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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 28 March 2026 were authorised for issue by the Board of Directors on 9
June 2026 and the Balance Sheet was signed on the Board\u2019s behalf by S Emeny. 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 consolidated 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 for the 52 weeks ended 28 March 2026.
The Company meets the definition of a qualifying entity under Financial Reporting Standard
100 (FRS 100) issued by the Financial Reporting Council. The Company\u2019s financial statements
were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure
Framework (\u201cFRS 101\"). In preparing these financial statements, the Company applies the
recognition, measurement and disclosure requirements of the UK-adopted International
Financial Reporting Standards but makes amendments where necessary in order to comply
with the Companies Act 2006 and has set out below where advantage of the FRS 101
disclosure exemptions have been taken.
The Company transitioned to FRS 101 in the current year. There has been no material
effect of the transition to FRS 101 and therefore no reconciliation of equity or the Income
Statement has been prepared. Assets previously classified as held for sale have been
included within Property, Plant and Equipment on the Company\u2019s balance sheet including
the restatement for amounts as at 30 March 2024 (see Note 11).
The Company has applied the exemptions available under FRS 101 in respect of the
following disclosures:
\u2022 Cash Flow Statement and related notes.
As permitted by Section 408 of the Companies Act 2006, a separate Income Statement for
the Parent Company has not been prepared.
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.
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 08 to
52. 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 113 to 164.
In addition, there are further details in the financial statements on the Group\u2019s financial risk
management, objectives and policies in Note 25.
At 28 March 2026, the Group Balance Sheet comprises 87% of the estate being freehold
properties and available headroom on facilities of \u00a357.8 million and \u00a37.4 million of cash with
resulting net debt (excluding leases) of \u00a3140.5 million.
The Group has unsecured banking facilities of \u00a3185 million, 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. During the year, the Group agreed with its lenders
to extend these facilities for a further year through to August 2029.
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 FY2028 on 26 June 2027, based upon two scenarios, the \u2018base case\u2019 and
the \u2018downside case\u2019. The base case is the Board-approved FY2027 budget as well as the
Q1 FY2028 plan which forms part of the Board-approved three-year plan. The base case
assumes that sales will continue to grow and that staff costs will increase, impacted by
the National Minimum Wage 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 FY2027 and 5% in FY2028 from the \u2018base case\u2019, inflation rises more than assumed
in the \u2018base case\u2019 causing interest rates and costs to increase reducing operating margins
by 250bps and there is impact from tube strikes announced in early 2026. 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 49% 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 FY2028 on 26 June
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 In the prior year, measurement of the defined benefit obligation was a significant area of
estimation. In the current year this is not considered to be so due to the buy-in in FY2025.
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
28 March 2026 (2025: 52 weeks ended 29 March 2025). 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.
The financial statements of the Company have been prepared in accordance with the
Companies Act 2006, as applicable to companies using FRS 101, except in relation to
goodwill. Under IFRS 3 Business Combinations, goodwill is not amortised, but is reviewed for
impairment on an annual basis. This is a departure from the requirements of the Companies
Act 2006, which requires goodwill to be amortised over its useful economic life. The Company
is therefore invoking a \u2018true and fair\u2019 view override to overcome the requirement to write
off goodwill over its useful economic life. Goodwill as at 28 March 2026 is \u00a32.4 million
(2025: \u00a32.4 million). The Company is not able to reliably estimate the impact on the financial
statements of the true and fair override, on the basis that the useful life of goodwill cannot
be predicted with a satisfactory level of reliability, nor can the pattern in which goodwill
diminishes be known.
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 From 50 to 100 years
unlicensed property
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 (ie, 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 (ie, 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 (ie,
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
(eg, 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 (ie, 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 \u2018Average Weighted Cost\u2019 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, and 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 a 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
\u2022 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 26, 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 Amendments to IAS 21: Lack of Exchangeability (effective 1 January 2025) The adoption of the above standard has not had any material impact on the disclosures or amounts reported in these financial statements.
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 Amendments to IFRS 9 and IFRS 7: Amendments to the Classification and Measurement
of Financial Instruments (effective 1 January 2026)
The Directors expect to adopt the accounting policy choice for payments made using an
electronic payment system made before the year end but cleared soon after as part of
cash and cash equivalents in the year-end balance sheet. An accounting policy will be
disclosed for the treatment of payments made using an electronic payment system and
payments will continue to be presented as they currently are.
\u2022 IFRS 18: Presentation and disclosure in Financial Statements (effective 1 January 2027)
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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-345": { "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 28 March 2026 were authorised for issue by the Board of Directors on 9 June 2026 and the Balance Sheet was signed on the Board\u2019s behalf by S Emeny. 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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-1": { "value": "Fuller, Smith & Turner P.L.C.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-2": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-342": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-3": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-346": { "value": "Basis of preparation The Group\u2019s consolidated 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 for the 52 weeks ended 28 March 2026. The Company meets the definition of a qualifying entity under Financial Reporting Standard 100 (FRS 100) issued by the Financial Reporting Council. The Company\u2019s financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (\u201cFRS 101\"). In preparing these financial statements, the Company applies the recognition, measurement and disclosure requirements of the UK-adopted International Financial Reporting Standards but makes amendments where necessary in order to comply with the Companies Act 2006 and has set out below where advantage of the FRS 101 disclosure exemptions have been taken. The Company transitioned to FRS 101 in the current year. There has been no material effect of the transition to FRS 101 and therefore no reconciliation of equity or the Income Statement has been prepared. Assets previously classified as held for sale have been included within Property, Plant and Equipment on the Company\u2019s balance sheet including the restatement for amounts as at 30 March 2024 (see Note 11). The Company has applied the exemptions available under FRS 101 in respect of the following disclosures: \u2022 Cash Flow Statement and related notes. As permitted by Section 408 of the Companies Act 2006, a separate Income Statement for the Parent Company has not been prepared. 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-394": { "value": "The Group\u2019s consolidated 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 for the 52 weeks ended 28 March 2026. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-395": { "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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-347": { "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 08 to 52. 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 113 to 164. In addition, there are further details in the financial statements on the Group\u2019s financial risk management, objectives and policies in Note 25. At 28 March 2026, the Group Balance Sheet comprises 87% of the estate being freehold properties and available headroom on facilities of \u00a357.8 million and \u00a37.4 million of cash with resulting net debt (excluding leases) of \u00a3140.5 million. The Group has unsecured banking facilities of \u00a3185 million, 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. During the year, the Group agreed with its lenders to extend these facilities for a further year through to August 2029. 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 FY2028 on 26 June 2027, based upon two scenarios, the \u2018base case\u2019 and the \u2018downside case\u2019. The base case is the Board-approved FY2027 budget as well as the Q1 FY2028 plan which forms part of the Board-approved three-year plan. The base case assumes that sales will continue to grow and that staff costs will increase, impacted by the National Minimum Wage 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 FY2027 and 5% in FY2028 from the \u2018base case\u2019, inflation rises more than assumed in the \u2018base case\u2019 causing interest rates and costs to increase reducing operating margins by 250bps and there is impact from tube strikes announced in early 2026. 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 49% 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 FY2028 on 26 June 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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-348": { "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 In the prior year, measurement of the defined benefit obligation was a significant area of estimation. In the current year this is not considered to be so due to the buy-in in FY2025. 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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-349": { "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 28 March 2026 (2025: 52 weeks ended 29 March 2025). 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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-444": { "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. The financial statements of the Company have been prepared in accordance with the Companies Act 2006, as applicable to companies using FRS 101, except in relation to goodwill. Under IFRS 3 Business Combinations, goodwill is not amortised, but is reviewed for impairment on an annual basis. This is a departure from the requirements of the Companies Act 2006, which requires goodwill to be amortised over its useful economic life. The Company is therefore invoking a \u2018true and fair\u2019 view override to overcome the requirement to write off goodwill over its useful economic life. Goodwill as at 28 March 2026 is \u00a32.4 million (2025: \u00a32.4 million). The Company is not able to reliably estimate the impact on the financial statements of the true and fair override, on the basis that the useful life of goodwill cannot be predicted with a satisfactory level of reliability, nor can the pattern in which goodwill diminishes be known. 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 (ie, 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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-426": { "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. The financial statements of the Company have been prepared in accordance with the Companies Act 2006, as applicable to companies using FRS 101, except in relation to goodwill. Under IFRS 3 Business Combinations, goodwill is not amortised, but is reviewed for impairment on an annual basis. This is a departure from the requirements of the Companies Act 2006, which requires goodwill to be amortised over its useful economic life. The Company is therefore invoking a \u2018true and fair\u2019 view override to overcome the requirement to write off goodwill over its useful economic life. Goodwill as at 28 March 2026 is \u00a32.4 million (2025: \u00a32.4 million). The Company is not able to reliably estimate the impact on the financial statements of the true and fair override, on the basis that the useful life of goodwill cannot be predicted with a satisfactory level of reliability, nor can the pattern in which goodwill diminishes be known. 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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-396": { "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. The financial statements of the Company have been prepared in accordance with the Companies Act 2006, as applicable to companies using FRS 101, except in relation to goodwill. Under IFRS 3 Business Combinations, goodwill is not amortised, but is reviewed for impairment on an annual basis. This is a departure from the requirements of the Companies Act 2006, which requires goodwill to be amortised over its useful economic life. The Company is therefore invoking a \u2018true and fair\u2019 view override to overcome the requirement to write off goodwill over its useful economic life. Goodwill as at 28 March 2026 is \u00a32.4 million (2025: \u00a32.4 million). The Company is not able to reliably estimate the impact on the financial statements of the true and fair override, on the basis that the useful life of goodwill cannot be predicted with a satisfactory level of reliability, nor can the pattern in which goodwill diminishes be known. 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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-350": { "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. The financial statements of the Company have been prepared in accordance with the Companies Act 2006, as applicable to companies using FRS 101, except in relation to goodwill. Under IFRS 3 Business Combinations, goodwill is not amortised, but is reviewed for impairment on an annual basis. This is a departure from the requirements of the Companies Act 2006, which requires goodwill to be amortised over its useful economic life. The Company is therefore invoking a \u2018true and fair\u2019 view override to overcome the requirement to write off goodwill over its useful economic life. Goodwill as at 28 March 2026 is \u00a32.4 million (2025: \u00a32.4 million). The Company is not able to reliably estimate the impact on the financial statements of the true and fair override, on the basis that the useful life of goodwill cannot be predicted with a satisfactory level of reliability, nor can the pattern in which goodwill diminishes be known. 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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-397": { "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 From 50 to 100 years
unlicensed property
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 (ie, 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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-351": { "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 From 50 to 100 years
unlicensed property
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 (ie, 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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-352": { "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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-353": { "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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-354": { "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 (ie, 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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-445": { "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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-355": { "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 (ie, 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 (eg, 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 (ie, 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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-398": { "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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-427": { "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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-356": { "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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-357": { "value": "Inventories Inventories are stated at the lower of cost and net realisable value. Cost is calculated using the \u2018Average Weighted Cost\u2019 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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-358": { "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, and 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 a 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 \u2022 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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-399": { "value": "Financial assets Recognition and measurement Financial assets are classified, at initial recognition, and 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 a 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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-428": { "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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-400": { "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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-429": { "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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-401": { "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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-446": { "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 \u2022 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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-430": { "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 \u2022 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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-402": { "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 \u2022 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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-359": { "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 26, 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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-360": { "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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-361": { "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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-362": { "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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-363": { "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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-364": { "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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-365": { "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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-403": { "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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-366": { "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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-367": { "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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-368": { "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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-369": { "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 Amendments to IAS 21: Lack of Exchangeability (effective 1 January 2025)
The adoption of the above standard has not had any material impact on the disclosures or
amounts reported in these financial statements.
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 Amendments to IFRS 9 and IFRS 7: Amendments to the Classification and Measurement of Financial Instruments (effective 1 January 2026) The Directors expect to adopt the accounting policy choice for payments made using an electronic payment system made before the year end but cleared soon after as part of cash and cash equivalents in the year-end balance sheet. An accounting policy will be disclosed for the treatment of payments made using an electronic payment system and payments will continue to be presented as they currently are. \u2022 IFRS 18: Presentation and disclosure in Financial Statements (effective 1 January 2027) 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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-431": { "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 Amendments to IAS 21: Lack of Exchangeability (effective 1 January 2025) The adoption of the above standard has not had any material impact on the disclosures or amounts reported in these financial statements. 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 Amendments to IFRS 9 and IFRS 7: Amendments to the Classification and Measurement of Financial Instruments (effective 1 January 2026) The Directors expect to adopt the accounting policy choice for payments made using an electronic payment system made before the year end but cleared soon after as part of cash and cash equivalents in the year-end balance sheet. An accounting policy will be disclosed for the treatment of payments made using an electronic payment system and payments will continue to be presented as they currently are. \u2022 IFRS 18: Presentation and disclosure in Financial Statements (effective 1 January 2027) 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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-404": { "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 Amendments to IAS 21: Lack of Exchangeability (effective 1 January 2025) The adoption of the above standard has not had any material impact on the disclosures or amounts reported in these financial statements. 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 Amendments to IFRS 9 and IFRS 7: Amendments to the Classification and Measurement of Financial Instruments (effective 1 January 2026) The Directors expect to adopt the accounting policy choice for payments made using an electronic payment system made before the year end but cleared soon after as part of cash and cash equivalents in the year-end balance sheet. An accounting policy will be disclosed for the treatment of payments made using an electronic payment system and payments will continue to be presented as they currently are. \u2022 IFRS 18: Presentation and disclosure in Financial Statements (effective 1 January 2027) 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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-370": { "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.
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 28 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
Sale of goods and services
324.8
23.5
\u2013
348.3
Accommodation income
38.5
\u2013
\u2013
38.5
Total revenue from contracts with customers
363.3
23.5
\u2013
386.8
Rental income
1.5
9.5
\u2013
11.0
Revenue
364.8
33.0
\u2013
397. 8
Segment result
53.9
14.7
(22.7)
45.9
Operating separately disclosed items
(5.9)
Operating profit
40.0
Profit on disposal of properties
0.8
Net finance costs
(11.3)
Profit before tax
29.5
Other segment information
Additions to property, plant and equipment
29.6
10.3
0.1
40.0
Depreciation and amortisation
24.8
3.2
0.7
28.7
Impairment of property net of reversals
5.2
0.7
\u2013
5.9
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.
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 of 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
2 7. 2
Impairment of property and goodwill net of reversals
9.0
1.4
\u2013
10.4
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
28 March 2026 29 March 2025
\u00a3m \u00a3m
Revenue disclosed in the Income Statement
is analysed as follows:
Sale of goods and services
348.3
328.3
Accommodation income
38.5
36.7
Total revenue from contracts with customers
386.8
365.0
Rental income
11.0
11. 3
Revenue
397. 8
376. 3
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-447": { "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. 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 28 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
Sale of goods and services
324.8
23.5
\u2013
348.3
Accommodation income
38.5
\u2013
\u2013
38.5
Total revenue from contracts with customers
363.3
23.5
\u2013
386.8
Rental income
1.5
9.5
\u2013
11.0
Revenue
364.8
33.0
\u2013
397. 8
Segment result
53.9
14.7
(22.7)
45.9
Operating separately disclosed items
(5.9)
Operating profit
40.0
Profit on disposal of properties
0.8
Net finance costs
(11.3)
Profit before tax
29.5
Other segment information
Additions to property, plant and equipment
29.6
10.3
0.1
40.0
Depreciation and amortisation
24.8
3.2
0.7
28.7
Impairment of property net of reversals
5.2
0.7
\u2013
5.9
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.
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 of 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
2 7. 2
Impairment of property and goodwill net of reversals
9.0
1.4
\u2013
10.4
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
28 March 2026 29 March 2025
\u00a3m \u00a3m
Revenue disclosed in the Income Statement
is analysed as follows:
Sale of goods and services
348.3
328.3
Accommodation income
38.5
36.7
Total revenue from contracts with customers
386.8
365.0
Rental income
11.0
11. 3
Revenue
397. 8
376. 3
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-432": { "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. 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 28 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
Sale of goods and services
324.8
23.5
\u2013
348.3
Accommodation income
38.5
\u2013
\u2013
38.5
Total revenue from contracts with customers
363.3
23.5
\u2013
386.8
Rental income
1.5
9.5
\u2013
11.0
Revenue
364.8
33.0
\u2013
397. 8
Segment result
53.9
14.7
(22.7)
45.9
Operating separately disclosed items
(5.9)
Operating profit
40.0
Profit on disposal of properties
0.8
Net finance costs
(11.3)
Profit before tax
29.5
Other segment information
Additions to property, plant and equipment
29.6
10.3
0.1
40.0
Depreciation and amortisation
24.8
3.2
0.7
28.7
Impairment of property net of reversals
5.2
0.7
\u2013
5.9
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.
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 of 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
2 7. 2
Impairment of property and goodwill net of reversals
9.0
1.4
\u2013
10.4
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
28 March 2026 29 March 2025
\u00a3m \u00a3m
Revenue disclosed in the Income Statement
is analysed as follows:
Sale of goods and services
348.3
328.3
Accommodation income
38.5
36.7
Total revenue from contracts with customers
386.8
365.0
Rental income
11.0
11. 3
Revenue
397. 8
376. 3
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-405": { "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
28 March 2026 29 March 2025
\u00a3m \u00a3m
Revenue disclosed in the Income Statement
is analysed as follows:
Sale of goods and services
348.3
328.3
Accommodation income
38.5
36.7
Total revenue from contracts with customers
386.8
365.0
Rental income
11.0
11. 3
Revenue
397. 8
376. 3
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-371": { "value": "
4. OPERATING COSTS
52 weeks ended 52 weeks ended
28 March 2026 29 March 2025
\u00a3m \u00a3m
Production costs and cost of goods used in retailing
89.6
87.1
Staff costs
149.7
137.9
Repairs and maintenance
13.1
12.9
Depreciation of property, plant and equipment
22.8
21.1
and amortisation of intangible assets
Depreciation of right-of-use assets
5.9
6.1
Rental expense relating to short-term and low-
value leases
0.6
0.3
Variable lease payments
1
4.5
4.1
Property costs
17. 4
17. 2
Utilities
13.2
13.4
Separately disclosed items (Note 5)
5.9
12.1
Other operating costs
35.1
35.8
357. 8
348.0
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
28 March 2026 29 March 2025
\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 \u00a36,500 (2025: \u00a36,200) for covenant reporting.
b) Employee benefit expenses
1
52 weeks ended 52 weeks ended
28 March 2026 29 March 2025
\u00a3m \u00a3m
Wages and salaries
1,2
131.3
123.8
Social security costs
13.1
9.1
Pension benefits
2.6
2.3
Other staff costs
3
2.7
2.7
149.7
137.9
1 Includes Executive Directors.
2 Includes share-based charge of \u00a33.0 million (2025: \u00a31.5 million).
3 Includes temporary staff costs of \u00a31.9 million (2025: \u00a32.1 million).
c) Average number of employees
1
The average monthly number of persons employed by the Group (including part-time staff)
was as follows:
2026 2025
Number Number
Pub and hotel teams 5,375 5,195
Support office
2
116 116
5,491 5, 311
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
82 to 100.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-433": { "value": "4. OPERATING COSTS
52 weeks ended 52 weeks ended
28 March 2026 29 March 2025
\u00a3m \u00a3m
Production costs and cost of goods used in retailing
89.6
87.1
Staff costs
149.7
137.9
Repairs and maintenance
13.1
12.9
Depreciation of property, plant and equipment
22.8
21.1
and amortisation of intangible assets
Depreciation of right-of-use assets
5.9
6.1
Rental expense relating to short-term and low-
value leases
0.6
0.3
Variable lease payments
1
4.5
4.1
Property costs
17. 4
17. 2
Utilities
13.2
13.4
Separately disclosed items (Note 5)
5.9
12.1
Other operating costs
35.1
35.8
357. 8
348.0
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
28 March 2026 29 March 2025
\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 \u00a36,500 (2025: \u00a36,200) for covenant reporting. b) Employee benefit expenses1
52 weeks ended 52 weeks ended
28 March 2026 29 March 2025
\u00a3m \u00a3m
Wages and salaries
1,2
131.3
123.8
Social security costs
13.1
9.1
Pension benefits
2.6
2.3
Other staff costs
3
2.7
2.7
149.7
137.9
1 Includes Executive Directors. 2 Includes share-based charge of \u00a33.0 million (2025: \u00a31.5 million). 3 Includes temporary staff costs of \u00a31.9 million (2025: \u00a32.1 million). c) Average number of employees 1 The average monthly number of persons employed by the Group (including part-time staff) was as follows:
2026 2025
Number Number
Pub and hotel teams 5,375 5,195
Support office
2
116 116
5,491 5, 311
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 82 to 100.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-406": { "value": "a) Auditor\u2019s remuneration
52 weeks ended 52 weeks ended
28 March 2026 29 March 2025
\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 \u00a36,500 (2025: \u00a36,200) for covenant reporting. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-407": { "value": "c) Average number of employees 1 The average monthly number of persons employed by the Group (including part-time staff) was as follows:
2026 2025
Number Number
Pub and hotel teams 5,375 5,195
Support office
2
116 116
5,491 5, 311
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 82 to 100.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-372": { "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
28 March 2026 29 March 2025
\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)
(5.9)
(10.4)
Professional fees
\u2013
(0.9)
Pension past service costs
\u2013
(0.8)
Total separately disclosed items included in
operating profit
(5.9)
(12.1)
Profit on disposal of properties
0.8
18.9
Separately disclosed finance credits:
Finance credit on net pension liabilities
\u2013
0.8
Finance charge on the write down of arrangement fees
\u2013
(0.8)
Total separately disclosed finance credits
\u2013
\u2013
Total separately disclosed items before tax
(5.1)
6.8
Separately disclosed tax:
Profit on disposal of properties
\u2013
(0.7)
Other items
0.8
1.5
Total separately disclosed tax
0.8
0.8
Total separately disclosed items
(4.3)
7. 6
The impairment charge of \u00a35.9 million (29 March 2025: \u00a310.4 million) relates to the write down of
19 properties classified within property, plant and equipment (\u00a37.9 million) (29 March 2025: 23
properties \u00a39.2 million) and one right-of use asset (\u00a30.1million) (29 March 2025: three assets held
for sale properties \u00a30.6 million and the write down of goodwill \u00a31.0 million), to their recoverable
value, net of the reversal of impairment of four properties of \u00a32.1 million (29 March 2025: one
property \u00a30.4 million).
\u00a30.8 million of profit has been recognised on the sale of four non-trading properties (29 March
2025: \u00a318.9 million was recognised on the sale of 45 properties, including 37 tenanted sites sold
to Admiral Taverns).
The cash impact of operating separately disclosed items before tax for the 52 weeks ended
28 March 2026 was \u00a3nil (29 March 2025: \u00a30.2 million cash outflow).
", "dimensions": { "concept": "fullersmithturnerplc:DisclosureOfSeparatelyDisclosedItems", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-373": { "value": "
6. FINANCE COSTS
52 weeks ended 52 weeks ended
28 March 2026 29 March 2025
\u00a3m \u00a3m
Finance income
Interest income from financial assets
0.2
0.3
Finance costs
Interest expense arising on:
Financial liabilities at amortised cost \u2013 loans and
debentures
(8.4)
(10.4)
Financial liabilities at amortised cost \u2013 preference shares
(0.1)
(0.1)
Financial liabilities at amortised cost \u2013 lease liabilities
(3.0)
(3.2)
(Note 16)
Net finance costs before separately disclosed items
(11.3)
(13.4)
Finance credit on net pension liabilities
\u2013
0.8
Finance charge on the write down of arrangement fees
\u2013
(0.8)
Net finance costs after separately disclosed items
(11.3)
(13.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-456": { "value": "6. FINANCE COSTS
52 weeks ended 52 weeks ended
28 March 2026 29 March 2025
\u00a3m \u00a3m
Finance income
Interest income from financial assets
0.2
0.3
Finance costs
Interest expense arising on:
Financial liabilities at amortised cost \u2013 loans and
debentures
(8.4)
(10.4)
Financial liabilities at amortised cost \u2013 preference shares
(0.1)
(0.1)
Financial liabilities at amortised cost \u2013 lease liabilities
(3.0)
(3.2)
(Note 16)
Net finance costs before separately disclosed items
(11.3)
(13.4)
Finance credit on net pension liabilities
\u2013
0.8
Finance charge on the write down of arrangement fees
\u2013
(0.8)
Net finance costs after separately disclosed items
(11.3)
(13.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-452": { "value": "6. FINANCE COSTS
52 weeks ended 52 weeks ended
28 March 2026 29 March 2025
\u00a3m \u00a3m
Finance income
Interest income from financial assets
0.2
0.3
Finance costs
Interest expense arising on:
Financial liabilities at amortised cost \u2013 loans and
debentures
(8.4)
(10.4)
Financial liabilities at amortised cost \u2013 preference shares
(0.1)
(0.1)
Financial liabilities at amortised cost \u2013 lease liabilities
(3.0)
(3.2)
(Note 16)
Net finance costs before separately disclosed items
(11.3)
(13.4)
Finance credit on net pension liabilities
\u2013
0.8
Finance charge on the write down of arrangement fees
\u2013
(0.8)
Net finance costs after separately disclosed items
(11.3)
(13.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-448": { "value": "6. FINANCE COSTS
52 weeks ended 52 weeks ended
28 March 2026 29 March 2025
\u00a3m \u00a3m
Finance income
Interest income from financial assets
0.2
0.3
Finance costs
Interest expense arising on:
Financial liabilities at amortised cost \u2013 loans and
debentures
(8.4)
(10.4)
Financial liabilities at amortised cost \u2013 preference shares
(0.1)
(0.1)
Financial liabilities at amortised cost \u2013 lease liabilities
(3.0)
(3.2)
(Note 16)
Net finance costs before separately disclosed items
(11.3)
(13.4)
Finance credit on net pension liabilities
\u2013
0.8
Finance charge on the write down of arrangement fees
\u2013
(0.8)
Net finance costs after separately disclosed items
(11.3)
(13.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-434": { "value": "6. FINANCE COSTS
52 weeks ended 52 weeks ended
28 March 2026 29 March 2025
\u00a3m \u00a3m
Finance income
Interest income from financial assets
0.2
0.3
Finance costs
Interest expense arising on:
Financial liabilities at amortised cost \u2013 loans and
debentures
(8.4)
(10.4)
Financial liabilities at amortised cost \u2013 preference shares
(0.1)
(0.1)
Financial liabilities at amortised cost \u2013 lease liabilities
(3.0)
(3.2)
(Note 16)
Net finance costs before separately disclosed items
(11.3)
(13.4)
Finance credit on net pension liabilities
\u2013
0.8
Finance charge on the write down of arrangement fees
\u2013
(0.8)
Net finance costs after separately disclosed items
(11.3)
(13.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-408": { "value": "6. FINANCE COSTS
52 weeks ended 52 weeks ended
28 March 2026 29 March 2025
\u00a3m \u00a3m
Finance income
Interest income from financial assets
0.2
0.3
Finance costs
Interest expense arising on:
Financial liabilities at amortised cost \u2013 loans and
debentures
(8.4)
(10.4)
Financial liabilities at amortised cost \u2013 preference shares
(0.1)
(0.1)
Financial liabilities at amortised cost \u2013 lease liabilities
(3.0)
(3.2)
(Note 16)
Net finance costs before separately disclosed items
(11.3)
(13.4)
Finance credit on net pension liabilities
\u2013
0.8
Finance charge on the write down of arrangement fees
\u2013
(0.8)
Net finance costs after separately disclosed items
(11.3)
(13.4)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-374": { "value": "
7. TAXATION
Tax on profit on ordinary activities
52 weeks ended 52 weeks ended
28 March 2026 29 March 2025
Group \u00a3m \u00a3m
Tax charged in the Income Statement
Current tax on profit for the year
3.6
2.2
Amounts over-provided in previous years
(0.1)
\u2013
Total current tax expense
3.5
2.2
Deferred income tax:
Origination and reversal of temporary differences
5.1
5.1
Amounts over-provided in previous years
(0.3)
(0.7)
Total deferred tax expense
4.8
4.4
Total tax charged in the Income Statement
8.3
6.6
Analysed as:
Before separately disclosed items
9.1
7. 4
Separately disclosed items
(0.8)
(0.8)
8.3
6.6
Reconciliation of the total tax charge
The tax expense in the Income Statement for the year is higher (2025: lower) than
the standard rate of corporation tax in the UK of 25% (2025: 25%). The differences are
reconciled below:
52 weeks ended 52 weeks ended
28 March 2026 29 March 2025
\u00a3m \u00a3m
Profit before tax expense
29.5
33.8
Accounting profit multiplied by the UK standard rate
7.4
8.5
of corporation tax of 25% (2025: 25%)
Items not deductible for tax purposes
0.1
0.5
Amounts over-provided in previous years
(0.4)
(0.7)
Net movements in respect of property
1.2
(1.7)
Total tax charged in the Income Statement
8.3
6.6
52 weeks ended 52 weeks ended
28 March 2026 29 March 2025
\u00a3m \u00a3m
Deferred tax charged / (credited) to the Income
Statement
Deferred tax depreciation
2.0
1.3
Unrealised capital gains (on PP&E)
(0.8)
(3.0)
Retirement benefit obligations
\u2013
0.3
Tax losses
4.4
1.9
Other
(0.8)
3.9
Deferred tax in the Income Statement
4.8
4.4
Tax relating to items credited to the Statement
of Comprehensive Income
Deferred tax:
Valuation gains on financial assets and liabilities
0.2
\u2013
Net actuarial losses on pension scheme
(0.4)
(4.5)
Total tax credited in the Statement of
Comprehensive Income
(0.2)
(4.5)
Tax related to items charged directly to the 52 weeks ended 52 weeks ended
Statement of Changes in Equity 28 March 2026 29 March 2025
Deferred tax:
Share-based payments
0.1
\u2013
Total tax charged to the Statement of Changes in Equity
0.1
\u2013
Deferred tax provision
The deferred tax included in the Balance Sheet is as follows:
Deferred tax
Deferred tax asset / (liability)
Retirement Tax losses Employee Decelerated Unrealised
benefit carried share tax capital gains
obligations forward schemes Financial assets depreciation (on PP&E) Other Total
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balances at 30 March 2024
(4.4)
7. 0
0.1
\u2013
2.2
(27.6)
4.5
(18.2)
(Charge) / credit to Income Statement
(0.3)
(1.9)
0.4
\u2013
(1.3)
3.0
(4.3)
(4.4)
Credit to other comprehensive income
4.5
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
4.5
Acquisitions
\u2013
\u2013
\u2013
\u2013
(0.2)
\u2013
\u2013
(0.2)
Balances at 29 March 2025
(0.2)
5.1
0.5
\u2013
0.7
(24.6)
0.2
(18.3)
(Charge) / credit to Income Statement
\u2013
(4.4)
0.6
\u2013
(2.0)
0.8
0.2
(4.8)
Credit / (charge) to other comprehensive income
0.4
\u2013
\u2013
(0.2)
\u2013
\u2013
\u2013
0.2
Credit taken directly to equity
\u2013
\u2013
0.1
\u2013
\u2013
\u2013
\u2013
0.1
Balances at 28 March 2026
0.2
0.7
1.2
(0.2)
(1.3)
(23.8)
0.4
(22.8)
2026 2025
Group \u00a3m \u00a3m
Deferred tax assets
2.5
6.5
Deferred tax liabilities
(25.3)
(24.8)
(22.8)
(18.3)
Deferred tax asset / (liability)
Retirement Tax losses Employee Decelerated Unrealised
benefit carried share tax capital gains
obligations forward schemes Financial assets depreciation (on PP&E) Other Total
Company \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balances at 30 March 2024
(4.4)
7.0
0.1
\u2013
2.2
(27.6)
4.5
(18.2)
(Charge) / credit to Income Statement
(0.3)
(1.9)
0.4
\u2013
(1.3)
3.0
(4.3)
(4.4)
Credit to other comprehensive income
4.5
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
4.5
Acquisitions
\u2212
\u2013
\u2013
\u2013
(0.2)
\u2212
\u2013
(0.2)
Balances at 29 March 2025
(0.2)
5.1
0.5
\u2013
0.7
(24.6)
0.2
(18.3)
(Charge) / credit to Income Statement
\u2013
(4.4)
0.6
\u2013
(2.0)
0.8
0.2
(4.8)
Credit / (charge) to other comprehensive income
0.4
\u2013
\u2013
(0.2)
\u2013
\u2013
\u2013
0.2
Credit taken directly to equity
\u2013
\u2013
0.1
\u2013
\u2013
\u2013
\u2013
0.1
Balances at 28 March 2026
0.2
0.7
1.2
(0.2)
(1.3)
(23.8)
0.4
(22.8)
2026 2025
Company \u00a3m \u00a3m
Deferred tax assets
2.5
6.5
Deferred tax liabilities
(25.3)
(24.8)
(22.8)
(18.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-409": { "value": "7. TAXATION Tax on profit on ordinary activities
52 weeks ended 52 weeks ended
28 March 2026 29 March 2025
Group \u00a3m \u00a3m
Tax charged in the Income Statement
Current tax on profit for the year
3.6
2.2
Amounts over-provided in previous years
(0.1)
\u2013
Total current tax expense
3.5
2.2
Deferred income tax:
Origination and reversal of temporary differences
5.1
5.1
Amounts over-provided in previous years
(0.3)
(0.7)
Total deferred tax expense
4.8
4.4
Total tax charged in the Income Statement
8.3
6.6
Analysed as:
Before separately disclosed items
9.1
7. 4
Separately disclosed items
(0.8)
(0.8)
8.3
6.6
Reconciliation of the total tax charge The tax expense in the Income Statement for the year is higher (2025: lower) than the standard rate of corporation tax in the UK of 25% (2025: 25%). The differences are reconciled below:
52 weeks ended 52 weeks ended
28 March 2026 29 March 2025
\u00a3m \u00a3m
Profit before tax expense
29.5
33.8
Accounting profit multiplied by the UK standard rate
7.4
8.5
of corporation tax of 25% (2025: 25%)
Items not deductible for tax purposes
0.1
0.5
Amounts over-provided in previous years
(0.4)
(0.7)
Net movements in respect of property
1.2
(1.7)
Total tax charged in the Income Statement
8.3
6.6
52 weeks ended 52 weeks ended
28 March 2026 29 March 2025
\u00a3m \u00a3m
Deferred tax charged / (credited) to the Income
Statement
Deferred tax depreciation
2.0
1.3
Unrealised capital gains (on PP&E)
(0.8)
(3.0)
Retirement benefit obligations
\u2013
0.3
Tax losses
4.4
1.9
Other
(0.8)
3.9
Deferred tax in the Income Statement
4.8
4.4
Tax relating to items credited to the Statement
of Comprehensive Income
Deferred tax:
Valuation gains on financial assets and liabilities
0.2
\u2013
Net actuarial losses on pension scheme
(0.4)
(4.5)
Total tax credited in the Statement of
Comprehensive Income
(0.2)
(4.5)
Tax related to items charged directly to the 52 weeks ended 52 weeks ended
Statement of Changes in Equity 28 March 2026 29 March 2025
Deferred tax:
Share-based payments
0.1
\u2013
Total tax charged to the Statement of Changes in Equity
0.1
\u2013
Deferred tax provision The deferred tax included in the Balance Sheet is as follows: Deferred tax
Deferred tax asset / (liability)
Retirement Tax losses Employee Decelerated Unrealised
benefit carried share tax capital gains
obligations forward schemes Financial assets depreciation (on PP&E) Other Total
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balances at 30 March 2024
(4.4)
7. 0
0.1
\u2013
2.2
(27.6)
4.5
(18.2)
(Charge) / credit to Income Statement
(0.3)
(1.9)
0.4
\u2013
(1.3)
3.0
(4.3)
(4.4)
Credit to other comprehensive income
4.5
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
4.5
Acquisitions
\u2013
\u2013
\u2013
\u2013
(0.2)
\u2013
\u2013
(0.2)
Balances at 29 March 2025
(0.2)
5.1
0.5
\u2013
0.7
(24.6)
0.2
(18.3)
(Charge) / credit to Income Statement
\u2013
(4.4)
0.6
\u2013
(2.0)
0.8
0.2
(4.8)
Credit / (charge) to other comprehensive income
0.4
\u2013
\u2013
(0.2)
\u2013
\u2013
\u2013
0.2
Credit taken directly to equity
\u2013
\u2013
0.1
\u2013
\u2013
\u2013
\u2013
0.1
Balances at 28 March 2026
0.2
0.7
1.2
(0.2)
(1.3)
(23.8)
0.4
(22.8)
2026 2025
Group \u00a3m \u00a3m
Deferred tax assets
2.5
6.5
Deferred tax liabilities
(25.3)
(24.8)
(22.8)
(18.3)
Deferred tax asset / (liability)
Retirement Tax losses Employee Decelerated Unrealised
benefit carried share tax capital gains
obligations forward schemes Financial assets depreciation (on PP&E) Other Total
Company \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balances at 30 March 2024
(4.4)
7.0
0.1
\u2013
2.2
(27.6)
4.5
(18.2)
(Charge) / credit to Income Statement
(0.3)
(1.9)
0.4
\u2013
(1.3)
3.0
(4.3)
(4.4)
Credit to other comprehensive income
4.5
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
4.5
Acquisitions
\u2212
\u2013
\u2013
\u2013
(0.2)
\u2212
\u2013
(0.2)
Balances at 29 March 2025
(0.2)
5.1
0.5
\u2013
0.7
(24.6)
0.2
(18.3)
(Charge) / credit to Income Statement
\u2013
(4.4)
0.6
\u2013
(2.0)
0.8
0.2
(4.8)
Credit / (charge) to other comprehensive income
0.4
\u2013
\u2013
(0.2)
\u2013
\u2013
\u2013
0.2
Credit taken directly to equity
\u2013
\u2013
0.1
\u2013
\u2013
\u2013
\u2013
0.1
Balances at 28 March 2026
0.2
0.7
1.2
(0.2)
(1.3)
(23.8)
0.4
(22.8)
2026 2025
Company \u00a3m \u00a3m
Deferred tax assets
2.5
6.5
Deferred tax liabilities
(25.3)
(24.8)
(22.8)
(18.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-375": { "value": "
8. EARNINGS PER SHARE
52 weeks ended 52 weeks ended
28 March 2026 29 March 2025
Group \u00a3m \u00a3m
Profit attributable to equity shareholders
21.2
2 7. 2
Separately disclosed items net of tax
4.3
(7. 6)
Adjusted earnings attributable to equity shareholders
25.5
19.6
Weighted average share capital
54,050,000
57,270,000
Dilutive outstanding options and share awards
890,000
625,000
Diluted weighted average share capital
54,940,000
57,895,000
40p \u201cA\u201d and \u201cC\u201d Ordinary Share Pence Pence
Basic earnings per share
39.22
47. 49
Diluted earnings per share
38.59
46.98
Adjusted earnings per share
47.18
34.22
Diluted adjusted earnings per share
46.41
33.85
4p \u201cB\u201d Ordinary Share
Pence
Pence
Basic earnings per share
3.92
4.75
Diluted earnings per share
3.86
4.70
Adjusted earnings per share
4.72
3.42
Diluted adjusted earnings per share
4.64
3.39
For the purposes of calculating the number of shares to be used above, \u201cB\" shares have
been treated as one-tenth of an \u201cA\" or \u201cC\" 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 4,602,620 (2025: 4,599,962).
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 options into Ordinary Shares.
Adjusted earnings per share are calculated on profit after 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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-376": { "value": "
9. DIVIDENDS
52 weeks ended 52 weeks ended
28 March 2026 29 March 2025
\u00a3m \u00a3m
Declared and paid during the year
Equity dividends on Ordinary Shares:
Final dividend for 2025: 12.35p (2024: 11.12p)
6.7
6.5
Interim dividend for 2026: 7.85p (2025: 7.41p)
4.2
4.2
Equity dividends paid
10.9
10.7
Dividends on cumulative preference shares (Note 6)
0.1
0.1
Proposed for approval at the Annual General Meeting
Final dividend for 2026: 13.35p (2025: 12.35p)
7.1
6.8
The pence figures above are for the 40p \u201cA\u201d Ordinary Shares and 40p \u201cC\u201d Ordinary Shares.
The 4p \u201cB\u201d Ordinary Shares carry dividend rights of one-tenth of those applicable to the
40p \u201cA\u201d 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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-7": { "value": "0.1235", "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-4": { "value": "0.1112", "decimals": 4, "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": "0.1335", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-5": { "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-377": { "value": "
10. INTANGIBLE ASSETS
Group and Company
IT
development Group Company
Goodwill costs Total Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 30 March 2024
31.8
3.0
34.8
6.6
At 29 March 2025
31.8
3.0
34.8
6.6
At 28 March 2026
31.8
3.0
34.8
6.6
Amortisation and impairment
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
Provided during the year
\u2013
0.4
0.4
0.4
At 28 March 2026
6.1
2.0
8.1
3.2
Net book value at 28 March 2026
25.7
1.0
26.7
3.4
Net book value at 29 March 2025
25.7
1.4
2 7.1
3.8
Net book value at 30 March 2024
26.7
1.9
28.6
5.3
1 Company intangible assets comprise of \u00a32.4 million of Goodwill and \u00a31.0 million of Development costs. There
has been no depreciation or impairment of goodwill in the company in the financial year (FY2025: \u00a3Nil).
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
2026
2025
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
Cotswold Inns & Hotels
2.4
\u2013
2.4
2.4
12.1
13.6
25.7
25.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-435": { "value": "10. INTANGIBLE ASSETS
Group and Company
IT
development Group Company
Goodwill costs Total Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 30 March 2024
31.8
3.0
34.8
6.6
At 29 March 2025
31.8
3.0
34.8
6.6
At 28 March 2026
31.8
3.0
34.8
6.6
Amortisation and impairment
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
Provided during the year
\u2013
0.4
0.4
0.4
At 28 March 2026
6.1
2.0
8.1
3.2
Net book value at 28 March 2026
25.7
1.0
26.7
3.4
Net book value at 29 March 2025
25.7
1.4
2 7.1
3.8
Net book value at 30 March 2024
26.7
1.9
28.6
5.3
1 Company intangible assets comprise of \u00a32.4 million of Goodwill and \u00a31.0 million of Development costs. There has been no depreciation or impairment of goodwill in the company in the financial year (FY2025: \u00a3Nil). 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
2026
2025
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
Cotswold Inns & Hotels
2.4
\u2013
2.4
2.4
12.1
13.6
25.7
25.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-410": { "value": "10. INTANGIBLE ASSETS
Group and Company
IT
development Group Company
Goodwill costs Total Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 30 March 2024
31.8
3.0
34.8
6.6
At 29 March 2025
31.8
3.0
34.8
6.6
At 28 March 2026
31.8
3.0
34.8
6.6
Amortisation and impairment
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
Provided during the year
\u2013
0.4
0.4
0.4
At 28 March 2026
6.1
2.0
8.1
3.2
Net book value at 28 March 2026
25.7
1.0
26.7
3.4
Net book value at 29 March 2025
25.7
1.4
2 7.1
3.8
Net book value at 30 March 2024
26.7
1.9
28.6
5.3
1 Company intangible assets comprise of \u00a32.4 million of Goodwill and \u00a31.0 million of Development costs. There has been no depreciation or impairment of goodwill in the company in the financial year (FY2025: \u00a3Nil). 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
2026
2025
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
Cotswold Inns & Hotels
2.4
\u2013
2.4
2.4
12.1
13.6
25.7
25.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-378": { "value": "
11. PROPERTY, PLANT AND EQUIPMENT
Land & buildings Plant,
Land & buildings \u2013 owned & acting machinery & Fixtures
\u2013 owned & used as lessor vehicles & fittings Total
Group \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
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
(3.1)
\u2013
\u2013
(0.3)
(3.4)
At 29 March 2025
501.0
133.0
6.3
204.2
844.5
Additions
16.8
8.3
\u2013
14.9
40.0
Disposals
\u2013
\u2013
\u2013
(0.2)
(0.2)
Transfer of use to investment properties (Note 12)
(2.0)
\u2013
\u2013
\u2013
(2.0)
Transfer to assets held for sale (Note 19)
(2.2)
\u2013
\u2013
(0.2)
(2.4)
At 28 March 2026
513.6
141.3
6.3
218.7
879.9
Depreciation and impairment
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
8.8
\u2013
\u2013
\u2013
8.8
Transfer to assets held for sale
(0.4)
\u2013
\u2013
(0.2)
(0.6)
At 29 March 2025
86.9
20.8
1.7
149. 4
258.8
Provided during the year
5.2
3.7
\u2013
13.5
22.4
Disposals
\u2013
\u2013
\u2013
(0.1)
(0.1)
Transfer of use to investment properties (Note 12)
(0.7)
\u2013
\u2013
\u2013
(0.7)
Impairment loss net of reversal (Note 13)
5.8
\u2013
\u2013
\u2013
5.8
Transfer to assets held for sale (Note 19)
(0.1)
\u2013
\u2013
(0.2)
(0.3)
At 28 March 2026
97.1
24.5
1.7
162.6
285.9
Net book value at 28 March 2026
416.5
116.8
4.6
56.1
594.0
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
Land & buildings Plant,
Land & buildings \u2013 owned & acting machinery & Fixtures
\u2013 owned & used as lessor vehicles & fittings Total
Company \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 30 March 2024 as reported under IFRS
468.9
146.9
4.8
19 7. 8
818.4
Transition to FRS 101
13.0
\u2013
\u2013
\u2013
13.0
At 30 March 2024 as restated
481.9
146.9
4.8
197. 8
831.4
Additions
34.9
1.7
\u2013
16.1
52.7
Disposals
(15.6)
(15.6)
\u2013
(9.8)
(41.0)
At 29 March 2025
501.2
133.0
4.8
204.1
843.1
Additions
16.8
8.3
\u2013
14.9
40.0
Disposals
(3.3)
\u2013
\u2013
(0.2)
(3.5)
Transfer of use to investment properties (Note 12)
(2.0)
\u2013
\u2013
\u2013
(2.0)
Reclassification
3.5
\u2013
1.5
 0.4 5.4
At 28 March 2026
516.2
141.3
6.3
219.2
883.0
Depreciation and impairment
At 30 March 2024 as reported under IFRS
69. 6
21.0
2.5
143.4
236.5
Transition to FRS 101
4.6
\u2013
\u2013
\u2013
4.6
At 30 March 2024 as restated
74. 2
21.0
2.5
143.4
241.1
Provided during the year
6.0
1.5
\u2013
13.1
20.6
Disposals
(6.2)
(1.7)
\u2013
(8.9)
(16.8)
Impairment loss
9.4
\u2013
\u2013
\u2013
9. 4
At 29 March 2025
83.4
20.8
2.5
147. 6
254.3
Provided during the year
5.2
3.7
\u2013
13.5
22.4
Disposals
(1.2)
\u2013
\u2013
(0.1)
(1.3)
Transfer of use to investment properties (Note 12)
(0.7)
\u2013
\u2013
\u2013
(0.7)
Impairment loss
5.8
\u2013
\u2013
\u2013
5.8
Reclassification
4.2
\u2013
(0.8)
2.0
5.4
At 28 March 2026
96.7
24.5
1.7
163.0
285.9
Net book value at 28 March 2026
419.5
116.8
4.6
56.2
597.1
Net book value at 29 March 2025
417. 7
112 . 2
2.3
56.5
588.7
Net book value at 30 March 2024
399.3
125.9
2.3
54.4
581.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-379": { "value": "
12. INVESTMENT PROPERTIES
Group and Company
freehold and leasehold
properties
\u00a3m
Cost at 30 March 2024
1.6
Disposals
(0.2)
At 29 March 2025
1.4
Transfer of use from Land & buildings - owned and used (Note 11)
1.3
At 28 March 2026
2.7
Depreciation and impairment at 30 March 2024
0.1
At 29 March 2025
0.1
At 28 March 2026
0.1
Net book value at 28 March 2026
2.6
Net book value at 29 March 2025
1.3
Net book value at 30 March 2024
1.5
Fair value at 28 March 2026
10.5
Fair value at 29 March 2025
6.6
Fair value at 30 March 2024
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
28 March 2026, the Group did not impair any investment properties (FY2025: \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:
2026 2025
Group and Company \u00a3m \u00a3m
Rental income
0.5
0.3
Direct operating expenses
\u2013
\u2013
All direct operating expenses relate to properties that generate rental income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-380": { "value": "
13. IMPAIRMENT
During the year, impairment losses, net of reversals, of \u00a35.9 million (2025: \u00a310.4 million) were
recognised within separately disclosed items:
2026 2025
Group \u00a3m \u00a3m
Impairment losses
Property, plant and equipment
7.9
9. 2
Right-of-use assets
0.1
\u2013
Assets held for sale\ue017
\u2013
0.6
Intangible assets
\u2013
1.0
Impairment reversals \u2013 Property, plant and equipment
(2.1)
(0.4)
Total net impairment charge
5.9
10.4
2026 2025
Company \u00a3m \u00a3m
Impairment losses
Property, plant and equipment
7.9
9. 8
Right-of-use assets
0.1
\u2013
Intangible assets
\u2013
1.0
Impairment reversals \u2013 Property, plant and equipment
(2.1)
(0.4)
Total net impairment charge
5.9
10.4
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.
Property, plant and equipment and right-of-use assets
The Group considers each trading outlet to be a cash-generating unit (\u201cCGU\u201d) 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 (\u201cFVLSC\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 has 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 key 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 FY2026 results, assumptions around continued UK
economic recovery 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% (2025: 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 8.8x (freehold 10.1x) (2025: 10.5x
(freehold 11.8x)) is used for the Managed estate and 10.0x (2025: 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 10.8%
(2025: 10.7%).
During the 52 weeks ended 28 March 2026, the Group recognised an impairment loss of
\u00a37.9 million (FY2025: \u00a39.2 million) on property, plant and equipment, \u00a30.1 million on right-
of-use assets and \u00a3nil (FY2025: \u00a30.6 million) of impairment on assets held for sale in respect
of the write down of 20 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
are \u00a32.1 million (FY2025: \u00a30.4 million) of impairment reversals recognised for four pubs
(FY2025: 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:
2026 2025
Impact on impairment of assets at risk \u2013 increase / (decrease) \u00a3m \u00a3m
Increase discount rate by 1.5%
15.3
16.6
Decrease discount rate by 1.5%
(11.9)
(14.4)
Increase growth rate by 0.5%
(4.0)
(4.6)
Decrease growth rate by 0.5%
4.2
4.7
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, ie, 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 \u00a30.3 million (FY2025: \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 no impairment charge
to goodwill in the 52 weeks ended 28 March 2026 (2025: \u00a31.0 million).
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
During the 52 weeks ended 28 March 2026, the Group did not impair any investment
properties (2025: \u00a3nil). Refer to Note 12.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-381": { "value": "
14. OTHER FINANCIAL ASSETS AND LIABILITIES
Group Group Company Company
2026 2025 2026 2025
Group and Company \u00a3m \u00a3m \u00a3m \u00a3m
Interest rate swap
0.8
\u2013
0.8
\u2013
Total financial assets within
0.8
\u2013
0.8
\u2013
non-current assets
Details of the interest rate swaps are provided in Note 25c (i).
21. CASH, BORROWINGS AND NET DEBT
Cash and cash equivalents
Group Group Company Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
7.4
13.8
7.4
13.8
Cash at bank earns interest at floating rates.
The cash and cash equivalents figure includes amounts receivable from customers for debit
or credit card payment transactions of \u00a36.3 million (2025: \u00a35.6 million) in the last few working
days before the end of the financial year which did not clear the bank (and therefore show
on the bank statement) until the first few working days of the new financial year.
Group Group Company Company
2026 2025 2026 2025
Borrowings \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
126.4
134.5
126.4
134.5
Debenture stock
19.9
19.9
19.9
19.9
Preference shares
1.6
1.6
1.6
1.6
Total borrowings
147.9
156.0
147.9
156.0
Analysed as:
Borrowings within current liabilities
\u2013
\u2013
\u2013
\u2013
Borrowings within non-current liabilities
147.9
156.0
147.9
156.0
147.9
156.0
147.9
156.0
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
The Group has unsecured banking facilities of \u00a3185 million, 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. During the period, the Group agreed with its
lenders to extend these facilities for a further year through to August 2029.
At 28 March 2026, \u00a357.8 million (2025: \u00a349.7 million) of the total of \u00a3185 million (2025: \u00a3185 million)
committed bank facility was available and undrawn.
The bank loans are repayable as follows:
2026 2025
\u00a3m \u00a3m
In the third to fifth year inclusive
127. 3
135.3
Less: bank loan arrangement fees
(0.9)
(0.8)
Non-current liabilities
126.4
134.5
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:
2026 2025
\u00a3m \u00a3m
Current liabilities
\u2013
\u2013
In the third to fifth year inclusive
20.0
20.0
\u2013 6.875% Debenture Stock 2028 (1st floating charge)
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 29 March At 28 March
2025 Cash flows
Non-cash
1
2026
52 weeks ended 28 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
Cash and short-term deposits
13.8
(6.4)
\u2013
7. 4
13.8
(6.4)
\u2013
7. 4
Financial liabilities:
Lease liabilities
(60.8)
8.2
(8.7)
(61.3)
(60.8)
8.2
(8.7)
(61.3)
Debt:
Bank loans
2
(134.5)
8.4
(0.3)
(126.4)
Debenture stock
(19.9)
\u2013
\u2013
(19.9)
Preference shares
(1.6)
\u2013
\u2013
(1.6)
Total borrowings
(156.0)
8.4
(0.3)
(147.9)
Net debt
(203.0)
10.2
(9. 0)
(201.8)
At 30 March At 29 March
2024 Cash flows
Non-cash
1
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)
Company
At 29 March At 28 March
2025 Cash flows
Non-cash
1
2026
52 weeks ended 28 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
Cash and short-term deposits
13.8
(6.4)
\u2013
7. 4
13.8
(6.4)
\u2013
7. 4
Financial liabilities:
Lease liabilities
(60.5)
8.1
(8.7)
(61.1)
(60.5)
8.1
(8.7)
(61.1)
Debt:
Bank loans
2
(134.5)
8.4
(0.3)
(126.4)
Debenture stock
(19.9)
\u2013
\u2013
(19.9)
Preference shares
(1.6)
\u2013
\u2013
(1.6)
Total borrowings
(156.0)
8.4
(0.3)
(147.9)
Net debt
(202.7)
10.1
(9.0)
(201.6)
At 30 March At 29 March
2024 Cash flows
Non-cash
1
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)
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 30.
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:
2026 2025
Group \u00a3m \u00a3m
Ordinary Share capital
23.4
23.8
Share premium
53.2
53.2
Capital redemption reserve
5.7
5.3
Hedging reserve
0.6
\u2013
Retained earnings
364.4
359. 5
Preference shares
1.6
1.6
448.9
443.4
2026 2025
Company \u00a3m \u00a3m
Ordinary Share capital
23.4
23.8
Share premium
53.2
53.2
Capital redemption reserve
5.7
5.3
Hedging reserve
0.6
\u2013
Merger reserve
(0.3)
(10.6)
Retained earnings
277.4
292.4
Preference shares
1.6
1.6
361.6
365.7
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.
b) Categories of financial assets and liabilities
The Group\u2019s financial assets and liabilities as recognised at the Balance Sheet date may
also be categorised as follows:
2026 2025
Group \u00a3m \u00a3m
Non-current assets
Derivative financial instruments used for hedging
0.8
\u2013
Total non-current assets
0.8
\u2013
Current assets
Trade and other receivables in scope of IFRS 9
2.1
2.8
Total current assets
2.1
2.8
Total financial assets
2.9
2.8
Current liabilities
Financial liabilities at amortised cost:
Trade and other payables in scope of IFRS 9
17.9
15.5
Lease liabilities
5.5
5.2
Total carried at amortised cost
23.4
20.7
Total current liabilities
23.4
20.7
Non-current liabilities
Financial liabilities at amortised cost:
Lease liabilities
55.8
55.6
Loans and debenture stock
146.3
154.4
Preference shares
1.6
1.6
Total carried at amortised cost
203.7
211. 6
Total non-current liabilities
203.7
211. 6
Total financial liabilities
227.1
232.3
2026 2025
Company \u00a3m \u00a3m
Non-current assets
Derivative financial instruments used for hedging
0.8
\u2013
Total non-current assets
0.8
\u2013
Current assets
Trade and other receivables in scope of IFRS 9
2.1
2.8
Total current assets
2.1
2.8
Total financial assets
2.9
2.8
Current liabilities
Financial liabilities at amortised cost:
Trade and other payables in scope of IFRS 9
190.0
178.1
Lease liabilities
5.4
5.1
Total carried at amortised cost
195.4
183.2
Total current liabilities
195.4
183.2
Non-current liabilities
Financial liabilities at amortised cost:
Lease liabilities
55.7
55.4
Loans and debenture stock
146.3
154.4
Preference shares
1.6
1.6
Total carried at amortised cost
203.6
211. 4
Total non-current liabilities
203.6
211. 4
Total financial liabilities
399.0
394.6
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 swaps. 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 (FY2025: \u00a319.9 million), net of interest paid in advance,
are at fixed rates. The bank facilities totalling \u00a3185 million (FY2025: \u00a3185 million) are at floating
rates. At the year end, after taking account of the interest rate swap, 47% (FY2025: 45%) of
the Group\u2019s drawn bank loans and 55% (FY2025: 52%) of gross borrowings were at fixed rates
or hedged.
Interest rate swap
The Group has entered into interest rate swap agreements, where the Group pays a fixed
rate and receives three-month SONIA, in order to hedge the risk of variation in interest
cash flows on its borrowings. At the Balance Sheet date, \u00a360.0 million of the Group and
Company\u2019s borrowings (FY2025: \u00a3nil) were hedged by interest rate swaps at a blended fixed
rate of 3.65% (FY2025: \u00a3nil). The swap active at 28 March 2026 expires in August 2028.
The interest rate swap is expected to impact the Income Statement in line with the liquidity
risk table shown in section (iii) below. The interest rate swap cash flow hedge in effect at
28 March 2026 was assessed as being highly effective. Net unrealised gain of \u00a30.8 million
(FY2025: \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 28 March 2026 ranged between 3.72% and 4.46%. 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 effects of these changes to interest rates on the floating rate debt at the
Balance Sheet date, after the impact of the interest rate swap and all other variables being
constant, are as follows:
Group
Company
1
Impact on post-tax profit and net equity \u2013 2026 2025 2026 2025
increase / (decrease) \u00a3m \u00a3m \u00a3m \u00a3m
Decrease interest rate by 1.0%
0.9
1.4
2.1
1.9
(2025:\ue01d1.0%)
Increase interest rate by 1.0%
(0.9)
(1.2)
(2.1)
(2.3)
(2025:\ue01d1.0%)
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 counterparty\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 creditworthiness
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%
(FY2025: 1%) of the Group\u2019s borrowings are repayable after more than five years, 99%
(FY2025: 99%) within the first to fifth years and nil (FY2025: nil) within one year.
The tables below summarise the maturity profile of the Group\u2019s financial liabilities at 28 March 2026 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 28 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest bearing loans and borrowings
1,2
\u2013
2.1
6.2
164.7
\u2013
\u2013
173.0
Preference shares
3
\u2013
\u2013
0.1
0.5
0.6
2.8
4.0
Trade and other payables
14.3
3.4
0.2
\u2013
\u2013
\u2013
17.9
Lease liabilities
\u2013
2.1
6.4
30.2
25.3
20.8
84.8
1 Bank loans are included after taking account of the following cash flows in relation to the interest rate swap held in respect of these borrowings:
Interest rate swap
\u2013
\u2013
\u2013
0.1
\u2013
\u2013
0.1
2 This includes \u00a3143.2 million which is due within 2 to 3 years. For further detail on maturity dates of loans and borrowings see Note 21.
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
3
\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
3 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 28 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Amounts due to subsidiary undertakings
3
172.1
\u2013
\u2013
\u2013
\u2013
\u2013
172.1
Trade and other payables
14.3
3.4
0.2
\u2013
\u2013
\u2013
17.9
Lease liabilities
\u2013
2.0
6.1
29.1
24.8
20.8
82.8
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 29 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Amounts due to subsidiary undertakings\ue016
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
4 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
2026 2025 2026 2025 Fair value
Group \u00a3m \u00a3m \u00a3m \u00a3m Level
Financial assets
Interest rate swap
0.8
\u2013
0.8
\u2013
3
Financial liabilities
Fixed rate borrowings
(19.9)
(19.9)
(21.0)
(23.0)
3
Floating rate borrowings
(126.4)
(134.5)
(126.4)
(134.5)
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 28 March 2026 and
29 March 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-459": { "value": "14. OTHER FINANCIAL ASSETS AND LIABILITIES
Group Group Company Company
2026 2025 2026 2025
Group and Company \u00a3m \u00a3m \u00a3m \u00a3m
Interest rate swap
0.8
\u2013
0.8
\u2013
Total financial assets within
0.8
\u2013
0.8
\u2013
non-current assets
Details of the interest rate swaps are provided in Note 25c (i). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-457": { "value": "14. OTHER FINANCIAL ASSETS AND LIABILITIES
Group Group Company Company
2026 2025 2026 2025
Group and Company \u00a3m \u00a3m \u00a3m \u00a3m
Interest rate swap
0.8
\u2013
0.8
\u2013
Total financial assets within
0.8
\u2013
0.8
\u2013
non-current assets
Details of the interest rate swaps are provided in Note 25c (i). Due within one year:
2026 2025
Group \u00a3m \u00a3m
Trade payables
14.3
11. 5
Other tax and social security
7.8
7. 2
Other payables
9.2
8.6
Accruals
23.7
22.4
Contract liabilities
3.4
3.6
58.4
53.3
Due within one year:
2026 2025
Company \u00a3m \u00a3m
Trade payables
14.3
11. 5
Amounts due to subsidiary undertakings
172 .1
162.6
Other tax and social security
7.8
7. 2
Other payables
9.2
8.6
Accruals
23.7
22.4
Contract liabilities
3.4
3.6
230.5
215.9
Company amounts due to subsidiary undertakings of \u00a3172.1 million (2025: \u00a3162.6 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
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
7.4
13.8
7.4
13.8
Cash at bank earns interest at floating rates. The cash and cash equivalents figure includes amounts receivable from customers for debit or credit card payment transactions of \u00a36.3 million (2025: \u00a35.6 million) in the last few working days before the end of the financial year which did not clear the bank (and therefore show on the bank statement) until the first few working days of the new financial year.
Group Group Company Company
2026 2025 2026 2025
Borrowings \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
126.4
134.5
126.4
134.5
Debenture stock
19.9
19.9
19.9
19.9
Preference shares
1.6
1.6
1.6
1.6
Total borrowings
147.9
156.0
147.9
156.0
Analysed as:
Borrowings within current liabilities
\u2013
\u2013
\u2013
\u2013
Borrowings within non-current liabilities
147.9
156.0
147.9
156.0
147.9
156.0
147.9
156.0
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 The Group has unsecured banking facilities of \u00a3185 million, 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. During the period, the Group agreed with its lenders to extend these facilities for a further year through to August 2029. At 28 March 2026, \u00a357.8 million (2025: \u00a349.7 million) of the total of \u00a3185 million (2025: \u00a3185 million) committed bank facility was available and undrawn. The bank loans are repayable as follows:
2026 2025
\u00a3m \u00a3m
In the third to fifth year inclusive
127. 3
135.3
Less: bank loan arrangement fees
(0.9)
(0.8)
Non-current liabilities
126.4
134.5
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:
2026 2025
\u00a3m \u00a3m
Current liabilities
\u2013
\u2013
In the third to fifth year inclusive
20.0
20.0
\u2013 6.875% Debenture Stock 2028 (1st floating charge)
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 29 March At 28 March
2025 Cash flows
Non-cash
1
2026
52 weeks ended 28 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
Cash and short-term deposits
13.8
(6.4)
\u2013
7. 4
13.8
(6.4)
\u2013
7. 4
Financial liabilities:
Lease liabilities
(60.8)
8.2
(8.7)
(61.3)
(60.8)
8.2
(8.7)
(61.3)
Debt:
Bank loans
2
(134.5)
8.4
(0.3)
(126.4)
Debenture stock
(19.9)
\u2013
\u2013
(19.9)
Preference shares
(1.6)
\u2013
\u2013
(1.6)
Total borrowings
(156.0)
8.4
(0.3)
(147.9)
Net debt
(203.0)
10.2
(9. 0)
(201.8)
At 30 March At 29 March
2024 Cash flows
Non-cash
1
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)
Company
At 29 March At 28 March
2025 Cash flows
Non-cash
1
2026
52 weeks ended 28 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
Cash and short-term deposits
13.8
(6.4)
\u2013
7. 4
13.8
(6.4)
\u2013
7. 4
Financial liabilities:
Lease liabilities
(60.5)
8.1
(8.7)
(61.1)
(60.5)
8.1
(8.7)
(61.1)
Debt:
Bank loans
2
(134.5)
8.4
(0.3)
(126.4)
Debenture stock
(19.9)
\u2013
\u2013
(19.9)
Preference shares
(1.6)
\u2013
\u2013
(1.6)
Total borrowings
(156.0)
8.4
(0.3)
(147.9)
Net debt
(202.7)
10.1
(9.0)
(201.6)
At 30 March At 29 March
2024 Cash flows
Non-cash
1
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)
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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-453": { "value": "14. OTHER FINANCIAL ASSETS AND LIABILITIES
Group Group Company Company
2026 2025 2026 2025
Group and Company \u00a3m \u00a3m \u00a3m \u00a3m
Interest rate swap
0.8
\u2013
0.8
\u2013
Total financial assets within
0.8
\u2013
0.8
\u2013
non-current assets
Details of the interest rate swaps are provided in Note 25c (i). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-449": { "value": "14. OTHER FINANCIAL ASSETS AND LIABILITIES
Group Group Company Company
2026 2025 2026 2025
Group and Company \u00a3m \u00a3m \u00a3m \u00a3m
Interest rate swap
0.8
\u2013
0.8
\u2013
Total financial assets within
0.8
\u2013
0.8
\u2013
non-current assets
Details of the interest rate swaps are provided in Note 25c (i).
Group Group Company Company
2026 2025 2026 2025
Group and Company \u00a3m \u00a3m \u00a3m \u00a3m
Current
1.0
1.9
1.0
1.9
Overdue up to 30 days
0.6
0.5
0.6
0.5
Overdue between 30 and 60 days
\u2013
0.1
\u2013
0.1
Overdue between 60 and 90 days
0.1
\u2013
0.1
\u2013
Overdue more than 90 days
1.0
0.9
1.0
0.9
Trade receivables before loss
2.7
3.4
2.7
3.4
allowance
Less loss allowance
(0.6)
(0.6)
(0.6)
(0.6)
Trade receivables net of loss
2.1
2.8
2.1
2.8
allowance
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-436": { "value": "14. OTHER FINANCIAL ASSETS AND LIABILITIES
Group Group Company Company
2026 2025 2026 2025
Group and Company \u00a3m \u00a3m \u00a3m \u00a3m
Interest rate swap
0.8
\u2013
0.8
\u2013
Total financial assets within
0.8
\u2013
0.8
\u2013
non-current assets
Details of the interest rate swaps are provided in Note 25c (i). b) Categories of financial assets and liabilities The Group\u2019s financial assets and liabilities as recognised at the Balance Sheet date may also be categorised as follows:
2026 2025
Group \u00a3m \u00a3m
Non-current assets
Derivative financial instruments used for hedging
0.8
\u2013
Total non-current assets
0.8
\u2013
Current assets
Trade and other receivables in scope of IFRS 9
2.1
2.8
Total current assets
2.1
2.8
Total financial assets
2.9
2.8
Current liabilities
Financial liabilities at amortised cost:
Trade and other payables in scope of IFRS 9
17.9
15.5
Lease liabilities
5.5
5.2
Total carried at amortised cost
23.4
20.7
Total current liabilities
23.4
20.7
Non-current liabilities
Financial liabilities at amortised cost:
Lease liabilities
55.8
55.6
Loans and debenture stock
146.3
154.4
Preference shares
1.6
1.6
Total carried at amortised cost
203.7
211. 6
Total non-current liabilities
203.7
211. 6
Total financial liabilities
227.1
232.3
2026 2025
Company \u00a3m \u00a3m
Non-current assets
Derivative financial instruments used for hedging
0.8
\u2013
Total non-current assets
0.8
\u2013
Current assets
Trade and other receivables in scope of IFRS 9
2.1
2.8
Total current assets
2.1
2.8
Total financial assets
2.9
2.8
Current liabilities
Financial liabilities at amortised cost:
Trade and other payables in scope of IFRS 9
190.0
178.1
Lease liabilities
5.4
5.1
Total carried at amortised cost
195.4
183.2
Total current liabilities
195.4
183.2
Non-current liabilities
Financial liabilities at amortised cost:
Lease liabilities
55.7
55.4
Loans and debenture stock
146.3
154.4
Preference shares
1.6
1.6
Total carried at amortised cost
203.6
211. 4
Total non-current liabilities
203.6
211. 4
Total financial liabilities
399.0
394.6
There is no set-off of financial assets and liabilities as shown above. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-411": { "value": "14. OTHER FINANCIAL ASSETS AND LIABILITIES
Group Group Company Company
2026 2025 2026 2025
Group and Company \u00a3m \u00a3m \u00a3m \u00a3m
Interest rate swap
0.8
\u2013
0.8
\u2013
Total financial assets within
0.8
\u2013
0.8
\u2013
non-current assets
Details of the interest rate swaps are provided in Note 25c (i). 21. CASH, BORROWINGS AND NET DEBT Cash and cash equivalents
Group Group Company Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
7.4
13.8
7.4
13.8
Cash at bank earns interest at floating rates. The cash and cash equivalents figure includes amounts receivable from customers for debit or credit card payment transactions of \u00a36.3 million (2025: \u00a35.6 million) in the last few working days before the end of the financial year which did not clear the bank (and therefore show on the bank statement) until the first few working days of the new financial year.
Group Group Company Company
2026 2025 2026 2025
Borrowings \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
126.4
134.5
126.4
134.5
Debenture stock
19.9
19.9
19.9
19.9
Preference shares
1.6
1.6
1.6
1.6
Total borrowings
147.9
156.0
147.9
156.0
Analysed as:
Borrowings within current liabilities
\u2013
\u2013
\u2013
\u2013
Borrowings within non-current liabilities
147.9
156.0
147.9
156.0
147.9
156.0
147.9
156.0
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 The Group has unsecured banking facilities of \u00a3185 million, 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. During the period, the Group agreed with its lenders to extend these facilities for a further year through to August 2029. At 28 March 2026, \u00a357.8 million (2025: \u00a349.7 million) of the total of \u00a3185 million (2025: \u00a3185 million) committed bank facility was available and undrawn. The bank loans are repayable as follows:
2026 2025
\u00a3m \u00a3m
In the third to fifth year inclusive
127. 3
135.3
Less: bank loan arrangement fees
(0.9)
(0.8)
Non-current liabilities
126.4
134.5
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:
2026 2025
\u00a3m \u00a3m
Current liabilities
\u2013
\u2013
In the third to fifth year inclusive
20.0
20.0
\u2013 6.875% Debenture Stock 2028 (1st floating charge)
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 29 March At 28 March
2025 Cash flows
Non-cash
1
2026
52 weeks ended 28 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
Cash and short-term deposits
13.8
(6.4)
\u2013
7. 4
13.8
(6.4)
\u2013
7. 4
Financial liabilities:
Lease liabilities
(60.8)
8.2
(8.7)
(61.3)
(60.8)
8.2
(8.7)
(61.3)
Debt:
Bank loans
2
(134.5)
8.4
(0.3)
(126.4)
Debenture stock
(19.9)
\u2013
\u2013
(19.9)
Preference shares
(1.6)
\u2013
\u2013
(1.6)
Total borrowings
(156.0)
8.4
(0.3)
(147.9)
Net debt
(203.0)
10.2
(9. 0)
(201.8)
At 30 March At 29 March
2024 Cash flows
Non-cash
1
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)
Company
At 29 March At 28 March
2025 Cash flows
Non-cash
1
2026
52 weeks ended 28 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
Cash and short-term deposits
13.8
(6.4)
\u2013
7. 4
13.8
(6.4)
\u2013
7. 4
Financial liabilities:
Lease liabilities
(60.5)
8.1
(8.7)
(61.1)
(60.5)
8.1
(8.7)
(61.1)
Debt:
Bank loans
2
(134.5)
8.4
(0.3)
(126.4)
Debenture stock
(19.9)
\u2013
\u2013
(19.9)
Preference shares
(1.6)
\u2013
\u2013
(1.6)
Total borrowings
(156.0)
8.4
(0.3)
(147.9)
Net debt
(202.7)
10.1
(9.0)
(201.6)
At 30 March At 29 March
2024 Cash flows
Non-cash
1
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)
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. b) Categories of financial assets and liabilities The Group\u2019s financial assets and liabilities as recognised at the Balance Sheet date may also be categorised as follows:
2026 2025
Group \u00a3m \u00a3m
Non-current assets
Derivative financial instruments used for hedging
0.8
\u2013
Total non-current assets
0.8
\u2013
Current assets
Trade and other receivables in scope of IFRS 9
2.1
2.8
Total current assets
2.1
2.8
Total financial assets
2.9
2.8
Current liabilities
Financial liabilities at amortised cost:
Trade and other payables in scope of IFRS 9
17.9
15.5
Lease liabilities
5.5
5.2
Total carried at amortised cost
23.4
20.7
Total current liabilities
23.4
20.7
Non-current liabilities
Financial liabilities at amortised cost:
Lease liabilities
55.8
55.6
Loans and debenture stock
146.3
154.4
Preference shares
1.6
1.6
Total carried at amortised cost
203.7
211. 6
Total non-current liabilities
203.7
211. 6
Total financial liabilities
227.1
232.3
2026 2025
Company \u00a3m \u00a3m
Non-current assets
Derivative financial instruments used for hedging
0.8
\u2013
Total non-current assets
0.8
\u2013
Current assets
Trade and other receivables in scope of IFRS 9
2.1
2.8
Total current assets
2.1
2.8
Total financial assets
2.9
2.8
Current liabilities
Financial liabilities at amortised cost:
Trade and other payables in scope of IFRS 9
190.0
178.1
Lease liabilities
5.4
5.1
Total carried at amortised cost
195.4
183.2
Total current liabilities
195.4
183.2
Non-current liabilities
Financial liabilities at amortised cost:
Lease liabilities
55.7
55.4
Loans and debenture stock
146.3
154.4
Preference shares
1.6
1.6
Total carried at amortised cost
203.6
211. 4
Total non-current liabilities
203.6
211. 4
Total financial liabilities
399.0
394.6
There is no set-off of financial assets and liabilities as shown above. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-382": { "value": "
15. INVESTMENTS IN SUBSIDIARIES
Cost Provision Net book value
Company \u00a3m \u00a3m \u00a3m
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
Reclassification of impairment\ue017
(9. 3)
9. 3
\u2013
At 28 March 2026
120.8
(12.8)
108.0
1 The amount recognised as an impairment in the 52 weeks ended 29 March 2025 has been reclassified as
a return of capital following a review of the accounting for the acquisition of Lovely Pubs and subsequent
hive-up of its assets.
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 Limited
\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 (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
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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-412": { "value": "15. INVESTMENTS IN SUBSIDIARIES
Cost Provision Net book value
Company \u00a3m \u00a3m \u00a3m
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
Reclassification of impairment\ue017
(9. 3)
9. 3
\u2013
At 28 March 2026
120.8
(12.8)
108.0
1 The amount recognised as an impairment in the 52 weeks ended 29 March 2025 has been reclassified as a return of capital following a review of the accounting for the acquisition of Lovely Pubs and subsequent hive-up of its assets.
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 Limited
\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 (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
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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-383": { "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
2026 2025 2026 2025
Group and Company \u00a3m \u00a3m \u00a3m \u00a3m
Right-of-use assets
Properties
52.5
52.5
52.5
52.5
Equipment
\u2013
0.3
\u2013
0.2
52.5
52.8
52.5
52.7
Lease liabilities
Current
5.5
5.2
5.4
5.1
Non-current
55.8
55.6
55.7
55.4
61.3
60.8
61.1
60.5
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 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
Lease amendments
1
5.7
\u2013
5.7
Depreciation
(5.6)
(0.3)
(5.9)
Impairment
(0.1)
\u2013
(0.1)
Net carrying value as at 28 March 2026
52.5
\u2013
52.5
Property Equipment Total
Company \u00a3m \u00a3m \u00a3m
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
Lease amendments
1
5.7
\u2013
5.7
Depreciation
(5.6)
(0.2)
(5.8)
Impairment
(0.1)
\u2013
(0.1)
Net carrying value as at 28 March 2026
52.5
\u2013
52.5
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 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
Lease amendments
1
5.7
5.7
Accretion of interest
3.0
3.0
Payments
(8.2)
(8.1)
Net carrying value as at 28 March 2026
61.3
61.1
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
28 March 2026 29 March 2025
Group \u00a3m \u00a3m
Depreciation charge on right-of-use assets
Properties
5.6
5.9
Equipment
0.3
0.2
5.9
6.1
Interest charge on right-of-use assets
Interest expense (included in finance cost)
3.0
3.2
Expense relating to short-term leases and low-value assets
0.6
0.3
(included in operating costs)
Expense relating to variable lease payments not
included in lease liabilities (included in operating costs)
4.5
4.1
Impairment of right-of-use assets
0.1
\u2013
Income from sub-leasing right-of-use assets
\u2013
(0.1)
8.2
7. 5
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 28 March 2026 were \u00a34.5 million (2025: \u00a34.1 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-413": { "value": "a) Amounts recognised in the Balance Sheet
Group Group Company Company
2026 2025 2026 2025
Group and Company \u00a3m \u00a3m \u00a3m \u00a3m
Right-of-use assets
Properties
52.5
52.5
52.5
52.5
Equipment
\u2013
0.3
\u2013
0.2
52.5
52.8
52.5
52.7
Lease liabilities
Current
5.5
5.2
5.4
5.1
Non-current
55.8
55.6
55.7
55.4
61.3
60.8
61.1
60.5
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 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
Lease amendments
1
5.7
\u2013
5.7
Depreciation
(5.6)
(0.3)
(5.9)
Impairment
(0.1)
\u2013
(0.1)
Net carrying value as at 28 March 2026
52.5
\u2013
52.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-384": { "value": "
17. INVENTORIES
Group Group Company Company
2026 2025 2026 2025
Group and Company \u00a3m \u00a3m \u00a3m \u00a3m
Stock at retail outlets
4.6
4.6
4.6
4.6
Amounts recognised in profit or loss
Inventories recognised as an expense during the year ended 28 March 2026 amounted to
\u00a389.6 million (2025: \u00a387.1 million). These were included in operating costs. Inventory is stated
net of a provision for obsolete stock of \u00a30.2 million (2025: \u00a30.3 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-385": { "value": "
18. TRADE AND OTHER RECEIVABLES
2026 2025
Group \u00a3m \u00a3m
Trade receivables
2.1
2.8
Other receivables
0.9
1.9
Prepayments and accrued income
8.2
7. 3
11.2
12.0
2026 2025
Company \u00a3m \u00a3m
Trade receivables
2.1
2.8
Other receivables
0.8
1.9
Prepayments and accrued income
8.2
7. 3
11.1
12.0
At 28 March 2026, the Group has included in other receivables \u00a3nil (2025: \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:
2026 2025
Group and Company \u00a3m \u00a3m
As at 29 March 2025
0.6
0.8
Amounts released for balances written off during the year
\u2013
(0.2)
As at 28 March 2026
0.6
0.6
The contractual ageing of the trade receivables balance is as follows:
Group Group Company Company
2026 2025 2026 2025
Group and Company \u00a3m \u00a3m \u00a3m \u00a3m
Current
1.0
1.9
1.0
1.9
Overdue up to 30 days
0.6
0.5
0.6
0.5
Overdue between 30 and 60 days
\u2013
0.1
\u2013
0.1
Overdue between 60 and 90 days
0.1
\u2013
0.1
\u2013
Overdue more than 90 days
1.0
0.9
1.0
0.9
Trade receivables before loss
2.7
3.4
2.7
3.4
allowance
Less loss allowance
(0.6)
(0.6)
(0.6)
(0.6)
Trade receivables net of loss
2.1
2.8
2.1
2.8
allowance
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-454": { "value": "18. TRADE AND OTHER RECEIVABLES
2026 2025
Group \u00a3m \u00a3m
Trade receivables
2.1
2.8
Other receivables
0.9
1.9
Prepayments and accrued income
8.2
7. 3
11.2
12.0
2026 2025
Company \u00a3m \u00a3m
Trade receivables
2.1
2.8
Other receivables
0.8
1.9
Prepayments and accrued income
8.2
7. 3
11.1
12.0
At 28 March 2026, the Group has included in other receivables \u00a3nil (2025: \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:
2026 2025
Group and Company \u00a3m \u00a3m
As at 29 March 2025
0.6
0.8
Amounts released for balances written off during the year
\u2013
(0.2)
As at 28 March 2026
0.6
0.6
The contractual ageing of the trade receivables balance is as follows:
Group Group Company Company
2026 2025 2026 2025
Group and Company \u00a3m \u00a3m \u00a3m \u00a3m
Current
1.0
1.9
1.0
1.9
Overdue up to 30 days
0.6
0.5
0.6
0.5
Overdue between 30 and 60 days
\u2013
0.1
\u2013
0.1
Overdue between 60 and 90 days
0.1
\u2013
0.1
\u2013
Overdue more than 90 days
1.0
0.9
1.0
0.9
Trade receivables before loss
2.7
3.4
2.7
3.4
allowance
Less loss allowance
(0.6)
(0.6)
(0.6)
(0.6)
Trade receivables net of loss
2.1
2.8
2.1
2.8
allowance
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-414": { "value": "
2026 2025
Group \u00a3m \u00a3m
Trade receivables
2.1
2.8
Other receivables
0.9
1.9
Prepayments and accrued income
8.2
7. 3
11.2
12.0
2026 2025
Company \u00a3m \u00a3m
Trade receivables
2.1
2.8
Other receivables
0.8
1.9
Prepayments and accrued income
8.2
7. 3
11.1
12.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-386": { "value": "
19. ASSETS HELD FOR SALE
Group
Group \u00a3m
Assets held for sale as at 29 March 2025
3.0
Assets disposed of during the year
(2.0)
Assets transferred from property, plant and equipment
2.1
Assets held for sale as at 28 March 2026
3.1
At 28 March 2026, five properties have been classified as held for sale (2025: six 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. No adjustment to fair value was recognised on assets classified as held for
sale during the year (2025: \u00a30.6 million).
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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-415": { "value": "19. ASSETS HELD FOR SALE
Group
Group \u00a3m
Assets held for sale as at 29 March 2025
3.0
Assets disposed of during the year
(2.0)
Assets transferred from property, plant and equipment
2.1
Assets held for sale as at 28 March 2026
3.1
At 28 March 2026, five properties have been classified as held for sale (2025: six 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. No adjustment to fair value was recognised on assets classified as held for sale during the year (2025: \u00a30.6 million). 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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-416": { "value": "
20. TRADE AND OTHER PAYABLES
Due within one year:
2026 2025
Group \u00a3m \u00a3m
Trade payables
14.3
11. 5
Other tax and social security
7.8
7. 2
Other payables
9.2
8.6
Accruals
23.7
22.4
Contract liabilities
3.4
3.6
58.4
53.3
Due within one year:
2026 2025
Company \u00a3m \u00a3m
Trade payables
14.3
11. 5
Amounts due to subsidiary undertakings
172 .1
162.6
Other tax and social security
7.8
7. 2
Other payables
9.2
8.6
Accruals
23.7
22.4
Contract liabilities
3.4
3.6
230.5
215.9
Company amounts due to subsidiary undertakings of \u00a3172.1 million (2025: \u00a3162.6 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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-387": { "value": "20. TRADE AND OTHER PAYABLES Due within one year:
2026 2025
Group \u00a3m \u00a3m
Trade payables
14.3
11. 5
Other tax and social security
7.8
7. 2
Other payables
9.2
8.6
Accruals
23.7
22.4
Contract liabilities
3.4
3.6
58.4
53.3
Due within one year:
2026 2025
Company \u00a3m \u00a3m
Trade payables
14.3
11. 5
Amounts due to subsidiary undertakings
172 .1
162.6
Other tax and social security
7.8
7. 2
Other payables
9.2
8.6
Accruals
23.7
22.4
Contract liabilities
3.4
3.6
230.5
215.9
Company amounts due to subsidiary undertakings of \u00a3172.1 million (2025: \u00a3162.6 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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-458": { "value": "Due within one year:
2026 2025
Group \u00a3m \u00a3m
Trade payables
14.3
11. 5
Other tax and social security
7.8
7. 2
Other payables
9.2
8.6
Accruals
23.7
22.4
Contract liabilities
3.4
3.6
58.4
53.3
Due within one year:
2026 2025
Company \u00a3m \u00a3m
Trade payables
14.3
11. 5
Amounts due to subsidiary undertakings
172 .1
162.6
Other tax and social security
7.8
7. 2
Other payables
9.2
8.6
Accruals
23.7
22.4
Contract liabilities
3.4
3.6
230.5
215.9
Company amounts due to subsidiary undertakings of \u00a3172.1 million (2025: \u00a3162.6 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:
2026 2025
\u00a3m \u00a3m
In the third to fifth year inclusive
127. 3
135.3
Less: bank loan arrangement fees
(0.9)
(0.8)
Non-current liabilities
126.4
134.5
Debenture stocks are repayable as follows:
2026 2025
\u00a3m \u00a3m
Current liabilities
\u2013
\u2013
In the third to fifth year inclusive
20.0
20.0
\u2013 6.875% Debenture Stock 2028 (1st floating charge)
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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-455": { "value": "21. CASH, BORROWINGS AND NET DEBT Cash and cash equivalents
Group Group Company Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
7.4
13.8
7.4
13.8
Cash at bank earns interest at floating rates. The cash and cash equivalents figure includes amounts receivable from customers for debit or credit card payment transactions of \u00a36.3 million (2025: \u00a35.6 million) in the last few working days before the end of the financial year which did not clear the bank (and therefore show on the bank statement) until the first few working days of the new financial year.
Group Group Company Company
2026 2025 2026 2025
Borrowings \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
126.4
134.5
126.4
134.5
Debenture stock
19.9
19.9
19.9
19.9
Preference shares
1.6
1.6
1.6
1.6
Total borrowings
147.9
156.0
147.9
156.0
Analysed as:
Borrowings within current liabilities
\u2013
\u2013
\u2013
\u2013
Borrowings within non-current liabilities
147.9
156.0
147.9
156.0
147.9
156.0
147.9
156.0
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 The Group has unsecured banking facilities of \u00a3185 million, 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. During the period, the Group agreed with its lenders to extend these facilities for a further year through to August 2029. At 28 March 2026, \u00a357.8 million (2025: \u00a349.7 million) of the total of \u00a3185 million (2025: \u00a3185 million) committed bank facility was available and undrawn. The bank loans are repayable as follows:
2026 2025
\u00a3m \u00a3m
In the third to fifth year inclusive
127. 3
135.3
Less: bank loan arrangement fees
(0.9)
(0.8)
Non-current liabilities
126.4
134.5
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:
2026 2025
\u00a3m \u00a3m
Current liabilities
\u2013
\u2013
In the third to fifth year inclusive
20.0
20.0
\u2013 6.875% Debenture Stock 2028 (1st floating charge)
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 29 March At 28 March
2025 Cash flows
Non-cash
1
2026
52 weeks ended 28 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
Cash and short-term deposits
13.8
(6.4)
\u2013
7. 4
13.8
(6.4)
\u2013
7. 4
Financial liabilities:
Lease liabilities
(60.8)
8.2
(8.7)
(61.3)
(60.8)
8.2
(8.7)
(61.3)
Debt:
Bank loans
2
(134.5)
8.4
(0.3)
(126.4)
Debenture stock
(19.9)
\u2013
\u2013
(19.9)
Preference shares
(1.6)
\u2013
\u2013
(1.6)
Total borrowings
(156.0)
8.4
(0.3)
(147.9)
Net debt
(203.0)
10.2
(9. 0)
(201.8)
At 30 March At 29 March
2024 Cash flows
Non-cash
1
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)
Company
At 29 March At 28 March
2025 Cash flows
Non-cash
1
2026
52 weeks ended 28 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
Cash and short-term deposits
13.8
(6.4)
\u2013
7. 4
13.8
(6.4)
\u2013
7. 4
Financial liabilities:
Lease liabilities
(60.5)
8.1
(8.7)
(61.1)
(60.5)
8.1
(8.7)
(61.1)
Debt:
Bank loans
2
(134.5)
8.4
(0.3)
(126.4)
Debenture stock
(19.9)
\u2013
\u2013
(19.9)
Preference shares
(1.6)
\u2013
\u2013
(1.6)
Total borrowings
(156.0)
8.4
(0.3)
(147.9)
Net debt
(202.7)
10.1
(9.0)
(201.6)
At 30 March At 29 March
2024 Cash flows
Non-cash
1
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)
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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-450": { "value": "21. CASH, BORROWINGS AND NET DEBT Cash and cash equivalents
Group Group Company Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
7.4
13.8
7.4
13.8
Cash at bank earns interest at floating rates. The cash and cash equivalents figure includes amounts receivable from customers for debit or credit card payment transactions of \u00a36.3 million (2025: \u00a35.6 million) in the last few working days before the end of the financial year which did not clear the bank (and therefore show on the bank statement) until the first few working days of the new financial year.
Group Group Company Company
2026 2025 2026 2025
Borrowings \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
126.4
134.5
126.4
134.5
Debenture stock
19.9
19.9
19.9
19.9
Preference shares
1.6
1.6
1.6
1.6
Total borrowings
147.9
156.0
147.9
156.0
Analysed as:
Borrowings within current liabilities
\u2013
\u2013
\u2013
\u2013
Borrowings within non-current liabilities
147.9
156.0
147.9
156.0
147.9
156.0
147.9
156.0
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 The Group has unsecured banking facilities of \u00a3185 million, 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. During the period, the Group agreed with its lenders to extend these facilities for a further year through to August 2029. At 28 March 2026, \u00a357.8 million (2025: \u00a349.7 million) of the total of \u00a3185 million (2025: \u00a3185 million) committed bank facility was available and undrawn. The bank loans are repayable as follows:
2026 2025
\u00a3m \u00a3m
In the third to fifth year inclusive
127. 3
135.3
Less: bank loan arrangement fees
(0.9)
(0.8)
Non-current liabilities
126.4
134.5
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:
2026 2025
\u00a3m \u00a3m
Current liabilities
\u2013
\u2013
In the third to fifth year inclusive
20.0
20.0
\u2013 6.875% Debenture Stock 2028 (1st floating charge)
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 29 March At 28 March
2025 Cash flows
Non-cash
1
2026
52 weeks ended 28 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
Cash and short-term deposits
13.8
(6.4)
\u2013
7. 4
13.8
(6.4)
\u2013
7. 4
Financial liabilities:
Lease liabilities
(60.8)
8.2
(8.7)
(61.3)
(60.8)
8.2
(8.7)
(61.3)
Debt:
Bank loans
2
(134.5)
8.4
(0.3)
(126.4)
Debenture stock
(19.9)
\u2013
\u2013
(19.9)
Preference shares
(1.6)
\u2013
\u2013
(1.6)
Total borrowings
(156.0)
8.4
(0.3)
(147.9)
Net debt
(203.0)
10.2
(9. 0)
(201.8)
At 30 March At 29 March
2024 Cash flows
Non-cash
1
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)
Company
At 29 March At 28 March
2025 Cash flows
Non-cash
1
2026
52 weeks ended 28 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
Cash and short-term deposits
13.8
(6.4)
\u2013
7. 4
13.8
(6.4)
\u2013
7. 4
Financial liabilities:
Lease liabilities
(60.5)
8.1
(8.7)
(61.1)
(60.5)
8.1
(8.7)
(61.1)
Debt:
Bank loans
2
(134.5)
8.4
(0.3)
(126.4)
Debenture stock
(19.9)
\u2013
\u2013
(19.9)
Preference shares
(1.6)
\u2013
\u2013
(1.6)
Total borrowings
(156.0)
8.4
(0.3)
(147.9)
Net debt
(202.7)
10.1
(9.0)
(201.6)
At 30 March At 29 March
2024 Cash flows
Non-cash
1
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)
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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-437": { "value": "21. CASH, BORROWINGS AND NET DEBT Cash and cash equivalents
Group Group Company Company
2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
7.4
13.8
7.4
13.8
Cash at bank earns interest at floating rates. The cash and cash equivalents figure includes amounts receivable from customers for debit or credit card payment transactions of \u00a36.3 million (2025: \u00a35.6 million) in the last few working days before the end of the financial year which did not clear the bank (and therefore show on the bank statement) until the first few working days of the new financial year.
Group Group Company Company
2026 2025 2026 2025
Borrowings \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
126.4
134.5
126.4
134.5
Debenture stock
19.9
19.9
19.9
19.9
Preference shares
1.6
1.6
1.6
1.6
Total borrowings
147.9
156.0
147.9
156.0
Analysed as:
Borrowings within current liabilities
\u2013
\u2013
\u2013
\u2013
Borrowings within non-current liabilities
147.9
156.0
147.9
156.0
147.9
156.0
147.9
156.0
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 The Group has unsecured banking facilities of \u00a3185 million, 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. During the period, the Group agreed with its lenders to extend these facilities for a further year through to August 2029. At 28 March 2026, \u00a357.8 million (2025: \u00a349.7 million) of the total of \u00a3185 million (2025: \u00a3185 million) committed bank facility was available and undrawn. The bank loans are repayable as follows:
2026 2025
\u00a3m \u00a3m
In the third to fifth year inclusive
127. 3
135.3
Less: bank loan arrangement fees
(0.9)
(0.8)
Non-current liabilities
126.4
134.5
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:
2026 2025
\u00a3m \u00a3m
Current liabilities
\u2013
\u2013
In the third to fifth year inclusive
20.0
20.0
\u2013 6.875% Debenture Stock 2028 (1st floating charge)
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 29 March At 28 March
2025 Cash flows
Non-cash
1
2026
52 weeks ended 28 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
Cash and short-term deposits
13.8
(6.4)
\u2013
7. 4
13.8
(6.4)
\u2013
7. 4
Financial liabilities:
Lease liabilities
(60.8)
8.2
(8.7)
(61.3)
(60.8)
8.2
(8.7)
(61.3)
Debt:
Bank loans
2
(134.5)
8.4
(0.3)
(126.4)
Debenture stock
(19.9)
\u2013
\u2013
(19.9)
Preference shares
(1.6)
\u2013
\u2013
(1.6)
Total borrowings
(156.0)
8.4
(0.3)
(147.9)
Net debt
(203.0)
10.2
(9. 0)
(201.8)
At 30 March At 29 March
2024 Cash flows
Non-cash
1
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)
Company
At 29 March At 28 March
2025 Cash flows
Non-cash
1
2026
52 weeks ended 28 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents:
Cash and short-term deposits
13.8
(6.4)
\u2013
7. 4
13.8
(6.4)
\u2013
7. 4
Financial liabilities:
Lease liabilities
(60.5)
8.1
(8.7)
(61.1)
(60.5)
8.1
(8.7)
(61.1)
Debt:
Bank loans
2
(134.5)
8.4
(0.3)
(126.4)
Debenture stock
(19.9)
\u2013
\u2013
(19.9)
Preference shares
(1.6)
\u2013
\u2013
(1.6)
Total borrowings
(156.0)
8.4
(0.3)
(147.9)
Net debt
(202.7)
10.1
(9.0)
(201.6)
At 30 March At 29 March
2024 Cash flows
Non-cash
1
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)
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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-388": { "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
28 March 2026 29 March 2025
Group and Company \u00a3m \u00a3m
Total amounts charged in respect of pensions in the year
Charged to Income Statement:
Defined benefit scheme \u2013 net finance credit
\u2013
(0.8)
\u2013 separately disclosed items
Defined contribution schemes \u2013 total operating charge
2.6
2.3
2.6
1.5
Charge to equity:
Defined benefit schemes \u2013 net actuarial losses
1.6
18.3
Total pension charge
4.2
19. 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. With the improvement in the funding
position, the Company completed a 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:
2026 2025
Mortality assumptions Years Years
Current pensioners (at 65) \u2013 males
21.4
21.4
Current pensioners (at 65) \u2013 females
23.9
23.8
Future pensioners (at 65) \u2013 males
22.8
22.7
Future pensioners (at 65) \u2013 females
25.3
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
2026
2025
Rate of increase in pensions in payment
3.20%
2.95%
Discount rate
6.30%
5.75%
Inflation assumption \u2013 RPI
3.30%
3.00%
Inflation assumption \u2013 CPI (pre-2030 / post-2030)
2.40% / 3.30%
2.10% / 3.00%
The present value of the Scheme liabilities is sensitive to the assumptions used, as follows:
2026 2025
Impact on Scheme liabilities \u2013 increase / (decrease)
1
\u00a3m \u00a3m
Increase discount rate by 0.1%
(0.8)
(0.9)
Increase inflation assumption by 0.1%
2
0.7
0.8
Increase life expectancies by 1 year
3.4
3.6
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 28 March At 29 March
2026 2025
Assets in the Scheme \u00a3m \u00a3m
Index linked debt instruments
\u2013
1.3
Cash
0.7
1.3
Annuities
80.3
83.4
Total market value of assets
81.0
86.0
2026 2025
\u00a3m \u00a3m
Fair value of Scheme assets
81.0
86.0
Present value of Scheme liabilities
(82.2)
(85.6)
(Deficit) / surplus in the Scheme
(1.2)
0.4
Included within the total present value of Group and Company Scheme liabilities of
\u00a382.2 million (2025: \u00a385.6 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.
2026 2025
\u00a3m \u00a3m
Retirement benefit obligations \u2013 funded
\u2013
1.6
Retirement benefit obligations \u2013 unfunded
(1.2)
(1.2)
(Deficit) / surplus in the Scheme
(1.2)
0.4
Defined benefit obligation
Fair value of Scheme assets
Net defined benefit surplus
2026 2025 2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at beginning of the year
(85.6)
(95.0)
86.0
112 . 3
0.4
17. 3
Included in profit and loss
Net interest credit
(4.8)
(4.5)
4.8
5.3
\u2013
0.8
Administration expenses
\u2013
\u2013
(0.1)
(0.1)
(0.1)
(0.1)
Past service costs
\u2013
(0.8)
\u2013
\u2013
\u2013
(0.8)
(4.8)
(5.3)
4.7
5.2
(0.1)
(0.1)
Included in other comprehensive income
Actuarial gains / (losses) relating to:
Actual return less expected return on Scheme\u2019s assets
\u2013
\u2013
(4.1)
(28.2)
(4.1)
(28.2)
Experience gains / (losses) arising on Scheme liabilities
2.5
9.9
\u2013
\u2013
2.5
9.9
2.5
9.9
(4.1)
(28.2)
(1.6)
(18.3)
Other
Employee contributions
\u2013
\u2013
0.1
1.5
0.1
1.5
Benefits paid
5.7
4.8
(5.7)
(4.8)
\u2013
\u2013
5.7
4.8
(5.6)
(3.3)
0.1
1.5
Balance at end of the year
(82.2)
(85.6)
81.0
86.0
(1.2)
0.4
The weighted average duration of the Scheme\u2019s liabilities at the end of the period is 11 years (2025: 11 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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-417": { "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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-418": { "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. With the improvement in the funding position, the Company completed a 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:
2026 2025
Mortality assumptions Years Years
Current pensioners (at 65) \u2013 males
21.4
21.4
Current pensioners (at 65) \u2013 females
23.9
23.8
Future pensioners (at 65) \u2013 males
22.8
22.7
Future pensioners (at 65) \u2013 females
25.3
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
2026
2025
Rate of increase in pensions in payment
3.20%
2.95%
Discount rate
6.30%
5.75%
Inflation assumption \u2013 RPI
3.30%
3.00%
Inflation assumption \u2013 CPI (pre-2030 / post-2030)
2.40% / 3.30%
2.10% / 3.00%
The present value of the Scheme liabilities is sensitive to the assumptions used, as follows:
2026 2025
Impact on Scheme liabilities \u2013 increase / (decrease)
1
\u00a3m \u00a3m
Increase discount rate by 0.1%
(0.8)
(0.9)
Increase inflation assumption by 0.1%
2
0.7
0.8
Increase life expectancies by 1 year
3.4
3.6
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 28 March At 29 March
2026 2025
Assets in the Scheme \u00a3m \u00a3m
Index linked debt instruments
\u2013
1.3
Cash
0.7
1.3
Annuities
80.3
83.4
Total market value of assets
81.0
86.0
2026 2025
\u00a3m \u00a3m
Fair value of Scheme assets
81.0
86.0
Present value of Scheme liabilities
(82.2)
(85.6)
(Deficit) / surplus in the Scheme
(1.2)
0.4
Included within the total present value of Group and Company Scheme liabilities of \u00a382.2 million (2025: \u00a385.6 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.
2026 2025
\u00a3m \u00a3m
Retirement benefit obligations \u2013 funded
\u2013
1.6
Retirement benefit obligations \u2013 unfunded
(1.2)
(1.2)
(Deficit) / surplus in the Scheme
(1.2)
0.4
Defined benefit obligation
Fair value of Scheme assets
Net defined benefit surplus
2026 2025 2026 2025 2026 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at beginning of the year
(85.6)
(95.0)
86.0
112 . 3
0.4
17. 3
Included in profit and loss
Net interest credit
(4.8)
(4.5)
4.8
5.3
\u2013
0.8
Administration expenses
\u2013
\u2013
(0.1)
(0.1)
(0.1)
(0.1)
Past service costs
\u2013
(0.8)
\u2013
\u2013
\u2013
(0.8)
(4.8)
(5.3)
4.7
5.2
(0.1)
(0.1)
Included in other comprehensive income
Actuarial gains / (losses) relating to:
Actual return less expected return on Scheme\u2019s assets
\u2013
\u2013
(4.1)
(28.2)
(4.1)
(28.2)
Experience gains / (losses) arising on Scheme liabilities
2.5
9.9
\u2013
\u2013
2.5
9.9
2.5
9.9
(4.1)
(28.2)
(1.6)
(18.3)
Other
Employee contributions
\u2013
\u2013
0.1
1.5
0.1
1.5
Benefits paid
5.7
4.8
(5.7)
(4.8)
\u2013
\u2013
5.7
4.8
(5.6)
(3.3)
0.1
1.5
Balance at end of the year
(82.2)
(85.6)
81.0
86.0
(1.2)
0.4
The weighted average duration of the Scheme\u2019s liabilities at the end of the period is 11 years (2025: 11 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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-389": { "value": "
23. PREFERENCE SHARE CAPITAL
Group and Company
First 6% Second 8%
cumulative cumulative
preference preference
share of \u00a31 each share of \u00a31 each Total
Authorised, issued and fully paid share capital Number Number Number
Number authorised and in issue: \u2018000s \u2018000s \u2018000s
At 28 March 2026 and 29 March 2025
400
1,200
1,600
Monetary amount:
\u00a3m
\u00a3m
\u00a3m
At 28 March 2026 and 29 March 2025
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 \"B\" Ordinary
Shares of Shares of Shares of
40p each 40p each 4p each Total
Authorised, issued and fully paid Number Number Number Number
Number in issue \u2018000s '000s '000s '000s
At 29 March 2025
37, 3 2 2
13,326
89,052
139,70 0
Cancellation of shares
(1,10 0)
\u2013
\u2013
(1,10 0)
\u201cC\u201d to \u201cA\u201d redesignation
224
(224)
\u2013
\u2013
At 28 March 2026
36,446
13,102
89,052
138,600
Proportion of total equity shares at
28 March 2026
26.3%
9.5%
64.2%
100%
Monetary amount
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 29 March 2025
14.9
5.3
3.6
23.8
At 28 March 2026
14.6
5.2
3.6
23.4
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\u201d or \u201cC\u201d 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 August 2025, the Group completed a share buyback programme, to repurchase one million \u201cA\u201d Ordinary Shares which were bought back for total consideration of \u00a35.7 million, of which
853,775 were purchased this financial year for consideration of \u00a34.9 million. A further one million \u201cA\u201d Ordinary Share buyback programme began in August 2025 and was completed in
January 2026, which were bought back for total consideration of \u00a36.3 million. A further one million \u201cA\u201d Ordinary Share buyback programme began on 22 January 2026. As at 28 March 2026,
430,710 shares have been bought back under this scheme for total consideration of \u00a33.0 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 Own
40p Shares 4p Shares 4p Shares 40p Shares 40p Shares 40p Shares 4p Shares 40p Shares shares
Number \u2018000s \u2018000s \u2018000s \u2018000s \u2018000s \u2018000s \u2018000s \u2018000s \u2018000s
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
8,74 3
Shares purchased
2,284
\u2013
700
\u2013
\u2013
2,284
700
\u2013
2,984
Shares released
(116)
\u2013
\u2013
\u2013
\u2013
(116)
\u2013
\u2013
(116)
Shares cancelled
(1,10 0)
\u2013
\u2013
\u2013
\u2013
(1,100)
\u2013
\u2013
(1,10 0)
At 28 March 2026
4,908
4,328
1,264
6
5
4,913
5,592
6
10,511
Monetary amount
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
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
Shares purchased
14.2
\u2013
0.4
\u2013
\u2013
14.2
0.4
\u2013
14.6
Shares released
(0.7)
\u2013
\u2013
\u2013
\u2013
(0.7)
\u2013
\u2013
(0.7)
Shares cancelled
(7.1)
\u2013
\u2013
\u2013
\u2013
(7.1)
\u2013
\u2013
(7.1)
At 28 March 2026
31.5
4.3
0.9
0.1
0.1
31.6
5.2
0.1
36.9
Market value at 28 March 2026
31.9
2.8
0.8
\u2013
\u2013
31.9
3.6
\u2013
35.5
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 buyback 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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-419": { "value": "23. PREFERENCE SHARE CAPITAL Group and Company
First 6% Second 8%
cumulative cumulative
preference preference
share of \u00a31 each share of \u00a31 each Total
Authorised, issued and fully paid share capital Number Number Number
Number authorised and in issue: \u2018000s \u2018000s \u2018000s
At 28 March 2026 and 29 March 2025
400
1,200
1,600
Monetary amount:
\u00a3m
\u00a3m
\u00a3m
At 28 March 2026 and 29 March 2025
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 \"B\" Ordinary
Shares of Shares of Shares of
40p each 40p each 4p each Total
Authorised, issued and fully paid Number Number Number Number
Number in issue \u2018000s '000s '000s '000s
At 29 March 2025
37, 3 2 2
13,326
89,052
139,70 0
Cancellation of shares
(1,10 0)
\u2013
\u2013
(1,10 0)
\u201cC\u201d to \u201cA\u201d redesignation
224
(224)
\u2013
\u2013
At 28 March 2026
36,446
13,102
89,052
138,600
Proportion of total equity shares at
28 March 2026
26.3%
9.5%
64.2%
100%
Monetary amount
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 29 March 2025
14.9
5.3
3.6
23.8
At 28 March 2026
14.6
5.2
3.6
23.4
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\u201d or \u201cC\u201d 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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-390": { "value": "
24. PROVISIONS
Legal claims
2026 2025
Group and Company \u00a3m \u00a3m
Balance at the beginning of the year
0.4
0.8
Arising during the year
\u2013
0.1
Released during the year
(0.2)
(0.5)
Balance at the end of the year
0.2
0.4
2026 2025
Analysed as: \u00a3m \u00a3m
Due within one year
0.2
0.4
Due in more than one year
\u2013
\u2013
0.2
0.4
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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-451": { "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 30. 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:
2026 2025
Group \u00a3m \u00a3m
Ordinary Share capital
23.4
23.8
Share premium
53.2
53.2
Capital redemption reserve
5.7
5.3
Hedging reserve
0.6
\u2013
Retained earnings
364.4
359. 5
Preference shares
1.6
1.6
448.9
443.4
2026 2025
Company \u00a3m \u00a3m
Ordinary Share capital
23.4
23.8
Share premium
53.2
53.2
Capital redemption reserve
5.7
5.3
Hedging reserve
0.6
\u2013
Merger reserve
(0.3)
(10.6)
Retained earnings
277.4
292.4
Preference shares
1.6
1.6
361.6
365.7
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. b) Categories of financial assets and liabilities The Group\u2019s financial assets and liabilities as recognised at the Balance Sheet date may also be categorised as follows:
2026 2025
Group \u00a3m \u00a3m
Non-current assets
Derivative financial instruments used for hedging
0.8
\u2013
Total non-current assets
0.8
\u2013
Current assets
Trade and other receivables in scope of IFRS 9
2.1
2.8
Total current assets
2.1
2.8
Total financial assets
2.9
2.8
Current liabilities
Financial liabilities at amortised cost:
Trade and other payables in scope of IFRS 9
17.9
15.5
Lease liabilities
5.5
5.2
Total carried at amortised cost
23.4
20.7
Total current liabilities
23.4
20.7
Non-current liabilities
Financial liabilities at amortised cost:
Lease liabilities
55.8
55.6
Loans and debenture stock
146.3
154.4
Preference shares
1.6
1.6
Total carried at amortised cost
203.7
211. 6
Total non-current liabilities
203.7
211. 6
Total financial liabilities
227.1
232.3
2026 2025
Company \u00a3m \u00a3m
Non-current assets
Derivative financial instruments used for hedging
0.8
\u2013
Total non-current assets
0.8
\u2013
Current assets
Trade and other receivables in scope of IFRS 9
2.1
2.8
Total current assets
2.1
2.8
Total financial assets
2.9
2.8
Current liabilities
Financial liabilities at amortised cost:
Trade and other payables in scope of IFRS 9
190.0
178.1
Lease liabilities
5.4
5.1
Total carried at amortised cost
195.4
183.2
Total current liabilities
195.4
183.2
Non-current liabilities
Financial liabilities at amortised cost:
Lease liabilities
55.7
55.4
Loans and debenture stock
146.3
154.4
Preference shares
1.6
1.6
Total carried at amortised cost
203.6
211. 4
Total non-current liabilities
203.6
211. 4
Total financial liabilities
399.0
394.6
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 swaps. 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 (FY2025: \u00a319.9 million), net of interest paid in advance, are at fixed rates. The bank facilities totalling \u00a3185 million (FY2025: \u00a3185 million) are at floating rates. At the year end, after taking account of the interest rate swap, 47% (FY2025: 45%) of the Group\u2019s drawn bank loans and 55% (FY2025: 52%) of gross borrowings were at fixed rates or hedged. Interest rate swap The Group has entered into interest rate swap agreements, where the Group pays a fixed rate and receives three-month SONIA, in order to hedge the risk of variation in interest cash flows on its borrowings. At the Balance Sheet date, \u00a360.0 million of the Group and Company\u2019s borrowings (FY2025: \u00a3nil) were hedged by interest rate swaps at a blended fixed rate of 3.65% (FY2025: \u00a3nil). The swap active at 28 March 2026 expires in August 2028. The interest rate swap is expected to impact the Income Statement in line with the liquidity risk table shown in section (iii) below. The interest rate swap cash flow hedge in effect at 28 March 2026 was assessed as being highly effective. Net unrealised gain of \u00a30.8 million (FY2025: \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 28 March 2026 ranged between 3.72% and 4.46%. 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 effects of these changes to interest rates on the floating rate debt at the Balance Sheet date, after the impact of the interest rate swap and all other variables being constant, are as follows:
Group
Company
1
Impact on post-tax profit and net equity \u2013 2026 2025 2026 2025
increase / (decrease) \u00a3m \u00a3m \u00a3m \u00a3m
Decrease interest rate by 1.0%
0.9
1.4
2.1
1.9
(2025:\ue01d1.0%)
Increase interest rate by 1.0%
(0.9)
(1.2)
(2.1)
(2.3)
(2025:\ue01d1.0%)
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 counterparty\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 creditworthiness 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% (FY2025: 1%) of the Group\u2019s borrowings are repayable after more than five years, 99% (FY2025: 99%) within the first to fifth years and nil (FY2025: nil) within one year. The tables below summarise the maturity profile of the Group\u2019s financial liabilities at 28 March 2026 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 28 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest bearing loans and borrowings
1,2
\u2013
2.1
6.2
164.7
\u2013
\u2013
173.0
Preference shares
3
\u2013
\u2013
0.1
0.5
0.6
2.8
4.0
Trade and other payables
14.3
3.4
0.2
\u2013
\u2013
\u2013
17.9
Lease liabilities
\u2013
2.1
6.4
30.2
25.3
20.8
84.8
1 Bank loans are included after taking account of the following cash flows in relation to the interest rate swap held in respect of these borrowings:
Interest rate swap
\u2013
\u2013
\u2013
0.1
\u2013
\u2013
0.1
2 This includes \u00a3143.2 million which is due within 2 to 3 years. For further detail on maturity dates of loans and borrowings see Note 21.
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
3
\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
3 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 28 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Amounts due to subsidiary undertakings
3
172.1
\u2013
\u2013
\u2013
\u2013
\u2013
172.1
Trade and other payables
14.3
3.4
0.2
\u2013
\u2013
\u2013
17.9
Lease liabilities
\u2013
2.0
6.1
29.1
24.8
20.8
82.8
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 29 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Amounts due to subsidiary undertakings\ue016
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
4 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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-438": { "value": "a) Capital management \u2013 Group and Company As described in Note 1, the Group considers its capital to comprise the following:
2026 2025
Group \u00a3m \u00a3m
Ordinary Share capital
23.4
23.8
Share premium
53.2
53.2
Capital redemption reserve
5.7
5.3
Hedging reserve
0.6
\u2013
Retained earnings
364.4
359. 5
Preference shares
1.6
1.6
448.9
443.4
2026 2025
Company \u00a3m \u00a3m
Ordinary Share capital
23.4
23.8
Share premium
53.2
53.2
Capital redemption reserve
5.7
5.3
Hedging reserve
0.6
\u2013
Merger reserve
(0.3)
(10.6)
Retained earnings
277.4
292.4
Preference shares
1.6
1.6
361.6
365.7
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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-439": { "value": "i. Interest rate risk The Group manages its cost of borrowings using a mixture of fixed rates, variable rates and interest rate swaps. 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 (FY2025: \u00a319.9 million), net of interest paid in advance, are at fixed rates. The bank facilities totalling \u00a3185 million (FY2025: \u00a3185 million) are at floating rates. At the year end, after taking account of the interest rate swap, 47% (FY2025: 45%) of the Group\u2019s drawn bank loans and 55% (FY2025: 52%) of gross borrowings were at fixed rates or hedged. Interest rate swap The Group has entered into interest rate swap agreements, where the Group pays a fixed rate and receives three-month SONIA, in order to hedge the risk of variation in interest cash flows on its borrowings. At the Balance Sheet date, \u00a360.0 million of the Group and Company\u2019s borrowings (FY2025: \u00a3nil) were hedged by interest rate swaps at a blended fixed rate of 3.65% (FY2025: \u00a3nil). The swap active at 28 March 2026 expires in August 2028. The interest rate swap is expected to impact the Income Statement in line with the liquidity risk table shown in section (iii) below. The interest rate swap cash flow hedge in effect at 28 March 2026 was assessed as being highly effective. Net unrealised gain of \u00a30.8 million (FY2025: \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 28 March 2026 ranged between 3.72% and 4.46%. 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 effects of these changes to interest rates on the floating rate debt at the Balance Sheet date, after the impact of the interest rate swap and all other variables being constant, are as follows:
Group
Company
1
Impact on post-tax profit and net equity \u2013 2026 2025 2026 2025
increase / (decrease) \u00a3m \u00a3m \u00a3m \u00a3m
Decrease interest rate by 1.0%
0.9
1.4
2.1
1.9
(2025:\ue01d1.0%)
Increase interest rate by 1.0%
(0.9)
(1.2)
(2.1)
(2.3)
(2025:\ue01d1.0%)
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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-440": { "value": "ii. Credit risk The risk of financial loss due to a counterparty\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 creditworthiness 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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-441": { "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% (FY2025: 1%) of the Group\u2019s borrowings are repayable after more than five years, 99% (FY2025: 99%) within the first to fifth years and nil (FY2025: nil) within one year. The tables below summarise the maturity profile of the Group\u2019s financial liabilities at 28 March 2026 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 28 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest bearing loans and borrowings
1,2
\u2013
2.1
6.2
164.7
\u2013
\u2013
173.0
Preference shares
3
\u2013
\u2013
0.1
0.5
0.6
2.8
4.0
Trade and other payables
14.3
3.4
0.2
\u2013
\u2013
\u2013
17.9
Lease liabilities
\u2013
2.1
6.4
30.2
25.3
20.8
84.8
1 Bank loans are included after taking account of the following cash flows in relation to the interest rate swap held in respect of these borrowings:
Interest rate swap
\u2013
\u2013
\u2013
0.1
\u2013
\u2013
0.1
2 This includes \u00a3143.2 million which is due within 2 to 3 years. For further detail on maturity dates of loans and borrowings see Note 21.
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
3
\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
3 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 28 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Amounts due to subsidiary undertakings
3
172.1
\u2013
\u2013
\u2013
\u2013
\u2013
172.1
Trade and other payables
14.3
3.4
0.2
\u2013
\u2013
\u2013
17.9
Lease liabilities
\u2013
2.0
6.1
29.1
24.8
20.8
82.8
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 29 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Amounts due to subsidiary undertakings\ue016
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
4 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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-420": { "value": "d) Fair value
Book value
Fair value
2026 2025 2026 2025 Fair value
Group \u00a3m \u00a3m \u00a3m \u00a3m Level
Financial assets
Interest rate swap
0.8
\u2013
0.8
\u2013
3
Financial liabilities
Fixed rate borrowings
(19.9)
(19.9)
(21.0)
(23.0)
3
Floating rate borrowings
(126.4)
(134.5)
(126.4)
(134.5)
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 28 March 2026 and 29 March 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-442": { "value": "d) Fair value
Book value
Fair value
2026 2025 2026 2025 Fair value
Group \u00a3m \u00a3m \u00a3m \u00a3m Level
Financial assets
Interest rate swap
0.8
\u2013
0.8
\u2013
3
Financial liabilities
Fixed rate borrowings
(19.9)
(19.9)
(21.0)
(23.0)
3
Floating rate borrowings
(126.4)
(134.5)
(126.4)
(134.5)
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 28 March 2026 and 29 March 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-421": { "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 August 2025, the Group completed a share buyback programme, to repurchase one million \u201cA\u201d Ordinary Shares which were bought back for total consideration of \u00a35.7 million, of which 853,775 were purchased this financial year for consideration of \u00a34.9 million. A further one million \u201cA\u201d Ordinary Share buyback programme began in August 2025 and was completed in January 2026, which were bought back for total consideration of \u00a36.3 million. A further one million \u201cA\u201d Ordinary Share buyback programme began on 22 January 2026. As at 28 March 2026, 430,710 shares have been bought back under this scheme for total consideration of \u00a33.0 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 Own
40p Shares 4p Shares 4p Shares 40p Shares 40p Shares 40p Shares 4p Shares 40p Shares shares
Number \u2018000s \u2018000s \u2018000s \u2018000s \u2018000s \u2018000s \u2018000s \u2018000s \u2018000s
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
8,74 3
Shares purchased
2,284
\u2013
700
\u2013
\u2013
2,284
700
\u2013
2,984
Shares released
(116)
\u2013
\u2013
\u2013
\u2013
(116)
\u2013
\u2013
(116)
Shares cancelled
(1,10 0)
\u2013
\u2013
\u2013
\u2013
(1,100)
\u2013
\u2013
(1,10 0)
At 28 March 2026
4,908
4,328
1,264
6
5
4,913
5,592
6
10,511
Monetary amount
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
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
Shares purchased
14.2
\u2013
0.4
\u2013
\u2013
14.2
0.4
\u2013
14.6
Shares released
(0.7)
\u2013
\u2013
\u2013
\u2013
(0.7)
\u2013
\u2013
(0.7)
Shares cancelled
(7.1)
\u2013
\u2013
\u2013
\u2013
(7.1)
\u2013
\u2013
(7.1)
At 28 March 2026
31.5
4.3
0.9
0.1
0.1
31.6
5.2
0.1
36.9
Market value at 28 March 2026
31.9
2.8
0.8
\u2013
\u2013
31.9
3.6
\u2013
35.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-422": { "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 buyback 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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-391": { "value": "
27. SHARE OPTIONS AND SHARE SCHEMES
The key points of each of the Group\u2019s share schemes for grants up to 28 March 2026 are
summarised below. All schemes are equity-settled. All disclosure relates to both Group
and Company. For the purposes of option and LTIP schemes, \u2018adjusted EPS' 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. Options 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 ended 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 28 March 2026 is \u00a33.0 million (2025: \u00a31.5 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 28 March 2026 was \u00a36.50 (2025: \u00a35.34).
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
2026 2026 2025 2025
\u2018000s WAEP \u2018000s WAEP
Outstanding at the beginning
424
\u00a34.90
424
\u00a3 4.74
of the year
Granted
107
\u00a35.13
93
\u00a35.52
Forfeited
(13)
\u00a35.04
(61)
\u00a34.75
Expired
(44)
\u00a35.43
\u2013
\u2013
Exercised
(116)
\u00a34.43
(32)
\u00a34.73
Outstanding at the end of the year
358
\u00a35.11
424
\u00a34.90
Exercisable at the end of the year
40
\u00a34.30
26
\u00a35.43
Weighted average share price for
options exercised in the year
\u00a36.46
\u00a36.39
Weighted average contractual
2.5 years
2.3 years
life remaining for share options
outstanding at the year end
Weighted average share price for
options granted in the year
\u00a36.80
\u00a36.24
Weighted average fair value of
options granted during the year
\u00a31.99
\u00a31.79
Range of exercise prices for options
outstanding at the year end
\u2013 from
\u00a34.19
\u00a34.19
\u2013 to
\u00a35.51
\u00a35.52
Outstanding share options granted to employees under the SAYE scheme are as follows:
Number of \u201cA\" Number of \u201cA\"
Ordinary Ordinary
Shares Shares
Exercise price under option under option
40p Shares 2026 2025
Exercisable at \u00a3 \u2018000s '000s
February 2025
5.43
\u2013
26
November 2025
4.35
27
90
February 2026
4.19
13
65
February 2027
5.43
20
20
February 2027
5.25
93
99
February 2028
4.19
19
26
February 2028
5.51
39
55
February 2029
5.25
15
16
February 2029
5.13
67
\u2013
February 2030
5.51
27
27
February 2030
5.13
38
\u2013
358
424
b) Share option schemes
Executive Share Option Scheme
2026 2025
Number 2026 Number 2025
'000s WAEP '000s WAEP
Outstanding at the beginning
330
\u00a36.13
308
\u00a36.00
of the year
Granted
59
\u00a35.88
38
\u00a36.88
Lapsed
(48)
\u00a35.67
(16)
\u00a36.00
Outstanding at the end of the year
341
\u00a36.07
330
\u00a36.13
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
7.74 yea r s
8.32 years
life remaining for share options
outstanding at the year end
Weighted average share price for
options granted in the year
\u00a35.74
\u00a36.96
Weighted average fair value of
options granted during the year
\u00a30.94
\u00a31.46
Range of exercise prices for options
outstanding at the year end
\u2013 from
\u00a35.88
\u00a36.00
\u2013 to
\u00a36.88
\u00a310.90
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 Number of
\u201cA\" Ordinary \u201cA\" Ordinary
Exercise Shares Shares
price 40p under option under option
Shares 2026 2025
Exercisable in / between \u00a3 '000s '000s
2018 and 2025
10.90
\u2013
3
2025 and 2032
6.00
\u2013
11
2026 and 2033
6.00
252
281
2027 and 2034
6.88
35
35
2028 and 2035
5.88
54
\u2013
341
330
c) LTIP
2026 2026 2025 2025
\"A\" Shares \"B\" Shares \"A\" Shares \"B\" Shares
Number Number Number Number
Shares \u2018000s \u2018000s \u2018000s \u2018000s
Outstanding at the beginning
880
2,198
1,056
2,638
of the year
Granted
328
819
269
673
Lapsed
(229)
(573)
(445)
(1,113)
Outstanding at the end of the year
979
2,444
880
2,198
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
1.23 years
1.23 years
1.16 years
1.16 years
contractual life remaining is
Weighted average share price for
shares granted in the year
\u00a35.78
\u00a30.58
\u00a36.96
\u00a30.70
Weighted average fair value of
shares granted during the year
\u00a35.17
\u00a30.52
\u00a35.48
\u00a30.55
All LTIPs have a vesting price of \u00a3nil. LTIP shares do not receive dividends until vested.
d) SIP
2026 2025
Number Number
\u2018000s '000s
Outstanding at the beginning of the year
\u2013
18
Released
\u2013
(18)
Outstanding at the end of the year
\u2013
\u2013
Weighted average share price for shares released in the year
\u00a30.00
\u00a36.55
For shares outstanding at the year end, the weighted average contractual life remaining is
n/a
n/a
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 28 March 2026 and 52 weeks ended 29 March 2025, 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
2026
2025
2026
2025
2026
2025
Dividend yield (%)
n/a
n/a
3.7%
2.2%
3.7%
2.6%
Expected share price volatility (%)
n/a
n/a
25.3%-32.6%
2 9. 0 % - 37. 2 %
25.3%
29.0%
Risk-free interest rate (%)
3.7%
4.4%
4.0%
4.0%
3.7%
4.4%
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-Scholes
Black-Scholes
Black-Scholes
Black-Scholes
Black-Scholes
Black-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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-423": { "value": "27. SHARE OPTIONS AND SHARE SCHEMES The key points of each of the Group\u2019s share schemes for grants up to 28 March 2026 are summarised below. All schemes are equity-settled. All disclosure relates to both Group and Company. For the purposes of option and LTIP schemes, \u2018adjusted EPS' 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. Options 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 ended 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 28 March 2026 is \u00a33.0 million (2025: \u00a31.5 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 28 March 2026 was \u00a36.50 (2025: \u00a35.34). 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
2026 2026 2025 2025
\u2018000s WAEP \u2018000s WAEP
Outstanding at the beginning
424
\u00a34.90
424
\u00a3 4.74
of the year
Granted
107
\u00a35.13
93
\u00a35.52
Forfeited
(13)
\u00a35.04
(61)
\u00a34.75
Expired
(44)
\u00a35.43
\u2013
\u2013
Exercised
(116)
\u00a34.43
(32)
\u00a34.73
Outstanding at the end of the year
358
\u00a35.11
424
\u00a34.90
Exercisable at the end of the year
40
\u00a34.30
26
\u00a35.43
Weighted average share price for
options exercised in the year
\u00a36.46
\u00a36.39
Weighted average contractual
2.5 years
2.3 years
life remaining for share options
outstanding at the year end
Weighted average share price for
options granted in the year
\u00a36.80
\u00a36.24
Weighted average fair value of
options granted during the year
\u00a31.99
\u00a31.79
Range of exercise prices for options
outstanding at the year end
\u2013 from
\u00a34.19
\u00a34.19
\u2013 to
\u00a35.51
\u00a35.52
Outstanding share options granted to employees under the SAYE scheme are as follows:
Number of \u201cA\" Number of \u201cA\"
Ordinary Ordinary
Shares Shares
Exercise price under option under option
40p Shares 2026 2025
Exercisable at \u00a3 \u2018000s '000s
February 2025
5.43
\u2013
26
November 2025
4.35
27
90
February 2026
4.19
13
65
February 2027
5.43
20
20
February 2027
5.25
93
99
February 2028
4.19
19
26
February 2028
5.51
39
55
February 2029
5.25
15
16
February 2029
5.13
67
\u2013
February 2030
5.51
27
27
February 2030
5.13
38
\u2013
358
424
b) Share option schemes
Executive Share Option Scheme
2026 2025
Number 2026 Number 2025
'000s WAEP '000s WAEP
Outstanding at the beginning
330
\u00a36.13
308
\u00a36.00
of the year
Granted
59
\u00a35.88
38
\u00a36.88
Lapsed
(48)
\u00a35.67
(16)
\u00a36.00
Outstanding at the end of the year
341
\u00a36.07
330
\u00a36.13
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
7.74 yea r s
8.32 years
life remaining for share options
outstanding at the year end
Weighted average share price for
options granted in the year
\u00a35.74
\u00a36.96
Weighted average fair value of
options granted during the year
\u00a30.94
\u00a31.46
Range of exercise prices for options
outstanding at the year end
\u2013 from
\u00a35.88
\u00a36.00
\u2013 to
\u00a36.88
\u00a310.90
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 Number of
\u201cA\" Ordinary \u201cA\" Ordinary
Exercise Shares Shares
price 40p under option under option
Shares 2026 2025
Exercisable in / between \u00a3 '000s '000s
2018 and 2025
10.90
\u2013
3
2025 and 2032
6.00
\u2013
11
2026 and 2033
6.00
252
281
2027 and 2034
6.88
35
35
2028 and 2035
5.88
54
\u2013
341
330
c) LTIP
2026 2026 2025 2025
\"A\" Shares \"B\" Shares \"A\" Shares \"B\" Shares
Number Number Number Number
Shares \u2018000s \u2018000s \u2018000s \u2018000s
Outstanding at the beginning
880
2,198
1,056
2,638
of the year
Granted
328
819
269
673
Lapsed
(229)
(573)
(445)
(1,113)
Outstanding at the end of the year
979
2,444
880
2,198
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
1.23 years
1.23 years
1.16 years
1.16 years
contractual life remaining is
Weighted average share price for
shares granted in the year
\u00a35.78
\u00a30.58
\u00a36.96
\u00a30.70
Weighted average fair value of
shares granted during the year
\u00a35.17
\u00a30.52
\u00a35.48
\u00a30.55
All LTIPs have a vesting price of \u00a3nil. LTIP shares do not receive dividends until vested. d) SIP
2026 2025
Number Number
\u2018000s '000s
Outstanding at the beginning of the year
\u2013
18
Released
\u2013
(18)
Outstanding at the end of the year
\u2013
\u2013
Weighted average share price for shares released in the year
\u00a30.00
\u00a36.55
For shares outstanding at the year end, the weighted average contractual life remaining is
n/a
n/a
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 28 March 2026 and 52 weeks ended 29 March 2025, 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
2026
2025
2026
2025
2026
2025
Dividend yield (%)
n/a
n/a
3.7%
2.2%
3.7%
2.6%
Expected share price volatility (%)
n/a
n/a
25.3%-32.6%
2 9. 0 % - 37. 2 %
25.3%
29.0%
Risk-free interest rate (%)
3.7%
4.4%
4.0%
4.0%
3.7%
4.4%
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-Scholes
Black-Scholes
Black-Scholes
Black-Scholes
Black-Scholes
Black-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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-392": { "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 25 years.
At 28 March 2026, future minimum rentals receivable are as follows:
Investment properties
Property, plant and equipment
2026 2025 2026 2025
Group \u00a3m \u00a3m \u00a3m \u00a3m
Within one year
0.5
0.2
7.8
6.3
One to two years
0.4
0.2
6.3
4.7
Two to three years
0.4
0.1
4.8
3.6
Three to four years
0.4
0.1
2.9
1.8
Four to five years
0.3
0.1
1.9
\u2013
After five years
5.1
0.3
3.2
0.6
7.1
1.0
26.9
17. 0
Investment properties
Property, plant and equipment
2026 2025 2026 2025
Company \u00a3m \u00a3m \u00a3m \u00a3m
Within one year
0.5
0.2
7.8
6.3
One to two years
0.4
0.2
6.3
4.7
Two to three years
0.4
0.1
4.8
3.6
Three to four years
0.4
0.1
2.9
1.8
Four to five years
0.3
0.1
1.9
\u2013
After five years
5.1
0.3
3.2
0.6
7.1
1.0
26.9
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 28 March 2026, future minimum rentals receivable under non-cancellable subleases
included in the figures above were \u00a3nil (2025: \u00a30.2 million).
b) Other commitments
2026 2025
Group and Company \u00a3m \u00a3m
Capital commitments \u2013 authorised, contracted
3.1
2.2
but not provided for
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-424": { "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 25 years. At 28 March 2026, future minimum rentals receivable are as follows:
Investment properties
Property, plant and equipment
2026 2025 2026 2025
Group \u00a3m \u00a3m \u00a3m \u00a3m
Within one year
0.5
0.2
7.8
6.3
One to two years
0.4
0.2
6.3
4.7
Two to three years
0.4
0.1
4.8
3.6
Three to four years
0.4
0.1
2.9
1.8
Four to five years
0.3
0.1
1.9
\u2013
After five years
5.1
0.3
3.2
0.6
7.1
1.0
26.9
17. 0
Investment properties
Property, plant and equipment
2026 2025 2026 2025
Company \u00a3m \u00a3m \u00a3m \u00a3m
Within one year
0.5
0.2
7.8
6.3
One to two years
0.4
0.2
6.3
4.7
Two to three years
0.4
0.1
4.8
3.6
Three to four years
0.4
0.1
2.9
1.8
Four to five years
0.3
0.1
1.9
\u2013
After five years
5.1
0.3
3.2
0.6
7.1
1.0
26.9
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 28 March 2026, future minimum rentals receivable under non-cancellable subleases included in the figures above were \u00a3nil (2025: \u00a30.2 million). b) Other commitments
2026 2025
Group and Company \u00a3m \u00a3m
Capital commitments \u2013 authorised, contracted
3.1
2.2
but not provided for
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-393": { "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 \u00a3920,000 (2025: \u00a3713,000) 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
Compensation of key management personnel 28 March 2026 29 March 2025
(including\ue01fDirectors) \u00a3m \u00a3m
Short-term employee benefits
4.1
4.0
Post-employment benefits
0.3
0.3
4.4
4.3
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
parties parties parties parties parties parties
52 weeks ended 28 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Subsidiaries
\u2013
106.1
\u2013
10.3
(172.1)
\u2013
Sales to Purchases Interest due Interest due Amounts due Amounts due
related from related from related to related to related from related
parties parties parties parties parties parties
52 weeks ended 29 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Subsidiaries
\u2013
92.0
\u2013
10.9
(162.6)
\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 (2025: \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 2026 for the period ended 28 March 2026 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 (Reading) Limited
07309587
B & D (Win) Limited
07320245
RSH 200
Limited
12035987
Cotswold Inns & Hotels Limited
03309179
Mortons Bar & Grill Limited
04922277
Company
Company Number
Mortons Bar & Grill (Alcester) Limited
09001683
Mortons Catering Limited
02824757
The Classic Country Pub Co. Limited
03588736
Mortons Bar & Grill (Bromsgrove) Limited
08495675
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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-425": { "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 \u00a3920,000 (2025: \u00a3713,000) 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
Compensation of key management personnel 28 March 2026 29 March 2025
(including\ue01fDirectors) \u00a3m \u00a3m
Short-term employee benefits
4.1
4.0
Post-employment benefits
0.3
0.3
4.4
4.3
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
parties parties parties parties parties parties
52 weeks ended 28 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Subsidiaries
\u2013
106.1
\u2013
10.3
(172.1)
\u2013
Sales to Purchases Interest due Interest due Amounts due Amounts due
related from related from related to related to related from related
parties parties parties parties parties parties
52 weeks ended 29 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Subsidiaries
\u2013
92.0
\u2013
10.9
(162.6)
\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 (2025: \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 2026 for the period ended 28 March 2026 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 (Reading) Limited
07309587
B & D (Win) Limited
07320245
RSH 200
Limited
12035987
Cotswold Inns & Hotels Limited
03309179
Mortons Bar & Grill Limited
04922277
Company
Company Number
Mortons Bar & Grill (Alcester) Limited
09001683
Mortons Catering Limited
02824757
The Classic Country Pub Co. Limited
03588736
Mortons Bar & Grill (Bromsgrove) Limited
08495675
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": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-443": { "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 \u00a3920,000 (2025: \u00a3713,000) 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
Compensation of key management personnel 28 March 2026 29 March 2025
(including\ue01fDirectors) \u00a3m \u00a3m
Short-term employee benefits
4.1
4.0
Post-employment benefits
0.3
0.3
4.4
4.3
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
parties parties parties parties parties parties
52 weeks ended 28 March 2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Subsidiaries
\u2013
106.1
\u2013
10.3
(172.1)
\u2013
Sales to Purchases Interest due Interest due Amounts due Amounts due
related from related from related to related to related from related
parties parties parties parties parties parties
52 weeks ended 29 March 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Subsidiaries
\u2013
92.0
\u2013
10.9
(162.6)
\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 (2025: \u00a30.1 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "fact-343": { "value": "Pier House 86-93 Strand-on-the-Green London W4 3NN", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800C7ACOFMRCQQW76", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } } } }