
(65.5)
8.2
(3.2)
(60.5)
(65.5)
8.2
(3.2)
(60.5)
Debt:
Bank loans
2
(123.8)
(9.5)
(1.2)
(134.5)
Debenture stock
(19.9)
\u2013
\u2013
(19.9)
Preference shares
(1.6)
\u2013
\u2013
(1.6)
Total borrowings
(145.3)
(9. 5)
(1.2)
(156.0)
Net debt
(198.6)
0.3
(4.4)
(202.7)
At 1 April 2023 Cash flows
Non-cash
1
At 30 March 2024
52 weeks ended 30 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
Cash and short-term deposits
14.1
(1.9)
\u2013
12.2
14.1
(1.9)
\u2013
12.2
Financial liabilities:
Lease liabilities
(71.3)
8.7
(2.9)
(65.5)
(71.3)
8.7
(2.9)
(65.5)
Debt:
Bank loans
2
(119. 4)
(4.1)
(0.3)
(123.8)
Debenture stock
(25.9)
6.0
\u2013
(19.9)
Preference shares
(1.6)
\u2013
\u2013
(1.6)
Total borrowings
(146.9)
1.9
(0.3)
(145.3)
Net debt
(204.1)
8.7
(3.2)
(198.6)
1 Non-cash movements relate to the amortisation of arrangement fees, arrangement fees accrued and movements in lease liabilities. 2 Bank loans net of arrangement fees and cash flows include the payment of arrangement fees . ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-429": { "value": "21. Cash, Borrowings and Net Debt Cash and cash equivalents
Group Group Company Company
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Cash at bank and in hand
13.8
12.2
13.8
12.2
For the purposes of the Consolidated Cash Flow Statement, cash and cash equivalents comprise cash at bank and in hand, as above. Cash at bank earns interest at floating rates. The cash at bank and in hand figure includes amounts receivable from customers for debit or credit card payment transactions of \u00a35.7 million (2024: \u00a36.2 million) in the three days before the end of the financial year which did not clear the bank (and therefore show on the bank statement) until the first working day of the new financial year.
Group Group Company Company
2025 2024 2025 2024
Borrowings \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
134.5
123.8
134.5
123.8
Debenture stock
19.9
19.9
19.9
19.9
Preference shares
1.6
1.6
1.6
1.6
Total borrowings
156.0
145.3
156.0
145.3
Analysed as:
Borrowings within current liabilities
\u2013
\u2013
\u2013
\u2013
Borrowings within non-current liabilities
156.0
145.3
156.0
145.3
156.0
145.3
156.0
145.3
All borrowings at both year ends are denominated in Sterling and, where appropriate, are stated net of issue costs. Further information on borrowings is given in Note 25. Bank loans Group and Company On 12 March 2025, the Group secured a new facility of \u00a3185 million with a syndicate of five banks, split between a revolving credit facility of \u00a3100 million and a term loan of \u00a385 million. The facility is unsecured and available until 31 August 2028. The new facilities bear an interest rate margin dependant on leverage covenant plus SONIA. Under the terms of the revolving credit facility the Group expects to and has the discretion to roll over the obligation for at least 12 months from the Balance Sheet date, and as a result, these amounts are reported as non-current liabilities in the Balance Sheet. At 29 March 2025, \u00a349.7 million (2024: \u00a375.0 million) of the total \u00a3185 million (2024: \u00a3200 million) committed bank facility was available and undrawn. The bank loans are repayable as follows:
2025 2024
\u00a3m \u00a3m
In the third to fifth year inclusive
135.3
125.0
Less: bank loan arrangement fees
(0.8)
(1.2)
Non-current liabilities
134.5
123.8
Debenture stock The debenture stocks are secured on specified fixed and floating assets of the Company and are redeemable on maturity. Debenture stocks are repayable as follows:
2025 2024
\u00a3m \u00a3m
Current liabilities
\u2013
\u2013
In the third to fifth year inclusive \u2013 6.875% Debenture Stock 2028 (1st floating charge)
20.0
20.0
Less: discount on issue
(0.1)
(0.1)
Non-current liabilities
19.9
19.9
Preference shares The Company\u2019s preference shares are classified as debt. The shares are not redeemable and are included in borrowings within non-current liabilities. See Note 23 for further details of the preference shares. Analysis of net debt Group
At 30 March 2024 Cash flows
Non-cash
1
At 29 March 2025
52 weeks ended 29 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
Cash and short-term deposits
12.2
1.6
\u2013
13.8
12.2
1.6
\u2013
13.8
Financial liabilities:
Lease liabilities
(65.9)
8.3
(3.2)
(60.8)
(65.9)
8.3
(3.2)
(60.8)
Debt:
Bank loans
2
(123.8)
(9.5)
(1.2)
(134.5)
Debenture stock
(19.9)
\u2013
\u2013
(19.9)
Preference shares
(1.6)
\u2013
\u2013
(1.6)
Total borrowings
(145.3)
(9. 5)
(1.2)
(156.0)
Net debt
(199. 0)
0.4
(4.4)
(203.0)
At 1 April 2023 Cash flows
Non-cash
1
At 30 March 2024
52 weeks ended 30 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
Cash and short-term deposits
14.1
(1.9)
\u2013
12.2
14.1
(1.9)
\u2013
12.2
Financial liabilities:
Lease liabilities
(71.8)
8.7
(2.8)
(65.9)
(71.8)
8.7
(2.8)
(65.9)
Debt:
Bank loans
2
(119. 4)
(4.1)
(0.3)
(123.8)
Debenture stock
(25.9)
6.0
\u2013
(19.9)
Preference shares
(1.6)
\u2013
\u2013
(1.6)
Total borrowings
(146.9)
1.9
(0.3)
(145.3)
Net debt
(204.6)
8.7
(3.1)
(199.0)
1 Non-cash movements relate to the amortisation of arrangement fees, arrangement fees accrued and movements in lease liabilities. 2 Bank loans are net of arrangement fees and cash flows include the payment of arrangement fees. Company
At 30 March 2024 Cash flows
Non-cash
1
At 29 March 2025
52 weeks ended 29 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
Cash and short-term deposits
12.2
1.6
\u2013
13.8
12.2
1.6
\u2013
13.8
Financial liabilities:
Lease liabilities
(65.5)
8.2
(3.2)
(60.5)
(65.5)
8.2
(3.2)
(60.5)
Debt:
Bank loans
2
(123.8)
(9.5)
(1.2)
(134.5)
Debenture stock
(19.9)
\u2013
\u2013
(19.9)
Preference shares
(1.6)
\u2013
\u2013
(1.6)
Total borrowings
(145.3)
(9. 5)
(1.2)
(156.0)
Net debt
(198.6)
0.3
(4.4)
(202.7)
At 1 April 2023 Cash flows
Non-cash
1
At 30 March 2024
52 weeks ended 30 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
Cash and short-term deposits
14.1
(1.9)
\u2013
12.2
14.1
(1.9)
\u2013
12.2
Financial liabilities:
Lease liabilities
(71.3)
8.7
(2.9)
(65.5)
(71.3)
8.7
(2.9)
(65.5)
Debt:
Bank loans
2
(119. 4)
(4.1)
(0.3)
(123.8)
Debenture stock
(25.9)
6.0
\u2013
(19.9)
Preference shares
(1.6)
\u2013
\u2013
(1.6)
Total borrowings
(146.9)
1.9
(0.3)
(145.3)
Net debt
(204.1)
8.7
(3.2)
(198.6)
1 Non-cash movements relate to the amortisation of arrangement fees, arrangement fees accrued and movements in lease liabilities. 2 Bank loans net of arrangement fees and cash flows include the payment of arrangement fees ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-381": { "value": "22. Pensions a) Retirement benefit plans \u2013 Group and Company The Group operates one closed funded defined benefit pension scheme, the Fuller\u2019s Defined Benefit Pension Plan (\u201cScheme\u201d). The Scheme is defined benefit in nature, with assets held in separate professionally managed, trustee-administered funds. The Scheme is an HM Revenue & Customs registered pension plan and subject to standard United Kingdom pension and tax law. On 1 January 2015 the Scheme was closed to future accrual. The Group operates two defined contribution pension schemes for its employees. The first is the AON MasterTrust Pension for employees of the Parent Company. Secondly, a workplace pension for employees who are not members of the AON MasterTrust Pension is offered through the National Employment Savings Trust (\u201cNEST\u201d). The Group also pays benefits, which are unfunded, to a number of former employees. The Directors consider these benefits to be defined benefit in nature and the full defined benefit liability is recognised on the Balance Sheet.
52 weeks ended 52 weeks ended
29 March 2025 30 March 2024
Group and Company \u00a3m \u00a3m
Total amounts (credited) / charged in respect of pensions in the year
(Credited) / charged to Income Statement:
Defined benefit scheme \u2013 net finance credit \u2013 separately disclosed items
(0.8)
(0.7)
Defined contribution schemes \u2013 total operating charge
2.3
2.2
1.5
1.5
Charge to equity:
Defined benefit schemes \u2013 net actuarial losses
18.3
0.3
Total pension charge
19.8
1.8
b) Defined contribution stakeholder pension plans \u2013 Group and Company The total cost charged to income in respect of the defined contribution stakeholder schemes is shown in the total operating charge above. c) Defined benefit plans \u2013 Group and Company The Scheme provides pensions and lump sums to members on retirement and to their dependants on death. Trustees are appointed by both the Company and the Scheme\u2019s membership who act in the interest of the Scheme and all relevant stakeholders, including the members and the Company. The trustees are also responsible for the investment of the Scheme\u2019s assets. The Company pays the costs as determined by regular actuarial valuations. The Trustees are required to use prudent assumptions to value the liabilities and costs of the Scheme whereas the accounting assumptions must be best estimates. Responsibility for making good any deficit on the Scheme lies with the Company and this introduces a number of risks for the Company. The major risks are: \u2022 Interest and investment risk \u2013 the value of the Scheme\u2019s assets are subject to volatility in equity prices. The Scheme has diversified its investments to reduce the impact of volatility and variable interest return rates. \u2022 Inflation risk \u2013 the defined benefit obligation is linked to inflation so higher rates would result in a higher defined benefit obligation. \u2022 Longevity risk \u2013 an increase over the assumptions applied will increase the defined benefit obligation. The Company and trustees are aware of these risks and manage them through appropriate investment and funding strategies. The trustees manage governance and operational risks through a number of internal control policies. The Scheme is subject to regular actuarial valuations, which are usually carried out every three years. In April 2023, the 2022 triennial valuation was concluded, and the Company agreed to pay contributions into the Scheme in line with the existing recovery plan. Under this plan, deficit reduction contributions started at \u00a32.2 million per annum in July 2022. These were payable in equal monthly instalments and increased each January in line with CPI. As of January 2023, the deficit reduction contributions increased to \u00a32.4 million, increasing again to \u00a32.6 million as at January 2024. As a result of the Scheme being fully funded as at 30 September 2024 on the Technical Provisions basis, contributions ceased in line with the terms agreed in the Schedule of Contributions. Fixed security over certain of the Company\u2019s freehold properties (with a net book value of \u00a330.3 million at 30 March 2024) has been provided to the Scheme as additional security, the value of which will be reviewed at each triennial actuarial valuation. The next triennial actuarial valuation is due on 30 July 2025. With the improvement in the funding position, the Company completed a full buy-in of the Scheme with Legal & General on 11 December 2024. The figures in the following disclosures were measured using the projected unit credit method. The Scheme has not invested in any of the Group\u2019s own financial instruments or in properties or other assets in use by the Group.
Key assumptions
The key assumptions used in the valuation of the Scheme are set out below:
2025 2024
Mortality assumptions Years Years
Current pensioners (at 65) \u2013 males
21.4
21.4
Current pensioners (at 65) \u2013 females
23.8
23.8
Future pensioners (at 65) \u2013 males
22.7
22.7
Future pensioners (at 65) \u2013 females
25.2
25.2
The Scheme is now closed to future accrual. The average age of the members who were active at closure is 60 for males and 58 for
females. The average age of all non-pensioners is 59.
Key financial assumptions used in the valuation of the Scheme
2025
2024
Rate of increase in pensions in payment
2.95%
3.05%
Discount rate
5.75%
4.85%
Inflation assumption \u2013 RPI
3.00%
3.10%
Inflation assumption \u2013 CPI (pre-2030 / post-2030)
2.10% / 3.00%
2.20% / 3.10%
The present value of the Scheme liabilities is sensitive to the assumptions used, as follows:
2025 2024
Impact on Scheme liabilities \u2013 increase / (decrease)
1
\u00a3m \u00a3m
Increase discount rate by 0.1%
(0.9)
(1.1)
Increase inflation assumption by 0.1%
2
0.8
0.7
Increase life expectancies by 1 year
3.6
4.0
1 The sensitivity analyses are based on a change in an assumption whilst holding all of the other assumptions constant. In practice, this is unlikely to occur
and changes in some of the assumptions may be correlated. When calculating the sensitivity to change, the same actuarial method has been applied
as when calculating the pension liability within the Balance Sheet. Due to the Scheme closing to future accrual on 1 January 2015, there are no longer
any active members in the Scheme. As the members who were active at closure did not maintain a salary link on their past service benefits, the future
salary increase assumptions no longer have an impact on the Scheme\u2019s liabilities.
2 For members who were active at closure, their pensions now increase in deferment in line with CPI inflation.
At 29 March 2025 At 30 March 2024
Assets in the Scheme \u00a3m \u00a3m
Corporate bonds
\u2013
46.0
Index linked debt instruments
1.3
31.6
Overseas equities
\u2013
8.0
Alternatives
1
\u2013
20.8
Cash
1.3
3.6
Annuities
83.4
2.3
Total market value of assets
86.0
112 . 3
1 Alternatives is composed of holdings in diversified growth investment funds.
2025 2024
\u00a3m \u00a3m
Fair value of Scheme assets
86.0
112 . 3
Present value of Scheme liabilities
(85.6)
(95.0)
Surplus in the Scheme
0.4
17. 3
Included within the total present value of Group and Company Scheme liabilities of \u00a385.6 million (2024: \u00a395.0 million) are assets and
liabilities which are entirely unfunded. These are shown separately on the Balance Sheet as there is no right to offset the assets of
the funded Scheme against the unfunded Scheme.
2025 2024
\u00a3m \u00a3m
Retirement benefit obligations \u2013 funded
1.6
18.7
Retirement benefit obligations \u2013 unfunded
(1.2)
(1.4)
Surplus in the Scheme
0.4
17. 3
Defined benefit obligation
Fair value of Scheme assets
Net defined benefit surplus
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at beginning of the year
(95.0)
(98.8)
112.3
113. 4
17.3
14.6
Included in profit and loss
Net interest credit
(4.5)
(4.6)
5.3
5.3
0.8
0.7
Administration expenses
\u2013
\u2013
(0.1)
(0.3)
(0.1)
(0.3)
Past service costs
(0.8)
\u2013
\u2013
\u2013
(0.8)
\u2013
(5.3)
(4.6)
5.2
5.0
(0.1)
0.4
Included in other comprehensive income
Actuarial gains / (losses) relating to:
Actual return less expected return
on Scheme\u2019s assets
\u2013
\u2013
(28.2)
(4.0)
(28.2)
(4.0)
Experience gains / (losses) arising
on Scheme liabilities
9.9
3.7
\u2013
\u2013
9.9
3.7
9.9
3.7
(28.2)
(4.0)
(18.3)
(0.3)
Other
Employee contributions
\u2013
\u2013
1.5
2.6
1.5
2.6
Benefits paid
4.8
4.7
(4.8)
(4.7)
\u2013
\u2013
4.8
4.7
(3.3)
(2.1)
1.5
2.6
Balance at end of the year
(85.6)
(95.0)
86.0
112 . 3
0.4
17. 3
The weighted average duration of the Scheme\u2019s liabilities at the end of the period is 11 years (2024: 12 years). No further deficit reduction contributions are expected to be paid to the Scheme in the next financial year.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-409": { "value": "
b) Defined contribution stakeholder pension plans \u2013 Group and Company
The total cost charged to income in respect of the defined contribution stakeholder schemes is shown in the total operating
charge above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-410": { "value": "
c) Defined benefit plans \u2013 Group and Company
The Scheme provides pensions and lump sums to members on retirement and to their dependants on death.
Trustees are appointed by both the Company and the Scheme\u2019s membership who act in the interest of the Scheme and all
relevant stakeholders, including the members and the Company. The trustees are also responsible for the investment of the
Scheme\u2019s assets.
The Company pays the costs as determined by regular actuarial valuations. The Trustees are required to use prudent assumptions
to value the liabilities and costs of the Scheme whereas the accounting assumptions must be best estimates.
Responsibility for making good any deficit on the Scheme lies with the Company and this introduces a number of risks for the
Company. The major risks are:
\u2022 Interest and investment risk \u2013 the value of the Scheme\u2019s assets are subject to volatility in equity prices. The Scheme has
diversified its investments to reduce the impact of volatility and variable interest return rates.
\u2022 Inflation risk \u2013 the defined benefit obligation is linked to inflation so higher rates would result in a higher defined benefit obligation.
\u2022 Longevity risk \u2013 an increase over the assumptions applied will increase the defined benefit obligation.
The Company and trustees are aware of these risks and manage them through appropriate investment and funding strategies.
The trustees manage governance and operational risks through a number of internal control policies.
The Scheme is subject to regular actuarial valuations, which are usually carried out every three years. In April 2023, the 2022 triennial
valuation was concluded, and the Company agreed to pay contributions into the Scheme in line with the existing recovery plan.
Under this plan, deficit reduction contributions started at \u00a32.2 million per annum in July 2022. These were payable in equal monthly
instalments and increased each January in line with CPI. As of January 2023, the deficit reduction contributions increased to
\u00a32.4 million, increasing again to \u00a32.6 million as at January 2024. As a result of the Scheme being fully funded as at 30 September 2024
on the Technical Provisions basis, contributions ceased in line with the terms agreed in the Schedule of Contributions. Fixed security
over certain of the Company\u2019s freehold properties (with a net book value of \u00a330.3 million at 30 March 2024) has been provided
to the Scheme as additional security, the value of which will be reviewed at each triennial actuarial valuation. The next triennial
actuarial valuation is due on 30 July 2025. With the improvement in the funding position, the Company completed a full buy-in of the
Scheme with Legal & General on 11 December 2024.
The figures in the following disclosures were measured using the projected unit credit method.
The Scheme has not invested in any of the Group\u2019s own financial instruments or in properties or other assets in use by the Group.
Key assumptions The key assumptions used in the valuation of the Scheme are set out below:
2025 2024
Mortality assumptions Years Years
Current pensioners (at 65) \u2013 males
21.4
21.4
Current pensioners (at 65) \u2013 females
23.8
23.8
Future pensioners (at 65) \u2013 males
22.7
22.7
Future pensioners (at 65) \u2013 females
25.2
25.2
The Scheme is now closed to future accrual. The average age of the members who were active at closure is 60 for males and 58 for females. The average age of all non-pensioners is 59.
Key financial assumptions used in the valuation of the Scheme
2025
2024
Rate of increase in pensions in payment
2.95%
3.05%
Discount rate
5.75%
4.85%
Inflation assumption \u2013 RPI
3.00%
3.10%
Inflation assumption \u2013 CPI (pre-2030 / post-2030)
2.10% / 3.00%
2.20% / 3.10%
The present value of the Scheme liabilities is sensitive to the assumptions used, as follows:
2025 2024
Impact on Scheme liabilities \u2013 increase / (decrease)
1
\u00a3m \u00a3m
Increase discount rate by 0.1%
(0.9)
(1.1)
Increase inflation assumption by 0.1%
2
0.8
0.7
Increase life expectancies by 1 year
3.6
4.0
1 The sensitivity analyses are based on a change in an assumption whilst holding all of the other assumptions constant. In practice, this is unlikely to occur and changes in some of the assumptions may be correlated. When calculating the sensitivity to change, the same actuarial method has been applied as when calculating the pension liability within the Balance Sheet. Due to the Scheme closing to future accrual on 1 January 2015, there are no longer any active members in the Scheme. As the members who were active at closure did not maintain a salary link on their past service benefits, the future salary increase assumptions no longer have an impact on the Scheme\u2019s liabilities. 2 For members who were active at closure, their pensions now increase in deferment in line with CPI inflation.
At 29 March 2025 At 30 March 2024
Assets in the Scheme \u00a3m \u00a3m
Corporate bonds
\u2013
46.0
Index linked debt instruments
1.3
31.6
Overseas equities
\u2013
8.0
Alternatives
1
\u2013
20.8
Cash
1.3
3.6
Annuities
83.4
2.3
Total market value of assets
86.0
112 . 3
1 Alternatives is composed of holdings in diversified growth investment funds.
2025 2024
\u00a3m \u00a3m
Fair value of Scheme assets
86.0
112 . 3
Present value of Scheme liabilities
(85.6)
(95.0)
Surplus in the Scheme
0.4
17. 3
Included within the total present value of Group and Company Scheme liabilities of \u00a385.6 million (2024: \u00a395.0 million) are assets and liabilities which are entirely unfunded. These are shown separately on the Balance Sheet as there is no right to offset the assets of the funded Scheme against the unfunded Scheme.
2025 2024
\u00a3m \u00a3m
Retirement benefit obligations \u2013 funded
1.6
18.7
Retirement benefit obligations \u2013 unfunded
(1.2)
(1.4)
Surplus in the Scheme
0.4
17. 3
Defined benefit obligation
Fair value of Scheme assets
Net defined benefit surplus
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at beginning of the year
(95.0)
(98.8)
112.3
113. 4
17.3
14.6
Included in profit and loss
Net interest credit
(4.5)
(4.6)
5.3
5.3
0.8
0.7
Administration expenses
\u2013
\u2013
(0.1)
(0.3)
(0.1)
(0.3)
Past service costs
(0.8)
\u2013
\u2013
\u2013
(0.8)
\u2013
(5.3)
(4.6)
5.2
5.0
(0.1)
0.4
Included in other comprehensive income
Actuarial gains / (losses) relating to:
Actual return less expected return
on Scheme\u2019s assets
\u2013
\u2013
(28.2)
(4.0)
(28.2)
(4.0)
Experience gains / (losses) arising
on Scheme liabilities
9.9
3.7
\u2013
\u2013
9.9
3.7
9.9
3.7
(28.2)
(4.0)
(18.3)
(0.3)
Other
Employee contributions
\u2013
\u2013
1.5
2.6
1.5
2.6
Benefits paid
4.8
4.7
(4.8)
(4.7)
\u2013
\u2013
4.8
4.7
(3.3)
(2.1)
1.5
2.6
Balance at end of the year
(85.6)
(95.0)
86.0
112 . 3
0.4
17. 3
The weighted average duration of the Scheme\u2019s liabilities at the end of the period is 11 years (2024: 12 years).
No further deficit reduction contributions are expected to be paid to the Scheme in the next financial year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-382": { "value": "
23. Preference Share Capital
Group and Company
First 6% cumulative Second 8% cumulative
preference share of \u00a31 each preference share of \u00a31 each Total
Authorised, issued and fully paid share capital Number Number Number
Number authorised and in issue: \u2018000s \u2018000s \u2018000s
At 29 March 2025 and 30 March 2024
400
1,200
1,600
Monetary amount:
\u00a3m
\u00a3m
\u00a3m
At 29 March 2025 and 30 March 2024
0.4
1.2
1.6
The first 6% cumulative preference shares of \u00a31 each are entitled to first payment of a fixed cumulative dividend and on winding up
to a return of paid capital plus arrears of dividends. The second 8% cumulative preference shares of \u00a31 each are entitled to second
payment of a fixed cumulative dividend and on winding up a return of capital paid up (plus a premium calculated by reference to
an average quoted price on the London Stock Exchange for the previous six months) plus arrears of dividends.
Preference shareholders may only vote in limited circumstances: principally on winding up, alteration of class rights or on unpaid
preference dividends. Preference shares cannot be redeemed by the holders, other than on winding up.
26. Share Capital and Reserves
a) Share capital
\"A\" Ordinary \u201cC\" Ordinary Shares \"B\" Ordinary Shares
Shares of 40p each of 40p each of 4p each Total
Number Number Number Number
Authorised, issued and fully paid Number in issue \u2018000s '000s '000s '000s
At 30 March 2024
41,182
13,366
89,052
143,600
Cancellation of shares
(3,900)
\u2013
\u2013
(3,900)
\u201cC\u201d to \u201cA\u201d re-designation
40
(40)
\u2013
\u2013
At 29 March 2025
37,32
2
13,326
89,052
139,700
Proportion of total equity shares at 29 March 2025
26.7%
9.5%
63.8%
100.0%
Monetary amount
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 30 March 2024
16.5
5.3
3.6
25.4
At 29 March 2025
14.9
5.3
3.6
23.8
Share capital represents the nominal value proceeds received on the issue of the Company\u2019s equity share capital, comprising 40p and
4p ordinary shares. The Company\u2019s preference shares are classified as non-current liabilities in accordance with IFRS (see Note 23).
The ordinary shareholders are entitled to be paid a dividend out of any surplus profits and to participate in surplus assets on winding
up in proportion to the nominal value of each class of share (\u201cB\u201d Ordinary Shares have one-tenth of the nominal value of \u201cA\u201d and
\u201cC\u201d Ordinary Shares).
All equity shares in the Company carry one vote per share, save that shares held in treasury have their voting rights suspended.
The \u201cA\u201d and \u201cC\u201d Ordinary Shares have a 40p nominal value and the \u201cB\u201d Ordinary Shares have a 4p nominal value so that a \u201cB\u201d
Ordinary Share dividend will be paid at 10% of the rate applying to \u201cA\u201d and \u201cC\u201d Ordinary Shares. The \u201cA\u201d Ordinary Shares are listed
on the London Stock Exchange. The \u201cC\u201d Ordinary Shares carry a right for the holder to convert them to \u201cA\u201d Ordinary Shares by
written notice in the 30-day period following the half year and preliminary announcements. The \u201cB\u201d Ordinary Shares are not listed
and have no conversion rights. In most circumstances the value of a \u201cB\u201d Ordinary Share is deemed to be 10% of the value of the
listed \u201cA\u201d Ordinary Shares. The Trustee holding shares for participants of the LTIP currently waives dividends for shares held during
the initial three-year period. Dividends are not paid on shares held in treasury.
The Articles include provisions relating to the Company\u2019s \u201cB\u201d and \u201cC\u201d Ordinary Shares which provide that shareholders who wish to
transfer their shares may only do so if the transfer is to another \u201cB\" or \u201cC\" shareholder, or if the transfer is to certain of that shareholder\u2019s
family members or their executors or administrators or, where shares are held by trustees, to new trustees, or to the trustees of any
employee share scheme, or if the Company is unable to identify another shareholder of that class willing to purchase the shares
within the specified period, to any person.
b) Own shares Own shares relate to shares held by independently managed employee share ownership trusts (\u201cESOTs\u201d) together with the Company\u2019s holding of treasury shares. Shares are purchased by the ESOTs in order to satisfy potential awards under the Long Term Incentive Plan (\u201cLTIP\u201d) and Share Incentive Scheme (\u201cSIP\u201d). In January 2025, the Group completed a share buyback programme, to repurchase a total of 3.5 million \u201cA\u201d Ordinary Shares which were bought back for total consideration \u00a322.9 million (FY2024 two million \u201cA\u201d Ordinary Shares were bought back for total consideration of \u00a312.4 million). A further one million \u201cA\u201d Ordinary Share buyback programme began on 14 March 2025. At the Balance Sheet date, 146,000 \u201cA\u201d Ordinary Shares have been bought back for total consideration of \u00a30.8 million. Treasury shares are used, inter alia, to satisfy options under the Company\u2019s share options schemes. The LTIP ESOT has waived its rights to dividends on the shares it holds. Treasury shares have voting and dividend rights suspended. All own shares held, as below, are excluded from earnings and net assets per share calculations.
Treasury shares
LTIP ESOT
SIP ESOT
Total
\"A\" Ordinary \"B\" Ordinary \"B\" Ordinary \"C\" Ordinary \"A\" Ordinary \"A\" Ordinary \"B\" Ordinary \"C\" Ordinary
40p Shares 4p Shares 4p Shares 40p Shares 40p Shares 40p Shares 4p Shares 40p Shares Own shares
Number \u2018000s \u2018000s \u2018000s \u2018000s \u2018000s \u2018000s \u2018000s \u2018000s \u2018000s
At 1 April 2023
2,252
4,328
326
6
5
2,257
4,654
6
6,917
Shares purchased
2,018
\u2013
\u2013
\u2013
\u2013
2,018
\u2013
\u2013
2,018
Shares released
(126)
\u2013
\u2013
\u2013
\u2013
(126)
\u2013
\u2013
(126)
At 30 March 2024
4,144
4,328
326
6
5
4,149
4,654
6
8,809
Shares purchased
3,628
\u2013
238
\u2013
\u2013
3,628
238
\u2013
3,866
Shares released
(32)
\u2013
\u2013
\u2013
\u2013
(32)
\u2013
\u2013
(32)
Shares cancelled
(3,900)
\u2013
\u2013
\u2013
\u2013
(3,900)
\u2013
\u2013
(3,900)
At 29 March 2025
3,840
4,328
564
6
5
3,845
4,892
6
8,743
Monetary amount
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 April 2023
16.5
4.3
0.3
0.1
0.1
16.6
4.6
0.1
21.3
Shares purchased
12.4
\u2013
\u2013
\u2013
\u2013
12.4
\u2013
\u2013
12.4
Shares released
(0.8)
\u2013
\u2013
\u2013
\u2013
(0.8)
\u2013
\u2013
(0.8)
At 30 March 2024
28.1
4.3
0.3
0.1
0.1
28.2
4.6
0.1
32.9
Shares purchased
23.7
\u2013
0.2
\u2013
\u2013
23.7
0.2
\u2013
23.9
Shares released
(0.1)
\u2013
\u2013
\u2013
\u2013
(0.1)
\u2013
\u2013
(0.1)
Shares cancelled
(26.6)
\u2013
\u2013
\u2013
\u2013
(26.6)
\u2013
\u2013
(26.6)
At 29 March 2025
25.1
4.3
0.5
0.1
0.1
25.2
4.8
0.1
30.1
Market value at
29 March 2025
20.6
2.3
0.3
\u2013
\u2013
20.6
2.6
\u2013
23.2
c) Other capital reserves Share premium account The balance in the share premium account represents the proceeds received above the nominal value on the issue of the Company\u2019s equity share capital. Capital redemption reserve The capital redemption reserve balance arises from the buy back of the Company\u2019s own equity share capital. Hedging reserve The hedging reserve contains the effective portion of the cash flow hedge relationships incurred at the Balance Sheet date, net of tax. Merger reserve The merger reserve balance arose from the hive up of Bel & The Dragon and the Lovely Pubs.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-411": { "value": "23. Preference Share Capital Group and Company
First 6% cumulative Second 8% cumulative
preference share of \u00a31 each preference share of \u00a31 each Total
Authorised, issued and fully paid share capital Number Number Number
Number authorised and in issue: \u2018000s \u2018000s \u2018000s
At 29 March 2025 and 30 March 2024
400
1,200
1,600
Monetary amount:
\u00a3m
\u00a3m
\u00a3m
At 29 March 2025 and 30 March 2024
0.4
1.2
1.6
The first 6% cumulative preference shares of \u00a31 each are entitled to first payment of a fixed cumulative dividend and on winding up to a return of paid capital plus arrears of dividends. The second 8% cumulative preference shares of \u00a31 each are entitled to second payment of a fixed cumulative dividend and on winding up a return of capital paid up (plus a premium calculated by reference to an average quoted price on the London Stock Exchange for the previous six months) plus arrears of dividends. Preference shareholders may only vote in limited circumstances: principally on winding up, alteration of class rights or on unpaid preference dividends. Preference shares cannot be redeemed by the holders, other than on winding up. a) Share capital
\"A\" Ordinary \u201cC\" Ordinary Shares \"B\" Ordinary Shares
Shares of 40p each of 40p each of 4p each Total
Number Number Number Number
Authorised, issued and fully paid Number in issue \u2018000s '000s '000s '000s
At 30 March 2024
41,182
13,366
89,052
143,600
Cancellation of shares
(3,900)
\u2013
\u2013
(3,900)
\u201cC\u201d to \u201cA\u201d re-designation
40
(40)
\u2013
\u2013
At 29 March 2025
37,32
2
13,326
89,052
139,700
Proportion of total equity shares at 29 March 2025
26.7%
9.5%
63.8%
100.0%
Monetary amount
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 30 March 2024
16.5
5.3
3.6
25.4
At 29 March 2025
14.9
5.3
3.6
23.8
Share capital represents the nominal value proceeds received on the issue of the Company\u2019s equity share capital, comprising 40p and 4p ordinary shares. The Company\u2019s preference shares are classified as non-current liabilities in accordance with IFRS (see Note 23). The ordinary shareholders are entitled to be paid a dividend out of any surplus profits and to participate in surplus assets on winding up in proportion to the nominal value of each class of share (\u201cB\u201d Ordinary Shares have one-tenth of the nominal value of \u201cA\u201d and \u201cC\u201d Ordinary Shares). All equity shares in the Company carry one vote per share, save that shares held in treasury have their voting rights suspended. The \u201cA\u201d and \u201cC\u201d Ordinary Shares have a 40p nominal value and the \u201cB\u201d Ordinary Shares have a 4p nominal value so that a \u201cB\u201d Ordinary Share dividend will be paid at 10% of the rate applying to \u201cA\u201d and \u201cC\u201d Ordinary Shares. The \u201cA\u201d Ordinary Shares are listed on the London Stock Exchange. The \u201cC\u201d Ordinary Shares carry a right for the holder to convert them to \u201cA\u201d Ordinary Shares by written notice in the 30-day period following the half year and preliminary announcements. The \u201cB\u201d Ordinary Shares are not listed and have no conversion rights. In most circumstances the value of a \u201cB\u201d Ordinary Share is deemed to be 10% of the value of the listed \u201cA\u201d Ordinary Shares. The Trustee holding shares for participants of the LTIP currently waives dividends for shares held during the initial three-year period. Dividends are not paid on shares held in treasury. The Articles include provisions relating to the Company\u2019s \u201cB\u201d and \u201cC\u201d Ordinary Shares which provide that shareholders who wish to transfer their shares may only do so if the transfer is to another \u201cB\" or \u201cC\" shareholder, or if the transfer is to certain of that shareholder\u2019s family members or their executors or administrators or, where shares are held by trustees, to new trustees, or to the trustees of any employee share scheme, or if the Company is unable to identify another shareholder of that class willing to purchase the shares within the specified period, to any person. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-383": { "value": "
24. Provisions
Legal claims
2025 2024
Group and Company \u00a3m \u00a3m
Balance at the beginning of the year
0.8
0.5
Arising during the year
0.1
0.3
Released during the year
(0.5)
\u2013
Balance at the end of the year
0.4
0.8
2025 2024
Analysed as: \u00a3m \u00a3m
Due within one year
0.4
0.8
Due in more than one year
\u2013
\u2013
0.4
0.8
Further information has not been disclosed about the legal claims as they are ongoing disputes and could negatively impact the
outcome of the negotiations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-443": { "value": "25. Financial Instruments Details of the Group\u2019s treasury function are included in the Financial Review\u2019s discussion of financial risks and treasury policies on page 35. The accounting treatment of the Group\u2019s financial instruments is detailed in Note 1. a) Capital management \u2013 Group and Company As described in Note 1, the Group considers its capital to comprise the following:
2025 2024
Group \u00a3m \u00a3m
Ordinary share capital
23.8
25.4
Share premium
53.2
53.2
Capital redemption reserve
5.3
3.7
Retained earnings
359.5
381.9
Preference shares
1.6
1.6
443.4
465.8
2025 2024
Company \u00a3m \u00a3m
Ordinary share capital
23.8
25.4
Share premium
53.2
53.2
Capital redemption reserve
5.3
3.7
Merger reserve
(10.6)
(1.6)
Retained earnings
292.4
316.0
Preference shares
1.6
1.6
365.7
398.3
In managing its capital, the primary objective is to ensure that the Group is able to continue to operate as a going concern and to maximise return to shareholders through a combination of capital growth, distributions and the payment of preference dividends to its preference shareholders. The Group seeks to maintain a ratio of debt and equity that balances risks and returns at an acceptable level and maintains sufficient funds to meet working capital targets, investment requirements and comply with lending covenants. As a minimum, the Board reviews the Group\u2019s dividend policy twice yearly and reviews the treasury position at every Board meeting. The Group\u2019s financial assets and liabilities as recognised at the Balance Sheet date may also be categorised as follows:
2025 2024
Group \u00a3m \u00a3m
Non-current assets
Derivative financial instruments used for hedging
\u2013
0.1
Total non-current assets
\u2013
0.1
Current assets
Trade and other receivables in scope of IFRS 9
2.8
2.1
Total current assets
2.8
2.1
Total financial assets
2.8
2.2
Current liabilities
Financial liabilities at amortised cost:
Trade and other payables in scope of IFRS 9
15.5
23.3
Lease liabilities
5.2
4.4
Total carried at amortised cost
20.7
2 7. 7
Total current liabilities
20.7
2 7. 7
Non-current liabilities
Financial liabilities at amortised cost:
Lease liabilities
55.6
61.5
Loans and debenture stock
154.4
143.7
Preference shares
1.6
1.6
Total carried at amortised cost
211.6
206.8
Total non-current liabilities
211.6
206.8
Total financial liabilities
232.3
234.5
2025 2024
Company \u00a3m \u00a3m
Non-current assets
Derivative financial instruments used for hedging
\u2013
0.1
Total non-current assets
\u2013
0.1
Current assets
Trade and other receivables in scope of IFRS 9
2.8
2.1
Total current assets
2.8
2.1
Total financial assets
2.8
2.2
Current liabilities
Financial liabilities at amortised cost:
Trade and other payables in scope of IFRS 9
178.1
176.5
Lease liabilities
5.1
4.3
Total carried at amortised cost
183.2
180.8
Total current liabilities
183.2
180.8
Non-current liabilities
Financial liabilities at amortised cost:
Lease liabilities
55.4
61.2
Loans and debenture stock
154.4
143.7
Preference shares
1.6
1.6
Total carried at amortised cost
211. 4
206.5
Total non-current liabilities
211. 4
206.5
Total financial liabilities
394.6
3 87. 3
There is no set-off of financial assets and liabilities as shown above. c) Financial risks \u2013 Group and Company The main risks associated with the Group\u2019s financial assets and liabilities are set out below, as are the Group\u2019s policies for their management. Derivative instruments are used to change the economic characteristics of financial instruments in accordance with Group policy. i. Interest rate risk The Group manages its cost of borrowings using a mixture of fixed rates, variable rates and interest rate collars. Fixed rates do not expose the Group to cash flow interest rate risk, but do not enjoy a reduction in borrowing costs in markets where rates are falling. Floating rate borrowings, although not exposed to changes in fair value, expose the Group to cash flow risk following rises in interest rates and cost. The debentures totalling \u00a319.9 million (FY2024: \u00a319.9 million), net of interest paid in advance, are at fixed rates. The bank facilities totalling \u00a3185 million (FY2024: \u00a3200 million) are at floating rates. At the year end, after taking account of the interest rate collar, 45% (FY2024: 48%) of the Group\u2019s drawn bank loans and 52% (FY2024: 56%) of gross borrowings were at fixed rates or hedged. Interest rate collar The Group has entered into an interest rate collar agreement, where the Group sold a floor and bought a cap, in order to hedge the risk in interest cash flows on its borrowings going higher than the cap. At the Balance Sheet date, \u00a360 million (FY2024: \u00a360 million) of the Group\u2019s and Company\u2019s borrowings were hedged by interest rate collar at floor and cap rate of 3.10% and 5.00% respectively. The interest rate collar is expected to impact the Income Statement in line with the liquidity risk table shown in section (iii) below. The interest rate collar cash flow hedge in effect at 29 March 2025 was assessed as being highly effective. Net unrealised gain of \u00a3nil (FY2024: \u00a3nil) has been recorded in other comprehensive income. Sensitivity \u2013 Group and Company The Group borrows in Sterling at market rates. Three-month Sterling SONIA rate during the 52 weeks ended 29 March 2025 ranged between 4.46% and 5.20%. The Directors consider 1.0% to be a reasonable possible increase in rates and 1.0% to be a reasonable possible decrease in rates, with reference to market yield curves and the current economic conditions. The annualised effect of these changes to interest rates on the floating rate debt at the Balance Sheet date, all other variables being constant, are as follows:
Group
Company
1
2025 2024 2025 2024
Impact on post-tax profit and net equity \u2013 increase / (decrease) \u00a3m \u00a3m \u00a3m \u00a3m
Decrease interest rate by 1.0% (2024: 0.5%)
1.4
0.7
1.9
1.2
Increase interest rate by 1.0% (2024: 1.0%)
(1.2)
(1.1)
(2.3)
(2.1)
1 The Company has substantial interest bearing payables due to subsidiary companies (Note 20). ii. Credit risk The risk of financial loss due to a counter-party\u2019s failure to honour its obligations arises principally in relation to transactions where the Group provides goods and services on deferred payment terms, deposits surplus cash and enters into derivative contracts. Group policies are aimed at minimising losses and deferred terms are only granted to customers who demonstrate an appropriate payment history and satisfy credit worthiness procedures. Individual customers are subject to credit limits to control debt exposure and goods may also be sold on a cash with order basis. Cash deposits with financial institutions for short periods and derivative transactions are only permitted with financial institutions approved by the Board. There are no significant concentrations of credit risk within the Group. The maximum credit risk exposure relating to financial assets is represented by their carrying value as at the Balance Sheet date. Trade and other receivables The Group records impairment losses on its trade receivables separately from gross receivables. Further detail is included in Note 18. iii. Liquidity risk The Group minimises liquidity risk by managing cash generation, applying trade receivables collection targets, monitoring daily cash receipts and payments and setting rolling cash forecasts. Investments have cash payback periods applied as part of a tightly controlled investment appraisal process. The Group\u2019s rating with credit agencies is excellent. The Group has a mixture of long and short-term borrowings and overdraft facilities: 1% (FY2024: 1%) of the Group\u2019s borrowings are repayable after more than five years, 99% (FY2024: 99%) within the first to fifth years and nil (FY2024: nil) within one year.
The tables below summarise the maturity profile of the Group\u2019s financial liabilities at 29 March 2025 based on undiscounted
contractual cash flows, including interest payable. Floating rate interest is estimated using the prevailing interest rate at the Balance
Sheet date.
On Less than 3 to 12 1 to 5 6 to 10 More than
demand 3 months months years years 10 years Total
Group at 29 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest bearing loans and borrowings
\u2013
2.5
7.5
178.4
\u2013
\u2013
188.4
Preference shares
1
\u2013
\u2013
0.1
0.5
0.6
2.8
4.0
Trade and other payables
11.5
3.5
0.5
\u2013
\u2013
\u2013
15.5
Lease liabilities
\u2013
1.7
5.3
28.0
25.1
22.2
82.3
On Less than 3 to 12 1 to 5 6 to 10 More than
demand 3 months months years years 10 years Total
Group at 30 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest bearing loans and borrowings
\u2013
2.9
8.7
170.2
\u2013
\u2013
181.8
Preference shares
1
\u2013
\u2013
0.1
0.5
0.6
2.8
4.0
Trade and other payables
19.2
3.3
0.8
\u2013
\u2013
\u2013
23.3
Lease liabilities
\u2013
2.1
6.3
29.0
28.0
28.3
93.7
1 The preference shares have no contractual repayment date. For the purposes of the table above, interest payments have been shown for 20 years from
the Balance Sheet date.
The Company figures are as for the Group, except as follows:
On Less than 3 to 12 1 to 5 6 to 10 More than
demand 3 months months years years 10 years Total
Company at 29 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Amounts due to subsidiary undertakings
2
162.6
\u2013
\u2013
\u2013
\u2013
\u2013
162.6
Trade and other payables
11.5
3.5
0.5
\u2013
\u2013
\u2013
15.5
Lease liabilities
\u2013
1.6
4.9
26.8
24.3
22.2
79.8
On Less than 3 to 12 1 to 5 6 to 10 More than
demand 3 months months years years 10 years Total
Company at 30 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Amounts due to subsidiary undertakings
2
153.2
\u2013
\u2013
\u2013
\u2013
\u2013
153.2
Trade and other payables
19.2
3.3
0.8
\u2013
\u2013
\u2013
23.3
Lease liabilities
\u2013
2.1
6.2
28.8
28.1
28.3
93.5
2 Amounts due to subsidiary undertakings have no fixed repayment date. Interest is payable on the balance at 3% above the Bank of England base rate.
Security \u2013 Group and Company
The 6.875% debentures 2028 are secured by a floating charge over the assets of the Company.
Covenants \u2013 Group and Company
The Group and Company are subject to a number of covenants in relation to their borrowing facilities which, if contravened and
not rectified, would result in its loans becoming immediately repayable. Under the agreement, there is a covenant suite which
consist of net debt to adjusted EBITDA (leverage) and adjusted EBITDA to net finance charges. See further details in Note 21.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-430": { "value": "a) Capital management \u2013 Group and Company As described in Note 1, the Group considers its capital to comprise the following:
2025 2024
Group \u00a3m \u00a3m
Ordinary share capital
23.8
25.4
Share premium
53.2
53.2
Capital redemption reserve
5.3
3.7
Retained earnings
359.5
381.9
Preference shares
1.6
1.6
443.4
465.8
2025 2024
Company \u00a3m \u00a3m
Ordinary share capital
23.8
25.4
Share premium
53.2
53.2
Capital redemption reserve
5.3
3.7
Merger reserve
(10.6)
(1.6)
Retained earnings
292.4
316.0
Preference shares
1.6
1.6
365.7
398.3
In managing its capital, the primary objective is to ensure that the Group is able to continue to operate as a going concern and to maximise return to shareholders through a combination of capital growth, distributions and the payment of preference dividends to its preference shareholders. The Group seeks to maintain a ratio of debt and equity that balances risks and returns at an acceptable level and maintains sufficient funds to meet working capital targets, investment requirements and comply with lending covenants. As a minimum, the Board reviews the Group\u2019s dividend policy twice yearly and reviews the treasury position at every Board meeting. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-432": { "value": "
i. Interest rate risk
The Group manages its cost of borrowings using a mixture of fixed rates, variable rates and interest rate collars. Fixed rates do not
expose the Group to cash flow interest rate risk, but do not enjoy a reduction in borrowing costs in markets where rates are falling.
Floating rate borrowings, although not exposed to changes in fair value, expose the Group to cash flow risk following rises in interest
rates and cost.
The debentures totalling \u00a319.9 million (FY2024: \u00a319.9 million), net of interest paid in advance, are at fixed rates. The bank facilities
totalling \u00a3185 million (FY2024: \u00a3200 million) are at floating rates. At the year end, after taking account of the interest rate collar,
45% (FY2024: 48%) of the Group\u2019s drawn bank loans and 52% (FY2024: 56%) of gross borrowings were at fixed rates or hedged.
Interest rate collar
The Group has entered into an interest rate collar agreement, where the Group sold a floor and bought a cap, in order to hedge
the risk in interest cash flows on its borrowings going higher than the cap. At the Balance Sheet date, \u00a360 million (FY2024: \u00a360
million) of the Group\u2019s and Company\u2019s borrowings were hedged by interest rate collar at floor and cap rate of 3.10% and 5.00%
respectively.
The interest rate collar is expected to impact the Income Statement in line with the liquidity risk table shown in section (iii) below.
The interest rate collar cash flow hedge in effect at 29 March 2025 was assessed as being highly effective. Net unrealised gain of
\u00a3nil (FY2024: \u00a3nil) has been recorded in other comprehensive income.
Sensitivity \u2013 Group and Company
The Group borrows in Sterling at market rates. Three-month Sterling SONIA rate during the 52 weeks ended 29 March 2025 ranged
between 4.46% and 5.20%. The Directors consider 1.0% to be a reasonable possible increase in rates and 1.0% to be a reasonable
possible decrease in rates, with reference to market yield curves and the current economic conditions.
The annualised effect of these changes to interest rates on the floating rate debt at the Balance Sheet date, all other variables
being constant, are as follows:
Group
Company
1
2025 2024 2025 2024
Impact on post-tax profit and net equity \u2013 increase / (decrease) \u00a3m \u00a3m \u00a3m \u00a3m
Decrease interest rate by 1.0% (2024: 0.5%)
1.4
0.7
1.9
1.2
Increase interest rate by 1.0% (2024: 1.0%)
(1.2)
(1.1)
(2.3)
(2.1)
1 The Company has substantial interest bearing payables due to subsidiary companies (Note 20).
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-431": { "value": "
ii. Credit risk
The risk of financial loss due to a counter-party\u2019s failure to honour its obligations arises principally in relation to transactions where the
Group provides goods and services on deferred payment terms, deposits surplus cash and enters into derivative contracts.
Group policies are aimed at minimising losses and deferred terms are only granted to customers who demonstrate an appropriate
payment history and satisfy credit worthiness procedures. Individual customers are subject to credit limits to control debt exposure
and goods may also be sold on a cash with order basis.
Cash deposits with financial institutions for short periods and derivative transactions are only permitted with financial institutions
approved by the Board. There are no significant concentrations of credit risk within the Group. The maximum credit risk exposure
relating to financial assets is represented by their carrying value as at the Balance Sheet date.
Trade and other receivables
The Group records impairment losses on its trade receivables separately from gross receivables. Further detail is included in Note 18.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-433": { "value": "
iii. Liquidity risk
The Group minimises liquidity risk by managing cash generation, applying trade receivables collection targets, monitoring daily
cash receipts and payments and setting rolling cash forecasts. Investments have cash payback periods applied as part of a tightly
controlled investment appraisal process. The Group\u2019s rating with credit agencies is excellent.
The Group has a mixture of long and short-term borrowings and overdraft facilities: 1% (FY2024: 1%) of the Group\u2019s borrowings are
repayable after more than five years, 99% (FY2024: 99%) within the first to fifth years and nil (FY2024: nil) within one year.
The tables below summarise the maturity profile of the Group\u2019s financial liabilities at 29 March 2025 based on undiscounted contractual cash flows, including interest payable. Floating rate interest is estimated using the prevailing interest rate at the Balance Sheet date.
On Less than 3 to 12 1 to 5 6 to 10 More than
demand 3 months months years years 10 years Total
Group at 29 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest bearing loans and borrowings
\u2013
2.5
7.5
178.4
\u2013
\u2013
188.4
Preference shares
1
\u2013
\u2013
0.1
0.5
0.6
2.8
4.0
Trade and other payables
11.5
3.5
0.5
\u2013
\u2013
\u2013
15.5
Lease liabilities
\u2013
1.7
5.3
28.0
25.1
22.2
82.3
On Less than 3 to 12 1 to 5 6 to 10 More than
demand 3 months months years years 10 years Total
Group at 30 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest bearing loans and borrowings
\u2013
2.9
8.7
170.2
\u2013
\u2013
181.8
Preference shares
1
\u2013
\u2013
0.1
0.5
0.6
2.8
4.0
Trade and other payables
19.2
3.3
0.8
\u2013
\u2013
\u2013
23.3
Lease liabilities
\u2013
2.1
6.3
29.0
28.0
28.3
93.7
1 The preference shares have no contractual repayment date. For the purposes of the table above, interest payments have been shown for 20 years from the Balance Sheet date. The Company figures are as for the Group, except as follows:
On Less than 3 to 12 1 to 5 6 to 10 More than
demand 3 months months years years 10 years Total
Company at 29 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Amounts due to subsidiary undertakings
2
162.6
\u2013
\u2013
\u2013
\u2013
\u2013
162.6
Trade and other payables
11.5
3.5
0.5
\u2013
\u2013
\u2013
15.5
Lease liabilities
\u2013
1.6
4.9
26.8
24.3
22.2
79.8
On Less than 3 to 12 1 to 5 6 to 10 More than
demand 3 months months years years 10 years Total
Company at 30 March 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Amounts due to subsidiary undertakings
2
153.2
\u2013
\u2013
\u2013
\u2013
\u2013
153.2
Trade and other payables
19.2
3.3
0.8
\u2013
\u2013
\u2013
23.3
Lease liabilities
\u2013
2.1
6.2
28.8
28.1
28.3
93.5
2 Amounts due to subsidiary undertakings have no fixed repayment date. Interest is payable on the balance at 3% above the Bank of England base rate. Security \u2013 Group and Company The 6.875% debentures 2028 are secured by a floating charge over the assets of the Company. Covenants \u2013 Group and Company The Group and Company are subject to a number of covenants in relation to their borrowing facilities which, if contravened and not rectified, would result in its loans becoming immediately repayable. Under the agreement, there is a covenant suite which consist of net debt to adjusted EBITDA (leverage) and adjusted EBITDA to net finance charges. See further details in Note 21. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-434": { "value": "d) Fair value
Book value
Fair value
2025 2024 2025 2024
Group \u00a3m \u00a3m \u00a3m
\u00a3m
Fair value Level
Financial assets
Interest rate collar
\u2013
0.1
\u2013
0.1
3
Financial liabilities
Fixed rate borrowings
(19.9)
(19.9)
(23.0)
(23.0)
3
Floating rate borrowings
(134.5)
(123.8)
(134.5)
(123.8)
3
Preference shares
(1.6)
(1.6)
(1.6)
(1.6)
3
The Company figures are the same as the Group. Level 1 fair values are valuation techniques where inputs are quoted prices in active markets for identical assets or liabilities. Level 2 fair values are valuation techniques where all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly, but are not derived directly from quoted prices in active markets. The Group bases its valuations on information provided by financial institutions, who use a variety of estimation techniques based on market conditions, such as interest rate expectations, existing at each Balance Sheet date. Level 3 fair values are valuation techniques for which all inputs that have a significant effect on the recorded fair value are not observable. Derivative fair values are obtained from quoted market prices in active markets. The fair values of borrowings have been calculated by discounting the expected future cash flows at prevailing interest rates. Interest rates for borrowings range from 6% to 8%. The fair values of preference shares have been calculated using the market interest rates. Management assessed that the fair values of cash and short-term deposits, trade receivables and other receivables, and trade and other payables approximate their carrying amounts largely due to the short-term maturities of these instruments. There were no transfers between levels in the fair value hierarchy as at 29 March 2025 and 30 March 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-412": { "value": "d) Fair value
Book value
Fair value
2025 2024 2025 2024
Group \u00a3m \u00a3m \u00a3m
\u00a3m
Fair value Level
Financial assets
Interest rate collar
\u2013
0.1
\u2013
0.1
3
Financial liabilities
Fixed rate borrowings
(19.9)
(19.9)
(23.0)
(23.0)
3
Floating rate borrowings
(134.5)
(123.8)
(134.5)
(123.8)
3
Preference shares
(1.6)
(1.6)
(1.6)
(1.6)
3
The Company figures are the same as the Group. Level 1 fair values are valuation techniques where inputs are quoted prices in active markets for identical assets or liabilities. Level 2 fair values are valuation techniques where all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly, but are not derived directly from quoted prices in active markets. The Group bases its valuations on information provided by financial institutions, who use a variety of estimation techniques based on market conditions, such as interest rate expectations, existing at each Balance Sheet date. Level 3 fair values are valuation techniques for which all inputs that have a significant effect on the recorded fair value are not observable. Derivative fair values are obtained from quoted market prices in active markets. The fair values of borrowings have been calculated by discounting the expected future cash flows at prevailing interest rates. Interest rates for borrowings range from 6% to 8%. The fair values of preference shares have been calculated using the market interest rates. Management assessed that the fair values of cash and short-term deposits, trade receivables and other receivables, and trade and other payables approximate their carrying amounts largely due to the short-term maturities of these instruments. There were no transfers between levels in the fair value hierarchy as at 29 March 2025 and 30 March 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-413": { "value": "
b) Own shares
Own shares relate to shares held by independently managed employee share ownership trusts (\u201cESOTs\u201d) together with the Company\u2019s
holding of treasury shares. Shares are purchased by the ESOTs in order to satisfy potential awards under the Long Term Incentive Plan
(\u201cLTIP\u201d) and Share Incentive Scheme (\u201cSIP\u201d). In January 2025, the Group completed a share buyback programme, to repurchase a
total of 3.5 million \u201cA\u201d Ordinary Shares which were bought back for total consideration \u00a322.9 million (FY2024 two million \u201cA\u201d Ordinary
Shares were bought back for total consideration of \u00a312.4 million). A further one million \u201cA\u201d Ordinary Share buyback programme began
on 14 March 2025. At the Balance Sheet date, 146,000 \u201cA\u201d Ordinary Shares have been bought back for total consideration of
\u00a30.8 million. Treasury shares are used, inter alia, to satisfy options under the Company\u2019s share options schemes. The LTIP ESOT has
waived its rights to dividends on the shares it holds. Treasury shares have voting and dividend rights suspended. All own shares held,
as below, are excluded from earnings and net assets per share calculations.
Treasury shares
LTIP ESOT
SIP ESOT
Total
\"A\" Ordinary \"B\" Ordinary \"B\" Ordinary \"C\" Ordinary \"A\" Ordinary \"A\" Ordinary \"B\" Ordinary \"C\" Ordinary
40p Shares 4p Shares 4p Shares 40p Shares 40p Shares 40p Shares 4p Shares 40p Shares Own shares
Number \u2018000s \u2018000s \u2018000s \u2018000s \u2018000s \u2018000s \u2018000s \u2018000s \u2018000s
At 1 April 2023
2,252
4,328
326
6
5
2,257
4,654
6
6,917
Shares purchased
2,018
\u2013
\u2013
\u2013
\u2013
2,018
\u2013
\u2013
2,018
Shares released
(126)
\u2013
\u2013
\u2013
\u2013
(126)
\u2013
\u2013
(126)
At 30 March 2024
4,144
4,328
326
6
5
4,149
4,654
6
8,809
Shares purchased
3,628
\u2013
238
\u2013
\u2013
3,628
238
\u2013
3,866
Shares released
(32)
\u2013
\u2013
\u2013
\u2013
(32)
\u2013
\u2013
(32)
Shares cancelled
(3,900)
\u2013
\u2013
\u2013
\u2013
(3,900)
\u2013
\u2013
(3,900)
At 29 March 2025
3,840
4,328
564
6
5
3,845
4,892
6
8,743
Monetary amount
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 April 2023
16.5
4.3
0.3
0.1
0.1
16.6
4.6
0.1
21.3
Shares purchased
12.4
\u2013
\u2013
\u2013
\u2013
12.4
\u2013
\u2013
12.4
Shares released
(0.8)
\u2013
\u2013
\u2013
\u2013
(0.8)
\u2013
\u2013
(0.8)
At 30 March 2024
28.1
4.3
0.3
0.1
0.1
28.2
4.6
0.1
32.9
Shares purchased
23.7
\u2013
0.2
\u2013
\u2013
23.7
0.2
\u2013
23.9
Shares released
(0.1)
\u2013
\u2013
\u2013
\u2013
(0.1)
\u2013
\u2013
(0.1)
Shares cancelled
(26.6)
\u2013
\u2013
\u2013
\u2013
(26.6)
\u2013
\u2013
(26.6)
At 29 March 2025
25.1
4.3
0.5
0.1
0.1
25.2
4.8
0.1
30.1
Market value at
29 March 2025
20.6
2.3
0.3
\u2013
\u2013
20.6
2.6
\u2013
23.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-414": { "value": "
c) Other capital reserves
Share premium account
The balance in the share premium account represents the proceeds received above the nominal value on the issue of the
Company\u2019s equity share capital.
Capital redemption reserve
The capital redemption reserve balance arises from the buy back of the Company\u2019s own equity share capital.
Hedging reserve
The hedging reserve contains the effective portion of the cash flow hedge relationships incurred at the Balance Sheet date,
net of tax.
Merger reserve
The merger reserve balance arose from the hive up of Bel & The Dragon and the Lovely Pubs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-384": { "value": "
27. Share Options and Share Schemes
The key points of each of the Group\u2019s share schemes for grants up to 29 March 2025 are summarised below. All schemes are
equity-settled. All disclosure relates to both Group and Company. For the purposes of option and LTIP schemes, \u201cadjusted EPS\u201d
will normally be consistent with the pre-tax earnings per share excluding separately disclosed items as presented in the financial
statements. However, the Remuneration Committee is authorised to make appropriate adjustments to adjusted EPS as applied to
these schemes.
Savings Related Share Option Scheme (\u201cSAYE\u201d)
This scheme grants options over shares at a discount of 20% on the average market price over the three days immediately prior
to the date of offer. Employees must save a regular amount each month. Savings are made over three or five years, at the
participant\u2019s choice. The right to buy shares at the discounted price lasts for six months after the end of the savings contract. There
are no performance conditions, other than continued employment.
Executive Share Option Scheme
This is an approved Executive Share Option Scheme. For those granted during the year ended 27 March 2021, the options vest if the
set pre-tax adjusted EBITDA target is achieved. Options granted after 27 March 2021 will vest if the set pre-tax adjusted EPS target is
achieved. The options must then be exercised within seven years after the end of the performance period.
LTIP
This plan grants conditional share awards.
For options under this scheme, vesting is conditional upon pre-tax adjusted EPS targets, with vesting levels on a sliding scale from
25% up to 100% dependent on the level of adjusted EPS achieved. An independent firm of advisors verifies the vesting level each
year. The initial vesting period is three years and, for Executive Directors, is followed by a two-year holding period. After this time the
shares may be passed to the plan participants, as long as vesting conditions are met.
SIP
This plan awards free shares. An equal number of shares are awarded to each eligible employee. The maximum value of the shares
allowable under the scheme is \u00a33,000 per year, per person with at least five months\u2019 service as at 15 May each year. The basis of the
award was changed with effect from the 2018 award so that all eligible employees receive the same number of shares. There is no
requirement for performance targets (although there may be tax consequences if sold within five years of the award). The plan has
not awarded any shares since the financial year ending 30 March 2019.
Share-based payment expense recognised in the year
The benefit recognised for share-based payments in respect of employee services received during the 52 weeks ended 29 March
2025 is \u00a31.5 million (2024: \u00a31.7 million). The whole of the charge arises from equity-settled share-based payment transactions.
Market value
The market value of the \u201cA\u201d Ordinary Shares at 29 March 2025 was \u00a35.34 (2024: \u00a35.90).
Movements in the year
The following tables illustrate the number and weighted average exercise prices (\u201cWAEP\u201d) of, and movements in, each category of
share instrument during the year.
Volatility
The expected volatility is based on the historical volatility over the expected life of the rights.
a) SAYE
Number Number
2025 2025 2024 2024
\u2018000s WAEP \u2018000s WAEP
Outstanding at the beginning of the year
424
\u00a34.74
470
\u00a34.49
Granted
93
\u00a35.52
136
\u00a35.25
Forfeited
(61)
\u00a34.75
(54)
\u00a34.68
Expired
\u2013
\u2013
(2)
\u00a34.20
Exercised
(32)
\u00a34.73
(126)
\u00a34.35
Outstanding at the end of the year
424
\u00a34.90
424
\u00a3 4 .74
Exercisable at the end of the year
26
\u00a35.43
13
n/a
Weighted average share price for options exercised in the year
\u00a36.39
\u00a35.81
Weighted average contractual life remaining for share options
outstanding at the year end
2.3 years
2.7 years
Weighted average share price for options granted in the year
\u00a36.24
\u00a36.74
Weighted average fair value of options granted during the year
\u00a31.79
\u00a32.85
Range of exercise prices for options outstanding at the year end
\u2013 from
\u00a34.19
\u00a34.19
\u2013 to
\u00a35.52
\u00a35.43
Outstanding share options granted to employees under the SAYE scheme are as follows:
Number of \u201cA\" Number of \u201cA\"
Ordinary Shares Ordinary Shares
Exercise price under option under option
40p Shares 2025 2024
Exercisable at \u00a3 \u2018000s '000s
November 2023
4.35
\u2013
13
February 2025
5.43
26
38
November 2025
4.35
90
107
February 2026
4.19
65
80
February 2027
5.43
20
22
February 2027
5.25
99
116
February 2028
4.19
26
32
February 2028
5.51
55
\u2013
February 2029
5.52
16
16
February 2030
5.51
27
\u2013
424
424
Executive Share Option Scheme
2025 2024
Number 2025 Number 2024
'000s WAEP '000s WAEP
Outstanding at the beginning of the year
308
\u00a36.00
185
\u00a37.46
Granted
38
\u00a36.88
307
\u00a36.00
Lapsed
(16)
\u00a36.00
(153)
\u00a36.95
Surrendered
\u2013
\u00a30.00
(31)
\u00a36.62
Outstanding at the end of the year
330
\u00a36.13
308
\u00a36.00
Exercisable at the end of the year
\u2013
\u2013
\u2013
\u2013
Weighted average share price for options exercised in the year
n/a
n/a
Weighted average contractual life remaining for share options
outstanding at the year end
8.32 years
9.29 yea rs
Weighted average share price for options granted in the year
\u00a36.96
\u00a35.80
Weighted average fair value of options granted during the year
\u00a31.46
\u00a31.81
Range of exercise prices for options outstanding at the year end
\u2013 from
\u00a36.00
\u00a36.00
\u2013 to
\u00a310.90
\u00a36.00
Outstanding options which are capable of being exercised between three and 10 years from date of issue and their exercise prices are shown in the table below:
Executive Approved Scheme
Number of \u201cA\" Number of \u201cA\"
Ordinary Shares Ordinary Shares
Exercise price under option under option
40p Shares 2025 2024
Exercisable in / between \u00a3 '000s '000s
2018 and 2025
10.90
3
\u2013
2025 and 2032
6.00
11
11
2026 and 2033
6.00
281
297
2027 and 2034
6.88
35
\u2013
330
308
c) LTIP
2025 2025 2024 2024
\"A\" Shares \"B\" Shares \"A\" Shares \"B\" Shares
Number Number Number Number
Shares \u2018000s \u2018000s \u2018000s \u2018000s
Outstanding at the beginning of the year
1,056
2,638
926
2,313
Granted
269
673
297
74 3
Lapsed
(445)
(1,113)
(167)
(418)
Outstanding at the end of the year
880
2,198
1,056
2,638
Weighted average share price for shares vested in the year
n/a
n/a
n/a
n/a
For shares outstanding at the year end, the weighted average
contractual life remaining is
1.16 years
1.16 years
1.18 years
1.18 years
Weighted average share price for shares granted in the year
\u00a36.96
\u00a30.70
\u00a35.80
\u00a30.58
Weighted average fair value of shares granted during the year
\u00a35.48
\u00a30.55
\u00a35.48
\u00a30.55
All LTIPs have a vesting price of \u00a3nil. LTIP shares do not receive dividends until vested.
d) SIP
2025 2024
Number Number
\u2018000s '000s
Outstanding at the beginning of the year
18
41
Released
(18)
(23)
Outstanding at the end of the year
\u2013
18
Weighted average share price for shares released in the year
\u00a36.55
\u00a36.26
For shares outstanding at the year end, the weighted average contractual life remaining is
n/a
0.22 years
Weighted average share price for shares granted during the year
n/a
n/a
Weighted average fair value of shares granted during the year
n/a
n/a
Outstanding SIP shares represent shares allocated and held by the SIP Trustees on behalf of employees, which remain in the trust for
between three and five years. All SIPs have a vesting price of \u00a3nil. SIP shares receive dividends once allocated.
e) Fair value of grants
i. Equity-settled options and LTIPs
The fair value of equity-settled share options granted is estimated as at the date of grant, taking into account the terms and
conditions upon which the awards were granted. The following table lists the inputs to the model used for the 52 weeks ended
29 March 2025 and 52 weeks ended 30 March 2024, except for exercise price and the weighted average share price for grants
in the year, which are disclosed in sections a) to d) above.
LTIP scheme
SAYE
Executive Share Option Scheme
Fair value inputs
2025
2024
2025
2024
2025
2024
Dividend yield (%)
n/a
n/a
2.2%
1.7%-2.2%
2.6%
1.9%
Expected share price volatility (%)
n/a
n/a
29.0 % - 37. 2%
38.5%-40.0%
29.0%
41.1%
Risk-free interest rate (%)
4.4%
4.1%
4.0%
4.1%
4.4%
4.1%
Expected life of option / award (years)
3 years
3 years
3 to 5 years
3 to 5 years
4 years
4 years
Model used
Black
Black Black Black Black Black
Scholes Scholes Scholes Scholes Scholes Scholes
ii. SIP free shares awarded
The fair value of free shares awarded under the SIP is the share price at the date of allocation. The total value of SIPs awarded
is a fixed rate based on the Group\u2019s performance in the preceding financial year. The number of shares awarded is therefore
dependent on the share price at the date of the award. No shares have been awarded under this scheme since the financial
year ended 30 March 2019.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-415": { "value": "27. Share Options and Share Schemes The key points of each of the Group\u2019s share schemes for grants up to 29 March 2025 are summarised below. All schemes are equity-settled. All disclosure relates to both Group and Company. For the purposes of option and LTIP schemes, \u201cadjusted EPS\u201d will normally be consistent with the pre-tax earnings per share excluding separately disclosed items as presented in the financial statements. However, the Remuneration Committee is authorised to make appropriate adjustments to adjusted EPS as applied to these schemes. Savings Related Share Option Scheme (\u201cSAYE\u201d) This scheme grants options over shares at a discount of 20% on the average market price over the three days immediately prior to the date of offer. Employees must save a regular amount each month. Savings are made over three or five years, at the participant\u2019s choice. The right to buy shares at the discounted price lasts for six months after the end of the savings contract. There are no performance conditions, other than continued employment. Executive Share Option Scheme This is an approved Executive Share Option Scheme. For those granted during the year ended 27 March 2021, the options vest if the set pre-tax adjusted EBITDA target is achieved. Options granted after 27 March 2021 will vest if the set pre-tax adjusted EPS target is achieved. The options must then be exercised within seven years after the end of the performance period. LTIP This plan grants conditional share awards. For options under this scheme, vesting is conditional upon pre-tax adjusted EPS targets, with vesting levels on a sliding scale from 25% up to 100% dependent on the level of adjusted EPS achieved. An independent firm of advisors verifies the vesting level each year. The initial vesting period is three years and, for Executive Directors, is followed by a two-year holding period. After this time the shares may be passed to the plan participants, as long as vesting conditions are met. SIP This plan awards free shares. An equal number of shares are awarded to each eligible employee. The maximum value of the shares allowable under the scheme is \u00a33,000 per year, per person with at least five months\u2019 service as at 15 May each year. The basis of the award was changed with effect from the 2018 award so that all eligible employees receive the same number of shares. There is no requirement for performance targets (although there may be tax consequences if sold within five years of the award). The plan has not awarded any shares since the financial year ending 30 March 2019. Share-based payment expense recognised in the year The benefit recognised for share-based payments in respect of employee services received during the 52 weeks ended 29 March 2025 is \u00a31.5 million (2024: \u00a31.7 million). The whole of the charge arises from equity-settled share-based payment transactions. Market value The market value of the \u201cA\u201d Ordinary Shares at 29 March 2025 was \u00a35.34 (2024: \u00a35.90). Movements in the year The following tables illustrate the number and weighted average exercise prices (\u201cWAEP\u201d) of, and movements in, each category of share instrument during the year. Volatility The expected volatility is based on the historical volatility over the expected life of the rights. a) SAYE
Number Number
2025 2025 2024 2024
\u2018000s WAEP \u2018000s WAEP
Outstanding at the beginning of the year
424
\u00a34.74
470
\u00a34.49
Granted
93
\u00a35.52
136
\u00a35.25
Forfeited
(61)
\u00a34.75
(54)
\u00a34.68
Expired
\u2013
\u2013
(2)
\u00a34.20
Exercised
(32)
\u00a34.73
(126)
\u00a34.35
Outstanding at the end of the year
424
\u00a34.90
424
\u00a3 4 .74
Exercisable at the end of the year
26
\u00a35.43
13
n/a
Weighted average share price for options exercised in the year
\u00a36.39
\u00a35.81
Weighted average contractual life remaining for share options
outstanding at the year end
2.3 years
2.7 years
Weighted average share price for options granted in the year
\u00a36.24
\u00a36.74
Weighted average fair value of options granted during the year
\u00a31.79
\u00a32.85
Range of exercise prices for options outstanding at the year end
\u2013 from
\u00a34.19
\u00a34.19
\u2013 to
\u00a35.52
\u00a35.43
Outstanding share options granted to employees under the SAYE scheme are as follows:
Number of \u201cA\" Number of \u201cA\"
Ordinary Shares Ordinary Shares
Exercise price under option under option
40p Shares 2025 2024
Exercisable at \u00a3 \u2018000s '000s
November 2023
4.35
\u2013
13
February 2025
5.43
26
38
November 2025
4.35
90
107
February 2026
4.19
65
80
February 2027
5.43
20
22
February 2027
5.25
99
116
February 2028
4.19
26
32
February 2028
5.51
55
\u2013
February 2029
5.52
16
16
February 2030
5.51
27
\u2013
424
424
Executive Share Option Scheme
2025 2024
Number 2025 Number 2024
'000s WAEP '000s WAEP
Outstanding at the beginning of the year
308
\u00a36.00
185
\u00a37.46
Granted
38
\u00a36.88
307
\u00a36.00
Lapsed
(16)
\u00a36.00
(153)
\u00a36.95
Surrendered
\u2013
\u00a30.00
(31)
\u00a36.62
Outstanding at the end of the year
330
\u00a36.13
308
\u00a36.00
Exercisable at the end of the year
\u2013
\u2013
\u2013
\u2013
Weighted average share price for options exercised in the year
n/a
n/a
Weighted average contractual life remaining for share options
outstanding at the year end
8.32 years
9.29 yea rs
Weighted average share price for options granted in the year
\u00a36.96
\u00a35.80
Weighted average fair value of options granted during the year
\u00a31.46
\u00a31.81
Range of exercise prices for options outstanding at the year end
\u2013 from
\u00a36.00
\u00a36.00
\u2013 to
\u00a310.90
\u00a36.00
Outstanding options which are capable of being exercised between three and 10 years from date of issue and their exercise prices
are shown in the table below:
Executive Approved Scheme
Number of \u201cA\" Number of \u201cA\"
Ordinary Shares Ordinary Shares
Exercise price under option under option
40p Shares 2025 2024
Exercisable in / between \u00a3 '000s '000s
2018 and 2025
10.90
3
\u2013
2025 and 2032
6.00
11
11
2026 and 2033
6.00
281
297
2027 and 2034
6.88
35
\u2013
330
308
c) LTIP
2025 2025 2024 2024
\"A\" Shares \"B\" Shares \"A\" Shares \"B\" Shares
Number Number Number Number
Shares \u2018000s \u2018000s \u2018000s \u2018000s
Outstanding at the beginning of the year
1,056
2,638
926
2,313
Granted
269
673
297
74 3
Lapsed
(445)
(1,113)
(167)
(418)
Outstanding at the end of the year
880
2,198
1,056
2,638
Weighted average share price for shares vested in the year
n/a
n/a
n/a
n/a
For shares outstanding at the year end, the weighted average
contractual life remaining is
1.16 years
1.16 years
1.18 years
1.18 years
Weighted average share price for shares granted in the year
\u00a36.96
\u00a30.70
\u00a35.80
\u00a30.58
Weighted average fair value of shares granted during the year
\u00a35.48
\u00a30.55
\u00a35.48
\u00a30.55
All LTIPs have a vesting price of \u00a3nil. LTIP shares do not receive dividends until vested.
d) SIP
2025 2024
Number Number
\u2018000s '000s
Outstanding at the beginning of the year
18
41
Released
(18)
(23)
Outstanding at the end of the year
\u2013
18
Weighted average share price for shares released in the year
\u00a36.55
\u00a36.26
For shares outstanding at the year end, the weighted average contractual life remaining is
n/a
0.22 years
Weighted average share price for shares granted during the year
n/a
n/a
Weighted average fair value of shares granted during the year
n/a
n/a
Outstanding SIP shares represent shares allocated and held by the SIP Trustees on behalf of employees, which remain in the trust for between three and five years. All SIPs have a vesting price of \u00a3nil. SIP shares receive dividends once allocated. e) Fair value of grants i. Equity-settled options and LTIPs The fair value of equity-settled share options granted is estimated as at the date of grant, taking into account the terms and conditions upon which the awards were granted. The following table lists the inputs to the model used for the 52 weeks ended 29 March 2025 and 52 weeks ended 30 March 2024, except for exercise price and the weighted average share price for grants in the year, which are disclosed in sections a) to d) above.
LTIP scheme
SAYE
Executive Share Option Scheme
Fair value inputs
2025
2024
2025
2024
2025
2024
Dividend yield (%)
n/a
n/a
2.2%
1.7%-2.2%
2.6%
1.9%
Expected share price volatility (%)
n/a
n/a
29.0 % - 37. 2%
38.5%-40.0%
29.0%
41.1%
Risk-free interest rate (%)
4.4%
4.1%
4.0%
4.1%
4.4%
4.1%
Expected life of option / award (years)
3 years
3 years
3 to 5 years
3 to 5 years
4 years
4 years
Model used
Black
Black Black Black Black Black
Scholes Scholes Scholes Scholes Scholes Scholes
ii. SIP free shares awarded The fair value of free shares awarded under the SIP is the share price at the date of allocation. The total value of SIPs awarded is a fixed rate based on the Group\u2019s performance in the preceding financial year. The number of shares awarded is therefore dependent on the share price at the date of the award. No shares have been awarded under this scheme since the financial year ended 30 March 2019.", "dimensions": { "concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-385": { "value": "
28. Guarantees and Commitments
a) Operating lease commitments
Operating leases where the Group is the lessor
The Group earns rental income from two sources. Licensed property included within property, plant and equipment is rented under
agreements where lessees must also purchase goods from the Group. Additionally, there are a smaller number of agreements in
respect of investment properties where there is no requirement for the lessee to purchase goods.
Investment properties are let to third parties on leases that have remaining terms of between one and 15 years.
At 29 March 2025, future minimum rentals receivable are as follows:
Investment properties
Property, plant and equipment
2025 2024 2025 2024
Group \u00a3m \u00a3m \u00a3m \u00a3m
Within one year
0.2
0.3
6.3
6.4
One to two years
0.2
0.2
4.7
4.6
Two to three years
0.1
0.2
3.6
3.3
Three to four years
0.1
0.1
1.8
2.2
Four to five years
0.1
0.1
\u2013
0.1
After five years
0.3
0.3
0.6
0.4
1.0
1.2
17.0
17. 0
Investment properties
Property, plant and equipment
2025 2024 2025 2024
Company \u00a3m \u00a3m \u00a3m \u00a3m
Within one year
0.2
0.3
6.3
6.4
One to two years
0.2
0.2
4.7
4.6
Two to three years
0.1
0.2
3.6
3.3
Three to four years
0.1
0.1
1.8
2.2
Four to five years
0.1
0.1
\u2013
0.1
After five years
0.3
0.3
0.6
0.4
1.0
1.2
17.0
17. 0
The Group and Company\u2019s commercial leases on property are principally for licensed outlets. The terms of the leases are normally
for either three, four or five years. The agreements allow for annual inflationary increases and full rental reviews occur on renewal
of the lease.
At 29 March 2025, future minimum rentals receivable under non-cancellable subleases included in the figures above were
\u00a30.2 million (2024: \u00a30.3 million).
b) Other commitments
2025 2024
Group and Company \u00a3m \u00a3m
Capital commitments \u2013 authorised, contracted but not provided for
2.2
1.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-416": { "value": "28. Guarantees and Commitments a) Operating lease commitments Operating leases where the Group is the lessor The Group earns rental income from two sources. Licensed property included within property, plant and equipment is rented under agreements where lessees must also purchase goods from the Group. Additionally, there are a smaller number of agreements in respect of investment properties where there is no requirement for the lessee to purchase goods. Investment properties are let to third parties on leases that have remaining terms of between one and 15 years. At 29 March 2025, future minimum rentals receivable are as follows:
Investment properties
Property, plant and equipment
2025 2024 2025 2024
Group \u00a3m \u00a3m \u00a3m \u00a3m
Within one year
0.2
0.3
6.3
6.4
One to two years
0.2
0.2
4.7
4.6
Two to three years
0.1
0.2
3.6
3.3
Three to four years
0.1
0.1
1.8
2.2
Four to five years
0.1
0.1
\u2013
0.1
After five years
0.3
0.3
0.6
0.4
1.0
1.2
17.0
17. 0
Investment properties
Property, plant and equipment
2025 2024 2025 2024
Company \u00a3m \u00a3m \u00a3m \u00a3m
Within one year
0.2
0.3
6.3
6.4
One to two years
0.2
0.2
4.7
4.6
Two to three years
0.1
0.2
3.6
3.3
Three to four years
0.1
0.1
1.8
2.2
Four to five years
0.1
0.1
\u2013
0.1
After five years
0.3
0.3
0.6
0.4
1.0
1.2
17.0
17. 0
The Group and Company\u2019s commercial leases on property are principally for licensed outlets. The terms of the leases are normally for either three, four or five years. The agreements allow for annual inflationary increases and full rental reviews occur on renewal of the lease. At 29 March 2025, future minimum rentals receivable under non-cancellable subleases included in the figures above were \u00a30.2 million (2024: \u00a30.3 million). b) Other commitments
2025 2024
Group and Company \u00a3m \u00a3m
Capital commitments \u2013 authorised, contracted but not provided for
2.2
1.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-386": { "value": "29. Related Party Transactions Group and Company During the current and prior years, the Company provided various administrative services to the Fuller, Smith & Turner P.L.C. Pension Plan free of charge. In addition, the Company settled costs totalling \u00a3713,000 (2024: \u00a3404,000) relating to the provision of actuarial, consulting and administrative services by third parties to the Fuller, Smith & Turner P.L.C. Pension Plan.
52 weeks ended 52 weeks ended
29 March 2025 30 March 2024
Compensation of key management personnel (including Directors) \u00a3m \u00a3m
Short-term employee benefits
4.0
2.8
Post-employment benefits
0.3
0.3
4.3
3.1
Company only During the year, the Company entered into the following related party transactions:
Sales to Purchases Interest due Interest due Amounts due Amounts due
related from related from related to related to related from related
52 weeks ended parties parties parties parties parties parties
30 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Subsidiaries
\u2013
92.0
\u2013
10.9
(162.6)
\u2013
Sales to Purchases Interest due Interest due Amounts due Amounts due
related from related from related to related to related from related
53 weeks ended parties parties parties parties parties parties
1 April 2024 (restated) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Subsidiaries
\u2013
85.6
\u2013
10.2
(153.2)
\u2013
Interest is payable on the majority of the amounts due to subsidiaries at 3% above the Bank of England base rate. All amounts outstanding are unsecured and repayable on demand. The Company also incurred rental expenses from subsidiaries of \u00a30.1 million (2024: \u00a30.1 million).
Subsidiaries of Parent Companies established within the European Economic Area are exempt from an audit if a guarantee is
provided by the Parent for the subsidiary liabilities and the shareholders are in unanimous agreement. The Group will be exempting
the following companies from an audit in 2025 for the period ended 29 March 2025 under Section 479A of the Companies Act 2006,
all of which are fully consolidated in these financial statements:
Company
Company Number
Griffin Catering Services Limited
01577632
Jacomb Guinness Limited
02934979
George Gale and Company Limited
00026330
45 Woodfield Limited
04279254
Grand Canal Trading Limited
04271734
B & D Country Inns I Limited
07292333
B & D Country Inns II Limited
08029280
B & D (Cookham) Limited
07320065
B & D (Odiham) Limited
1
08377459
B & D (Reading) Limited
07309587
B & D (Win) Limited
07320245
B & D (Farnham) Limited
2
08392963
B & D (Kingsclere) Limited
1
08975762
RSH 200
Limited
12035987
Cotswold Inns & Hotels Limited
03309179
Mortons Bar & Grill Limited
04922277
Mortons Bar & Grill (Alcester) Limited
09001683
Mortons Catering Limited
02824757
The Classic Country Pub Co. Limited
03588736
Mortons Bar & Grill (Bromsgrove) Limited
08495675
1 These companies were dissolved on 6 May 2025.
2 This company was dissolved on 20 May 2025.
The Group will be exempting the following companies from the preparation and delivering of accounts to Companies House under
Section 394A of the Companies Act 2006, all of which are fully consolidated in these financial statements:
Company
Company Number
Griffin Inns Ltd.
00495934
Ringwoods Limited
00178536
F.S.T. Trustee Limited
03163480
Fuller Smith & Turner Estates Limited
01831674
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-417": { "value": "29. Related Party Transactions Group and Company During the current and prior years, the Company provided various administrative services to the Fuller, Smith & Turner P.L.C. Pension Plan free of charge. In addition, the Company settled costs totalling \u00a3713,000 (2024: \u00a3404,000) relating to the provision of actuarial, consulting and administrative services by third parties to the Fuller, Smith & Turner P.L.C. Pension Plan.
52 weeks ended 52 weeks ended
29 March 2025 30 March 2024
Compensation of key management personnel (including Directors) \u00a3m \u00a3m
Short-term employee benefits
4.0
2.8
Post-employment benefits
0.3
0.3
4.3
3.1
Company only During the year, the Company entered into the following related party transactions:
Sales to Purchases Interest due Interest due Amounts due Amounts due
related from related from related to related to related from related
52 weeks ended parties parties parties parties parties parties
30 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Subsidiaries
\u2013
92.0
\u2013
10.9
(162.6)
\u2013
Sales to Purchases Interest due Interest due Amounts due Amounts due
related from related from related to related to related from related
53 weeks ended parties parties parties parties parties parties
1 April 2024 (restated) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Subsidiaries
\u2013
85.6
\u2013
10.2
(153.2)
\u2013
Interest is payable on the majority of the amounts due to subsidiaries at 3% above the Bank of England base rate. All amounts outstanding are unsecured and repayable on demand. The Company also incurred rental expenses from subsidiaries of \u00a30.1 million (2024: \u00a30.1 million). Subsidiaries of Parent Companies established within the European Economic Area are exempt from an audit if a guarantee is provided by the Parent for the subsidiary liabilities and the shareholders are in unanimous agreement. The Group will be exempting the following companies from an audit in 2025 for the period ended 29 March 2025 under Section 479A of the Companies Act 2006, all of which are fully consolidated in these financial statements:
Company
Company Number
Griffin Catering Services Limited
01577632
Jacomb Guinness Limited
02934979
George Gale and Company Limited
00026330
45 Woodfield Limited
04279254
Grand Canal Trading Limited
04271734
B & D Country Inns I Limited
07292333
B & D Country Inns II Limited
08029280
B & D (Cookham) Limited
07320065
B & D (Odiham) Limited
1
08377459
B & D (Reading) Limited
07309587
B & D (Win) Limited
07320245
B & D (Farnham) Limited
2
08392963
B & D (Kingsclere) Limited
1
08975762
RSH 200
Limited
12035987
Cotswold Inns & Hotels Limited
03309179
Mortons Bar & Grill Limited
04922277
Mortons Bar & Grill (Alcester) Limited
09001683
Mortons Catering Limited
02824757
The Classic Country Pub Co. Limited
03588736
Mortons Bar & Grill (Bromsgrove) Limited
08495675
1 These companies were dissolved on 6 May 2025. 2 This company was dissolved on 20 May 2025. The Group will be exempting the following companies from the preparation and delivering of accounts to Companies House under Section 394A of the Companies Act 2006, all of which are fully consolidated in these financial statements:
Company
Company Number
Griffin Inns Ltd.
00495934
Ringwoods Limited
00178536
F.S.T. Trustee Limited
03163480
Fuller Smith & Turner Estates Limited
01831674
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-435": { "value": "
Group and Company
During the current and prior years, the Company provided various administrative services to the Fuller, Smith & Turner P.L.C. Pension
Plan free of charge. In addition, the Company settled costs totalling \u00a3713,000 (2024: \u00a3404,000) relating to the provision of actuarial,
consulting and administrative services by third parties to the Fuller, Smith & Turner P.L.C. Pension Plan.
52 weeks ended 52 weeks ended
29 March 2025 30 March 2024
Compensation of key management personnel (including Directors) \u00a3m \u00a3m
Short-term employee benefits
4.0
2.8
Post-employment benefits
0.3
0.3
4.3
3.1
Company only
During the year, the Company entered into the following related party transactions:
Sales to Purchases Interest due Interest due Amounts due Amounts due
related from related from related to related to related from related
52 weeks ended parties parties parties parties parties parties
30 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Subsidiaries
\u2013
92.0
\u2013
10.9
(162.6)
\u2013
Sales to Purchases Interest due Interest due Amounts due Amounts due
related from related from related to related to related from related
53 weeks ended parties parties parties parties parties parties
1 April 2024 (restated) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Subsidiaries
\u2013
85.6
\u2013
10.2
(153.2)
\u2013
Interest is payable on the majority of the amounts due to subsidiaries at 3% above the Bank of England base rate.
All amounts outstanding are unsecured and repayable on demand.
The Company also incurred rental expenses from subsidiaries of \u00a30.1 million (2024: \u00a30.1 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } }, "fact-9": { "value": "Pier House 86-93 Strand-on-the-Green London W4 3NN", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00" } } } }