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"fact-385": { "value": "793400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2026-03-31T00:00:00", "unit": "iso4217:GBP" } }, "fact-14": { "value": "7700000.0", "decimals": -5, "dimensions": { "concept": "youngandcobreweryplc:TotalShareCapitalIssuedAndFullyPaid", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2026-03-31T00:00:00", "unit": "iso4217:GBP" } }, "fact-15": { "value": "7800000.0", "decimals": -5, "dimensions": { "concept": "youngandcobreweryplc:TotalShareCapitalIssuedAndFullyPaid", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-16": { "value": "7800000.0", "decimals": -5, "dimensions": { "concept": "youngandcobreweryplc:TotalSharePremiumIssuedAndFullyPaid", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2026-03-31T00:00:00", "unit": "iso4217:GBP" } }, "fact-17": { "value": "7800000.0", "decimals": -5, "dimensions": { "concept": "youngandcobreweryplc:TotalSharePremiumIssuedAndFullyPaid", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-18": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReductionOfIssuedCapital", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00", "unit": "iso4217:GBP" } }, "fact-388": { "value": "
1. General information
The group financial statements of Young & Co.\u2019s Brewery, P.L.C. for the period ended 30 March 2026 were authorised for issue
by the board of directors on 20 May 2026. Young & Co.\u2019s Brewery, P.L.C. (\u2018the company\u2019) is a public limited company incorporated
and domiciled in England and Wales. The company\u2019s shares were listed on the Alternative Investment Market of the London Stock
Exchange until the 28 April 2026, subsequent to the balance sheet date, whereupon they transferred to the Main Market of the
London Stock Exchange. The nature of the group\u2019s operations and its principal activities are set out in note 5 and in the strategic report
on pages 1 to 71.
The current period and prior period relate to the 52 weeks ended 30 March 2026 and the 52 weeks ended 31 March
2025 respectively.
The financial statements are presented in pounds sterling, which is the functional currency of the parent company, and all values
are rounded to the nearest hundred thousand (\u00a30.1 million), except where otherwise indicated.
Going concern
At 30 March 2026, the group had cash in bank of \u00a38.1 million and committed borrowing facilities of \u00a3310.0 million, of which
\u00a3204.9 million was drawn down, net of arrangement fees totalling \u00a32.2 million. The group expects, by 28 June 2027 (the \u2018going
concern\u2019 period), to have available facilities of \u00a3303.3 million, with the \u00a3110.0 million tranche of debt completing amortising
repayments during the period to December 2028. In addition to these committed facilities, the group has a \u00a312.0 million overdraft
facility with HSBC, which is not committed, and is therefore not assumed to continue for the purpose of this assessment.
As part of the directors\u2019 consideration of the appropriateness of adopting the going concern basis, the group has modelled a base case
and a sensitised \u2018reasonable worst-case scenario\u2019 for the going concern period. The base case is the board approved budget to March
2027 as well as the board approved strategic plan covering April 2027 to June 2027. The key judgements applied are the extent of
any influence on trade due to economic uncertainty and its impact on consumers spending or indeed other one-off demand shocks,
and the cost pressures that the hospitality industry is continuing to face.
The base case model assumes the group continues to trade as now whilst reflecting the inflationary environment that currently exists
across the going concern period. The sensitised reasonable worst scenario looks at a decline of 6% in sales, 3% increase in costs after
inflationary pressures already included in the base case resulting in a 22% fall in EBITDA across the period. The group has assumed
capital expenditure levels will continue at historical levels and no structural changes to the business will be needed in any of the
scenarios modelled.
In the base case and the reasonable worst case scenario there continues to be comfortable headroom on the group\u2019s debt facilities
and all banking covenants are fully complied with throughout the going concern period.
The group has also performed a reverse stress test case. The test focused on the decline in sales and profit that the group would be
able to absorb before breaching any financial covenants or indeed any liquidity issues. There would need to be a sales reduction of
c.22% and profit reduction of c.37% between April 2026 and June 2027 compared to the base case, a reduction far in excess of those
experienced historically (with the exception of the restricted covid-19 period), before there is a breach of financial covenants in the
period and is calculated before reflecting any mitigating actions such as reduced capital expenditure.
Based on these forecasts and sensitivities, coupled with the current debt levels and the ongoing debt structure in place, the board
is confident that the group can manage its business risks and therefore continue in operational existence for the foreseeable future.
For this reason, the group continues to adopt the going concern basis in preparing its financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-19": { "value": "Young & Co.\u2019s Brewery, P.L.C.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-22": { "value": "Young & Co.\u2019s Brewery, P.L.C.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-21": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-20": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-386": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-436": { "value": "The financial statements are presented in pounds sterling, which is the functional currency of the parent company, and all values are rounded to the nearest hundred thousand (\u00a30.1 million), except where otherwise indicated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-437": { "value": "Going concern At 30 March 2026, the group had cash in bank of \u00a38.1 million and committed borrowing facilities of \u00a3310.0 million, of which \u00a3204.9 million was drawn down, net of arrangement fees totalling \u00a32.2 million. The group expects, by 28 June 2027 (the \u2018going concern\u2019 period), to have available facilities of \u00a3303.3 million, with the \u00a3110.0 million tranche of debt completing amortising repayments during the period to December 2028. In addition to these committed facilities, the group has a \u00a312.0 million overdraft facility with HSBC, which is not committed, and is therefore not assumed to continue for the purpose of this assessment. As part of the directors\u2019 consideration of the appropriateness of adopting the going concern basis, the group has modelled a base case and a sensitised \u2018reasonable worst-case scenario\u2019 for the going concern period. The base case is the board approved budget to March 2027 as well as the board approved strategic plan covering April 2027 to June 2027. The key judgements applied are the extent of any influence on trade due to economic uncertainty and its impact on consumers spending or indeed other one-off demand shocks, and the cost pressures that the hospitality industry is continuing to face. The base case model assumes the group continues to trade as now whilst reflecting the inflationary environment that currently exists across the going concern period. The sensitised reasonable worst scenario looks at a decline of 6% in sales, 3% increase in costs after inflationary pressures already included in the base case resulting in a 22% fall in EBITDA across the period. The group has assumed capital expenditure levels will continue at historical levels and no structural changes to the business will be needed in any of the scenarios modelled. In the base case and the reasonable worst case scenario there continues to be comfortable headroom on the group\u2019s debt facilities and all banking covenants are fully complied with throughout the going concern period. The group has also performed a reverse stress test case. The test focused on the decline in sales and profit that the group would be able to absorb before breaching any financial covenants or indeed any liquidity issues. There would need to be a sales reduction of c.22% and profit reduction of c.37% between April 2026 and June 2027 compared to the base case, a reduction far in excess of those experienced historically (with the exception of the restricted covid-19 period), before there is a breach of financial covenants in the period and is calculated before reflecting any mitigating actions such as reduced capital expenditure. Based on these forecasts and sensitivities, coupled with the current debt levels and the ongoing debt structure in place, the board is confident that the group can manage its business risks and therefore continue in operational existence for the foreseeable future. For this reason, the group continues to adopt the going concern basis in preparing its financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-389": { "value": "
2. Basis of preparation
The consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards (IFRS)
and in accordance with the provisions of the Companies Act 2006.
IFRS, as applicable in the UK, includes the application of International Financial Reporting Standards including International Accounting
Standards (IAS) and related Interpretations of the International Financial Reporting Interpretations Committee (IFRIC) and Interpretations
of the Standing Interpretations Committee (SIC). During the period, new IFRS and amendments to existing IFRS were issued by the
International Accounting Standards Board (IASB). The impact and, if applicable, the adoption of these standards is described below
in \u201cNew Accounting Standards, Amendments and Interpretations\u201d.
In preparing the group financial statements, management have considered the impact of climate change, taking into account the
relevant disclosures in the strategic report. This included a review of both physical climate risks and transitional climate risks, taking into
regard recommendations issued by the Task Force on Climate-related Financial Disclosures. In particular, assets with indefinite or long
lives were assessed for impairment by taking into account global warming. No issues were identified that would impact such assets
carrying values or have a material impact on the financial statements and is not expected to have a significant impact on the group\u2019s
going concern assessment to June 2027, nor the next five years.
As the company was listed on AIM at the balance sheet date, Young & Co\u2019s Brewery, P.L.C. is not required by UK law or regulation
to prepare the Directors\u2019 Remuneration Report under regulation that applies to UK Quoted companies. However, by virtue of
company\u2019s listing on the London Stock Exchange subsequent to the balance sheet date and reflecting the Directors\u2019 approach to good
governance and investor expectation, we have prepared this report in line with the requirements under the UK Companies Act 2006.
The Directors\u2019 Remuneration Report, set out on pages 93 to 113, has been voluntarily prepared in accordance with sections 420 to
422 of the UK Companies Act 2006.
The subsidiaries of the company are exempt from the requirements of the Companies Act 2006 relating to the audit of individual
accounts by virtue of either Section 394C or 479C of that Act. Refer to note 7 on page 177 in the company financial statements.
New Accounting Standards, Amendments, Interpretations and New Accounting Policies
The group applied for the first time certain standards and amendments which are effective for annual periods beginning on or after
1 January 2025 (unless otherwise stated). The group has not early adopted any other standard, interpretation or amendment that
has been issued but is not yet effective.
Amendments to IAS 21 \u2013 Lack of exchangeability
The amendments in IAS 21 Lack of exchangeability specify when companies are to provide more information in their financial
statements when a currency cannot be exchanged into another currency.
The amendments had no impact on the group\u2019s financial statements.
Other standards
The directors will adopt the following UK-endorsed Standards, Amendments and Interpretations listed below in the first full financial
period following their effective date. The directors do not expect that adoption in future periods will have a material impact:
New Standard
Effective date
Amendments to IFRS 9 and IFRS 7: Classification and Measurement of Financial Instruments
1 January 2026
Amendments to IFRS 9 and IFRS 7: Contracts Referencing Nature-Dependent Electricity
1 January 2026
Volume 11: Annual Improvements to IFRS Accounting Standards
1 January 2026
IFRS 18: Presentation and Disclosure in Financial Statements
1 January 2027
IFRS 19: Subsidiaries without Public Accountability
1 January 2027
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-438": { "value": "The consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards (IFRS) and in accordance with the provisions of the Companies Act 2006.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-474": { "value": "New Accounting Standards, Amendments, Interpretations and New Accounting Policies The group applied for the first time certain standards and amendments which are effective for annual periods beginning on or after 1 January 2025 (unless otherwise stated). The group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. Amendments to IAS 21 \u2013 Lack of exchangeability The amendments in IAS 21 Lack of exchangeability specify when companies are to provide more information in their financial statements when a currency cannot be exchanged into another currency. The amendments had no impact on the group\u2019s financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-439": { "value": "New Accounting Standards, Amendments, Interpretations and New Accounting Policies The group applied for the first time certain standards and amendments which are effective for annual periods beginning on or after 1 January 2025 (unless otherwise stated). The group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. Amendments to IAS 21 \u2013 Lack of exchangeability The amendments in IAS 21 Lack of exchangeability specify when companies are to provide more information in their financial statements when a currency cannot be exchanged into another currency. The amendments had no impact on the group\u2019s financial statements. Other standards The directors will adopt the following UK-endorsed Standards, Amendments and Interpretations listed below in the first full financial period following their effective date. The directors do not expect that adoption in future periods will have a material impact:
New Standard
Effective date
Amendments to IFRS 9 and IFRS 7: Classification and Measurement of Financial Instruments
1 January 2026
Amendments to IFRS 9 and IFRS 7: Contracts Referencing Nature-Dependent Electricity
1 January 2026
Volume 11: Annual Improvements to IFRS Accounting Standards
1 January 2026
IFRS 18: Presentation and Disclosure in Financial Statements
1 January 2027
IFRS 19: Subsidiaries without Public Accountability
1 January 2027
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-475": { "value": "Other standards The directors will adopt the following UK-endorsed Standards, Amendments and Interpretations listed below in the first full financial period following their effective date. The directors do not expect that adoption in future periods will have a material impact:
New Standard
Effective date
Amendments to IFRS 9 and IFRS 7: Classification and Measurement of Financial Instruments
1 January 2026
Amendments to IFRS 9 and IFRS 7: Contracts Referencing Nature-Dependent Electricity
1 January 2026
Volume 11: Annual Improvements to IFRS Accounting Standards
1 January 2026
IFRS 18: Presentation and Disclosure in Financial Statements
1 January 2027
IFRS 19: Subsidiaries without Public Accountability
1 January 2027
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-387": { "value": "
3. Summary of accounting policies
The accounting policies adopted are set out below.
(a) Basis of consolidation
The group\u2019s financial statements consolidate the financial statements of Young & Co.\u2019s Brewery, P.L.C. with the entities it controls,
its subsidiaries and a special purpose entity, drawn up to the period end. An investor controls an investee when it is exposed, or has
rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over
the investee. The special purpose entity is the Ram Brewery Trust II; the trust holds assets for the benefit of employees and former
employees, is an ESOP trust and is consolidated in the group.
The results of subsidiaries acquired or disposed of during the period are included in the group income statement from the effective
date of acquisition or up to the effective date of disposal, as appropriate.
The financial statements of the subsidiaries and special purpose entity are consolidated on a comparable period basis, using consistent
accounting policies. All inter-company balances and transactions, including unrealised profits arising on them, are eliminated.
(b) Revenue recognition
Revenue is measured at the transaction price when control passes to the customer in respect of goods and services provided,
net of discounts and VAT. The recognition of revenue under each of the group\u2019s material revenue streams is as follows:
Sale of goods
Revenue is recognised at a point in time when control of the goods or services is transferred to the customer.
Accommodation sales
Revenue is recognised on a straight-line basis over the duration of the room occupation.
Rental income
Rental income arising from operating leases on properties is accounted for on a straight-line basis over the lease term. Rental income
is within the scope of IFRS 16 and does not fall within the scope of IFRS 15.
(c) Adjusting items
Adjusting items are separately disclosed in order to draw them to the attention of the reader of the financial statements. This is due
either to their material and non-recurring nature or that, in management\u2019s judgement, they are required to be disclosed separately
in order to present the underlying business performance, being an internal measure the directors use to evaluate the operational
performance of the group in a consistent manner and to reflect how the business is managed and measured on a day-to-day basis.
The tax treatment for adjusting items is consistent with tax treatment for non-adjusting items.
(d) Finance costs
Finance costs include the cost of borrowing from third parties and are recognised on an effective interest rate basis, resulting from the
financial liability being recognised on an amortised cost basis, including arrangement fees. Borrowing costs directly attributable to the
acquisition, construction or production of a qualifying asset are capitalized during the period of time that is necessary to complete and
prepare the asset for its intended use or sale.
(e) Business combinations and goodwill
Where groups of similar assets are purchased, a concentration test is performed to determine whether the acquisition is treated
as a business combination or an asset purchase.
Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the
consideration transferred and the amount of any non-controlling interest in the acquiree. The consideration transferred is measured
at the acquisition date fair value. The non-controlling interest is measured as the proportionate share of the acquiree\u2019s identifiable net
assets. Acquisition costs incurred are expensed and included in operating adjusting items.
Goodwill arising on acquisition represents the excess of the cost of acquisition over the fair value of the net identifiable assets acquired
and liabilities assumed at the date of acquisition. On disposal of a subsidiary, the attributable amount of goodwill is included in the
determination of the profit or loss on disposal.
(f) Property and equipment
Freehold properties, including land and buildings, fixtures, fittings and equipment are held at fair value and are revalued by qualified
valuers on a sufficiently regular basis using open market values so that the carrying value of an asset does not differ significantly from
its fair value at the balance sheet date. The valuation is assessed on the basis of the highest and best use.
Surpluses which arise from the revaluation exercise are included within other comprehensive income (in the revaluation reserve) unless
they are reversing a revaluation adjustment which has been recognised in the income statement previously. Where the revaluation
exercise gives rise to a deficit, this is reflected directly in other comprehensive income (in the revaluation reserve) to the extent that
a surplus exists against the same asset. Any further decrease in value is recognised in the income statement as an adjusting expense.
At the date of revaluation, any accumulated depreciation is eliminated to the extent of the difference between the revalued amount
and the carrying value of the asset immediately before valuation.
Leasehold improvements and fixtures, fittings and equipment within those sites are measured at cost on recognition, and are stated as
such less any accumulated depreciation.
The carrying amount of an asset, less any residual value, is depreciated on a straight-line basis over the asset\u2019s useful life or lease term,
if shorter. The residual value, useful life and depreciation method applied to each asset are reviewed annually. The group does not
depreciate freehold land or the residual value of its freehold buildings.
Useful lives:
Freehold buildings 50 years
Leasehold improvements Shorter of the estimated useful life and the lease term
Fixtures, fittings and equipment 3\u201310 years
An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than
its estimated recoverable amount (note 3(i)).
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the
carrying amount of the asset, and is recognised in the income statement. Property and equipment are treated as disposals in the period
of their write-down.
(g) Investment properties
Investment properties are held at fair value and are revalued by qualified valuers on a sufficiently regular basis using open market
values so that the carrying value of an asset does not differ significantly from its fair value at the balance sheet date. The valuation
is assessed on the basis of the highest and best use.
Surpluses and deficits which arise from the revaluation exercise are included in profit or loss in the period in which they arise.
(h) Asset held for sale
Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through
a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower
of their carrying amount and fair value less costs to sell.
An impairment loss is recognised for any initial or subsequent write-down of the asset to fair value less costs to sell. A gain is recognised
for any subsequent increases in fair value less costs to sell of an asset, but not in excess of any cumulative impairment loss previously
recognised. A gain or loss not previously recognised by the date of the sale of the non-current asset is recognised at the date
of derecognition.
Non-current assets are not depreciated or amortised while they are classified as held for sale. Assets and liabilities classified as held
for sale are presented separately as current items in the statement of financial position.
(i) Impairment of assets
The carrying values of investments, property and equipment and right-of-use assets are reviewed for impairment if events or changes
in circumstances indicate the carrying value may not be recoverable. Goodwill is mandatorily assessed for impairment on an annual
basis or more frequently if there are indications that the carrying value may be impaired.
Impairment is assessed on the basis of either each individual asset or each individual cash generating unit (an individual pub), or,
in the case of goodwill, the group of cash generating units associated with it. For the purpose of impairment testing, goodwill acquired
in a business combination is, from the acquisition date, allocated to each of the group\u2019s cash generating units (or groups of cash
generating units) that are expected to benefit from the combination.
An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount.
The recoverable amount is the higher of an asset\u2019s fair value less cost of disposal and the value in use, and is determined for an
individual asset unless the asset does not generate cash inflows that are largely independent of those from other assets or groups
of assets. Value in use is assessed by reference to the estimated future cash flows which are discounted to present value using an
appropriate pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
The value in use calculations are based on the most recent budget and forecast calculations, which are prepared separately for each
CGU to which the individual assets are allocated. The value in use calculations generally cover a period of five years, after which a long-
term growth rate is applied to project future cash flows.
The impact of climate change has been considered as part of the impairment assessment, including both physical and transitional
risks. Due to the nature of the group\u2019s operations, climate risk is not considered to have a material impact on any CGU\u2019s value in use
calculation and is therefore not expected to result in any impairment.
Impairment losses are recognised in the income statement. Where an impairment loss subsequently reverses, the carrying amount of
the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the
carrying amount that would have been determined had no impairment loss been recognised for the asset in prior periods. A reversal of
an impairment loss is recognised immediately in the group income statement unless the impairment loss relates to goodwill, in which
case it is not reversed.
(j) Right-of-use assets
The group recognises right-of-use assets at the commencement date of a new lease. 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 a right-of-use
asset includes the amount of lease liabilities recognised, initial direct costs incurred, including lease premiums to take on a lease, and
lease payments made at or before the commencement date less any lease incentives received. Unless the group is reasonably certain
to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use asset is depreciated on a straight-line
basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to the group\u2019s accounting policy
for impairment (see note 3(i)).
(k) Leases
At inception of a contract, the group considers whether the contract is, or contains, a lease. A contract is, or contains a lease if the
contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
(1) Where the group is the lessee
At the commencement date of a new lease, the group recognises a lease liability 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. The lease payments also include
payments of penalties for terminating a lease or payments for exercising an extension option, if the lease term reflects the group
exercising the option to terminate or extend the lease. The variable lease payments that do not depend on an index or a rate are
recognised as an expense in the period on which the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the group uses the incremental borrowing rate at the lease commencement date
if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is
increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease
liabilities is remeasured if there is a change in the amounts expected to be payable under a residual value guarantee, a change in
variable lease payments based on an index or a rate, a modification that is not accounted for as a separate lease, a change in the lease
term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset.
The group has taken the recognition exemption for short-term leases and low-value leases. Expenses from such leases have been
recognised in the income statement on a straight-line basis over the lease term.
(2) Where the group is the lessor
Assets leased out under operating leases are included within property and equipment or right-of-use assets and are depreciated over
their estimated useful lives. Rental income, including the effect of lease incentives, is recognised on a straight-line basis over the lease
term. These leases are not considered to be investment properties due to significant involvement of the group in the underlying
operation of the properties as pubs and pubs with rooms, rather than as a passive investor.
(l) Inventories
Inventories are valued at the lower of cost and net realisable value. Cost includes all costs of purchase, costs of conversion and other
costs incurred in bringing the inventories to their present location and condition. The cost formula used is equivalent to a \u2018first in,
first out\u2019 method.
(m) Cash
Cash in the balance sheet comprises cash at banks, cash in transit due from credit card providers and cash in hand. Cash and cash
equivalents include deposits held at call with financial institutions with original maturities of three months or less that are readily
convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
(n) Trade and other payables
Trade and other payables are recognised initially at fair value and subsequently at amortised cost. When applicable, trade and other
payables are analysed between current and non-current liabilities on the face of the balance sheet, depending on when the obligation
to settle will crystallise.
(o) Interest bearing loans and borrowings
All loans and borrowings are recognised initially at fair value. Directly attributable transaction costs are capitalised and amortised over
the life of the facility using the effective interest method through finance expense.
After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost using the effective
interest method.
(p) Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
The current tax payable is based on taxable profit for the period. Taxable profit differs from profit before tax as reported in the income
statement because the former excludes items of income or expense that are taxable or deductible in other years and also excludes
items that are never taxable or deductible. The group\u2019s liability for current tax is calculated using UK tax rates that have been enacted
or substantively enacted under UK law and that are applicable to the period.
The current tax expense is recognised in the income statement unless it relates to items that are credited or charged to equity, in which
case it is credited or charged directly to equity.
Deferred tax is recognised on all temporary differences arising between the tax bases of assets and liabilities and their carrying
amounts, with the following exceptions:
\u2022 where the deferred tax liability arises from the initial recognition of goodwill or of 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 and does
not give rise to equal taxable and deductible temporary differences;
\u2022 in respect of taxable temporary differences associated with investments in subsidiaries, associates and interest in joint arrangements,
when 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; and
\u2022 deferred income tax assets are recognised only to the extent that it is probable that taxable profits will be available against which
the deductible temporary differences, carried forward tax credits or tax losses can be utilised.
Deferred tax relating to items recognised outside the profit and loss is recognised either in other comprehensive income or directly
in equity. Deferred tax on those items is recognised consistently with the underlying transaction.
Where capital gains have been rolled over for tax purposes, a deferred tax liability is recorded on the rolled over gain to reflect the
tax that may be due on this amount at a future date.
Where there has been an upward revaluation of an asset and the asset is expected to be realised through disposal, a deferred tax
liability is recorded based on the difference between the indexed cost of the asset less any capital gains which have been rolled over
against the asset and the revalued amount.
Deferred tax is measured on an undiscounted basis at the UK tax rates that are expected to apply on reversal of the underlying
temporary differences, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
The group offsets deferred tax assets and deferred tax liabilities if, and only if, it has a legally enforceable right to set off tax assets and
tax liabilities relating to income taxes levied by the same taxation authority on either the same taxable entity or on different taxable
entities which intend to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts
of deferred tax assets or liabilities are expected to be recovered or settled.
(q) Derivative financial instruments and hedging
The group uses derivative financial instruments such as interest rate swaps to hedge its risk associated with interest rate fluctuations.
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 assets when the fair value is positive and as liabilities when the fair
value is negative.
The fair value of interest rate swap contracts is determined by reference to market values for similar instruments.
For those derivatives designated as hedges and for which hedge accounting is desired, the hedging relationship is documented at its
inception. This documentation identifies the hedging instrument, the hedged item or transaction, the nature of the risk being hedged
and how its effectiveness will be measured throughout its duration. Such hedges are expected at inception to be highly effective.
Where cash flow hedge accounting is not applied, the movement in the fair value of the derivative is recognised immediately in the
income statement. Where cash flow hedge accounting is applied, as in the case of the interest rate swaps held by the group, the
effective portion of the gain or loss on the hedging instrument is recognised in the statement of comprehensive income, while the
ineffective portion is recognised in the income statement.
If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its designation as a hedge
is revoked, amounts previously recognised in equity remain in equity until the forecast transaction occurs, at which point they are
immediately reclassified to the income statement as a reclassification adjustment. If the related transaction is not expected to occur,
the amount held in equity is immediately reclassified to the income statement as a reclassification adjustment.
(r) Pensions and other post-retirement benefits
The company operates one defined benefit pension scheme, namely the Young & Co.\u2019s Brewery, P.L.C. Pension Scheme, a defined
contribution pension scheme and a post-retirement health care scheme.
Contributions to the defined contribution scheme are recognised in the income statement in the period in which they become due.
For the defined benefit scheme, the actuarial cost charged to the income statement in the period consists of the current service cost,
net interest on the net defined benefit liability or asset, past service cost and the impact of any settlements or curtailments.
Remeasurements of the defined benefit pension and post-retirement health care schemes are recognised in full in the statement
of comprehensive income in the period in which they relate.
The net defined benefit pension liability or asset in the balance sheet comprises the present value of the defined benefit obligations
less the fair value of scheme 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 scheme or reductions
in the future contributions.
Post-retirement health care benefits are provided for certain employees and certain directors. Entry to the scheme is on a discretionary
basis. The annual premium for providing cover is determined by BUPA. This information is taken by qualified actuaries who then assess
the reserve required to provide this benefit for participants\u2019 future lifetimes, using IAS 19 assumptions. The liability for new entrants
is recognised through the income statement in the period in which the benefit is granted. Remeasurements of health care benefits
are recognised in full directly in the statement of comprehensive income.
(s) Trade and other receivables
Trade receivables are initially recognised at the transaction price less impairment as they do not contain a significant financial
component. In measuring and recognising the impairment, the group has applied the simplified approach to expected credit losses.
Expected credit losses are recognised from initial recognition based on the group\u2019s historical credit loss experience, factors specific
for each receivable, the current economic climate and expected changes in forecasts of future events. Changes in expected credit losses
are recognised in the income statement.
(t) Share based payments
The group operates three types of share based payment arrangements: a director/senior management employee deferred bonus
scheme (\u201cDAB\u201d), a long-term incentive plan (\u201cLTIP\u201d), and a Save-As-You-Earn (\u201cSAYE\u201d) scheme.
Under the DAB, directors and senior management were encouraged to receive bonus payments in the form of shares instead of cash.
They were encouraged to do this by being offered \u2018matching\u2019 shares (see note 29). The \u2018matching\u2019 shares constituted shares with
non-market performance based vesting conditions over three years. The group has used the \u201cgrant date model\u201d as its valuation
model for recording the fair value of these equity instruments at the date when they were originally granted. The fair value of equity
represents the market value of the shares at grant date, less the nominal value which the employees will pay. It is not intended that
any further awards will be made under the DAB scheme as the LTIP has now replaced the DAB scheme.
The LTIP has been implemented to incentivise and retain executive directors and senior management. The selected employees are
awarded shares which then vest at a later date, subject to the achievement of specified performance or other conditions determined
by the remuneration committee at the time of grant, with the performance conditions satisfied over a specified performance period
(see note 29). The group has used the \u201cMonte Carlo\u201d model as its valuation model for recording the fair value of the shares awarded
at the date when they were originally granted, further details of which are given in note 29.
The LTIP expense is recognised within employment costs, together with a corresponding increase to equity, over the period in which
the service and the performance related conditions are satisfied. The cumulative expense recognised at each reporting date until the
awards vest reflects the extent to which the vesting period has expired and the group\u2019s best estimate of the number of awards that will
ultimately vest.
Under the SAYE scheme, eligible employees are encouraged to save over a set period and then, if they choose, purchase shares at
the price set before the start of that period (see note 29). The group uses the \u201cBlack-Scholes model\u201d as its valuation model for valuing
awards at fair value.
The fair value cost of the schemes is expensed to the income statement with a corresponding credit in equity on a straight-line
basis over the vesting period. The cumulative expense also takes account of the group\u2019s estimate of the number of shares that will
ultimately vest.
(u) Use of estimates
The preparation of financial information in conformity with IFRS requires management to make certain judgements, estimates and
assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Although these
estimates are based on management\u2019s best knowledge of the amount, event or actions, actual results ultimately may differ from those
estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised
in the period in which the estimate is revised and in any future period affected.
The areas involving a higher degree of judgement or complexity, or where the most sensitive estimates and assumptions are significant
to the financial statements, are set out in note 4.
(v) Supplier income
The group earns supplier income through purchase volume-related discounts and stocking incentives. Most of the supplier income
received relates to volume discounts and is driven by the number of units purchased from suppliers. The volume discounts relate
to adjustments to a gross purchase price, and as such are recognised on an accrual basis at the point of purchase. Stocking incentives
are earned through a fixed payment in return for fulfilling certain stocking obligations, including number of stockists. Supplier income
is recognised when the group has met all obligations conditional for earning the income and it is recognised as a credit within cost
of sales.
Outstanding amounts due from suppliers for earned income at the period end are recognised within trade and other receivables,
except in cases where the group has rights of set-off and intends to offset these against trade payables to suppliers.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-390": { "value": "(a) Basis of consolidation The group\u2019s financial statements consolidate the financial statements of Young & Co.\u2019s Brewery, P.L.C. with the entities it controls, its subsidiaries and a special purpose entity, drawn up to the period end. An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The special purpose entity is the Ram Brewery Trust II; the trust holds assets for the benefit of employees and former employees, is an ESOP trust and is consolidated in the group. The results of subsidiaries acquired or disposed of during the period are included in the group income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. The financial statements of the subsidiaries and special purpose entity are consolidated on a comparable period basis, using consistent accounting policies. All inter-company balances and transactions, including unrealised profits arising on them, are eliminated. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-440": { "value": "The group\u2019s financial statements consolidate the financial statements of Young & Co.\u2019s Brewery, P.L.C. with the entities it controls, its subsidiaries and a special purpose entity, drawn up to the period end. An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The special purpose entity is the Ram Brewery Trust II; the trust holds assets for the benefit of employees and former employees, is an ESOP trust and is consolidated in the group. The results of subsidiaries acquired or disposed of during the period are included in the group income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. The financial statements of the subsidiaries and special purpose entity are consolidated on a comparable period basis, using consistent accounting policies. All inter-company balances and transactions, including unrealised profits arising on them, are eliminated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-391": { "value": "(b) Revenue recognition Revenue is measured at the transaction price when control passes to the customer in respect of goods and services provided, net of discounts and VAT. The recognition of revenue under each of the group\u2019s material revenue streams is as follows: Sale of goods Revenue is recognised at a point in time when control of the goods or services is transferred to the customer. Accommodation sales Revenue is recognised on a straight-line basis over the duration of the room occupation. Rental income Rental income arising from operating leases on properties is accounted for on a straight-line basis over the lease term. Rental income is within the scope of IFRS 16 and does not fall within the scope of IFRS 15. (v) Supplier income The group earns supplier income through purchase volume-related discounts and stocking incentives. Most of the supplier income received relates to volume discounts and is driven by the number of units purchased from suppliers. The volume discounts relate to adjustments to a gross purchase price, and as such are recognised on an accrual basis at the point of purchase. Stocking incentives are earned through a fixed payment in return for fulfilling certain stocking obligations, including number of stockists. Supplier income is recognised when the group has met all obligations conditional for earning the income and it is recognised as a credit within cost of sales. Outstanding amounts due from suppliers for earned income at the period end are recognised within trade and other receivables, except in cases where the group has rights of set-off and intends to offset these against trade payables to suppliers.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-392": { "value": "(c) Adjusting items Adjusting items are separately disclosed in order to draw them to the attention of the reader of the financial statements. This is due either to their material and non-recurring nature or that, in management\u2019s judgement, they are required to be disclosed separately in order to present the underlying business performance, being an internal measure the directors use to evaluate the operational performance of the group in a consistent manner and to reflect how the business is managed and measured on a day-to-day basis. The tax treatment for adjusting items is consistent with tax treatment for non-adjusting items. ", "dimensions": { "concept": "youngandcobreweryplc:DescriptionOfAccountingPolicyForAdjustingItems", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-476": { "value": "(d) Finance costs Finance costs include the cost of borrowing from third parties and are recognised on an effective interest rate basis, resulting from the financial liability being recognised on an amortised cost basis, including arrangement fees. Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalized during the period of time that is necessary to complete and prepare the asset for its intended use or sale. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-441": { "value": "(d) Finance costs Finance costs include the cost of borrowing from third parties and are recognised on an effective interest rate basis, resulting from the financial liability being recognised on an amortised cost basis, including arrangement fees. Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalized during the period of time that is necessary to complete and prepare the asset for its intended use or sale.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-393": { "value": "(d) Finance costs Finance costs include the cost of borrowing from third parties and are recognised on an effective interest rate basis, resulting from the financial liability being recognised on an amortised cost basis, including arrangement fees. Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalized during the period of time that is necessary to complete and prepare the asset for its intended use or sale.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-477": { "value": "(e) Business combinations and goodwill Where groups of similar assets are purchased, a concentration test is performed to determine whether the acquisition is treated as a business combination or an asset purchase. Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred and the amount of any non-controlling interest in the acquiree. The consideration transferred is measured at the acquisition date fair value. The non-controlling interest is measured as the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition costs incurred are expensed and included in operating adjusting items. Goodwill arising on acquisition represents the excess of the cost of acquisition over the fair value of the net identifiable assets acquired and liabilities assumed at the date of acquisition. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-442": { "value": "(e) Business combinations and goodwill Where groups of similar assets are purchased, a concentration test is performed to determine whether the acquisition is treated as a business combination or an asset purchase. Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred and the amount of any non-controlling interest in the acquiree. The consideration transferred is measured at the acquisition date fair value. The non-controlling interest is measured as the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition costs incurred are expensed and included in operating adjusting items. Goodwill arising on acquisition represents the excess of the cost of acquisition over the fair value of the net identifiable assets acquired and liabilities assumed at the date of acquisition. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-394": { "value": "(e) Business combinations and goodwill Where groups of similar assets are purchased, a concentration test is performed to determine whether the acquisition is treated as a business combination or an asset purchase. Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred and the amount of any non-controlling interest in the acquiree. The consideration transferred is measured at the acquisition date fair value. The non-controlling interest is measured as the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition costs incurred are expensed and included in operating adjusting items. Goodwill arising on acquisition represents the excess of the cost of acquisition over the fair value of the net identifiable assets acquired and liabilities assumed at the date of acquisition. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-395": { "value": "(f) Property and equipment Freehold properties, including land and buildings, fixtures, fittings and equipment are held at fair value and are revalued by qualified valuers on a sufficiently regular basis using open market values so that the carrying value of an asset does not differ significantly from its fair value at the balance sheet date. The valuation is assessed on the basis of the highest and best use. Surpluses which arise from the revaluation exercise are included within other comprehensive income (in the revaluation reserve) unless they are reversing a revaluation adjustment which has been recognised in the income statement previously. Where the revaluation exercise gives rise to a deficit, this is reflected directly in other comprehensive income (in the revaluation reserve) to the extent that a surplus exists against the same asset. Any further decrease in value is recognised in the income statement as an adjusting expense. At the date of revaluation, any accumulated depreciation is eliminated to the extent of the difference between the revalued amount and the carrying value of the asset immediately before valuation. Leasehold improvements and fixtures, fittings and equipment within those sites are measured at cost on recognition, and are stated as such less any accumulated depreciation. The carrying amount of an asset, less any residual value, is depreciated on a straight-line basis over the asset\u2019s useful life or lease term, if shorter. The residual value, useful life and depreciation method applied to each asset are reviewed annually. The group does not depreciate freehold land or the residual value of its freehold buildings. Useful lives: Freehold buildings 50 years Leasehold improvements Shorter of the estimated useful life and the lease term Fixtures, fittings and equipment 3\u201310 years An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount (note 3(i)). The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset, and is recognised in the income statement. Property and equipment are treated as disposals in the period of their write-down. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-443": { "value": "Leasehold improvements and fixtures, fittings and equipment within those sites are measured at cost on recognition, and are stated as such less any accumulated depreciation. The carrying amount of an asset, less any residual value, is depreciated on a straight-line basis over the asset\u2019s useful life or lease term, if shorter. The residual value, useful life and depreciation method applied to each asset are reviewed annually. The group does not depreciate freehold land or the residual value of its freehold buildings. Useful lives: Freehold buildings 50 years Leasehold improvements Shorter of the estimated useful life and the lease term Fixtures, fittings and equipment 3\u201310 years An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount (note 3(i)). The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset, and is recognised in the income statement. Property and equipment are treated as disposals in the period of their write-down. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-396": { "value": "(g) Investment properties Investment properties are held at fair value and are revalued by qualified valuers on a sufficiently regular basis using open market values so that the carrying value of an asset does not differ significantly from its fair value at the balance sheet date. The valuation is assessed on the basis of the highest and best use. Surpluses and deficits which arise from the revaluation exercise are included in profit or loss in the period in which they arise. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-444": { "value": "(h) Asset held for sale Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell. An impairment loss is recognised for any initial or subsequent write-down of the asset to fair value less costs to sell. A gain is recognised for any subsequent increases in fair value less costs to sell of an asset, but not in excess of any cumulative impairment loss previously recognised. A gain or loss not previously recognised by the date of the sale of the non-current asset is recognised at the date of derecognition. Non-current assets are not depreciated or amortised while they are classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-397": { "value": "(h) Asset held for sale Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell. An impairment loss is recognised for any initial or subsequent write-down of the asset to fair value less costs to sell. A gain is recognised for any subsequent increases in fair value less costs to sell of an asset, but not in excess of any cumulative impairment loss previously recognised. A gain or loss not previously recognised by the date of the sale of the non-current asset is recognised at the date of derecognition. Non-current assets are not depreciated or amortised while they are classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-445": { "value": "(i) Impairment of assets The carrying values of investments, property and equipment and right-of-use assets are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable. Goodwill is mandatorily assessed for impairment on an annual basis or more frequently if there are indications that the carrying value may be impaired. Impairment is assessed on the basis of either each individual asset or each individual cash generating unit (an individual pub), or, in the case of goodwill, the group of cash generating units associated with it. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the group\u2019s cash generating units (or groups of cash generating units) that are expected to benefit from the combination. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less cost of disposal and the value in use, and is determined for an individual asset unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Value in use is assessed by reference to the estimated future cash flows which are discounted to present value using an appropriate pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. The value in use calculations are based on the most recent budget and forecast calculations, which are prepared separately for each CGU to which the individual assets are allocated. The value in use calculations generally cover a period of five years, after which a long- term growth rate is applied to project future cash flows. The impact of climate change has been considered as part of the impairment assessment, including both physical and transitional risks. Due to the nature of the group\u2019s operations, climate risk is not considered to have a material impact on any CGU\u2019s value in use calculation and is therefore not expected to result in any impairment. Impairment losses are recognised in the income statement. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior periods. A reversal of an impairment loss is recognised immediately in the group income statement unless the impairment loss relates to goodwill, in which case it is not reversed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-398": { "value": "(i) Impairment of assets The carrying values of investments, property and equipment and right-of-use assets are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable. Goodwill is mandatorily assessed for impairment on an annual basis or more frequently if there are indications that the carrying value may be impaired. Impairment is assessed on the basis of either each individual asset or each individual cash generating unit (an individual pub), or, in the case of goodwill, the group of cash generating units associated with it. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the group\u2019s cash generating units (or groups of cash generating units) that are expected to benefit from the combination. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less cost of disposal and the value in use, and is determined for an individual asset unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Value in use is assessed by reference to the estimated future cash flows which are discounted to present value using an appropriate pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. The value in use calculations are based on the most recent budget and forecast calculations, which are prepared separately for each CGU to which the individual assets are allocated. The value in use calculations generally cover a period of five years, after which a long- term growth rate is applied to project future cash flows. The impact of climate change has been considered as part of the impairment assessment, including both physical and transitional risks. Due to the nature of the group\u2019s operations, climate risk is not considered to have a material impact on any CGU\u2019s value in use calculation and is therefore not expected to result in any impairment. Impairment losses are recognised in the income statement. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior periods. A reversal of an impairment loss is recognised immediately in the group income statement unless the impairment loss relates to goodwill, in which case it is not reversed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-399": { "value": "(j) Right-of-use assets The group recognises right-of-use assets at the commencement date of a new lease. 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 a right-of-use asset includes the amount of lease liabilities recognised, initial direct costs incurred, including lease premiums to take on a lease, and lease payments made at or before the commencement date less any lease incentives received. Unless the group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use asset is depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to the group\u2019s accounting policy for impairment (see note 3(i)). (k) Leases At inception of a contract, the group considers whether the contract is, or contains, a lease. A contract is, or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. (1) Where the group is the lessee At the commencement date of a new lease, the group recognises a lease liability 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. The lease payments also include payments of penalties for terminating a lease or payments for exercising an extension option, if the lease term reflects the group exercising the option to terminate or extend the lease. The variable lease payments that do not depend on an index or a rate are recognised as an expense in the period on which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a change in the amounts expected to be payable under a residual value guarantee, a change in variable lease payments based on an index or a rate, a modification that is not accounted for as a separate lease, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset. The group has taken the recognition exemption for short-term leases and low-value leases. Expenses from such leases have been recognised in the income statement on a straight-line basis over the lease term. (2) Where the group is the lessor Assets leased out under operating leases are included within property and equipment or right-of-use assets and are depreciated over their estimated useful lives. Rental income, including the effect of lease incentives, is recognised on a straight-line basis over the lease term. These leases are not considered to be investment properties due to significant involvement of the group in the underlying operation of the properties as pubs and pubs with rooms, rather than as a passive investor. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-400": { "value": "(l) Inventories Inventories are valued at the lower of cost and net realisable value. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. The cost formula used is equivalent to a \u2018first in, first out\u2019 method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-401": { "value": "(m) Cash Cash in the balance sheet comprises cash at banks, cash in transit due from credit card providers and cash in hand. Cash and cash equivalents include deposits held at call with financial institutions with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-402": { "value": "(n) Trade and other payables Trade and other payables are recognised initially at fair value and subsequently at amortised cost. When applicable, trade and other payables are analysed between current and non-current liabilities on the face of the balance sheet, depending on when the obligation to settle will crystallise. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-403": { "value": "(o) Interest bearing loans and borrowings All loans and borrowings are recognised initially at fair value. Directly attributable transaction costs are capitalised and amortised over the life of the facility using the effective interest method through finance expense. After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-446": { "value": "(p) Taxation The tax expense represents the sum of the tax currently payable and deferred tax. The current tax payable is based on taxable profit for the period. Taxable profit differs from profit before tax as reported in the income statement because the former excludes items of income or expense that are taxable or deductible in other years and also excludes items that are never taxable or deductible. The group\u2019s liability for current tax is calculated using UK tax rates that have been enacted or substantively enacted under UK law and that are applicable to the period. The current tax expense is recognised in the income statement unless it relates to items that are credited or charged to equity, in which case it is credited or charged directly to equity. Deferred tax is recognised on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts, with the following exceptions: \u2022 where the deferred tax liability arises from the initial recognition of goodwill or of 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 and does not give rise to equal taxable and deductible temporary differences; \u2022 in respect of taxable temporary differences associated with investments in subsidiaries, associates and interest in joint arrangements, when 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; and \u2022 deferred income tax assets are recognised only to the extent that it is probable that taxable profits will be available against which the deductible temporary differences, carried forward tax credits or tax losses can be utilised. Deferred tax relating to items recognised outside the profit and loss is recognised either in other comprehensive income or directly in equity. Deferred tax on those items is recognised consistently with the underlying transaction. Where capital gains have been rolled over for tax purposes, a deferred tax liability is recorded on the rolled over gain to reflect the tax that may be due on this amount at a future date. Where there has been an upward revaluation of an asset and the asset is expected to be realised through disposal, a deferred tax liability is recorded based on the difference between the indexed cost of the asset less any capital gains which have been rolled over against the asset and the revalued amount. Deferred tax is measured on an undiscounted basis at the UK tax rates that are expected to apply on reversal of the underlying temporary differences, based on tax rates and laws enacted or substantively enacted at the balance sheet date. The group offsets deferred tax assets and deferred tax liabilities if, and only if, it has a legally enforceable right to set off tax assets and tax liabilities relating to income taxes levied by the same taxation authority on either the same taxable entity or on different taxable entities which intend to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax assets or liabilities are expected to be recovered or settled. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-404": { "value": "(p) Taxation The tax expense represents the sum of the tax currently payable and deferred tax. The current tax payable is based on taxable profit for the period. Taxable profit differs from profit before tax as reported in the income statement because the former excludes items of income or expense that are taxable or deductible in other years and also excludes items that are never taxable or deductible. The group\u2019s liability for current tax is calculated using UK tax rates that have been enacted or substantively enacted under UK law and that are applicable to the period. The current tax expense is recognised in the income statement unless it relates to items that are credited or charged to equity, in which case it is credited or charged directly to equity. Deferred tax is recognised on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts, with the following exceptions: \u2022 where the deferred tax liability arises from the initial recognition of goodwill or of 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 and does not give rise to equal taxable and deductible temporary differences; \u2022 in respect of taxable temporary differences associated with investments in subsidiaries, associates and interest in joint arrangements, when 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; and \u2022 deferred income tax assets are recognised only to the extent that it is probable that taxable profits will be available against which the deductible temporary differences, carried forward tax credits or tax losses can be utilised. Deferred tax relating to items recognised outside the profit and loss is recognised either in other comprehensive income or directly in equity. Deferred tax on those items is recognised consistently with the underlying transaction. Where capital gains have been rolled over for tax purposes, a deferred tax liability is recorded on the rolled over gain to reflect the tax that may be due on this amount at a future date. Where there has been an upward revaluation of an asset and the asset is expected to be realised through disposal, a deferred tax liability is recorded based on the difference between the indexed cost of the asset less any capital gains which have been rolled over against the asset and the revalued amount. Deferred tax is measured on an undiscounted basis at the UK tax rates that are expected to apply on reversal of the underlying temporary differences, based on tax rates and laws enacted or substantively enacted at the balance sheet date. The group offsets deferred tax assets and deferred tax liabilities if, and only if, it has a legally enforceable right to set off tax assets and tax liabilities relating to income taxes levied by the same taxation authority on either the same taxable entity or on different taxable entities which intend to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax assets or liabilities are expected to be recovered or settled. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-491": { "value": "(q) Derivative financial instruments and hedging The group uses derivative financial instruments such as interest rate swaps to hedge its risk associated with interest rate fluctuations. 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 assets when the fair value is positive and as liabilities when the fair value is negative. The fair value of interest rate swap contracts is determined by reference to market values for similar instruments. For those derivatives designated as hedges and for which hedge accounting is desired, the hedging relationship is documented at its inception. This documentation identifies the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how its effectiveness will be measured throughout its duration. Such hedges are expected at inception to be highly effective. Where cash flow hedge accounting is not applied, the movement in the fair value of the derivative is recognised immediately in the income statement. Where cash flow hedge accounting is applied, as in the case of the interest rate swaps held by the group, the effective portion of the gain or loss on the hedging instrument is recognised in the statement of comprehensive income, while the ineffective portion is recognised in the income statement. If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its designation as a hedge is revoked, amounts previously recognised in equity remain in equity until the forecast transaction occurs, at which point they are immediately reclassified to the income statement as a reclassification adjustment. If the related transaction is not expected to occur, the amount held in equity is immediately reclassified to the income statement as a reclassification adjustment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-478": { "value": "(q) Derivative financial instruments and hedging The group uses derivative financial instruments such as interest rate swaps to hedge its risk associated with interest rate fluctuations. 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 assets when the fair value is positive and as liabilities when the fair value is negative. The fair value of interest rate swap contracts is determined by reference to market values for similar instruments. For those derivatives designated as hedges and for which hedge accounting is desired, the hedging relationship is documented at its inception. This documentation identifies the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how its effectiveness will be measured throughout its duration. Such hedges are expected at inception to be highly effective. Where cash flow hedge accounting is not applied, the movement in the fair value of the derivative is recognised immediately in the income statement. Where cash flow hedge accounting is applied, as in the case of the interest rate swaps held by the group, the effective portion of the gain or loss on the hedging instrument is recognised in the statement of comprehensive income, while the ineffective portion is recognised in the income statement. If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its designation as a hedge is revoked, amounts previously recognised in equity remain in equity until the forecast transaction occurs, at which point they are immediately reclassified to the income statement as a reclassification adjustment. If the related transaction is not expected to occur, the amount held in equity is immediately reclassified to the income statement as a reclassification adjustment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-447": { "value": "(q) Derivative financial instruments and hedging The group uses derivative financial instruments such as interest rate swaps to hedge its risk associated with interest rate fluctuations. 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 assets when the fair value is positive and as liabilities when the fair value is negative. The fair value of interest rate swap contracts is determined by reference to market values for similar instruments. For those derivatives designated as hedges and for which hedge accounting is desired, the hedging relationship is documented at its inception. This documentation identifies the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how its effectiveness will be measured throughout its duration. Such hedges are expected at inception to be highly effective. Where cash flow hedge accounting is not applied, the movement in the fair value of the derivative is recognised immediately in the income statement. Where cash flow hedge accounting is applied, as in the case of the interest rate swaps held by the group, the effective portion of the gain or loss on the hedging instrument is recognised in the statement of comprehensive income, while the ineffective portion is recognised in the income statement. If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its designation as a hedge is revoked, amounts previously recognised in equity remain in equity until the forecast transaction occurs, at which point they are immediately reclassified to the income statement as a reclassification adjustment. If the related transaction is not expected to occur, the amount held in equity is immediately reclassified to the income statement as a reclassification adjustment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-405": { "value": "(q) Derivative financial instruments and hedging The group uses derivative financial instruments such as interest rate swaps to hedge its risk associated with interest rate fluctuations. 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 assets when the fair value is positive and as liabilities when the fair value is negative. The fair value of interest rate swap contracts is determined by reference to market values for similar instruments. For those derivatives designated as hedges and for which hedge accounting is desired, the hedging relationship is documented at its inception. This documentation identifies the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how its effectiveness will be measured throughout its duration. Such hedges are expected at inception to be highly effective. Where cash flow hedge accounting is not applied, the movement in the fair value of the derivative is recognised immediately in the income statement. Where cash flow hedge accounting is applied, as in the case of the interest rate swaps held by the group, the effective portion of the gain or loss on the hedging instrument is recognised in the statement of comprehensive income, while the ineffective portion is recognised in the income statement. If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its designation as a hedge is revoked, amounts previously recognised in equity remain in equity until the forecast transaction occurs, at which point they are immediately reclassified to the income statement as a reclassification adjustment. If the related transaction is not expected to occur, the amount held in equity is immediately reclassified to the income statement as a reclassification adjustment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-406": { "value": "(r) Pensions and other post-retirement benefits The company operates one defined benefit pension scheme, namely the Young & Co.\u2019s Brewery, P.L.C. Pension Scheme, a defined contribution pension scheme and a post-retirement health care scheme. Contributions to the defined contribution scheme are recognised in the income statement in the period in which they become due. For the defined benefit scheme, the actuarial cost charged to the income statement in the period consists of the current service cost, net interest on the net defined benefit liability or asset, past service cost and the impact of any settlements or curtailments. Remeasurements of the defined benefit pension and post-retirement health care schemes are recognised in full in the statement of comprehensive income in the period in which they relate. The net defined benefit pension liability or asset in the balance sheet comprises the present value of the defined benefit obligations less the fair value of scheme 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 scheme or reductions in the future contributions. Post-retirement health care benefits are provided for certain employees and certain directors. Entry to the scheme is on a discretionary basis. The annual premium for providing cover is determined by BUPA. This information is taken by qualified actuaries who then assess the reserve required to provide this benefit for participants\u2019 future lifetimes, using IAS 19 assumptions. The liability for new entrants is recognised through the income statement in the period in which the benefit is granted. Remeasurements of health care benefits are recognised in full directly in the statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-407": { "value": "(s) Trade and other receivables Trade receivables are initially recognised at the transaction price less impairment as they do not contain a significant financial component. In measuring and recognising the impairment, the group has applied the simplified approach to expected credit losses. Expected credit losses are recognised from initial recognition based on the group\u2019s historical credit loss experience, factors specific for each receivable, the current economic climate and expected changes in forecasts of future events. Changes in expected credit losses are recognised in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-408": { "value": "(t) Share based payments The group operates three types of share based payment arrangements: a director/senior management employee deferred bonus scheme (\u201cDAB\u201d), a long-term incentive plan (\u201cLTIP\u201d), and a Save-As-You-Earn (\u201cSAYE\u201d) scheme. Under the DAB, directors and senior management were encouraged to receive bonus payments in the form of shares instead of cash. They were encouraged to do this by being offered \u2018matching\u2019 shares (see note 29). The \u2018matching\u2019 shares constituted shares with non-market performance based vesting conditions over three years. The group has used the \u201cgrant date model\u201d as its valuation model for recording the fair value of these equity instruments at the date when they were originally granted. The fair value of equity represents the market value of the shares at grant date, less the nominal value which the employees will pay. It is not intended that any further awards will be made under the DAB scheme as the LTIP has now replaced the DAB scheme. The LTIP has been implemented to incentivise and retain executive directors and senior management. The selected employees are awarded shares which then vest at a later date, subject to the achievement of specified performance or other conditions determined by the remuneration committee at the time of grant, with the performance conditions satisfied over a specified performance period (see note 29). The group has used the \u201cMonte Carlo\u201d model as its valuation model for recording the fair value of the shares awarded at the date when they were originally granted, further details of which are given in note 29. The LTIP expense is recognised within employment costs, together with a corresponding increase to equity, over the period in which the service and the performance related conditions are satisfied. The cumulative expense recognised at each reporting date until the awards vest reflects the extent to which the vesting period has expired and the group\u2019s best estimate of the number of awards that will ultimately vest. Under the SAYE scheme, eligible employees are encouraged to save over a set period and then, if they choose, purchase shares at the price set before the start of that period (see note 29). The group uses the \u201cBlack-Scholes model\u201d as its valuation model for valuing awards at fair value. The fair value cost of the schemes is expensed to the income statement with a corresponding credit in equity on a straight-line basis over the vesting period. The cumulative expense also takes account of the group\u2019s estimate of the number of shares that will ultimately vest. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-449": { "value": "(u) Use of estimates The preparation of financial information in conformity with IFRS requires management to make certain judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Although these estimates are based on management\u2019s best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future period affected. The areas involving a higher degree of judgement or complexity, or where the most sensitive estimates and assumptions are significant to the financial statements, are set out in note 4. ", "dimensions": { "concept": "youngandcobreweryplc:DescriptionOfAccountingPolicyForUseOfEstimates", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-448": { "value": "(v) Supplier income The group earns supplier income through purchase volume-related discounts and stocking incentives. Most of the supplier income received relates to volume discounts and is driven by the number of units purchased from suppliers. The volume discounts relate to adjustments to a gross purchase price, and as such are recognised on an accrual basis at the point of purchase. Stocking incentives are earned through a fixed payment in return for fulfilling certain stocking obligations, including number of stockists. Supplier income is recognised when the group has met all obligations conditional for earning the income and it is recognised as a credit within cost of sales. Outstanding amounts due from suppliers for earned income at the period end are recognised within trade and other receivables, except in cases where the group has rights of set-off and intends to offset these against trade payables to suppliers.", "dimensions": { "concept": "youngandcobreweryplc:DescriptionOfAccountingPolicyForSupplierIncome", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-409": { "value": "
4. Key accounting estimates and judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect
the reported amounts of assets, liabilities, income and expenses.
In applying the group\u2019s accounting policies, the following estimates are considered to carry the most significant risk of resulting
in a material adjustment to the reported amount in the next financial year if the actual outcome differs from these estimates:
(a) Valuation of property and equipment
The group is required to value property and equipment on a sufficiently regular basis using open market values to ensure the
current carrying value does not differ significantly from the fair value. The valuation, performed by qualified valuers, is based on
market observations and estimates on the selling price in an arm\u2019s length transaction, and includes estimates of future income levels
and trading potential for each pub, as well as taking into account other factors such as location, tenure and current income levels.
See note 17.
(b) Carrying value of goodwill
The group considers annually whether goodwill have suffered any impairment in accordance with the accounting policy set out in
note 3(i). The recoverable amounts for cash generating units have been determined based on value in use calculations. Similarly,
the recoverable amounts for leases that are identified by management as having impairment indicators have been determined based
on value in use calculations. These calculations require the use of estimates, including growth rates, capital maintenance expenditure,
climate change assumptions and pre-tax discount rates. See notes 3(i) and 16.
(c) Defined benefit pension and health care scheme obligations
Measurement of defined benefit pension and health care scheme obligations requires an estimate of future changes in salaries
and inflation, as well as mortality rates, the expected return on assets and the selection of a suitable discount rate. These have been
determined on advice from an independent qualified actuary. See notes 3(r) and 26.
The critical judgements considered to carry the most significant risk of a material adjustment to the reported amount if the actual
outcome differs from these judgements are as follows:
(d) Taxation
The group reviews potential tax liabilities and benefits to assess the appropriate accounting treatment. Tax provisions are made if it is
probable that a tax authority will not accept a tax treatment in a previously filed or future tax return. Tax benefits are not recognised
unless it is probable that they will be recovered. The group exercises judgements in the recognition of deferred tax liabilities, including
assumptions for group\u2019s intended use of the freehold pubs, being a sale, in-use or dual basis. Calculating the group\u2019s tax provisions
requires judgements to be made based on past experience and the current tax environment. See notes 3(p), 12 and 25.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-410": { "value": "
5. Segmental reporting
In line with the requirements of IFRS 8 Operating Segments, the group is organised into one reporting segment, that of operating
managed houses. This is in line with the internal reporting to the executive board of the group for the purpose of deciding on the
allocation of resources and assessing performance. The remaining tenanted houses are grouped together with the unallocated segment
and reported as \u2018all other segments\u2019. Adjusted operating profit/(loss) is the primary measure of profit used in internal reporting.
Total segment revenue is derived externally, with no intersegment revenues between the segments in the period. The group\u2019s revenue
is derived entirely from the UK.
Income statement
Managed All other
houses segments Total
52 weeks 52 weeks 52 weeks
2026 \u00a3m \u00a3m \u00a3m
Drink sales
321.6
\u2013
321.6
Food sales
151.5
\u2013
151.5
Accommodation sales
32.2
\u2013
32.2
Total revenue from contracts with customers
505.3
\u2013
505.3
Other income
2.3
0.6
2.9
Total revenue recognised
507.6
0.6
508.2
Adjusted operating profit/(loss)
101.7
(30.4)
71.3
Adjusting items
(8.9)
(3.1)
(12.0)
Operating profit/(loss)
92.8
(33.5)
59.3
Managed All other
houses segments Total
52 weeks 52 weeks 52 weeks
2025 \u00a3m \u00a3m \u00a3m
Drink sales
305.5
\u2013
305.5
Food sales
146.3
\u2013
146.3
Accommodation sales
30.8
\u2013
30.8
Total revenue from contracts with customers
482.6
\u2013
482.6
Other income
2.4
0.8
3.2
Total revenue recognised
485.0
0.8
485.8
Adjusted operating profit/(loss)
97.6
(26.2)
71.4
Adjusting items
(32.6)
(0.9)
(33.5)
Operating profit/(loss)
65.0
(27.1)
37.9
Of total revenue, \u00a30.3 million was related to tenanted houses (2025: \u00a30.4 million). Of operating profit, \u00a30.4 million was related
to tenanted houses (2025: \u00a3nil). Of all other segments\u2019 rental income, \u00a30.2 million was derived from unlicensed properties
(2025: \u00a30.4 million).
The following is a reconciliation of the operating profit to the profit before tax:
2026 2025
52 weeks 52 weeks
\u00a3m \u00a3m
Operating profit
59.3
37.9
Finance costs
(18.0)
(19.9)
Finance (charge)/income for pension obligations
(0.2)
0.1
Profit before tax
41.1
18.1
Balance sheet
Managed All other
houses segments Total
2026 \u00a3m \u00a3m \u00a3m
Segment assets
1,285.5
23.7
1,309.2
Cash
\u2013
8.1
8.1
Total assets
1,285.5
31.8
1,317.3
Other segmental information
Depreciation of property, equipment and right-of-use assets (note 17, note 19)
(42.1)
(1.8)
(43.9)
Additions to non-current assets
1
33.7
1.9
35.6
Net movements in property valuation through income statement (note 9, note 17)
7.3
0.4
7.7
Impairment of investment properties and leases (note 18, note 19)
(1.3)
0.2
(1.1)
Raw materials, consumables and finished goods used
105.5
0.1
105.6
Employment costs (note 8)
164.5
17.1
181.6
Other operating costs
93.4
12.1
105.5
1 Non-current assets for this purpose consist of property and equipment, right-of-use assets and longer-term prepayments.
Managed All other
houses segments Total
2025 \u00a3m \u00a3m \u00a3m
Segment assets
1,274.0
32.8
1,306.8
Cash
\u2013
7.5
7.5
Total assets
1,274.0
40.3
1,314.3
Other segmental information
Depreciation of property, equipment and right-of-use assets (note 17, note 19)
(40.6)
(1.6)
(42.2)
Additions to non-current assets
1
45.8
1.2
47.0
Net movements in property valuation through income statement (note 9, note 17)
21.4
0.4
21.8
Impairment of investment properties and leases (note 18, note 19)
(8.2)
(0.5)
(8.7)
Raw materials, consumables and finished goods used
102.6
0.1
102.7
Employment costs (note 8)
154.0
15.3
169.3
Other operating costs
89.6
10.2
99.8
1 Non-current assets for this purpose consist of property and equipment, right-of-use assets and longer-term prepayments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-411": { "value": "
6. Revenue
The recognition of revenue under each of the group\u2019s material revenue streams is as follows:
2026 2025
52 weeks 52 weeks
\u00a3m \u00a3m
Drink sales
321.6
305.5
Food sales
151.5
146.3
Accommodation sales
32.2
30.8
Total revenue from contracts with customers
505.3
482.6
Other income
1
2.9
3.2
Total revenue recognised
508.2
485.8
1 Other income includes rental income and room hire.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-450": { "value": "6. Revenue The recognition of revenue under each of the group\u2019s material revenue streams is as follows:
2026 2025
52 weeks 52 weeks
\u00a3m \u00a3m
Drink sales
321.6
305.5
Food sales
151.5
146.3
Accommodation sales
32.2
30.8
Total revenue from contracts with customers
505.3
482.6
Other income
1
2.9
3.2
Total revenue recognised
508.2
485.8
1 Other income includes rental income and room hire.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-412": { "value": "
7. Operating costs before adjusting items
The table below shows operating costs before adjusting items:
2026 2025
52 weeks 52 weeks
\u00a3m \u00a3m
Changes in inventories of finished goods and raw materials
(0.3)
(0.1)
Raw materials, consumables and finished goods used
105.6
102.7
Employment costs (note 8(a))
181.6
169.3
Depreciation of properties (note 17)
35.0
33.1
Depreciation of right-of-use assets (note 19)
8.9
9.1
Expense relating to short-term, low value or variable rent payments (note 27)
0.6
0.5
Other operating costs
105.5
99.8
436.9
414.4
Auditor's remuneration in respect of audit of the consolidated financial statements
1
1.2
1.4
Auditor's remuneration in respect of other non-audit services
0.8
\u2013
1 Included within total auditor\u2019s remuneration is \u00a30.2 million (2025: \u00a30.6 million) in relation the the prior period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-492": { "value": "7. Operating costs before adjusting items The table below shows operating costs before adjusting items:
2026 2025
52 weeks 52 weeks
\u00a3m \u00a3m
Changes in inventories of finished goods and raw materials
(0.3)
(0.1)
Raw materials, consumables and finished goods used
105.6
102.7
Employment costs (note 8(a))
181.6
169.3
Depreciation of properties (note 17)
35.0
33.1
Depreciation of right-of-use assets (note 19)
8.9
9.1
Expense relating to short-term, low value or variable rent payments (note 27)
0.6
0.5
Other operating costs
105.5
99.8
436.9
414.4
Auditor's remuneration in respect of audit of the consolidated financial statements
1
1.2
1.4
Auditor's remuneration in respect of other non-audit services
0.8
\u2013
1 Included within total auditor\u2019s remuneration is \u00a30.2 million (2025: \u00a30.6 million) in relation the the prior period.
Fixtures,
Land & fittings &
buildings equipment Total
Cost or valuation \u00a3m \u00a3m \u00a3m
At 1 April 2024
953.3
202.3
1,155.6
Additions
8.3
38.7
47.0
Disposals
(7.9)
(1.4)
(9.3)
Transfer from right-of-use assets
1
3.2
0.4
3.6
Fully depreciated assets
(0.7)
(23.5)
(24.2)
Revaluation
2
\u2013 upward movement in valuation
41.2
\u2013
41.2
\u2013 downward movement in valuation
(27.4)
\u2013
(27.4)
At 31 March 2025
970.0
216.5
1,186.5
Additions
5.4
29.0
34.4
Disposals
(1.2)
(1.2)
(2.4)
Transfer out to assets held for sale
(2.2)
(0.8)
(3.0)
Fully depreciated assets
\u2013
(23.2)
(23.2)
Revaluation
2
\u2013 upward movement in valuation
34.3
\u2013
34.3
\u2013 downward movement in valuation
(13.7)
\u2013
(13.7)
At 30 March 2026
992.6
220.3
1,212.9
Depreciation and impairment
At 1 April 2024
39.1
79.6
118.7
Depreciation charge
1.8
31.3
33.1
Disposals
(3.9)
(0.5)
(4.4)
Fully depreciated assets
(0.7)
(23.5)
(24.2)
Revaluation
2
\u2013 upward movement in valuation
(4.4)
\u2013
(4.4)
\u2013 downward movement in valuation
25.6
\u2013
25.6
At 31 March 2025
57.5
86.9
144.4
Depreciation charge
1.8
33.2
35.0
Disposals
(0.3)
(0.6)
(0.9)
Transfer out to assets held for sale
(0.2)
(0.3)
(0.5)
Fully depreciated assets
\u2013
(23.2)
(23.2)
Revaluation
2
\u2013 upward movement in valuation
(6.7)
\u2013
(6.7)
\u2013 downward movement in valuation
13.2
\u2013
13.2
At 30 March 2026
65.3
96.0
161.3
Net book value
At 1 April 2024
914.2
122.7
1,036.9
At 31 March 2025
912.5
129.6
1,042.1
At 30 March 2026
927.3
124.3
1,051.6
Used by group Leased to Total
Land & buildings \u00a3m tenants \u00a3m \u00a3m
At 1 April 2024
905.7
8.5
914.2
Additions, disposals and transfers
4.3
3.2
7.5
Depreciation charge
(1.8)
\u2013
(1.8)
Revaluation
(7.2)
(0.2)
(7.4)
At 31 March 2025
901.0
11.5
912.5
Additions, disposals and transfers
9.3
(6.8)
2.5
Depreciation charge
(1.8)
\u2013
(1.8)
Revaluation
14.3
(0.2)
14.1
At 30 March 2026
922.8
4.5
927.3
Used by group Leased to Total
Fixtures, fittings & equipment \u00a3m tenants \u00a3m \u00a3m
At 1 April 2024
122.4
0.3
122.7
Additions, disposals and transfers
37.8
0.4
38.2
Depreciation charge
(31.2)
(0.1)
(31.3)
At 31 March 2025
129.0
0.6
129.6
Additions, disposals and transfers
28.1
(0.2)
27.9
Depreciation charge
(33.0)
(0.2)
(33.2)
At 30 March 2026
124.1
0.2
124.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-479": { "value": "7. Operating costs before adjusting items The table below shows operating costs before adjusting items:
2026 2025
52 weeks 52 weeks
\u00a3m \u00a3m
Changes in inventories of finished goods and raw materials
(0.3)
(0.1)
Raw materials, consumables and finished goods used
105.6
102.7
Employment costs (note 8(a))
181.6
169.3
Depreciation of properties (note 17)
35.0
33.1
Depreciation of right-of-use assets (note 19)
8.9
9.1
Expense relating to short-term, low value or variable rent payments (note 27)
0.6
0.5
Other operating costs
105.5
99.8
436.9
414.4
Auditor's remuneration in respect of audit of the consolidated financial statements
1
1.2
1.4
Auditor's remuneration in respect of other non-audit services
0.8
\u2013
1 Included within total auditor\u2019s remuneration is \u00a30.2 million (2025: \u00a30.6 million) in relation the the prior period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-451": { "value": "7. Operating costs before adjusting items The table below shows operating costs before adjusting items:
2026 2025
52 weeks 52 weeks
\u00a3m \u00a3m
Changes in inventories of finished goods and raw materials
(0.3)
(0.1)
Raw materials, consumables and finished goods used
105.6
102.7
Employment costs (note 8(a))
181.6
169.3
Depreciation of properties (note 17)
35.0
33.1
Depreciation of right-of-use assets (note 19)
8.9
9.1
Expense relating to short-term, low value or variable rent payments (note 27)
0.6
0.5
Other operating costs
105.5
99.8
436.9
414.4
Auditor's remuneration in respect of audit of the consolidated financial statements
1
1.2
1.4
Auditor's remuneration in respect of other non-audit services
0.8
\u2013
1 Included within total auditor\u2019s remuneration is \u00a30.2 million (2025: \u00a30.6 million) in relation the the prior period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-413": { "value": "
8. Employment
(a) Costs and employee numbers
2026 2025
52 weeks 52 weeks
\u00a3m \u00a3m
Wages and salaries
160.4
153.7
Social security
17.9
12.3
Pension and health care schemes
3.3
3.1
Share based payments
\u2013
0.2
Employment costs
181.6
169.3
The group\u2019s average monthly number of employees was 7,536 (2025: 7,453). The number of employees at the period end was 7,477
(2025: 7,387).
The group\u2019s average monthly number of operational employees was 7,394 (2025: 7,304). The number of operational employees at
the period end was 7,333 (2025: 7,250).
The group\u2019s average monthly number of administration employees was 142 (2025: 149). The number of administration employees at
the period end was 144 (2025: 137).
(b) Directors\u2019 emoluments
Total Total
Basic Basic excluding excluding
salary salary pension pension
and fees
1
and fees
1
Benefits
2
Benefits
2
Bonus
3
Bonus
3
costs costs
2026 2025 2026 2025 2026 2025 2026 2025
52 weeks 52 weeks 52 weeks 52 weeks 52 weeks 52 weeks 52 weeks 52 weeks
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Simon Dodd
525
504
3
9
636
280
1,164
793
Mike Owen
366
363
12
6
445
196
823
565
Tracy Dodd
246
241
7
4
239
114
492
359
Steve Cooke
140
109
\u2013
\u2013
\u2013
\u2013
140
109
Torquil Sligo-Young
51
50
2
2
\u2013
\u2013
53
52
Aisling Meany
56
55
\u2013
\u2013
\u2013
\u2013
56
55
Ian Dyson
59
29
\u2013
\u2013
\u2013
\u2013
59
29
John Dunsmore
4
38
\u2013
\u2013
\u2013
\u2013
\u2013
38
\u2013
Nick Miller
5
16
55
\u2013
2
\u2013
\u2013
16
55
Sarah Sergeant
6
51
50
\u2013
6
\u2013
\u2013
51
50
Total
1,548
1,456
24
29
1,320
590
2,892
2,067
1 Certain car-related benefits can be taken as benefits in kind, in cash or as a combination of the two. Where any cash is taken, that sum is included
with the amounts shown in the \u2018Basic salary and fees\u2019 columns.
2 These relate to cars and/or private medical insurance.
3 For FY26, the remuneration committee determined that performance related bonuses were payable, at 124%, 124% and 99% of maximum to
Simon Dodd, Mike Owen and Tracy Dodd respectively, pursuant to the bonus award letters issued in respect of FY26. For FY25, the remuneration
committee determined that performance-related bonuses were payable, at 45%, 45%, 48.5% and 48.5% of maximum to Simon Dodd, Mike Owen
and Tracy Dodd respectively, pursuant to the bonus award letters issued in respect of FY25.
4 John Dunsmore was appointed to the board on 9 July 2025.
5 Nick Miller stepped down from the board on 9 July 2025.
6 Sarah Sergeant stepped down from the board on 31 March 2026.
(c) Retirement benefits
Defined benefit pension scheme
The company operates a defined benefit pension scheme: the Young & Co.\u2019s Brewery, P.L.C. Pension Scheme. All active members
contribute to it and continue to accrue benefits; during the period, those contributions were, on average, at a rate between 8% and
11% of pensionable earnings, dependent on each member\u2019s accrual rate. The scheme invests largely in managed funds and liability
driven investments such as gilts. The company accounts for retirement benefits in accordance with IAS 19; detailed disclosures covering
this are set out in note 26. No director was accruing any defined benefit under the scheme as at 30 March 2026, during current or
prior periods. Torquil Sligo-Young is a pensioner member of the scheme.
Defined contribution pension scheme
The company operates a defined contribution pension scheme. As at 30 March 2026, Mike Owen, Simon Dodd and Tracy Dodd were
members of the scheme. For the period, each executive in respect of their qualifying services, received a pension contribution being
an amount equal to no more than 6% of their pensionable earnings: Mike Owen \u2013 \u00a331k (2025: \u00a328k), for Simon Dodd \u2013 \u00a322k,
(2025: \u00a320k) and for Tracy Dodd \u2013 \u00a315k (2025: \u00a314k).The company contribution rates for the executive directors are aligned with
the contribution rates for staff at Copper House (and certain others) who are members of the scheme.
Post-retirement health care
The company bears the cost of post-retirement health care premia for certain employees and ex-employees (see note 26).
(d) Profit sharing scheme
This scheme, which involved an annual profit share allocation, was closed some time ago. As a result, it has effectively been in \u2018runoff\u2019,
with periodic releases of accrued entitlements, represented by A shares, happening as and when a member reaches their normal
retirement date. Several years ago, it was agreed with HMRC that all accrued entitlements could be released free of tax, even where an
individual had not reached their retirement date. 712 A shares were released to a scheme member during the period (2025: nil). As at
30 March 2026, there was no accrued entitlement in respect of any A shares (2025: 712 A shares).
(e) Savings-related share option scheme
The company operates a savings-related share option scheme. Ordinarily, from year to year, eligible employees of the group are invited
to join the scheme and be granted options to buy shares in the company. Employees must agree to save a fixed monthly amount with
a savings institution through deductions from net salary, generally over a three-year period. The amount to be saved determines the
number of shares over which an option is granted. If the board chooses, options are granted at a discount of up to 20% of the market
price of a share at the time invitations are sent out to join the scheme for that year. There are no performance conditions other than
continued employment from a set date. In the period, options over 169,526 A shares were granted under the scheme at an exercise
price of 607 pence per share. The options will generally be exercisable 1 February 2029 and 31 July 2029.
Of the directors who served throughout or during the period, only the following have an entitlement to A shares under the scheme:
Gains made
At At Exercise Ordinarily Ordinarily on exercise
31 March 30 March price (pence exercisable exercisable of share
2025
Granted
Exercised
Lapsed
2026
per share)
1
from to options (\u00a3)
Simon Dodd
1,530
\u2013
\u2013
(1,530)
\u2013
1,176
01.02.25
31.07.25
\u2013
2,402
\u2013
\u2013
(2,402)
\u2013
772
01.02.28
31.07.28
\u2013
\u2013
3,006
\u2013
\u2013
3,006
607
01.02.29
31.07.29
\u2013
Tracy Dodd
1,530
\u2013
\u2013
(1,530)
\u2013
1,176
01.02.25
31.07.25
\u2013
2,402
\u2013
\u2013
(2,402)
\u2013
772
01.02.28
31.07.28
\u2013
\u2013
3,006
\u2013
\u2013
3,006
607
01.02.29
31.07.29
\u2013
Mike Owen
1,530
\u2013
\u2013
(1,530)
\u2013
1,176
01.02.25
31.07.25
\u2013
2,402
\u2013
\u2013
(2,402)
\u2013
772
01.02.28
31.07.28
\u2013
\u2013
3,006
\u2013
\u2013
3,006
607
01.02.29
31.07.29
\u2013
Gains made
At At Exercise Ordinarily Ordinarily on exercise
1 April 31 March price (pence exercisable exercisable of share
2024
Granted
Exercised
Lapsed
2025
per share)
1
from to options (\u00a3)
Simon Dodd
1,530
\u2013
\u2013
\u2013
1,530
1,176
01.02.25
31.07.25
\u2013
\u2013
2,402
\u2013
\u2013
2,402
772
01.02.28
31.07.28
\u2013
Tracy Dodd
1,530
\u2013
\u2013
\u2013
1,530
1,176
01.02.25
31.07.25
\u2013
\u2013
2,402
\u2013
\u2013
2,402
772
01.02.28
31.07.28
\u2013
Mike Owen
1,530
\u2013
\u2013
\u2013
1,530
1,176
01.02.25
31.07.25
\u2013
\u2013
2,402
\u2013
\u2013
2,402
772
01.02.28
31.07.28
\u2013
Mark Loughborough
2
765
\u2013
\u2013
(765)
\u2013
1,176
01.02.25
31.07.25
\u2013
847
847
\u2013
(847)
\u2013
876
01.02.27
31.07.27
\u2013
1 The exercise prices of 1,176 pence, 772 pence and 607 pence per share represent a discount of not more than 20% to the market price of an
A share at the time the relevant invitations to join the scheme were issued, being 1,470 pence per share, 964 pence per share and 765 pence per
share respectively.
2 Mark Loughborough stepped down from the board on 4 October 2024 and his shares lapsed.
26. Retirement benefit schemes
The company operates one defined benefit pension scheme, namely the Young & Co.\u2019s Brewery, P.L.C. Pension Scheme, a defined
contribution pension scheme and a post-retirement health care scheme. The defined benefit scheme is closed to new entrants.
The aggregate contribution to the defined contribution scheme was \u00a32.2 million (2025: \u00a32.3 million) which is recognised as an
expense in the income statement.
Independent, professionally qualified actuarial advice is sought to determine the liabilities arising from the defined benefit scheme,
using the projected unit credit method. The scheme is formally valued every three years. The obligations under the scheme consist
mainly of a final salary scheme which provides members with benefits based on length of service and salary.
Through its defined benefit scheme and post-retirement health care scheme, the group is exposed to a number of risks. For details
of the principal risks and uncertainties, see page 62.
The employer contribution to the defined benefit scheme for the period ended 30 March 2026 was \u00a32.0 million of which \u00a31.9 million
were special contributions (2025: \u00a32.1 million of which \u00a31.9 million were special contributions) plus premiums of \u00a30.2 million
(2025: \u00a30.2 million) to the post-retirement health care scheme. The Actuarial 2023 triennial Valuation of the Scheme as at 6 April
2023 revealed a funding shortfall of \u00a318.8 million. To eliminate this funding shortfall, the Trustee and the group have agreed that
additional contributions of \u00a30.7 million will be paid to the Scheme annually from April 2024 to December 2035, resulting in total
special contributions of \u00a31.9 million per year. The total contributions to the post-retirement health care scheme in the 2026 financial
period are expected to be \u00a30.2 million (2025: \u00a30.2 million).
Future employee contribution rates are projected to be between 8% and 11% of pensionable earnings. Future employer contribution
rates are projected to be 18% of pensionable earnings.
Financial assumptions
Pension
Health care
2026 2025 2026 2025
% % % %
Discount rate
6.25
5.75
6.25
5.75
Inflation
3.30
3.15
N/A
N/A
Rate of increase in salaries
2.50
2.50
N/A
N/A
Discretionary pension increases
3.30
3.15
N/A
N/A
Rate of revaluation of deferred pensions
2.90
2.75
N/A
N/A
General medical expenses inflation
N/A
N/A
6.00
7.00
Mortality assumptions
The life expectancies underlying the valuation are as follows:
2026 2025
Years Years
Current pensioners (at age 65) \u2013 males
21.6
21.3
Current pensioners (at age 65) \u2013 females
23.9
23.8
Future pensioners (at age 65) \u2013 males
22.9
22.6
Future pensioners (at age 65) \u2013 females
25.3
25.2
At the period end date, the average age of current pensioners was 78 years (2025: 77 years) and for future pensioners was 60 years
(2025: 59 years).
The weighted average duration of liabilities for the current period was 11 years (2025: 12 years).
A one percentage point change in the assumed rate of increase in health care costs would have the following effects:
Increase Decrease
\u00a3m \u00a3m
Effect on the aggregate service cost and interest cost
\u2013
\u2013
Effect on the defined benefit obligation
0.1
(0.1)
The sensitivities regarding the principal assumptions used to measure the schemes\u2019 liabilities are set out below. The illustrations
consider the single change shown with the other assumptions assumed to be unchanged. In practice, changes in one assumption
may be accompanied by changes in another assumption. Changes in market values may also occur at the same time as the changes
in assumptions and may or may not offset them.
Assumption
Change in assumption
Impact on scheme liabilities
Discount rate
Increase/decrease by 0.5%
Decrease by 4.3%/increase by 4.6%
Rate of inflation
Increase/decrease by 0.5%
Increase by 3.7%/decrease by 3.7%
Rate of increase in salary
Increase/decrease by 0.5%
Increase/decrease by nil
Discretionary pension increases
Increase/decrease by 0.5%
Increase by 1.7%/decrease by 1.6%
Rate of revaluation of deferred pensions
Increase/decrease by 0.5%
Increase by 0.7%/decrease by 0.7%
Life expectations
Increase/decrease by 1 year
Increase by 4.0%/decrease by 4.1%
Pension scheme and health care scheme assets and liabilities
Assets and liabilities
2026 2025
\u00a3m \u00a3m
Equities
29.8
25.4
Buy & Maintain Credit Fund
10.0
11.5
Liability Driven Investment and Asset-Backed Securities
29.0
30.6
Insured pensions
6.1
6.0
Other
2.6
0.6
Total fair value of assets
77.5
74.1
Present value of retirement benefit liabilities
(78.2)
(78.6)
(0.7)
(4.5)
IFRIC 14 adjustment
(0.2)
\u2013
Net scheme deficit
(0.9)
(4.5)
The pension scheme assets include some of the company\u2019s A shares with a fair value of \u00a32.5 million (2025: \u00a32.5 million). There are no
property assets of the scheme occupied by the company.
Of the above assets, \u00a339.8 million (2025: \u00a336.9 million) are quoted securities.
The recoverable surplus on the Young & Co.\u2019s Brewery, P.L.C. scheme has been recognised in line with the annual refunds expected
from the scheme and the residual surplus recognised net of applicable UK taxes. The pension scheme was in a deficit position of
\u00a30.7 million at 30 March 2026 (2025: deficit of \u00a34.3 million), of which a recoverable surplus of \u00a3nil (2025: \u00a3nil) is recognised on
the balance sheet.
The Young & Co.\u2019s Brewery P.L.C. Pension Scheme moved into an IAS 19 surplus position during 2022. The group has an
unconditional right to a refund of the surplus (net of withholding taxes) assuming the gradual settlement of the liabilities over time
and therefore no additional minimum funding requirement has been recognised.
Movement within the schemes in the period
(a) Changes in the present value of the schemes are as follows:
2026 2025
Pension Health care Pension Health care
scheme scheme Total scheme scheme Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Opening (deficit)/surplus
(2.6)
(1.7)
(4.3)
2.4
(1.7)
0.7
Current service cost
(0.1)
\u2013
(0.1)
(0.1)
\u2013
(0.1)
Contributions
2.0
0.2
2.2
2.1
0.2
2.3
Other finance (charge)/income
(0.1)
(0.1)
(0.2)
0.2
(0.1)
0.1
Remeasurement through other
comprehensive income
1.6
0.1
1.7
(7.2)
(0.1)
(7.3)
0.8
(1.5)
(0.7)
(2.6)
(1.7)
(4.3)
IFRIC 14 adjustment
(0.2)
\u2013
(0.2)
\u2013
\u2013
\u2013
Closing surplus/(deficit)
0.6
(1.5)
(0.9)
(2.6)
(1.7)
(4.3)
(b) Recognised in the income statement
2026 2025
Pension Health care Pension Health care
scheme scheme Total scheme scheme Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current service cost included
in operating costs
(0.1)
\u2013
(0.1)
(0.1)
\u2013
(0.1)
Net interest income
\u2013
(0.2)
(0.2)
0.2
(0.1)
0.1
(c) Recognised in the statement of comprehensive income
2026 2025
Pension Health care Pension Health care
scheme scheme Total scheme scheme Total
52 weeks 52 weeks 52 weeks 52 weeks 52 weeks 52 weeks
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Actual return less expected return on
plan assets
1.0
\u2013
1.0
(9.9)
\u2013
(9.9)
Experience gains arising on the schemes'
liabilities
(1.6)
\u2013
(1.6)
(6.0)
(0.2)
(6.2)
Changes in demographic assumptions
underlying the schemes\u2019 liabilities
(0.7)
\u2013
(0.7)
0.2
\u2013
0.2
Changes in financial assumptions underlying
the schemes' liabilities
2.8
0.2
3.0
8.6
\u2013
8.6
1.5
0.2
1.7
(7.1)
(0.2)
(7.3)
IFRIC 14 adjustment
(0.2)
\u2013
(0.2)
\u2013
\u2013
\u2013
Net remeasurement recognised
1.3
0.2
1.5
(7.1)
(0.2)
(7.3)
(d) Movements in the present value of schemes\u2019 obligations during the period
2026 2025
Pension Health care Pension Health care
scheme scheme Total scheme scheme Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Opening defined benefit obligations
76.8
1.8
78.6
80.1
1.7
81.8
Current service cost
0.1
\u2013
0.1
0.1
\u2013
0.1
Interest on obligations
4.2
0.2
4.4
3.8
0.1
3.9
Contributions by schemes' members
0.1
\u2013
0.1
0.1
\u2013
0.1
Remeasurement of obligations
(0.5)
(0.2)
(0.7)
(2.7)
0.1
(2.6)
Benefits paid
(4.0)
(0.2)
(4.2)
(4.6)
(0.1)
(4.7)
Present value of schemes' liabilities
76.7
1.6
78.3
76.8
1.8
78.6
(e) Change in fair value of schemes\u2019 assets
2026 2025
Pension Health care Pension Health care
scheme scheme Total scheme scheme Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Opening fair value of schemes' assets
74.2
0.1
74.3
82.5
\u2013
82.5
Return on schemes' assets (less amounts
included in the net interest expense)
4.2
\u2013
4.2
4.0
\u2013
4.0
Actuarial losses on plan assets
1.0
\u2013
1.0
(9.9)
\u2013
(9.9)
Contributions by employer
2.0
0.2
2.2
2.1
0.2
2.3
Contributions by schemes' members
0.1
\u2013
0.1
0.1
\u2013
0.1
Benefits paid
(4.0)
(0.2)
(4.2)
(4.6)
(0.1)
(4.7)
Fair value of schemes' assets
77.5
0.1
77.6
74.2
0.1
74.3
A potentially landmark judgement was handed down in the High Court case of Virgin Media vs NTL Trustees in June 2023. The judge
in this case ruled that, where benefit changes were made without a valid \u2018section 37\u2019 certificate from the scheme actuary, those changes
could be considered void. This case has remained a key area of discussion and consideration for the Trustees throughout the year.
With legislation on the matter expected imminently, it was considered appropriate to hold off on beginning a detailed investigation
until a better understanding was obtained of what would be expected as a result of the upcoming legislation. The Trustees reported to
the Board during the year on this subject, and completed their own additional reading around the case, in addition to obtaining advice
from their legal adviser. Both the Trustees and management are comfortable with the current approach, however they are expecting
to further progress the investigation once the legislation is finalised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-452": { "value": "(a) Costs and employee numbers
2026 2025
52 weeks 52 weeks
\u00a3m \u00a3m
Wages and salaries
160.4
153.7
Social security
17.9
12.3
Pension and health care schemes
3.3
3.1
Share based payments
\u2013
0.2
Employment costs
181.6
169.3
The group\u2019s average monthly number of employees was 7,536 (2025: 7,453). The number of employees at the period end was 7,477 (2025: 7,387). The group\u2019s average monthly number of operational employees was 7,394 (2025: 7,304). The number of operational employees at the period end was 7,333 (2025: 7,250). The group\u2019s average monthly number of administration employees was 142 (2025: 149). The number of administration employees at the period end was 144 (2025: 137). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-453": { "value": "Defined benefit pension scheme The company operates a defined benefit pension scheme: the Young & Co.\u2019s Brewery, P.L.C. Pension Scheme. All active members contribute to it and continue to accrue benefits; during the period, those contributions were, on average, at a rate between 8% and 11% of pensionable earnings, dependent on each member\u2019s accrual rate. The scheme invests largely in managed funds and liability driven investments such as gilts. The company accounts for retirement benefits in accordance with IAS 19; detailed disclosures covering this are set out in note 26. No director was accruing any defined benefit under the scheme as at 30 March 2026, during current or prior periods. Torquil Sligo-Young is a pensioner member of the scheme. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-454": { "value": "Defined contribution pension scheme The company operates a defined contribution pension scheme. As at 30 March 2026, Mike Owen, Simon Dodd and Tracy Dodd were members of the scheme. For the period, each executive in respect of their qualifying services, received a pension contribution being an amount equal to no more than 6% of their pensionable earnings: Mike Owen \u2013 \u00a331k (2025: \u00a328k), for Simon Dodd \u2013 \u00a322k, (2025: \u00a320k) and for Tracy Dodd \u2013 \u00a315k (2025: \u00a314k).The company contribution rates for the executive directors are aligned with the contribution rates for staff at Copper House (and certain others) who are members of the scheme. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-455": { "value": "(d) Profit sharing scheme This scheme, which involved an annual profit share allocation, was closed some time ago. As a result, it has effectively been in \u2018runoff\u2019, with periodic releases of accrued entitlements, represented by A shares, happening as and when a member reaches their normal retirement date. Several years ago, it was agreed with HMRC that all accrued entitlements could be released free of tax, even where an individual had not reached their retirement date. 712 A shares were released to a scheme member during the period (2025: nil). As at 30 March 2026, there was no accrued entitlement in respect of any A shares (2025: 712 A shares). (e) Savings-related share option scheme The company operates a savings-related share option scheme. Ordinarily, from year to year, eligible employees of the group are invited to join the scheme and be granted options to buy shares in the company. Employees must agree to save a fixed monthly amount with a savings institution through deductions from net salary, generally over a three-year period. The amount to be saved determines the number of shares over which an option is granted. If the board chooses, options are granted at a discount of up to 20% of the market price of a share at the time invitations are sent out to join the scheme for that year. There are no performance conditions other than continued employment from a set date. In the period, options over 169,526 A shares were granted under the scheme at an exercise price of 607 pence per share. The options will generally be exercisable 1 February 2029 and 31 July 2029. Of the directors who served throughout or during the period, only the following have an entitlement to A shares under the scheme:
Gains made
At At Exercise Ordinarily Ordinarily on exercise
31 March 30 March price (pence exercisable exercisable of share
2025
Granted
Exercised
Lapsed
2026
per share)
1
from to options (\u00a3)
Simon Dodd
1,530
\u2013
\u2013
(1,530)
\u2013
1,176
01.02.25
31.07.25
\u2013
2,402
\u2013
\u2013
(2,402)
\u2013
772
01.02.28
31.07.28
\u2013
\u2013
3,006
\u2013
\u2013
3,006
607
01.02.29
31.07.29
\u2013
Tracy Dodd
1,530
\u2013
\u2013
(1,530)
\u2013
1,176
01.02.25
31.07.25
\u2013
2,402
\u2013
\u2013
(2,402)
\u2013
772
01.02.28
31.07.28
\u2013
\u2013
3,006
\u2013
\u2013
3,006
607
01.02.29
31.07.29
\u2013
Mike Owen
1,530
\u2013
\u2013
(1,530)
\u2013
1,176
01.02.25
31.07.25
\u2013
2,402
\u2013
\u2013
(2,402)
\u2013
772
01.02.28
31.07.28
\u2013
\u2013
3,006
\u2013
\u2013
3,006
607
01.02.29
31.07.29
\u2013
Gains made
At At Exercise Ordinarily Ordinarily on exercise
1 April 31 March price (pence exercisable exercisable of share
2024
Granted
Exercised
Lapsed
2025
per share)
1
from to options (\u00a3)
Simon Dodd
1,530
\u2013
\u2013
\u2013
1,530
1,176
01.02.25
31.07.25
\u2013
\u2013
2,402
\u2013
\u2013
2,402
772
01.02.28
31.07.28
\u2013
Tracy Dodd
1,530
\u2013
\u2013
\u2013
1,530
1,176
01.02.25
31.07.25
\u2013
\u2013
2,402
\u2013
\u2013
2,402
772
01.02.28
31.07.28
\u2013
Mike Owen
1,530
\u2013
\u2013
\u2013
1,530
1,176
01.02.25
31.07.25
\u2013
\u2013
2,402
\u2013
\u2013
2,402
772
01.02.28
31.07.28
\u2013
Mark Loughborough
2
765
\u2013
\u2013
(765)
\u2013
1,176
01.02.25
31.07.25
\u2013
847
847
\u2013
(847)
\u2013
876
01.02.27
31.07.27
\u2013
1 The exercise prices of 1,176 pence, 772 pence and 607 pence per share represent a discount of not more than 20% to the market price of an A share at the time the relevant invitations to join the scheme were issued, being 1,470 pence per share, 964 pence per share and 765 pence per share respectively. 2 Mark Loughborough stepped down from the board on 4 October 2024 and his shares lapsed.
29. Share awards
The group operated three types of share based payment arrangements during the period ended 30 March 2026: an executive
director/senior management employee deferred annual bonus (\u2018DAB\u2019) scheme; a long term incentive plan (\u2018LTIP\u2019); and a Save-As-You-
Earn (\u2018SAYE\u2019) scheme.
(a) DAB scheme
This scheme is designed to incentivise the executive directors to deliver long-term superior shareholder returns by deferring
a proportion of their annual bonus into A shares which are subject to a holding period.
Following the introduction of the LTIP scheme in 2022 the rules of the DAB scheme were amended to remove the matching share
element. Since then, the DAB scheme has operated as an annual bonus scheme, which requires executive directors to defer up to 25%
of their annual bonus (net of tax, duties or social security contributions) subject to certain thresholds being met. During the prior period,
Mike Owen and Simon Dodd were required to defer 25% of their annual bonus and Tracy Dodd was required to defer 25% of her
annual bonus (all net of tax, duties or social security contributions) into shares which are subject to a holding period of three years.
The following table summarises, at 31 March 2025 and 30 March 2026, the outstanding entitlements to A shares under the DAB
scheme of the directors who served during the period ended 30 March 2026. All shares listed in the table are registered in the
relevant individual\u2019s name. In total, nil A shares were awarded during the period.
The charge to the income statement in the current and prior periods was \u00a3nil.
Restrictions
ceased Issue
At Awarded to apply At price
Date 31 March during the during the 30 March (pence
of award 2025 period period 2026 per share)
Tracy Dodd
May 2022
2,080
\u2013
(2,080)
\u2013
1,304.0
May 2023
1,115
\u2013
\u2013
1,115
1,180.0
May 2024
372
\u2013
\u2013
372
952.0
Simon Dodd
May 2022
2,276
\u2013
(2,276)
\u2013
1,304.0
May 2023
1,378
\u2013
\u2013
1,378
1,180.0
May 2024
325
\u2013
\u2013
325
952.0
Mike Owen
May 2022
3,605
\u2013
(3,605)
\u2013
1,304.0
May 2023
1,176
\u2013
\u2013
1,176
1,180.0
May 2024
231
\u2013
\u2013
231
952.0
(b) LTIP
In order to incentivise and retain executive directors and other senior management employees, the company adopted the LTIP during
the prior period. The LTIP is designed to align remuneration with both the company\u2019s long-term financial performance and the interests
of shareholders.
The LTIP enables the company to make awards of shares to selected employees which then vest at a later date, subject to the
achievement of specified performance or other conditions determined by the remuneration committee at the time of grant, with the
performance conditions to be satisfied over a specified performance period. Any employee (including an executive director) of the
group may be selected to participate in the LTIP. Awards may be granted under the LTIP in the form of nil cost options over the
company\u2019s ordinary shares. Participants are not required to make any payment in exchange for the grant of an award under the LTIP.
LTIP awards were granted in the form of nil cost options on A shares where no monetary consideration is given. The awards are
subject to performance conditions which are based: (1) two-thirds on the extent to which the company\u2019s adjusted earnings per share in
respect of the financial year ended on or around the vesting date exceed the same measure for the financial period of the grant date;
and (2) one-third on total shareholder return (TSR) relative to a comparator group of the company\u2019s peers. The awards will vest and
become exercisable subject to continued employment with the company and the extent to which performance conditions are met.
A summary of the awards issued are as follows:
Adjusted EPS comparative
Date of grant
Number of shares
Initial adjusted EPS period
period
Vesting date
29.06.22
122,721
28.03.22
31.03.25
29.06.25
29.06.23
121,850
29.03.23
30.03.26
29.06.26
10.07.24
162,968
01.04.24
29.03.27
10.07.27
25.06.25
317,837
31.03.25
28.03.28
25.06.28
The awards granted during the period to the executive directors were equivalent to 100% of basic salary for Simon Dodd and Mike
Owen, and 75% of basic salary for Tracy Dodd.
Outstanding LTIP share awards for the current executive directors at 31 March 2025 and 30 March 2026 were as follows:
At Granted Lapsed At Share price Date from
Date 31 March during during 30 March on date Exercise which Expiry
of award 2025 the period the period 2026 of award price exercisable date
Simon Dodd
29.06.22
15,127
\u2013
(15,127)
\u2013
1,140p
0p
29.06.25
28.06.32
29.06.23
36,597
\u2013
\u2013
36,597
1,215p
0p
29.06.26
28.06.33
10.07.24
51,282
\u2013
\u2013
51,282
975p
0p
10.07.27
09.07.34
25.06.25
\u2013
80,078
\u2013
80,078
960p
0p
25.06.28
24.06.35
Mike Owen
29.06.22
25,548
\u2013
(25,548)
\u2013
1,140p
0p
29.06.25
28.06.32
29.06.23
26,090
\u2013
\u2013
26,090
1,215p
0p
29.06.26
28.06.33
10.07.24
35,897
\u2013
\u2013
35,897
975p
0p
10.07.27
09.07.34
25.06.25
\u2013
56,054
\u2013
56,054
960p
0p
25.06.28
24.06.35
Tracy Dodd
29.06.22
13,823
\u2013
(13,823)
\u2013
1,140p
0p
29.06.25
28.06.32
29.06.23
14,116
\u2013
\u2013
14,116
1,215p
0p
29.06.26
28.06.33
10.07.24
\u2013
\u2013
\u2013
18,144
975p
0p
10.07.27
09.07.34
25.06.25
\u2013
31,480
\u2013
31,480
960p
0p
25.06.28
24.06.35
The following table summarises the outstanding entitlements to A shares under the LTIP:
LTIP
Number
At 1 April 2024
213,901
Granted
162,968
Exercised
\u2013
Lapsed
(32,227)
At 31 March 2025
344,642
Granted
317,837
Exercised
\u2013
Lapsed
(146,605)
At 30 March 2026
515,874
The fair value of the share options was estimated at the grant date based on the performance conditions in place. One-third of the
award is subject to a market based performance condition, and the probability of meeting this performance condition has been
incorporated into the calculation of the estimated fair value at the grant date using a Monte Carlo valuation model. Two-thirds of the
award are subject to a non-market based performance condition. This portion of the award has been valued at the market price of
shares at the grant date of 960 pence per share (2025: 975 pence per share). The company has made an estimate of the likelihood
of meeting this performance condition and incorporated this into the number of awards expected to vest. This estimate will be updated
at each reporting date.
Valuation assumptions
The following information is relevant in the determination of the fair value of share options granted during the year under the
equity-settled LTIP scheme operated by the group:
2026 2025
LTIP \u2013 TSR LTIP \u2013 TSR
portion portion
Valuation model used
Monte Carlo
Monte Carlo
Fair values at the measurement date (pence)
766.0
860.0
Dividend yield (%)
nil
nil
Expected volatility (%)
28.6
42.2
Risk-free interest rate (%)
3.7
5.4
Expected life of share options (years)
3
3
Weighted average share price (pence)
879.0
933.0
The expected volatility reflects the assumption that the company\u2019s daily historical volatility over a three year period prior to the date
of grant is indicative of expected future volatility.
The share based payment expense related to LTIP recognised during the period is shown in the following table:
2026 2025
\u00a3m \u00a3m
Expense arising from equity-settled share based payment transactions
\u2013
0.2
There were no cancellations or modifications to the awards during the period.
(c) SAYE scheme
This scheme enables all eligible employees, including executive directors, to acquire options over the company\u2019s A shares. The options
can be granted at a discount of up to 20% of the market price of an A share at the time invitations to join the scheme for the relevant
year are issued, with the proceeds of a related SAYE savings contract then being used to acquire shares at a later date, if the option
holders choose to do so. All employees who have worked for the minimum qualifying period on an invitation date are eligible to
join the scheme. Options granted under the scheme are not subject to performance conditions other than continued employment.
These options are all equity-settled.
Exercised Weighted
At 31 March Granted during Grant price Lapsed during during the Exercised price average share At 30 March
2025 the period per share the period
period
1
 per share price 2026
2022 plan
28,512
\u2013
1,176p
(28,512)
\u2013
\u2013
\u2013
\u2013
2023 plan
40,773
\u2013
931p
(14,612)
\u2013
\u2013
\u2013
26,161
2024 plan
65,102
\u2013
8769
(22,035)
\u2013
\u2013
\u2013
43,067
2025 plan
127,784
\u2013
772p
(64,914)
\u2013
\u2013
\u2013
62,870
2026 plan
\u2013
169,526
607p
(3,907)
\u2013
\u2013
\u2013
165,619
262,171
169,526
\u2013
(133,980)
\u2013
\u2013
\u2013
297,717
Exercised Weighted
At 1 April Granted during Grant price Lapsed during during the Exercised price average share At 31 March
2024 the period per share the period
period
1
 per share price 2025
2022 plan
42,401
\u2013
1,176p
(13,889)
\u2013
\u2013
\u2013
28,512
2023 plan
73,858
\u2013
931p
(33,085)
\u2013
\u2013
\u2013
40,773
2024 plan
121,061
\u2013
876p
(55,959)
\u2013
\u2013
\u2013
65,102
2025 plan
\u2013
140,130
772p
(12,346)
\u2013
\u2013
\u2013
127,784
237,320
140,130
\u2013
(115,279)
\u2013
\u2013
\u2013
262,171
1 The options that were exercised (and in respect of which new shares were issued) resulted in an increase in share capital of \u00a3nil (2025: \u00a3nil) and
an increase in share premium of \u00a3nil (2025: \u00a3nil).
A charge of \u00a3nil (2025: \u00a3nil), valued using the Black-Scholes option pricing model, was made to the group and company income
statements in respect of these options in the period.
The cumulative fair value of the share options outstanding at 30 March 2026 was \u00a3nil (2025: \u00a30.2 million).
Valuation assumptions
Assumptions used in the Black-Scholes model to determine the fair value of share options at grant date for the period ending
30 March 2026 were as follows:
Group and company
2026 plan
2025 plan
2024 plan
2023 plan
Share price at grant date (pence)
759.0
965.0
1,095.0
1,164.0
Exercise price (pence)
607.0
772.0
876.0
931.0
Expected volatility (%)
26.8
35.3
36.9
53.3
Option life (years)
3
3
3
3
Expected dividends (expressed as dividend yield %)
3.2
3.0
2.2
1.9
Risk-free interest rate (%)
4.4
4.0
4.3
3.1
Probability of forfeiture (%)
30.0
65.0
80.0
95.0
Volatility is based on the standard deviation of an A share of Young & Co.\u2019s Brewery, P.L.C. over the three years prior to the grant date,
adjusted for management\u2019s view of future volatility of share price. The assumed volatility may not necessarily be the actual outcome.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-414": { "value": "
9. Adjusting items
During the period the cash flow impact of adjusting items was \u00a3nil (2025: \u00a34.6 million), of which \u00a31.1 million inflow related to
investing activities and \u00a31.1 million outflow related to operating activities (2025: \u00a39.1 million and \u00a34.5 million respectively).
2026 2025
52 weeks 52 weeks
\u00a3m \u00a3m
Amounts included in operating profit:
Upward movement on the revaluation of properties (note 17)
1
6.2
3.8
Downward movement on the revaluation of properties (note 17)
1
(13.9)
(25.6)
LSE Main Market Admission Fees
2
(2.4)
\u2013
Impairment loss
3
(1.9)
(8.7)
Net loss on disposal of properties
4
(0.5)
(0.3)
Restructuring costs
5
(0.1)
(3.2)
Purchase costs
6
(0.1)
\u2013
Tenant compensation
7
(0.1)
\u2013
Impairment reversal
8
0.8
\u2013
Purchase costs \u2013 City Pub Group
9
\u2013
(0.9)
Integration costs \u2013 City Pub Group
10
\u2013
(0.3)
Gain on disposal of subsidiary
11
\u2013
1.7
(12.0)
(33.5)
Tax on adjusting items:
Tax attributable to adjusting items
\u2013
5.1
\u2013
5.1
Total adjusting items after tax
(12.0)
(28.4)
1 The movement on the revaluation of properties is a non-cash item that relates to the revaluation exercise that was completed at the period end date.
The revaluation was conducted at an individual pub level and identified an upward movement of \u00a36.2 million (2025: \u00a33.8 million) representing
reversals of previous impairments recognised in the income statement, and a downward movement of \u00a313.9 million (2025: \u00a325.6 million),
representing downward movements in excess of amounts recognised in equity. These resulted in a net downward movement of \u00a37.7 million
(2025: a net downward movement of \u00a321.8 million) which has been recognised in the income statement. The downward movement for the period
ended 30 March 2026 was split between land and buildings and assets held for sale of \u00a37.7 million (2025: \u00a321.8 million downward) and fixtures
and fittings of \u00a3nil (2025: \u00a3nil). See note 5 for segmental information and note 17 for information on the revaluation of properties.
2 LSE Main Market Admission fees related to the fees incurred up to the balance sheet date in relation to the move from AIM to the Main Market.
3 Impairment losses of \u00a30.6 million were recognised in relation to investment properties and \u00a31.3 million to right-of-use assets (2025: \u00a30.5 million
for investment properties and \u00a38.2 million in relation to right-of-use assets). See notes 18 and 19.
4 The net loss on disposal of properties related to the difference between cash less disposal costs received from the sale of the Chapel 1877 (Cardiff)
and an unlicensed property at the Bell Hotel (Stow-on-the-Wold), and the carrying value of their assets, at the date of disposal. The total cash
consideration received for these disposals was \u00a31.1 million. In addition, the net loss on disposal of properties related to the difference between the
value of right-of-use assets and lease liabilities of the leases of the Hollow Bottom (Guiting Power) and Kings House (Chelsea) (notes 19 and 27),
the disposal of fixture and fittings for the Alban\u2019s Well (St Albans) that transferred from a managed property to a tenanted property, and the loss on
reclassification of two properties to asset held for sale (note 22).
In the prior period, the net loss on disposal of properties related to the difference between cash less disposal costs received from the Plough
(Beddington), Clock House (East Dulwich), Angel & Greyhound (Oxford), Dolphin (Betchworth), Wild Duck (near Cirencester), Tavern (Cheltenham),
White Hart (Littleton-on-Severn) and an unlicensed property (Greenford), and the carrying value of their assets, at the date of disposal. The total cash
consideration received for these disposals was \u00a36.8 million.
5 Restructuring costs of \u00a30.1 million related to severance costs. In the prior period restructuring costs related to severance costs paid to employees
of City Pub Group.
6 Purchase costs related to professional fees and stamp duty land tax arising on the acquisition of the freehold of the Queen of the South (Norwood).
7 Tenant compensation was paid to the previous tenants of the Clapham North (Clapham) to terminate their lease agreement early.
8 An impairment reversal was recognised in relation to right-of-use assets (2025: \u00a3nil). See note 19.
9 In the prior period, the purchase costs related to the acquisition of City Pub Group.
10 In the prior period, the integration costs related to the integration of City Pub Group, to align with the rest of the group\u2019s operations to achieve
common synergies.
11 In the prior period, the gain on disposal of a subsidiary relates to the difference between the consideration received and the assets and liabilities
disposed of as part of the disposal of the 53% shareholding in The Pioneer (City) Pub Company Limited. It also includes the derecognition of
the non-controlling interest in this subsidiary at the date of disposal.
", "dimensions": { "concept": "youngandcobreweryplc:DisclosureOfAdjustingItems", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-415": { "value": "
10. Other financial measures
The table below shows how adjusted group EBITDA, operating profit and profit before tax have been arrived at. They exclude
adjusting items which, in management\u2019s view due to their material or non-recurring nature, do not form part of the group\u2019s underlying
operations. These alternative performance measures have been provided to help investors assess the group\u2019s underlying performance.
Details of the adjusting items can be seen in note 9.
2026 2025
52 weeks 52 weeks
Adjusting Adjusting
Unadjusted items Adjusted Unadjusted items Adjusted
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
EBITDA
110.9
4.3
1
115.2
101.9
11.7
1
113.6
Depreciation and net movement on the revaluation of properties
2
(51.6)
7.7
(43.9)
(64.0)
21.8
(42.2)
Operating profit
59.3
12.0
71.3
37.9
33.5
(71.4)
Finance costs
(18.0)
\u2013
(18.0)
(19.9)
\u2013
(19.9)
Finance (charge)/income for pension obligations
(0.2)
\u2013
(0.2)
0.1
\u2013
0.1
Profit before tax
41.1
12.0
53.1
18.1
33.5
51.6
1 Included within adjusting items of \u00a34.3 million (2025: \u00a311.7 million) is an impairment loss of \u00a31.9 million (2025: \u00a38.7 million) and an impairment
reversal of \u00a30.8 million (2025: \u00a3nil). See note 9.
2 Included within the unadjusted depreciation is the net movement on the revaluation of properties of \u00a37.7 million (2025: \u00a321.8 million) recognised in
adjusting items, depreciation of property and equipment of \u00a335.0 million (2025: \u00a333.1 million), and depreciation of right-of-use assets of \u00a38.9 million
(2025: \u00a39.1 million). See notes 9, 17 and 19.
During the period, \u00a3143.9 million (2025: \u00a3138.3 million) of adjusted EBITDA related to managed houses and \u00a30.1 million
(2025: \u00a30.4 million) related to tenanted houses. Adjusted negative EBITDA of \u00a328.8 million (2025: negative \u00a325.1 million) related
to head office costs and was unallocated.
2026 2025
52 weeks 52 weeks
\u00a3m \u00a3m
Post-IFRS 16 EBITDA
115.2
113.6
Payments of lease liabilities (note 27)
(10.2)
(10.3)
Pre-IFRS 16 EBITDA
105.0
103.3
", "dimensions": { "concept": "youngandcobreweryplc:DisclosureOfOtherFinancialMeasures", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-416": { "value": "
11. Finance costs
2026 2025
52 weeks 52 weeks
\u00a3m \u00a3m
Interest on bank loans and overdrafts
14.1
15.8
Interest on lease liabilities (note 27)
3.9
4.1
18.0
19.9
Further information on the group\u2019s borrowing facilities is provided in note 24.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-493": { "value": "11. Finance costs
2026 2025
52 weeks 52 weeks
\u00a3m \u00a3m
Interest on bank loans and overdrafts
14.1
15.8
Interest on lease liabilities (note 27)
3.9
4.1
18.0
19.9
Further information on the group\u2019s borrowing facilities is provided in note 24.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-480": { "value": "11. Finance costs
2026 2025
52 weeks 52 weeks
\u00a3m \u00a3m
Interest on bank loans and overdrafts
14.1
15.8
Interest on lease liabilities (note 27)
3.9
4.1
18.0
19.9
Further information on the group\u2019s borrowing facilities is provided in note 24.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-456": { "value": "11. Finance costs
2026 2025
52 weeks 52 weeks
\u00a3m \u00a3m
Interest on bank loans and overdrafts
14.1
15.8
Interest on lease liabilities (note 27)
3.9
4.1
18.0
19.9
Further information on the group\u2019s borrowing facilities is provided in note 24.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-417": { "value": "
12. Taxation
The major components of income tax expense for the periods ended 30 March 2026 and 31 March 2025 are:
2026 2025
52 weeks 52 weeks
Tax charged in the group income statement \u00a3m \u00a3m
Current income tax
Current tax expense
11.2
9.5
Adjustment in respect of current income tax of prior periods
0.1
0.3
11.3
9.8
Deferred tax
Relating to origin and reversal of temporary differences
1.3
(1.2)
Adjustment in respect of deferred tax of prior periods
0.4
(0.5)
1.7
(1.7)
Income tax charged in the income statement
13.0
8.1
2026 2025
52 weeks 52 weeks
Deferred tax in the group income statement \u00a3m \u00a3m
Property revaluation and disposals
(1.8)
(4.6)
Capital allowances
1.4
1.3
Retirement benefit schemes
0.5
0.6
Share based payments
0.3
\u2013
Trade losses
1.6
1.0
Capital losses
(0.3)
\u2013
Deferred tax charged/(credited) in the income statement
1.7
(1.7)
Deferred tax in the group statement of other comprehensive income
Property revaluation and disposals
6.3
2.7
Retirement benefit schemes
0.2
(1.2)
Interest rate swaps \u2013 cash flow hedge
(0.1)
(0.5)
Deferred tax charged to other comprehensive income
6.4
1.0
A reconciliation of the tax expense at the group\u2019s effective tax rate to the accounting profit before tax at the statutory tax rate for the
periods ended 30 March 2026 and 31 March 2025 respectively is as follows:
2026 2025
52 weeks 52 weeks
\u00a3m \u00a3m
Accounting profit before income tax
41.1
18.1
At the group\u2019s statutory income tax rate of 25% (2025: 25%)
10.3
4.5
Tax effects of:
Expenses not deductible for tax purposes
1
2.2
3.8
Prior period adjustment \u2013 current tax
0.4
0.3
Prior period adjustment \u2013 deferred tax
0.1
(0.5)
Total tax expense
13.0
8.1
1 The largest component of expenses not deductible for tax purposes is \u00a31.6 million and relates to depreciation, amortisation and impairment of
assets which is non-deductible in the computation of current tax expense and for which there is only partial (or no) deferred tax offset. The costs
of preparing to list on the Main Market, with a \u00a30.7 million tax effect, are also a key adjusting item. Expenses not deductible for tax purposes also
includes the effect of losses on disposal of properties and property acquisition costs.
25. Deferred tax
Deferred tax relates to the following:
2026 2025
Deferred tax assets \u00a3m \u00a3m
Capital losses
0.9
0.7
Retirement benefit schemes
0.4
1.1
Tax losses
0.7
2.2
Shared based payments
\u2013
0.3
Deferred tax assets
2.0
4.3
Deferred tax liabilities
Rolled over gains and property revaluations
(135.4)
(130.9)
Accelerated capital allowance
(3.3)
(1.9)
Interest rate swaps \u2013 cash flow hedge
(0.2)
(0.3)
Deferred tax liabilities
(138.9)
(133.1)
Net deferred tax liabilities
(136.9)
(128.8)
Reconciliation of net deferred tax liabilities:
2026 2025
52 weeks 52 weeks
\u00a3m \u00a3m
Opening balance
(128.8)
(129.9)
Tax (charge)/credit in the income statement
(1.3)
1.2
Tax charge in the statement of comprehensive income
(6.4)
(1.0)
Adjustment in respect of deferred tax of prior periods in the income statement
(0.4)
0.5
Derecognised on disposal
\u2013
0.5
Charged directly to equity
\u2013
(0.1)
Closing balance
(136.9)
(128.8)
The deferred tax assets and liabilities at the balance sheet date are calculated at the enacted rate of 25%.
The group has realised capital losses of \u00a39.6 million (2025: \u00a34.3 million), which are available indefinitely to offset against future capital
gains. A deferred tax asset has been recognised in respect of \u00a33.7 million (2025: \u00a31.3 million) of these losses because it is expected
suitable gains will arise in the foreseeable future to utilise this amount given the regularity of property disposals. The company has
\u00a32.5 million of retained capital losses (2025: \u00a32.9 million). The group\u2019s tax losses can be carried forward for an unlimited period.
The group has unrealised capital losses of \u00a351.6 million (2025: \u00a361.6 million). No deferred tax asset has been recognised in respect
of these losses (2025: \u00a3nil) because it is uncertain whether they will be utilised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-457": { "value": "12. Taxation The major components of income tax expense for the periods ended 30 March 2026 and 31 March 2025 are:
2026 2025
52 weeks 52 weeks
Tax charged in the group income statement \u00a3m \u00a3m
Current income tax
Current tax expense
11.2
9.5
Adjustment in respect of current income tax of prior periods
0.1
0.3
11.3
9.8
Deferred tax
Relating to origin and reversal of temporary differences
1.3
(1.2)
Adjustment in respect of deferred tax of prior periods
0.4
(0.5)
1.7
(1.7)
Income tax charged in the income statement
13.0
8.1
2026 2025
52 weeks 52 weeks
Deferred tax in the group income statement \u00a3m \u00a3m
Property revaluation and disposals
(1.8)
(4.6)
Capital allowances
1.4
1.3
Retirement benefit schemes
0.5
0.6
Share based payments
0.3
\u2013
Trade losses
1.6
1.0
Capital losses
(0.3)
\u2013
Deferred tax charged/(credited) in the income statement
1.7
(1.7)
Deferred tax in the group statement of other comprehensive income
Property revaluation and disposals
6.3
2.7
Retirement benefit schemes
0.2
(1.2)
Interest rate swaps \u2013 cash flow hedge
(0.1)
(0.5)
Deferred tax charged to other comprehensive income
6.4
1.0
A reconciliation of the tax expense at the group\u2019s effective tax rate to the accounting profit before tax at the statutory tax rate for the periods ended 30 March 2026 and 31 March 2025 respectively is as follows:
2026 2025
52 weeks 52 weeks
\u00a3m \u00a3m
Accounting profit before income tax
41.1
18.1
At the group\u2019s statutory income tax rate of 25% (2025: 25%)
10.3
4.5
Tax effects of:
Expenses not deductible for tax purposes
1
2.2
3.8
Prior period adjustment \u2013 current tax
0.4
0.3
Prior period adjustment \u2013 deferred tax
0.1
(0.5)
Total tax expense
13.0
8.1
1 The largest component of expenses not deductible for tax purposes is \u00a31.6 million and relates to depreciation, amortisation and impairment of assets which is non-deductible in the computation of current tax expense and for which there is only partial (or no) deferred tax offset. The costs of preparing to list on the Main Market, with a \u00a30.7 million tax effect, are also a key adjusting item. Expenses not deductible for tax purposes also includes the effect of losses on disposal of properties and property acquisition costs. 25. Deferred tax Deferred tax relates to the following:
2026 2025
Deferred tax assets \u00a3m \u00a3m
Capital losses
0.9
0.7
Retirement benefit schemes
0.4
1.1
Tax losses
0.7
2.2
Shared based payments
\u2013
0.3
Deferred tax assets
2.0
4.3
Deferred tax liabilities
Rolled over gains and property revaluations
(135.4)
(130.9)
Accelerated capital allowance
(3.3)
(1.9)
Interest rate swaps \u2013 cash flow hedge
(0.2)
(0.3)
Deferred tax liabilities
(138.9)
(133.1)
Net deferred tax liabilities
(136.9)
(128.8)
Reconciliation of net deferred tax liabilities:
2026 2025
52 weeks 52 weeks
\u00a3m \u00a3m
Opening balance
(128.8)
(129.9)
Tax (charge)/credit in the income statement
(1.3)
1.2
Tax charge in the statement of comprehensive income
(6.4)
(1.0)
Adjustment in respect of deferred tax of prior periods in the income statement
(0.4)
0.5
Derecognised on disposal
\u2013
0.5
Charged directly to equity
\u2013
(0.1)
Closing balance
(136.9)
(128.8)
The deferred tax assets and liabilities at the balance sheet date are calculated at the enacted rate of 25%. The group has realised capital losses of \u00a39.6 million (2025: \u00a34.3 million), which are available indefinitely to offset against future capital gains. A deferred tax asset has been recognised in respect of \u00a33.7 million (2025: \u00a31.3 million) of these losses because it is expected suitable gains will arise in the foreseeable future to utilise this amount given the regularity of property disposals. The company has \u00a32.5 million of retained capital losses (2025: \u00a32.9 million). The group\u2019s tax losses can be carried forward for an unlimited period. The group has unrealised capital losses of \u00a351.6 million (2025: \u00a361.6 million). No deferred tax asset has been recognised in respect of these losses (2025: \u00a3nil) because it is uncertain whether they will be utilised.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-418": { "value": "
13. Business combinations and asset acquisitions
In the current period, the group acquired the freehold interest of the Queen of the South (Norwood) as an asset acquisition, for a total
cash consideration of \u00a31.7 million.
In the prior period, the group acquired an unlicensed property (Wandsworth) as an asset acquisition for a total cash consideration of
\u00a30.4 million, and a previously held leasehold property for a total cash consideration of \u00a30.1 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-419": { "value": "
14. Dividends on equity shares
2026 2025
Pence per Pence per 2026 2025
share share \u00a3m \u00a3m
Final dividend paid (previous period)
11.53
10.88
7.2
6.8
Interim dividend paid (current period)
12.22
11.53
7.5
7.2
23.75
22.41
14.7
14.0
The table above sets out dividends that have been paid. In addition, the board is proposing a final dividend in respect of the period
ended 30 March 2026 of 12.22 pence per share at an expected cost of \u00a37.5 million. If approved, it is expected to be paid on 15 July
2026 to shareholders who are on the register of members at the close of business on 5 June 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-459": { "value": "0.1222", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-458": { "value": "7500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00", "unit": "iso4217:GBP" } }, "fact-420": { "value": "
15. Earnings per ordinary share
(a) Weighted average number of shares
2026 2025
Number Number
Basic weighted average number of ordinary shares in issue
61,962,259
62,096,842
Dilutive potential ordinary shares from employee share options
52,429
20,349
Diluted weighted average number of shares
62,014,688
62,117,191
(b) Earnings attributable to the shareholders of the parent company
2026 2025
52 weeks 52 weeks
\u00a3m \u00a3m
Profit for the period
28.0
10.0
Adjusting items
12.0
33.5
Tax attributable to above adjustments
\u2013
(5.1)
Adjusted earnings after tax
40.0
38.4
Basic earnings per share
Pence
Pence
Basic
45.19
16.10
Effect of adjusting items
19.37
45.74
Adjusted basic earnings per share
64.56
61.84
Diluted earnings per share
Pence
Pence
Diluted
45.15
16.10
Effect of adjusting items
19.35
45.72
Adjusted diluted earnings per share
64.50
61.82
The basic earnings per share figure is calculated by dividing the net profit for the period attributable to equity shareholders of the
parent by the weighted average number of ordinary shares in issue during the period.
Diluted earnings per share have been calculated on a similar basis taking into account 52,429 (2025: 20,349) dilutive potential shares
under the SAYE and LTIP schemes (see notes 8(e) and 29).
Adjusted earnings per share are presented to eliminate the effect of the adjusting items and the tax attributable to those items on basic
and diluted earnings per share.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-460": { "value": "
16. Goodwill
Goodwill is recognised in respect of the following groups of CGUs:
2026 2025
\u00a3m \u00a3m
Managed houses
77.1
77.1
At 30 March 2026
77.1
77.1
\u00a3m
Cost
At 1 April 2024
81.3
Acquisitions
\u2013
Disposals
1
(0.3)
At 31 March 2025
81.0
Acquisitions
\u2013
At 30 March 2026
81.0
Impairments
At 1 April 2024
3.9
Impairment
\u2013
At 31 March 2025
3.9
Impairment
\u2013
At 30 March 2026
3.9
Carrying amount
At 1 April 2024
77.4
At 31 March 2025
77.1
At 30 March 2026
77.1
1 During the prior period, \u00a30.3 million related to the disposal of the group\u2019s shareholding in The Pioneer (City) Pub Company Limited. See note 7
of the company financial statements.
The group tests goodwill annually for impairment or more frequently if there are indicators that goodwill may have been impaired.
There will be an impairment if the recoverable amount is lower than carrying value. The recoverable amount in this case is value in
use because value in use exceeds \u2018fair value less costs to sell\u2019. The value in use is calculated using the FY27 budget approved by the
board and a longer-term forecast for the following 4 years. An impairment of \u00a3nil was recognised in the current period (2025: \u00a3nil).
Cash flows beyond year 5 assume a long-term growth rate of 2.0% (2025: 1.8%). The pre-tax discount rate applied to all cash flow
projections is 10.0% (2025: 9.9%) which is based on a calculation of weighted average cost of capital of the group.
The group monitors the latest government legislation in relation to climate related matters. At the current time, no legislation has been
passed that will significantly impact the group\u2019s impairment review. The group will adjust the key assumptions used in value in use
calculations and sensitivity to changes in assumptions should a change be required.
The recoverable amount in the impairment assessment exceeds the carrying amount of assets in the group of CGU\u2019s by
\u00a3433.3 million. The impairment calculation is most sensitive to the pre-tax discount rate and EBITDA assumptions. Management have
performed a sensitivity analysis on the impairment test. Several scenarios have been modelled, with specific reference to the impact
of an increase in the discount rate or a decrease in the long-term growth rates used in the model. An increase of 8.5% of the pre-tax
discount rate or a reduction of 23.0% in EBITDA would remove the headroom in the model.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-421": { "value": "16. Goodwill Goodwill is recognised in respect of the following groups of CGUs:
2026 2025
\u00a3m \u00a3m
Managed houses
77.1
77.1
At 30 March 2026
77.1
77.1
\u00a3m
Cost
At 1 April 2024
81.3
Acquisitions
\u2013
Disposals
1
(0.3)
At 31 March 2025
81.0
Acquisitions
\u2013
At 30 March 2026
81.0
Impairments
At 1 April 2024
3.9
Impairment
\u2013
At 31 March 2025
3.9
Impairment
\u2013
At 30 March 2026
3.9
Carrying amount
At 1 April 2024
77.4
At 31 March 2025
77.1
At 30 March 2026
77.1
1 During the prior period, \u00a30.3 million related to the disposal of the group\u2019s shareholding in The Pioneer (City) Pub Company Limited. See note 7 of the company financial statements. The group tests goodwill annually for impairment or more frequently if there are indicators that goodwill may have been impaired. There will be an impairment if the recoverable amount is lower than carrying value. The recoverable amount in this case is value in use because value in use exceeds \u2018fair value less costs to sell\u2019. The value in use is calculated using the FY27 budget approved by the board and a longer-term forecast for the following 4 years. An impairment of \u00a3nil was recognised in the current period (2025: \u00a3nil). Cash flows beyond year 5 assume a long-term growth rate of 2.0% (2025: 1.8%). The pre-tax discount rate applied to all cash flow projections is 10.0% (2025: 9.9%) which is based on a calculation of weighted average cost of capital of the group. The group monitors the latest government legislation in relation to climate related matters. At the current time, no legislation has been passed that will significantly impact the group\u2019s impairment review. The group will adjust the key assumptions used in value in use calculations and sensitivity to changes in assumptions should a change be required. The recoverable amount in the impairment assessment exceeds the carrying amount of assets in the group of CGU\u2019s by \u00a3433.3 million. The impairment calculation is most sensitive to the pre-tax discount rate and EBITDA assumptions. Management have performed a sensitivity analysis on the impairment test. Several scenarios have been modelled, with specific reference to the impact of an increase in the discount rate or a decrease in the long-term growth rates used in the model. An increase of 8.5% of the pre-tax discount rate or a reduction of 23.0% in EBITDA would remove the headroom in the model.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-422": { "value": "
17. Property and equipment
Fixtures,
Land & fittings &
buildings equipment Total
Cost or valuation \u00a3m \u00a3m \u00a3m
At 1 April 2024
953.3
202.3
1,155.6
Additions
8.3
38.7
47.0
Disposals
(7.9)
(1.4)
(9.3)
Transfer from right-of-use assets
1
3.2
0.4
3.6
Fully depreciated assets
(0.7)
(23.5)
(24.2)
Revaluation
2
\u2013 upward movement in valuation
41.2
\u2013
41.2
\u2013 downward movement in valuation
(27.4)
\u2013
(27.4)
At 31 March 2025
970.0
216.5
1,186.5
Additions
5.4
29.0
34.4
Disposals
(1.2)
(1.2)
(2.4)
Transfer out to assets held for sale
(2.2)
(0.8)
(3.0)
Fully depreciated assets
\u2013
(23.2)
(23.2)
Revaluation
2
\u2013 upward movement in valuation
34.3
\u2013
34.3
\u2013 downward movement in valuation
(13.7)
\u2013
(13.7)
At 30 March 2026
992.6
220.3
1,212.9
Depreciation and impairment
At 1 April 2024
39.1
79.6
118.7
Depreciation charge
1.8
31.3
33.1
Disposals
(3.9)
(0.5)
(4.4)
Fully depreciated assets
(0.7)
(23.5)
(24.2)
Revaluation
2
\u2013 upward movement in valuation
(4.4)
\u2013
(4.4)
\u2013 downward movement in valuation
25.6
\u2013
25.6
At 31 March 2025
57.5
86.9
144.4
Depreciation charge
1.8
33.2
35.0
Disposals
(0.3)
(0.6)
(0.9)
Transfer out to assets held for sale
(0.2)
(0.3)
(0.5)
Fully depreciated assets
\u2013
(23.2)
(23.2)
Revaluation
2
\u2013 upward movement in valuation
(6.7)
\u2013
(6.7)
\u2013 downward movement in valuation
13.2
\u2013
13.2
At 30 March 2026
65.3
96.0
161.3
Net book value
At 1 April 2024
914.2
122.7
1,036.9
At 31 March 2025
912.5
129.6
1,042.1
At 30 March 2026
927.3
124.3
1,051.6
1 During the prior period the group acquired the freehold interest in the Stag (Belsize Park), which was previously acquired as a leasehold.
2 The group\u2019s net book value uplift during the period was \u00a314.1 million (2025: an impairment of \u00a37.4 million). This uplift (2025: impairment) was
recognised either in the revaluation reserve or the income statement, as appropriate.
The impact of the property revaluation exercise was as follows:
Group
2026 2025
\u00a3m \u00a3m
Income statement
Revaluation loss charged as impairment
(13.2)
(25.6)
Reversal of past impairment
6.2
3.8
Net impairment recognised in the income statement
(7.0)
(21.8)
Revaluation reserve
Unrealised revaluation surplus
34.8
41.8
Reversal of past surplus
(13.7)
(27.4)
Net uplift recognised in the revaluation reserve
21.1
14.4
Net revaluation increase/(decrease) in property
14.1
(7.4)
(a) Revaluation of property and equipment
During the year, the group appointed CBRE as its independent external valuer for the annual valuation of its property portfolio.
This appointment replaces Savills, which had acted as the group\u2019s external valuer for the preceding 10 years. The change was made
as part of the group\u2019s planned rotational review of professional advisers and in order to ensure continued best practice, independence
and alignment with the RICS Valuation \u2013 Professional Standards January 2014 (Revised April 2015) (\u201cthe Red Book\u201d).
CBRE is an independent firm of chartered surveyors with appropriate professional qualifications and relevant experience in valuing
properties of the nature and location held by the group. Management is satisfied that the valuer has acted independently and
objectively and that the valuation methodology and assumptions applied are consistent with prior years.
The change of valuer did not result in a change to the valuation methodology, key assumptions, or the classification of assets under
IFRS. Management has assessed whether any indication of valuation bias or inconsistency has arisen from the change of valuer and
has concluded that the results remain appropriate and reliable for the purposes of financial reporting.
The valuation is based on information such as current and historical levels of turnover, gross profit, wages and overheads and resultant
EBITDA. The valuers then apply a multiplier to the EBITDA based upon the relative risks associated with the trading format, tenure and
property. In a number of cases, the value of the property derived purely from an income approach understates the underlying property
value. In these cases the valuers apply a spot value to the property rather than a value derived from a multiple applied to the income.
For a small number of properties, a net investment yield valuation approach is considered most appropriate based upon the nature
of site operations.
A spot valuation reflects the value of the property if it were to be sold in an open market. A spot valuation is applied when historic
EBITDA would underrepresent the underlying property value. This largely relates to recent closures for major refurbishments,
and recent or current underperformers.
The inputs used in applying a spot value include surrounding residential values, the approximate capital value per sq. ft., and any
evidence of sale of vacant public houses. The valuer will also consider current projected trade for the next three years.
These techniques are consistent with the principles in IFRS 13 Fair Value Measurement and use significant unobservable inputs
such that the fair value measurement of each property within the portfolio has been classified as Level 3 (2025: Level 3) in the fair
value hierarchy.
In certain circumstances, the highest and best use of a property may differ from current use, and instead a spot valuation is applied.
At the period end date, 52 (2025: 47) properties were valued using a spot valuation. None (2025: none) of these properties were
acquisitions from the last 12 months and, therefore, held at acquisition value, 1 (2025: 8) property was closed for major refurbishment
during the period, and the remaining 51 (2025: 39) were properties showing recent or current underperformance. 9 (2025: 12)
properties, which were previously valued using a spot valuation, were moved to an EBITDA valuation, and 12 (2025: 7) properties,
which were previously valued using an EBITDA valuation, were moved to a spot valuation due to the factors outlined above.
The significant unobservable inputs used under the EBITDA valuation approach are EBITDA and the multiple applied. These have been
quantified below. Typically smaller sites are at the lower end of the range of multiples applied, and pubs with rooms are at the higher
end of the range.
EBITDA multiple range Weighted
average Value
Number EBITDA of properties
2026
Tenure
Low
High
of pubs \u00a3m
\u00a3m
Managed houses
Freehold
7.5
9.0
56
0.8
362.6
Managed houses
Freehold
9.5
11.0
87
0.5
446.5
Managed houses
Freehold
11.5
12.0
5
0.9
51.1
Managed houses
Freehold
Spot
Spot
46
140.3
Tenanted houses
Freehold
Spot
Spot
1
4.7
Segment total
195
1,005.2
Leasehold properties
75
36.7
Unallocated
1
\u2013
9.7
Total net book value at 30 March 2026
270
1,051.6
1 Included within unallocated are unlicensed properties and Copper House.
EBITDA multiple range Weighted
average Value
Number EBITDA of properties
2025
Tenure
Low
High
 of pubs \u00a3m
\u00a3m
Managed houses
Freehold
7.5
9.0
65
0.7
384.3
Managed houses
Freehold
9.5
11.0
79
0.5
405.8
Managed houses
Freehold
12.0
13.0
7
0.9
73.1
Managed houses
Freehold
Spot
Spot
45
122.6
Tenanted houses
Freehold
Spot
Spot
2
8.2
Segment total
198
994.0
Leasehold properties
77
38.2
Unallocated
1
\u2013
9.9
Total net book value at 31 March 2025
275
1,042.1
1 Included within unallocated are unlicensed properties and Copper House.
The leasehold property assets comprise leasehold improvements, and fixtures, fittings and equipment within those sites. They are
measured at cost on recognition and stated as such less any accumulated depreciation. \u2018Unallocated\u2019 assets comprise any unlicensed
properties, including a small number of residential flats. The majority of this category is valued under the net investment yield
valuation approach.
A sensitivity analysis was conducted on the property estate valued using an EBITDA valuation approach to give an indication of
the impact of movements in the most sensitive assumptions, EBITDA and the multiple applied. The analysis considers this single
change with the other assumptions unchanged. In practice, changes in one assumption may be accompanied by changes in another.
Changes in market values may also occur at the same time as any changes in assumptions. This information should not be taken
as a projection of likely future valuation movements. Changes in the EBITDA or the multiple could materially impact the overall fair
value measurement. Sensitivities to changes in these key unobservable inputs are disclosed below:
EBITDA
Multiple
+10% -10% +1.0 -1.0
2026 \u00a3m \u00a3m \u00a3m \u00a3m
EBITDA valuation
85.9
(85.9)
90.8
(90.8)
2025
EBITDA valuation
86.2
(86.2)
91.0
(91.0)
Price per sq. ft.
+10% -10%
2026 \u00a3m \u00a3m
Spot valuation
15.2
(15.2)
2025
Spot valuation
13.5
(13.5)
If, at 30 March 2026, the property estate was carried at historical cost less accumulated depreciation and impairment losses, its carrying
amount would be approximately \u00a3683.0 million (2025: \u00a3697.6 million).
The revaluation surplus represents the amount by which the fair value of the estate exceeds its historic cost.
(b) Disaggregation of property and equipment
The table below sets out the disaggregation of property and equipment between pubs used by the group and pubs leased to tenants.
Used by group Leased to Total
Land & buildings \u00a3m tenants \u00a3m \u00a3m
At 1 April 2024
905.7
8.5
914.2
Additions, disposals and transfers
4.3
3.2
7.5
Depreciation charge
(1.8)
\u2013
(1.8)
Revaluation
(7.2)
(0.2)
(7.4)
At 31 March 2025
901.0
11.5
912.5
Additions, disposals and transfers
9.3
(6.8)
2.5
Depreciation charge
(1.8)
\u2013
(1.8)
Revaluation
14.3
(0.2)
14.1
At 30 March 2026
922.8
4.5
927.3
Used by group Leased to Total
Fixtures, fittings & equipment \u00a3m tenants \u00a3m \u00a3m
At 1 April 2024
122.4
0.3
122.7
Additions, disposals and transfers
37.8
0.4
38.2
Depreciation charge
(31.2)
(0.1)
(31.3)
At 31 March 2025
129.0
0.6
129.6
Additions, disposals and transfers
28.1
(0.2)
27.9
Depreciation charge
(33.0)
(0.2)
(33.2)
At 30 March 2026
124.1
0.2
124.3
(c) Capital commitments
2026 2025
\u00a3m \u00a3m
Capital commitments not provided for in these financial statements
and for which contracts have been placed
0.6
0.3
Capital commitments related to ongoing property refurbishment projects at 30 March 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-481": { "value": "(c) Capital commitments
2026 2025
\u00a3m \u00a3m
Capital commitments not provided for in these financial statements
and for which contracts have been placed
0.6
0.3
Capital commitments related to ongoing property refurbishment projects at 30 March 2026.
34. Contingent liabilities
There were no contingent liabilities at the current or prior period balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-461": { "value": "(c) Capital commitments
2026 2025
\u00a3m \u00a3m
Capital commitments not provided for in these financial statements
and for which contracts have been placed
0.6
0.3
Capital commitments related to ongoing property refurbishment projects at 30 March 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-423": { "value": "
18. Investment properties
2026 205
\u00a3m \u00a3m
At 31 March 2025
3.8
4.3
Revaluations
(0.6)
(0.5)
At 30 March 2026
3.2
3.8
The group\u2019s investment properties consist of one site on Bateman Street (Soho). As at 30 March 2026, the fair value of the property
was based on a valuation provided by CBRE, and at 31 March 2025 the fair value of the property has been based on a valuation
provided by Savills. Both CBRE and Savills are independent property advisors. The change was made as part of the group\u2019s planned
rotational review of professional advisors (see note 17). CBRE have used an investment method of valuation for this site, capitalising the
current rent of \u00a30.2 million per annum at a net initial yield (NIY) of 6.6%. This value represents the site\u2019s highest and best use.
2026 2025
52 weeks 52 weeks
\u00a3m \u00a3m
Rental income derived from investment properties
0.2
0.3
A sensitivity analysis was conducted to give an indication of the impact of movements in the most sensitive assumptions, the current
rent and the net initial yield. The analysis considers this single change with other assumptions unchanged. This information should
not be taken as a projection of likely future valuation movements. Sensitivities to changes in these key unobservable inputs are
disclosed below:
Rent
NIY
+10% -10% +0.5 -0.5
2026 \u00a3m \u00a3m \u00a3m \u00a3m
Investment properties
0.3
(0.3)
(0.2)
0.3
2025
Investment properties
0.1
(0.1)
(0.3)
0.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-424": { "value": "
19. Right-of-use assets
Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period:
Property Motor vehicles Total
\u00a3m \u00a3m \u00a3m
At 1 April 2024
182.3
0.9
183.2
Additions
0.2
0.4
0.6
Lease amendments
2.5
\u2013
2.5
Impairments
(8.2)
\u2013
(8.2)
Lease terminations
(3.5)
\u2013
(3.5)
Transfer out of right-of-use assets
(3.6)
\u2013
(3.6)
Depreciation
(8.7)
(0.4)
(9.1)
At 31 March 2025
161.0
0.9
161.9
Additions
1.0
0.2
1.2
Lease amendments
0.9
\u2013
0.9
Impairments losses
(1.3)
\u2013
(1.3)
Impairment reversals
0.8
\u2013
0.8
Lease terminations
(0.8)
\u2013
(0.8)
Depreciation
(8.5)
(0.4)
(8.9)
At 30 March 2026
153.1
0.7
153.8
The depreciation charge is recognised within operating costs in the income statement.
Lease amendments in the current and prior period largely represent upwards market rent reviews.
The group tests right-of-use assets for impairment when there are indicators that the assets may be impaired. An impairment is
recognised if the recoverable amount is lower than carrying value. Recoverable amount is calculated as the higher of fair value less
costs of disposal and value in use.
An impairment of \u00a31.3 million was recognised in the income statement during the current period (2025: \u00a38.2 million), entirely within
the managed house segment. Impairments recognised during the period related to leasehold properties that were fully or partially
closed during the period, alongside other leasehold properties which underperformed compared to management\u2019s expectations.
An impairment reversal of \u00a30.8 million was recognised in the income statement during the current period (2025: \u00a3nil) due to
a previously closed and fully impaired property being subleased. The reversal was entirely within the tenanted house segment.
In the prior period, for the sites that were fully or partially closed during the year, management determined a fair valuation of the
site using the market method. The valuation techniques are consistent with the valuation methodologies set out in note 17, and use
significant unobservable inputs such that the fair value measurement of each property has been classified as Level 3 (2025: Level
3) in the fair value hierarchy. The recoverable amount of properties assessed on a fair value less costs of disposal basis was \u00a3nil
(2025: \u00a34.3 million).
For the sites that were assessed on a value in use basis, the discount rate used was 10.0% (2025: 9.9%). The recoverable amount
of properties assessed on a value in use basis was \u00a323.8 million (2025: \u00a317.6 million). An increase in the discount rate of 1% would
lead to an additional impairment charge of \u00a31.4 million, while a decrease in the discount rate of 1% would lead to a reduction in
the impairment charge of \u00a30.3 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-462": { "value": "19. Right-of-use assets Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period:
Property Motor vehicles Total
\u00a3m \u00a3m \u00a3m
At 1 April 2024
182.3
0.9
183.2
Additions
0.2
0.4
0.6
Lease amendments
2.5
\u2013
2.5
Impairments
(8.2)
\u2013
(8.2)
Lease terminations
(3.5)
\u2013
(3.5)
Transfer out of right-of-use assets
(3.6)
\u2013
(3.6)
Depreciation
(8.7)
(0.4)
(9.1)
At 31 March 2025
161.0
0.9
161.9
Additions
1.0
0.2
1.2
Lease amendments
0.9
\u2013
0.9
Impairments losses
(1.3)
\u2013
(1.3)
Impairment reversals
0.8
\u2013
0.8
Lease terminations
(0.8)
\u2013
(0.8)
Depreciation
(8.5)
(0.4)
(8.9)
At 30 March 2026
153.1
0.7
153.8
The depreciation charge is recognised within operating costs in the income statement. Lease amendments in the current and prior period largely represent upwards market rent reviews. The group tests right-of-use assets for impairment when there are indicators that the assets may be impaired. An impairment is recognised if the recoverable amount is lower than carrying value. Recoverable amount is calculated as the higher of fair value less costs of disposal and value in use. An impairment of \u00a31.3 million was recognised in the income statement during the current period (2025: \u00a38.2 million), entirely within the managed house segment. Impairments recognised during the period related to leasehold properties that were fully or partially closed during the period, alongside other leasehold properties which underperformed compared to management\u2019s expectations. An impairment reversal of \u00a30.8 million was recognised in the income statement during the current period (2025: \u00a3nil) due to a previously closed and fully impaired property being subleased. The reversal was entirely within the tenanted house segment. In the prior period, for the sites that were fully or partially closed during the year, management determined a fair valuation of the site using the market method. The valuation techniques are consistent with the valuation methodologies set out in note 17, and use significant unobservable inputs such that the fair value measurement of each property has been classified as Level 3 (2025: Level 3) in the fair value hierarchy. The recoverable amount of properties assessed on a fair value less costs of disposal basis was \u00a3nil (2025: \u00a34.3 million). For the sites that were assessed on a value in use basis, the discount rate used was 10.0% (2025: 9.9%). The recoverable amount of properties assessed on a value in use basis was \u00a323.8 million (2025: \u00a317.6 million). An increase in the discount rate of 1% would lead to an additional impairment charge of \u00a31.4 million, while a decrease in the discount rate of 1% would lead to a reduction in the impairment charge of \u00a30.3 million.
27. Lease liabilities
(a) Group as lessee
At inception, the group has lease contracts for various items of property and vehicles used in its operations. Leases of property generally
have lease terms between 20 and 999 years, while motor vehicles generally have lease terms between 3 and 5 years.
There are several lease contracts that include extension and termination options and variable lease payments, which are further
discussed below.
Set out below are the carrying amounts of lease liabilities and the movements during the period:
Group
\u00a3m
At 1 April 2024
91.8
Additions
0.6
Lease amendments
2.5
Accretions of interest
4.1
Payments
(10.3)
Lease terminations
(0.7)
At 31 March 2025
88.0
Current
6.3
Non-current
81.7
At 31 March 2025
88.0
Additions
1.2
Lease amendments
0.9
Accretions of interest
3.9
Payments
(10.2)
Lease terminations
(1.0)
At 30 March 2026
82.8
Current
6.4
Non-current
76.4
Note 24(c) summarises the maturity profile of the group\u2019s lease liability based on contractual undiscounted payments.
The following amounts have been recognised in the income statement:
2026 2025
52 weeks 52 weeks
\u00a3m \u00a3m
Depreciation expense of right-of-use assets (note 19)
8.8
9.1
Interest expense on lease liabilities (note 11)
3.9
4.1
Expense relating to short-term leases and low-value assets
0.2
0.2
Variable lease payments
0.4
0.3
Total amount recognised in the income statement
13.3
13.7
During the current period, the group had total cash outflows for leases of \u00a310.8 million (2025: \u00a310.8 million). The group also had cash
additions to right-of-use assets relating to direct costs in acquiring leases of \u00a3nil (2025: \u00a3nil), in addition to \u00a31.2 million of non-cash
additions to both right-of-use assets and lease liabilities (2025: \u00a30.6 million to both right-of-use assets and lease liabilities).
The group has lease contracts for properties that contain variable payments based on turnover levels achieved. The following provides
information on the group\u2019s variable lease payments, including the magnitude in relation to fixed payments:
Group
Fixed Variable Total
payments payments payments
52 weeks 52 weeks 52 weeks
2026 \u00a3m \u00a3m \u00a3m
Fixed rent
9.0
\u2013
9.0
Variable rent with minimum payment
1.2
\u2013
1.2
Variable rent only
\u2013
0.4
0.4
10.2
0.4
10.6
Group
Fixed Variable Total
payments payments payments
52 weeks 52 weeks 52 weeks
2025 \u00a3m \u00a3m \u00a3m
Fixed rent
9.1
\u2013
9.1
Variable rent with minimum payment
1.1
\u2013
1.1
Variable rent only
\u2013
0.3
0.3
10.2
0.3
10.5
The group has several lease contracts that include termination options. These options are negotiated by management to provide
flexibility in managing the leased-asset portfolio and align with the group\u2019s business needs. As at 30 March 2026 the group was not
expecting to exercise any lease termination options.
(b) Group as lessor
During the period, the group received lease income from tenants outside of the managed segment, which were designated as
operating leases. The following amounts have been recognised in the income statement in the current and prior period:
2026 2025
52 weeks 52 weeks
\u00a3m \u00a3m
Lease income
0.2
0.4
Total lease income
0.2
0.4
All lease income is fixed rent. Other revenue received within the tenanted houses operating segment was generated from sales of drink
and accounted for under IFRS 15 Revenue from contracts with customers.
Two to
Within one One to two three Three to Four to five More than
year years years four years years five years Total
2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Undiscounted lease income
0.3
0.2
0.1
0.1
0.1
0.8
1.6
Within one
One to two
Two to three
Three to Four to five More than
year
years
years four years years five years Total
2025 \u00a3m
\u00a3m
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Undiscounted lease income
0.4
0.3
0.2
0.1
0.1
2.1
3.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-425": { "value": "
20. Inventories
2026 2025
\u00a3m \u00a3m
Finished goods and raw materials
6.9
6.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-426": { "value": "
21. Trade and other receivables
2026 2025
\u00a3m \u00a3m
Non-current assets
Prepayments
1.0
0.9
1.0
0.9
Current assets
Trade receivables
0.8
4.3
Prepayments and other receivables
10.1
8.3
10.9
12.6
Total trade and other receivables
11.9
13.5
Trade receivables are denominated in sterling, are non-interest bearing and are generally on 0-30 days terms. They are carried
at amortised cost less expected lifetime credit losses.
Prepayments and other receivables included \u00a31.3 million (2025: \u00a31.4 million) for fees in respect of project costs.
At 30 March 2026, there were expected lifetime credit losses recognised against the trade receivables of \u00a30.1 million
(2025: \u00a30.1 million). The table below provides an indication of movement during the period.
2026 2025
\u00a3m \u00a3m
Opening balance
0.1
0.1
Amounts written off
\u2013
\u2013
Closing balance
0.1
0.1
Management have applied the provision matrix to identify expected credit losses in the current period as follows:
Total
\u00a3m
Neither past
due nor <31 31\u201360 61\u201390 91+
impaired days days days days
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2026
0.9
\u2013
0.3
0.1
\u2013
0.5
Percentage loss rate
0%
11%
10%
11%
11%
Expected lifetime credit loss
0.1
\u2013
\u2013
\u2013
\u2013
0.1
2025
4.4
2.6
0.5
0.3
0.3
0.7
Percentage loss rate
2%
1%
1%
1%
1%
Expected lifetime credit loss
0.1
0.1
\u2013
\u2013
\u2013
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-499": { "value": "21. Trade and other receivables
2026 2025
\u00a3m \u00a3m
Non-current assets
Prepayments
1.0
0.9
1.0
0.9
Current assets
Trade receivables
0.8
4.3
Prepayments and other receivables
10.1
8.3
10.9
12.6
Total trade and other receivables
11.9
13.5
Trade receivables are denominated in sterling, are non-interest bearing and are generally on 0-30 days terms. They are carried at amortised cost less expected lifetime credit losses. Prepayments and other receivables included \u00a31.3 million (2025: \u00a31.4 million) for fees in respect of project costs. At 30 March 2026, there were expected lifetime credit losses recognised against the trade receivables of \u00a30.1 million (2025: \u00a30.1 million). The table below provides an indication of movement during the period.
2026 2025
\u00a3m \u00a3m
Opening balance
0.1
0.1
Amounts written off
\u2013
\u2013
Closing balance
0.1
0.1
Management have applied the provision matrix to identify expected credit losses in the current period as follows: Total \u00a3m
Neither past
due nor <31 31\u201360 61\u201390 91+
impaired days days days days
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2026
0.9
\u2013
0.3
0.1
\u2013
0.5
Percentage loss rate
0%
11%
10%
11%
11%
Expected lifetime credit loss
0.1
\u2013
\u2013
\u2013
\u2013
0.1
2025
4.4
2.6
0.5
0.3
0.3
0.7
Percentage loss rate
2%
1%
1%
1%
1%
Expected lifetime credit loss
0.1
0.1
\u2013
\u2013
\u2013
\u2013
25. Deferred tax Deferred tax relates to the following:
2026 2025
Deferred tax assets \u00a3m \u00a3m
Capital losses
0.9
0.7
Retirement benefit schemes
0.4
1.1
Tax losses
0.7
2.2
Shared based payments
\u2013
0.3
Deferred tax assets
2.0
4.3
Deferred tax liabilities
Rolled over gains and property revaluations
(135.4)
(130.9)
Accelerated capital allowance
(3.3)
(1.9)
Interest rate swaps \u2013 cash flow hedge
(0.2)
(0.3)
Deferred tax liabilities
(138.9)
(133.1)
Net deferred tax liabilities
(136.9)
(128.8)
Reconciliation of net deferred tax liabilities:
2026 2025
52 weeks 52 weeks
\u00a3m \u00a3m
Opening balance
(128.8)
(129.9)
Tax (charge)/credit in the income statement
(1.3)
1.2
Tax charge in the statement of comprehensive income
(6.4)
(1.0)
Adjustment in respect of deferred tax of prior periods in the income statement
(0.4)
0.5
Derecognised on disposal
\u2013
0.5
Charged directly to equity
\u2013
(0.1)
Closing balance
(136.9)
(128.8)
The deferred tax assets and liabilities at the balance sheet date are calculated at the enacted rate of 25%. The group has realised capital losses of \u00a39.6 million (2025: \u00a34.3 million), which are available indefinitely to offset against future capital gains. A deferred tax asset has been recognised in respect of \u00a33.7 million (2025: \u00a31.3 million) of these losses because it is expected suitable gains will arise in the foreseeable future to utilise this amount given the regularity of property disposals. The company has \u00a32.5 million of retained capital losses (2025: \u00a32.9 million). The group\u2019s tax losses can be carried forward for an unlimited period. The group has unrealised capital losses of \u00a351.6 million (2025: \u00a361.6 million). No deferred tax asset has been recognised in respect of these losses (2025: \u00a3nil) because it is uncertain whether they will be utilised.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-463": { "value": "
2026 2025
\u00a3m \u00a3m
Non-current assets
Prepayments
1.0
0.9
1.0
0.9
Current assets
Trade receivables
0.8
4.3
Prepayments and other receivables
10.1
8.3
10.9
12.6
Total trade and other receivables
11.9
13.5
Trade receivables are denominated in sterling, are non-interest bearing and are generally on 0-30 days terms. They are carried at amortised cost less expected lifetime credit losses. Prepayments and other receivables included \u00a31.3 million (2025: \u00a31.4 million) for fees in respect of project costs. At 30 March 2026, there were expected lifetime credit losses recognised against the trade receivables of \u00a30.1 million (2025: \u00a30.1 million). The table below provides an indication of movement during the period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-482": { "value": "
2026 2025
\u00a3m \u00a3m
Non-current assets
Prepayments
1.0
0.9
1.0
0.9
Current assets
Trade receivables
0.8
4.3
Prepayments and other receivables
10.1
8.3
10.9
12.6
Total trade and other receivables
11.9
13.5
Trade receivables are denominated in sterling, are non-interest bearing and are generally on 0-30 days terms. They are carried at amortised cost less expected lifetime credit losses. Prepayments and other receivables included \u00a31.3 million (2025: \u00a31.4 million) for fees in respect of project costs. At 30 March 2026, there were expected lifetime credit losses recognised against the trade receivables of \u00a30.1 million (2025: \u00a30.1 million). The table below provides an indication of movement during the period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-494": { "value": "
2026 2025
\u00a3m \u00a3m
Non-current assets
Prepayments
1.0
0.9
1.0
0.9
Current assets
Trade receivables
0.8
4.3
Prepayments and other receivables
10.1
8.3
10.9
12.6
Total trade and other receivables
11.9
13.5
Trade receivables are denominated in sterling, are non-interest bearing and are generally on 0-30 days terms. They are carried at amortised cost less expected lifetime credit losses. Prepayments and other receivables included \u00a31.3 million (2025: \u00a31.4 million) for fees in respect of project costs. At 30 March 2026, there were expected lifetime credit losses recognised against the trade receivables of \u00a30.1 million (2025: \u00a30.1 million). The table below provides an indication of movement during the period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-464": { "value": "Management have applied the provision matrix to identify expected credit losses in the current period as follows: Total \u00a3m
Neither past
due nor <31 31\u201360 61\u201390 91+
impaired days days days days
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2026
0.9
\u2013
0.3
0.1
\u2013
0.5
Percentage loss rate
0%
11%
10%
11%
11%
Expected lifetime credit loss
0.1
\u2013
\u2013
\u2013
\u2013
0.1
2025
4.4
2.6
0.5
0.3
0.3
0.7
Percentage loss rate
2%
1%
1%
1%
1%
Expected lifetime credit loss
0.1
0.1
\u2013
\u2013
\u2013
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-427": { "value": "
22. Asset held for sale
2026 2025
\u00a3m \u00a3m
Property and equipment
3.3
\u2013
Property held for sale
3.3
\u2013
At 30 March 2026, three properties were classified as held for sale (2025: no properties) based on their fit with the remaining group\u2019s
estate. On reclassifying the properties as held for sale, a charge of \u00a30.2 million (2025: \u00a3nil) was recognised within adjusting items
(see note 9).
Two properties are included in the sensitivity analysis disclosed in note 17. The remaining property was classified as held for sale on
acquisition and is not included in the analysis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-465": { "value": "22. Asset held for sale
2026 2025
\u00a3m \u00a3m
Property and equipment
3.3
\u2013
Property held for sale
3.3
\u2013
At 30 March 2026, three properties were classified as held for sale (2025: no properties) based on their fit with the remaining group\u2019s estate. On reclassifying the properties as held for sale, a charge of \u00a30.2 million (2025: \u00a3nil) was recognised within adjusting items (see note 9). Two properties are included in the sensitivity analysis disclosed in note 17. The remaining property was classified as held for sale on acquisition and is not included in the analysis.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-428": { "value": "
23. Trade and other payables
2026 2025
\u00a3m \u00a3m
Trade payables
21.8
18.9
Other tax and social security
12.3
13.8
Other creditors
10.8
10.9
Accruals
15.5
15.6
Deferred income
4.1
3.7
Other financial liabilities
1
4.1
\u2013
68.6
62.9
1 Other financial liabilities relate to the committed portion of the share buyback programme (see note 28).
All trade payables are payable on demand and the carrying values above equate to fair value.
Other creditors mainly consist of employee and property related creditors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-500": { "value": "23. Trade and other payables
2026 2025
\u00a3m \u00a3m
Trade payables
21.8
18.9
Other tax and social security
12.3
13.8
Other creditors
10.8
10.9
Accruals
15.5
15.6
Deferred income
4.1
3.7
Other financial liabilities
1
4.1
\u2013
68.6
62.9
1 Other financial liabilities relate to the committed portion of the share buyback programme (see note 28). All trade payables are payable on demand and the carrying values above equate to fair value. Other creditors mainly consist of employee and property related creditors. 25. Deferred tax Deferred tax relates to the following:
2026 2025
Deferred tax assets \u00a3m \u00a3m
Capital losses
0.9
0.7
Retirement benefit schemes
0.4
1.1
Tax losses
0.7
2.2
Shared based payments
\u2013
0.3
Deferred tax assets
2.0
4.3
Deferred tax liabilities
Rolled over gains and property revaluations
(135.4)
(130.9)
Accelerated capital allowance
(3.3)
(1.9)
Interest rate swaps \u2013 cash flow hedge
(0.2)
(0.3)
Deferred tax liabilities
(138.9)
(133.1)
Net deferred tax liabilities
(136.9)
(128.8)
Reconciliation of net deferred tax liabilities:
2026 2025
52 weeks 52 weeks
\u00a3m \u00a3m
Opening balance
(128.8)
(129.9)
Tax (charge)/credit in the income statement
(1.3)
1.2
Tax charge in the statement of comprehensive income
(6.4)
(1.0)
Adjustment in respect of deferred tax of prior periods in the income statement
(0.4)
0.5
Derecognised on disposal
\u2013
0.5
Charged directly to equity
\u2013
(0.1)
Closing balance
(136.9)
(128.8)
The deferred tax assets and liabilities at the balance sheet date are calculated at the enacted rate of 25%. The group has realised capital losses of \u00a39.6 million (2025: \u00a34.3 million), which are available indefinitely to offset against future capital gains. A deferred tax asset has been recognised in respect of \u00a33.7 million (2025: \u00a31.3 million) of these losses because it is expected suitable gains will arise in the foreseeable future to utilise this amount given the regularity of property disposals. The company has \u00a32.5 million of retained capital losses (2025: \u00a32.9 million). The group\u2019s tax losses can be carried forward for an unlimited period. The group has unrealised capital losses of \u00a351.6 million (2025: \u00a361.6 million). No deferred tax asset has been recognised in respect of these losses (2025: \u00a3nil) because it is uncertain whether they will be utilised.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-466": { "value": "
2026 2025
\u00a3m \u00a3m
Trade payables
21.8
18.9
Other tax and social security
12.3
13.8
Other creditors
10.8
10.9
Accruals
15.5
15.6
Deferred income
4.1
3.7
Other financial liabilities
1
4.1
\u2013
68.6
62.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-483": { "value": "
2026 2025
\u00a3m \u00a3m
Trade payables
21.8
18.9
Other tax and social security
12.3
13.8
Other creditors
10.8
10.9
Accruals
15.5
15.6
Deferred income
4.1
3.7
Other financial liabilities
1
4.1
\u2013
68.6
62.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-429": { "value": "
24. Capital management and financial instruments
The group\u2019s capital management objective is to maintain an optimal structure, measuring investment opportunities against returning
capital to shareholders, but with an appropriate level of gearing. This provides a platform from which the group can seek to maximise
shareholder value. The board monitors its capital using gearing ratios, such as net debt as a multiple of EBITDA and interest cover.
All covenants in relation to bank loans are prepared on a post-IFRS 16 basis, with the exception of the \u00a335 million private placement.
Covenants are prepared after each financial quarter end on a 12 month rolling basis and reported to the debt facility agents. There is
a degree of variation in the exact covenant requirements depending on the source of the debt, however, net debt/EBITDA must not
exceed 5.0x to 5.5x; gearing % must not exceed 70%; PBIT/borrowing costs must not be less than 1.3x to 1.5x. The group finances
the business with a mixture of equity (note 28) and debt (note 32).
The group\u2019s principal treasury objective is to manage financial risks and provide secure and competitively priced funding for the
group\u2019s activities. When appropriate, the group uses financial instruments and derivatives to manage these risks.
The borrowing requirements are met largely by bank debt. Other sources of funding arise directly from trading activities, such as trade
and other payables. The right-of-use assets are funded by lease liabilities.
The main financial risks relate to interest rates, credit, liquidity and cash flow. Other risks that the group faces are referred to in the
principal risks and uncertainties section starting on page 62. The board seeks to manage the financial risks in the following manner:
Interest rate risk
The objective is to minimise the group and company\u2019s interest cost and provide protection from adverse movements in interest rates.
The board does this by maintaining a mix of debt facilities at fixed and variable interest rates. Interest rate swaps are used to help
manage this exposure by fixing interest rates whilst matching the maturity profile and cash flows of the underlying debt. These swaps
are designated as cash flow hedges. The group and company is not considered to have any material exposure to changes in interest
rates as a result of the hedges performed.
Credit risk
The objective is to minimise the group and company\u2019s credit risk. Credit risks include counterparties defaulting on their debts or other
obligations which would impair the group\u2019s ability to recover the carrying value of that asset. This is assessed with regard to historical
credit losses experienced, the current economic climate, expected changes in forecasts and specific other factors of future events.
The group has financial control policies which it follows before entering into arrangements with a new counterparty or when there
is a substantial change in the existing relationship. Any potential impairments are monitored and where appropriate a provision is
made for any irrecoverable balances. The group\u2019s maximum credit risk is considered to be limited to its trade receivables (note 21).
The company is not considered to have any material exposure to credit risk from amounts due from subsidiaries.
Liquidity and cash flow risk
The objective is to ensure that the group and company have sufficient financial resources to develop its existing business and exploit
opportunities as they arise. The board manages liquidity risk by ensuring that the group\u2019s debt profile is long-dated, facilities are
committed and the group does not rely unduly on short-term borrowings. The group\u2019s borrowings are dependent on certain financial
covenants being met. If these were to be breached, funding could be withdrawn, leaving the group with insufficient working capital.
If the group were unable to find other alternative sources of funding it may not be possible to continue trading in its current form.
The group has considered the effects of its latest forecasts on its compliance with bank covenants, which are tested each quarter on
a twelve-month rolling basis. The board is vigilant in managing the business, assessing and monitoring acquisitions and investments,
and forecasting the group\u2019s profit and cash flows. The funding position of the group is continuously reviewed against the headroom
in the group\u2019s borrowing facilities (see note 1).
(a) Derivative financial instruments: interest rate swaps
2026 2025
\u00a3m \u00a3m
Current assets
0.3
1.1
Non-current assets
0.5
\u2013
Non-current liabilities
\u2013
(0.1)
Total financial assets
0.8
1.0
Net movement of interest rate swaps recognised in other comprehensive income
(0.2)
(1.7)
The group has a number of interest rate swaps that fix future interest cash flows on the variable interest rate bank loans.
These instruments result in the group paying fixed interest rates on the notional amount for each swap\u2019s life. The swaps are being used
to hedge the exposure to changes in the group\u2019s cash flows on its variable rate loans due to changes in SONIA. The secured loans and
the interest rate swaps have the same critical terms over their relevant period.
The duration of each swap and its respective interest rates, once combined with the bank\u2019s margin and other costs, are detailed in part
(b) of this note.
(b) Loans, borrowings, interest rates and fair values
Effective Variable Fair Book
interest interest value value
Term or rate when rate when Period 2026 2026
2026 expiry date hedged
unhedged
1
rate fixed \u00a3m \u00a3m
Secured
\u00a325 million loan swapped into fixed rate
May 2027
4.61%
S+1.85%
2 years
25.0
25.0
\u00a325 million loan swapped into fixed rate
May 2027
4.62%
S+1.85%
2 years
24.9
25.0
\u00a3105 million loan swapped into fixed rate
2
Nov 2030
5.92%
S+2.00%
5 years
104.3
105.0
\u00a335 million private placement at fixed rate
3
July 2039
Fixed
Fixed
14 years
30.0
35.0
\u00a3120 million revolving credit facility
4
Nov 2030
Variable
S+1.75%
None
17.0
17.0
\u00a340 million working capital facility
N/A
Variable
Variable
None
27.5
27.5
Financial liabilities
228.7
234.5
1 For variable rate loans, the interest rate payable is SONIA (S) plus the margin shown.
2 During the current period, the \u00a3105.0 million term loan facility with NatWest, Barclays and HSBC was extended by one year (the second of a
two-year option to extend), to Nov 2030.
3 \u00a335.0 million private placement has a fixed rate of interest at 3.3%.
4 During the current period, the \u00a3120.0 million RCF facility with NatWest, Barclays and HSBC was extended by one year (the second of a two-year
option to extend), to Nov 2030.
All of the loans listed above are in the group and company, and exclude unamortised fees of \u00a32.2 million.
The following table represents the carrying values and nominal amounts of the group\u2019s interest rate swaps as at 30 March 2026:
At At
1 April Gain/(loss) Gain/(loss) 30 March
Nominal 2025 OCI P&L 2026
Hedge
amount
Maturity
\u00a3m \u00a3m \u00a3m \u00a3m
\u00a325 million loan swapped into fixed rate
\u00a325m
May 2025
0.2
(0.2)
\u2013
\u2013
\u00a325 million loan swapped into fixed rate
\u00a325m
May 2026
0.3
(0.2)
\u2013
0.1
\u00a325 million loan swapped into fixed rate
\u00a325m
May 2025
0.1
(0.1)
\u2013
\u2013
\u00a325 million loan swapped into fixed rate
\u00a325m
May 2026
0.3
(0.2)
\u2013
0.1
\u00a355 million loan swapped into fixed rate
\u00a355m
Nov 2028
0.1
0.2
\u2013
0.3
\u00a355 million loan swapped into fixed rate
\u00a355m
Nov 2028
\u2013
0.3
\u2013
0.3
1.0
(0.2)
\u2013
0.8
As at 30 March 2026, the group had committed borrowing facilities of \u00a3310.0 million, of which \u00a3207.0 million was drawn down,
net of arrangement fees of \u00a32.2 million.
2026
\u00a3m
Current borrowings
34.2
Non-current borrowings
198.1
232.3
Unsecured current lease liabilities
6.4
Unsecured non-current lease liabilities
76.4
Financial liabilities
315.1
Effective Variable Fair Book
interest interest value value
Term or rate when rate when Period 2025 2025
2025 expiry date hedged
unhedged
1
rate fixed \u00a3m \u00a3m
Secured
\u00a320 million loan variable rate
Nov 2025
Variable
S+2.00%
1 year
20.0
20.0
\u00a325 million loan swapped into fixed rate
May 2027
2.55%
S+2.35%
3 years
24.5
25.0
\u00a325 million loan swapped into fixed rate
May 2027
2.55%
S+2.35%
3 years
24.5
25.0
\u00a3110 million loan swapped into fixed rate
2
Nov 2029
6.42%
S+2.50%
5 years
110.0
110.0
\u00a335 million private placement at fixed rate
3
July 2039
Fixed
Fixed
15 years
31.2
35.0
\u00a3120 million revolving credit facility
4
Nov 2029
Variable
S+2.25%
None
40.0
40.0
Financial liabilities
250.2
255.0
1 For variable rate loans, the interest rate payable is SONIA (S) plus the margin shown.
2 During the prior period, the \u00a3110.0 million term loan facility with NatWest, Barclays and HSBC was extended by one year (the first of a two-year
option to extend), to Nov 2029.
3 During the prior period, \u00a335.0 million private placement has a fixed rate of interest at 3.3%.
4 During the prior period, the \u00a3120.0 million RCF facility with NatWest, Barclays and HSBC was extended by one year (the first of a two-year option
to extend), to Nov 2029.
All of the loans listed above are in the group and company, and exclude unamortised fees of \u00a32.5 million.
The following table represents the carrying values and nominal amounts of the group\u2019s interest rate swaps as at 31 March 2025:
At
At Gain/(loss) Gain/(loss) 31 March
Nominal 1 April 2024 OCI P&L 2025
Hedge
amount
Maturity
\u00a3m \u00a3m \u00a3m \u00a3m
\u00a310 million loan swapped into fixed rate
\u00a310m
May 2024
0.1
\u2013
(0.1)
\u2013
\u00a310 million loan swapped into fixed rate
\u00a310m
May 2024
0.1
\u2013
(0.1)
\u2013
\u00a325 million loan swapped into fixed rate
\u00a325m
May 2025
1.3
(1.1)
\u2013
0.2
\u00a325 million loan swapped into fixed rate
\u00a325m
May 2026
0.2
0.1
\u2013
0.3
\u00a325 million loan swapped into fixed rate
\u00a325m
May 2025
1.2
(1.1)
\u2013
0.1
\u00a325 million loan swapped into fixed rate
\u00a325m
May 2026
0.2
0.1
\u2013
0.3
\u00a355 million loan swapped into fixed rate
\u00a355m
Nov 2028
(0.1)
0.2
\u2013
0.1
\u00a355 million loan swapped into fixed rate
\u00a355m
Nov 2028
(0.1)
0.1
\u2013
\u2013
2.9
(1.7)
(0.2)
1.0
As at 31 March 2025, the group had committed borrowing facilities of \u00a3335.0 million, of which \u00a3252.5 million was drawn down,
net of arrangement fees of \u00a32.5 million.
2025
\u00a3m
Current borrowings
20.0
Non-current borrowings
232.5
252.5
Unsecured current lease liabilities
6.3
Unsecured non-current lease liabilities
81.7
Financial liabilities
340.5
At 30 March 2026 and at 31 March 2025 the secured borrowings are secured on the freehold assets of the group (other than two
pubs, broadly up to a value of \u00a310.9 million (2025: \u00a311.1 million), which provide security to the Young & Co.\u2019s Brewery, P.L.C.
Pension Scheme).
The fair values of borrowings and interest rate derivatives are estimates based on prevailing market rates of interest and expected
future cash flows arising from those instruments. The group enters into interest rate derivatives with various banks; these counterparties
each have investment grade credit ratings. Interest rate swaps are valued using Level 2 valuation techniques, which employ the use
of market observable inputs. The valuation techniques include swap models using present value calculations. The models incorporate
various inputs, including the credit quality of counterparties, discount factors and interest rate curves. As at 30 March 2026 and
31 March 2025, the marked-to-market value of other derivative asset positions is net of a credit valuation adjustment attributable
to derivative counterparty default risk. The changes in counterparty credit risk had no material effect on the hedge effectiveness
assessment for derivatives designated in hedge relationships.
Bank overdrafts
Bank overdrafts are used for day-to-day cash management. The group has a \u00a312 million overdraft facility with interest linked to the
Bank of England base rate. At 30 March 2026, \u00a3nil (2025: \u00a33.3 million) was drawn down.
Bank loans
The group holds a \u00a3105.0 million syndicated term loan with Natwest, HSBC and Barclays respectively, initially due to mature in
November 2028, but with the option to extend by 1 + 1 years. During the current period the second option to extend was taken up,
taking the maturity date out to November 2030. This extension did not meet the criteria to be classified as a substantial modification
and therefore was accounted for as a modification to the existing liability, and not as a derecognition of the original loan facility. No gain
or loss was recognised within the statement of comprehensive income as a result of this modification. Interest rate swaps have been
entered into in respect of the \u00a3105.0 million amortising term loan which result in the effective interest charge being fixed at the rates
disclosed on the previous page.
The group also has a \u00a350.0 million syndicated facility with NatWest and HSBC repayable in May 2027. Interest rate swaps have
been entered into in respect of these bank loans which result in the effective interest charge being fixed at the rates disclosed on the
previous page.
In July 2019, the group completed the addition of a private placement debt facility, raising \u00a335.0 million at a fixed rate of 3.3%
repayable in July 2039.
In November 2025, the group repaid the \u00a320.0 million bank loan with Natwest on its maturity date.
Revolving credit facility
The group holds a \u00a3120.0 million revolving credit facility, split evenly with Natwest, HSBC and Barclays, initially due to mature in
November 2028, but with the option to extend by 1 + 1 years. During the current period the second option to extend was taken up,
taking the maturity date out to November 2030. This extension did not meet the criteria to be classified as a substantial modification
and therefore was accounted for as a modification to the existing liability, and not as a derecognition of the original loan facility. No gain
or loss was recognised within the statement of comprehensive income as a result of this modification.
At the period end, the facility was drawn down by \u00a317.0 million (2025: \u00a340.0 million). Final repayment of the total drawn down
balance is due as one payment in November 2030. This is a committed facility which permits drawings of different amounts and for
different periods. These drawings carry interest at a margin above SONIA with a commitment payment on the undrawn portions.
Interest is payable at each loan renewal date.
Working capital facility
The group holds a \u00a340.0 million working capital facility with no fixed expiry date. The interest is charged at a fixed rate. At the period
end the facility was drawn down by \u00a327.5 million (2025: \u00a3nil).
(c) Maturity of the group\u2019s financial liabilities and expiry of facilities
The below maturity tables include contractual gross undiscounted cash flows of the borrowings, related interest, net derivatives, finance
leases, trade and other payables and contractual accruals.
Between Between
Within one and two and After
one year two years five years five years Total Book value
2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Borrowings
1
56.9
60.7
99.9
45.4
262.9
232.3
Derivative financial instruments
4.3
3.8
2.4
\u2013
10.5
(0.8)
Lease liabilities
10.0
9.3
23.5
83.7
126.5
82.8
Trade and other payables
64.5
\u2013
\u2013
\u2013
64.5
64.5
135.7
73.8
125.8
129.1
464.4
378.8
1 Borrowings due within one year include the revolving credit facility to reflect the expected timing of repayments associated with the facility.
These have been presented as a non-current liability on the balance sheet.
Between Between
Within one and two and After
one year two years five years five years Total Book value
2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Borrowings
1
28.1
5.1
210.2
46.6
290.0
252.5
Derivative financial instruments
5.4
4.3
6.2
\u2013
15.9
(1.0)
Lease liabilities
10.1
9.4
24.8
91.0
135.3
88.0
Trade and other payables
59.2
\u2013
\u2013
\u2013
59.2
59.2
102.8
18.8
241.2
137.6
500.4
398.7
1 Borrowings due within one year include the revolving credit facility to reflect the expected timing of repayments associated with the facility.
These have been presented as a non-current liability on the balance sheet.
(d) Fair value hierarchy for instruments measured at fair value
Fair value Level 1 Level 2 Level 3
2026 2026 2026 2026
\u00a3m \u00a3m \u00a3m \u00a3m
Interest rate swaps
Financial assets at fair value
0.8
\u2013
0.8
\u2013
Financial liabilities at fair value
\u2013
\u2013
\u2013
\u2013
0.8
\u2013
\u2013
\u2013
Fair value Level 1 Level 2 Level 3
2025 2025 2025 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Interest rate swaps
Financial assets at fair value
1.1
\u2013
1.1
\u2013
Financial liabilities at fair value
(0.1)
\u2013
(0.1)
\u2013
1.0
\u2013
1.0
\u2013
Level 1
Fair values measured using quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2
Fair values measured using inputs, other than quoted prices included within Level 1, that are observable for the asset or liability either
directly or indirectly.
Interest rate swaps are accounted for at their fair value, calculated using a discounted cash flow method. Actual and estimated cash
flows are discounted by applying discount factors derived from observable market data and by considering the credit risk.
Level 3
Fair values measured using inputs for the asset or liability that are not based on observable market data.
(e) Financial assets and other financial liabilities
Financial assets and other financial liabilities of the group and the company are not included in this note because their fair value
approximates their carrying value.
(f) Changes in liabilities arising from financing activities
At At
31 March Business 30 March
2025 Additions combinations Cash flows
Other
1
2026
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
252.5
\u2013
\u2013
(21.2)
1.0
232.3
Lease liabilities
88.0
1.2
\u2013
(10.2)
3.8
82.8
Other financial liabilities
\u2013
4.1
\u2013
\u2013
\u2013
4.1
Interest payable
2
1.0
\u2013
\u2013
(0.5)
\u2013
0.5
Derivative financial instruments
(1.0)
\u2013
\u2013
\u2013
0.2
(0.8)
Total net liabilities from financing activities
340.5
5.3
\u2013
(31.9)
5.0
318.9
1 Other changes in liabilities related to the period movement in bank loans arrangement fees and amendments, terminations and interest on leases,
and marked to market valuation of hedging instruments.
2 Interest payable is included within accruals in trade and other payables (note 23).
At
At Business 31 March
1 April 2024 Additions combinations Cash flows
Other
1
2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
284.8
\u2013
\u2013
(33.0)
0.7
252.5
Lease liabilities
91.8
0.6
\u2013
(10.3)
5.9
88.0
Interest payable
2
1.0
\u2013
\u2013
\u2013
\u2013
1.0
Derivative financial instruments
(2.9)
\u2013
\u2013
\u2013
1.9
(1.0)
Total net liabilities from financing activities
374.7
0.6
\u2013
(43.3)
8.5
340.5
1 Other changes in liabilities related to the period movement in bank loans arrangement fees and amendments, terminations and interest on leases,
and marked to market valuation of hedging instruments.
2 Interest payable is included within accruals in trade and other payables (note 23).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-484": { "value": "24. Capital management and financial instruments The group\u2019s capital management objective is to maintain an optimal structure, measuring investment opportunities against returning capital to shareholders, but with an appropriate level of gearing. This provides a platform from which the group can seek to maximise shareholder value. The board monitors its capital using gearing ratios, such as net debt as a multiple of EBITDA and interest cover. All covenants in relation to bank loans are prepared on a post-IFRS 16 basis, with the exception of the \u00a335 million private placement. Covenants are prepared after each financial quarter end on a 12 month rolling basis and reported to the debt facility agents. There is a degree of variation in the exact covenant requirements depending on the source of the debt, however, net debt/EBITDA must not exceed 5.0x to 5.5x; gearing % must not exceed 70%; PBIT/borrowing costs must not be less than 1.3x to 1.5x. The group finances the business with a mixture of equity (note 28) and debt (note 32). The group\u2019s principal treasury objective is to manage financial risks and provide secure and competitively priced funding for the group\u2019s activities. When appropriate, the group uses financial instruments and derivatives to manage these risks. The borrowing requirements are met largely by bank debt. Other sources of funding arise directly from trading activities, such as trade and other payables. The right-of-use assets are funded by lease liabilities. The main financial risks relate to interest rates, credit, liquidity and cash flow. Other risks that the group faces are referred to in the principal risks and uncertainties section starting on page 62. The board seeks to manage the financial risks in the following manner: Interest rate risk The objective is to minimise the group and company\u2019s interest cost and provide protection from adverse movements in interest rates. The board does this by maintaining a mix of debt facilities at fixed and variable interest rates. Interest rate swaps are used to help manage this exposure by fixing interest rates whilst matching the maturity profile and cash flows of the underlying debt. These swaps are designated as cash flow hedges. The group and company is not considered to have any material exposure to changes in interest rates as a result of the hedges performed. Credit risk The objective is to minimise the group and company\u2019s credit risk. Credit risks include counterparties defaulting on their debts or other obligations which would impair the group\u2019s ability to recover the carrying value of that asset. This is assessed with regard to historical credit losses experienced, the current economic climate, expected changes in forecasts and specific other factors of future events. The group has financial control policies which it follows before entering into arrangements with a new counterparty or when there is a substantial change in the existing relationship. Any potential impairments are monitored and where appropriate a provision is made for any irrecoverable balances. The group\u2019s maximum credit risk is considered to be limited to its trade receivables (note 21). The company is not considered to have any material exposure to credit risk from amounts due from subsidiaries. Liquidity and cash flow risk The objective is to ensure that the group and company have sufficient financial resources to develop its existing business and exploit opportunities as they arise. The board manages liquidity risk by ensuring that the group\u2019s debt profile is long-dated, facilities are committed and the group does not rely unduly on short-term borrowings. The group\u2019s borrowings are dependent on certain financial covenants being met. If these were to be breached, funding could be withdrawn, leaving the group with insufficient working capital. If the group were unable to find other alternative sources of funding it may not be possible to continue trading in its current form. The group has considered the effects of its latest forecasts on its compliance with bank covenants, which are tested each quarter on a twelve-month rolling basis. The board is vigilant in managing the business, assessing and monitoring acquisitions and investments, and forecasting the group\u2019s profit and cash flows. The funding position of the group is continuously reviewed against the headroom in the group\u2019s borrowing facilities (see note 1). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-467": { "value": "24. Capital management and financial instruments The group\u2019s capital management objective is to maintain an optimal structure, measuring investment opportunities against returning capital to shareholders, but with an appropriate level of gearing. This provides a platform from which the group can seek to maximise shareholder value. The board monitors its capital using gearing ratios, such as net debt as a multiple of EBITDA and interest cover. All covenants in relation to bank loans are prepared on a post-IFRS 16 basis, with the exception of the \u00a335 million private placement. Covenants are prepared after each financial quarter end on a 12 month rolling basis and reported to the debt facility agents. There is a degree of variation in the exact covenant requirements depending on the source of the debt, however, net debt/EBITDA must not exceed 5.0x to 5.5x; gearing % must not exceed 70%; PBIT/borrowing costs must not be less than 1.3x to 1.5x. The group finances the business with a mixture of equity (note 28) and debt (note 32). The group\u2019s principal treasury objective is to manage financial risks and provide secure and competitively priced funding for the group\u2019s activities. When appropriate, the group uses financial instruments and derivatives to manage these risks. The borrowing requirements are met largely by bank debt. Other sources of funding arise directly from trading activities, such as trade and other payables. The right-of-use assets are funded by lease liabilities. The main financial risks relate to interest rates, credit, liquidity and cash flow. Other risks that the group faces are referred to in the principal risks and uncertainties section starting on page 62. The board seeks to manage the financial risks in the following manner: Interest rate risk The objective is to minimise the group and company\u2019s interest cost and provide protection from adverse movements in interest rates. The board does this by maintaining a mix of debt facilities at fixed and variable interest rates. Interest rate swaps are used to help manage this exposure by fixing interest rates whilst matching the maturity profile and cash flows of the underlying debt. These swaps are designated as cash flow hedges. The group and company is not considered to have any material exposure to changes in interest rates as a result of the hedges performed. Credit risk The objective is to minimise the group and company\u2019s credit risk. Credit risks include counterparties defaulting on their debts or other obligations which would impair the group\u2019s ability to recover the carrying value of that asset. This is assessed with regard to historical credit losses experienced, the current economic climate, expected changes in forecasts and specific other factors of future events. The group has financial control policies which it follows before entering into arrangements with a new counterparty or when there is a substantial change in the existing relationship. Any potential impairments are monitored and where appropriate a provision is made for any irrecoverable balances. The group\u2019s maximum credit risk is considered to be limited to its trade receivables (note 21). The company is not considered to have any material exposure to credit risk from amounts due from subsidiaries. Liquidity and cash flow risk The objective is to ensure that the group and company have sufficient financial resources to develop its existing business and exploit opportunities as they arise. The board manages liquidity risk by ensuring that the group\u2019s debt profile is long-dated, facilities are committed and the group does not rely unduly on short-term borrowings. The group\u2019s borrowings are dependent on certain financial covenants being met. If these were to be breached, funding could be withdrawn, leaving the group with insufficient working capital. If the group were unable to find other alternative sources of funding it may not be possible to continue trading in its current form. The group has considered the effects of its latest forecasts on its compliance with bank covenants, which are tested each quarter on a twelve-month rolling basis. The board is vigilant in managing the business, assessing and monitoring acquisitions and investments, and forecasting the group\u2019s profit and cash flows. The funding position of the group is continuously reviewed against the headroom in the group\u2019s borrowing facilities (see note 1). (a) Derivative financial instruments: interest rate swaps
2026 2025
\u00a3m \u00a3m
Current assets
0.3
1.1
Non-current assets
0.5
\u2013
Non-current liabilities
\u2013
(0.1)
Total financial assets
0.8
1.0
Net movement of interest rate swaps recognised in other comprehensive income
(0.2)
(1.7)
The group has a number of interest rate swaps that fix future interest cash flows on the variable interest rate bank loans. These instruments result in the group paying fixed interest rates on the notional amount for each swap\u2019s life. The swaps are being used to hedge the exposure to changes in the group\u2019s cash flows on its variable rate loans due to changes in SONIA. The secured loans and the interest rate swaps have the same critical terms over their relevant period. The duration of each swap and its respective interest rates, once combined with the bank\u2019s margin and other costs, are detailed in part (b) of this note. (b) Loans, borrowings, interest rates and fair values
Effective Variable Fair Book
interest interest value value
Term or rate when rate when Period 2026 2026
2026 expiry date hedged
unhedged
1
rate fixed \u00a3m \u00a3m
Secured
\u00a325 million loan swapped into fixed rate
May 2027
4.61%
S+1.85%
2 years
25.0
25.0
\u00a325 million loan swapped into fixed rate
May 2027
4.62%
S+1.85%
2 years
24.9
25.0
\u00a3105 million loan swapped into fixed rate
2
Nov 2030
5.92%
S+2.00%
5 years
104.3
105.0
\u00a335 million private placement at fixed rate
3
July 2039
Fixed
Fixed
14 years
30.0
35.0
\u00a3120 million revolving credit facility
4
Nov 2030
Variable
S+1.75%
None
17.0
17.0
\u00a340 million working capital facility
N/A
Variable
Variable
None
27.5
27.5
Financial liabilities
228.7
234.5
1 For variable rate loans, the interest rate payable is SONIA (S) plus the margin shown. 2 During the current period, the \u00a3105.0 million term loan facility with NatWest, Barclays and HSBC was extended by one year (the second of a two-year option to extend), to Nov 2030. 3 \u00a335.0 million private placement has a fixed rate of interest at 3.3%. 4 During the current period, the \u00a3120.0 million RCF facility with NatWest, Barclays and HSBC was extended by one year (the second of a two-year option to extend), to Nov 2030. All of the loans listed above are in the group and company, and exclude unamortised fees of \u00a32.2 million. The following table represents the carrying values and nominal amounts of the group\u2019s interest rate swaps as at 30 March 2026:
At At
1 April Gain/(loss) Gain/(loss) 30 March
Nominal 2025 OCI P&L 2026
Hedge
amount
Maturity
\u00a3m \u00a3m \u00a3m \u00a3m
\u00a325 million loan swapped into fixed rate
\u00a325m
May 2025
0.2
(0.2)
\u2013
\u2013
\u00a325 million loan swapped into fixed rate
\u00a325m
May 2026
0.3
(0.2)
\u2013
0.1
\u00a325 million loan swapped into fixed rate
\u00a325m
May 2025
0.1
(0.1)
\u2013
\u2013
\u00a325 million loan swapped into fixed rate
\u00a325m
May 2026
0.3
(0.2)
\u2013
0.1
\u00a355 million loan swapped into fixed rate
\u00a355m
Nov 2028
0.1
0.2
\u2013
0.3
\u00a355 million loan swapped into fixed rate
\u00a355m
Nov 2028
\u2013
0.3
\u2013
0.3
1.0
(0.2)
\u2013
0.8
As at 30 March 2026, the group had committed borrowing facilities of \u00a3310.0 million, of which \u00a3207.0 million was drawn down, net of arrangement fees of \u00a32.2 million.
2026
\u00a3m
Current borrowings
34.2
Non-current borrowings
198.1
232.3
Unsecured current lease liabilities
6.4
Unsecured non-current lease liabilities
76.4
Financial liabilities
315.1
Effective Variable Fair Book
interest interest value value
Term or rate when rate when Period 2025 2025
2025 expiry date hedged
unhedged
1
rate fixed \u00a3m \u00a3m
Secured
\u00a320 million loan variable rate
Nov 2025
Variable
S+2.00%
1 year
20.0
20.0
\u00a325 million loan swapped into fixed rate
May 2027
2.55%
S+2.35%
3 years
24.5
25.0
\u00a325 million loan swapped into fixed rate
May 2027
2.55%
S+2.35%
3 years
24.5
25.0
\u00a3110 million loan swapped into fixed rate
2
Nov 2029
6.42%
S+2.50%
5 years
110.0
110.0
\u00a335 million private placement at fixed rate
3
July 2039
Fixed
Fixed
15 years
31.2
35.0
\u00a3120 million revolving credit facility
4
Nov 2029
Variable
S+2.25%
None
40.0
40.0
Financial liabilities
250.2
255.0
1 For variable rate loans, the interest rate payable is SONIA (S) plus the margin shown. 2 During the prior period, the \u00a3110.0 million term loan facility with NatWest, Barclays and HSBC was extended by one year (the first of a two-year option to extend), to Nov 2029. 3 During the prior period, \u00a335.0 million private placement has a fixed rate of interest at 3.3%. 4 During the prior period, the \u00a3120.0 million RCF facility with NatWest, Barclays and HSBC was extended by one year (the first of a two-year option to extend), to Nov 2029. All of the loans listed above are in the group and company, and exclude unamortised fees of \u00a32.5 million. The following table represents the carrying values and nominal amounts of the group\u2019s interest rate swaps as at 31 March 2025:
At
At Gain/(loss) Gain/(loss) 31 March
Nominal 1 April 2024 OCI P&L 2025
Hedge
amount
Maturity
\u00a3m \u00a3m \u00a3m \u00a3m
\u00a310 million loan swapped into fixed rate
\u00a310m
May 2024
0.1
\u2013
(0.1)
\u2013
\u00a310 million loan swapped into fixed rate
\u00a310m
May 2024
0.1
\u2013
(0.1)
\u2013
\u00a325 million loan swapped into fixed rate
\u00a325m
May 2025
1.3
(1.1)
\u2013
0.2
\u00a325 million loan swapped into fixed rate
\u00a325m
May 2026
0.2
0.1
\u2013
0.3
\u00a325 million loan swapped into fixed rate
\u00a325m
May 2025
1.2
(1.1)
\u2013
0.1
\u00a325 million loan swapped into fixed rate
\u00a325m
May 2026
0.2
0.1
\u2013
0.3
\u00a355 million loan swapped into fixed rate
\u00a355m
Nov 2028
(0.1)
0.2
\u2013
0.1
\u00a355 million loan swapped into fixed rate
\u00a355m
Nov 2028
(0.1)
0.1
\u2013
\u2013
2.9
(1.7)
(0.2)
1.0
As at 31 March 2025, the group had committed borrowing facilities of \u00a3335.0 million, of which \u00a3252.5 million was drawn down, net of arrangement fees of \u00a32.5 million.
2025
\u00a3m
Current borrowings
20.0
Non-current borrowings
232.5
252.5
Unsecured current lease liabilities
6.3
Unsecured non-current lease liabilities
81.7
Financial liabilities
340.5
At 30 March 2026 and at 31 March 2025 the secured borrowings are secured on the freehold assets of the group (other than two pubs, broadly up to a value of \u00a310.9 million (2025: \u00a311.1 million), which provide security to the Young & Co.\u2019s Brewery, P.L.C. Pension Scheme). The fair values of borrowings and interest rate derivatives are estimates based on prevailing market rates of interest and expected future cash flows arising from those instruments. The group enters into interest rate derivatives with various banks; these counterparties each have investment grade credit ratings. Interest rate swaps are valued using Level 2 valuation techniques, which employ the use of market observable inputs. The valuation techniques include swap models using present value calculations. The models incorporate various inputs, including the credit quality of counterparties, discount factors and interest rate curves. As at 30 March 2026 and 31 March 2025, the marked-to-market value of other derivative asset positions is net of a credit valuation adjustment attributable to derivative counterparty default risk. The changes in counterparty credit risk had no material effect on the hedge effectiveness assessment for derivatives designated in hedge relationships. Bank overdrafts Bank overdrafts are used for day-to-day cash management. The group has a \u00a312 million overdraft facility with interest linked to the Bank of England base rate. At 30 March 2026, \u00a3nil (2025: \u00a33.3 million) was drawn down. Bank loans The group holds a \u00a3105.0 million syndicated term loan with Natwest, HSBC and Barclays respectively, initially due to mature in November 2028, but with the option to extend by 1 + 1 years. During the current period the second option to extend was taken up, taking the maturity date out to November 2030. This extension did not meet the criteria to be classified as a substantial modification and therefore was accounted for as a modification to the existing liability, and not as a derecognition of the original loan facility. No gain or loss was recognised within the statement of comprehensive income as a result of this modification. Interest rate swaps have been entered into in respect of the \u00a3105.0 million amortising term loan which result in the effective interest charge being fixed at the rates disclosed on the previous page. The group also has a \u00a350.0 million syndicated facility with NatWest and HSBC repayable in May 2027. Interest rate swaps have been entered into in respect of these bank loans which result in the effective interest charge being fixed at the rates disclosed on the previous page. In July 2019, the group completed the addition of a private placement debt facility, raising \u00a335.0 million at a fixed rate of 3.3% repayable in July 2039. In November 2025, the group repaid the \u00a320.0 million bank loan with Natwest on its maturity date. Revolving credit facility The group holds a \u00a3120.0 million revolving credit facility, split evenly with Natwest, HSBC and Barclays, initially due to mature in November 2028, but with the option to extend by 1 + 1 years. During the current period the second option to extend was taken up, taking the maturity date out to November 2030. This extension did not meet the criteria to be classified as a substantial modification and therefore was accounted for as a modification to the existing liability, and not as a derecognition of the original loan facility. No gain or loss was recognised within the statement of comprehensive income as a result of this modification. At the period end, the facility was drawn down by \u00a317.0 million (2025: \u00a340.0 million). Final repayment of the total drawn down balance is due as one payment in November 2030. This is a committed facility which permits drawings of different amounts and for different periods. These drawings carry interest at a margin above SONIA with a commitment payment on the undrawn portions. Interest is payable at each loan renewal date. Working capital facility The group holds a \u00a340.0 million working capital facility with no fixed expiry date. The interest is charged at a fixed rate. At the period end the facility was drawn down by \u00a327.5 million (2025: \u00a3nil). (c) Maturity of the group\u2019s financial liabilities and expiry of facilities The below maturity tables include contractual gross undiscounted cash flows of the borrowings, related interest, net derivatives, finance leases, trade and other payables and contractual accruals.
Between Between
Within one and two and After
one year two years five years five years Total Book value
2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Borrowings
1
56.9
60.7
99.9
45.4
262.9
232.3
Derivative financial instruments
4.3
3.8
2.4
\u2013
10.5
(0.8)
Lease liabilities
10.0
9.3
23.5
83.7
126.5
82.8
Trade and other payables
64.5
\u2013
\u2013
\u2013
64.5
64.5
135.7
73.8
125.8
129.1
464.4
378.8
1 Borrowings due within one year include the revolving credit facility to reflect the expected timing of repayments associated with the facility. These have been presented as a non-current liability on the balance sheet.
Between Between
Within one and two and After
one year two years five years five years Total Book value
2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Borrowings
1
28.1
5.1
210.2
46.6
290.0
252.5
Derivative financial instruments
5.4
4.3
6.2
\u2013
15.9
(1.0)
Lease liabilities
10.1
9.4
24.8
91.0
135.3
88.0
Trade and other payables
59.2
\u2013
\u2013
\u2013
59.2
59.2
102.8
18.8
241.2
137.6
500.4
398.7
1 Borrowings due within one year include the revolving credit facility to reflect the expected timing of repayments associated with the facility. These have been presented as a non-current liability on the balance sheet. (d) Fair value hierarchy for instruments measured at fair value
Fair value Level 1 Level 2 Level 3
2026 2026 2026 2026
\u00a3m \u00a3m \u00a3m \u00a3m
Interest rate swaps
Financial assets at fair value
0.8
\u2013
0.8
\u2013
Financial liabilities at fair value
\u2013
\u2013
\u2013
\u2013
0.8
\u2013
\u2013
\u2013
Fair value Level 1 Level 2 Level 3
2025 2025 2025 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Interest rate swaps
Financial assets at fair value
1.1
\u2013
1.1
\u2013
Financial liabilities at fair value
(0.1)
\u2013
(0.1)
\u2013
1.0
\u2013
1.0
\u2013
Level 1 Fair values measured using quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 Fair values measured using inputs, other than quoted prices included within Level 1, that are observable for the asset or liability either directly or indirectly. Interest rate swaps are accounted for at their fair value, calculated using a discounted cash flow method. Actual and estimated cash flows are discounted by applying discount factors derived from observable market data and by considering the credit risk. Level 3 Fair values measured using inputs for the asset or liability that are not based on observable market data. (e) Financial assets and other financial liabilities Financial assets and other financial liabilities of the group and the company are not included in this note because their fair value approximates their carrying value. (f) Changes in liabilities arising from financing activities
At At
31 March Business 30 March
2025 Additions combinations Cash flows
Other
1
2026
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
252.5
\u2013
\u2013
(21.2)
1.0
232.3
Lease liabilities
88.0
1.2
\u2013
(10.2)
3.8
82.8
Other financial liabilities
\u2013
4.1
\u2013
\u2013
\u2013
4.1
Interest payable
2
1.0
\u2013
\u2013
(0.5)
\u2013
0.5
Derivative financial instruments
(1.0)
\u2013
\u2013
\u2013
0.2
(0.8)
Total net liabilities from financing activities
340.5
5.3
\u2013
(31.9)
5.0
318.9
1 Other changes in liabilities related to the period movement in bank loans arrangement fees and amendments, terminations and interest on leases, and marked to market valuation of hedging instruments. 2 Interest payable is included within accruals in trade and other payables (note 23).
At
At Business 31 March
1 April 2024 Additions combinations Cash flows
Other
1
2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
284.8
\u2013
\u2013
(33.0)
0.7
252.5
Lease liabilities
91.8
0.6
\u2013
(10.3)
5.9
88.0
Interest payable
2
1.0
\u2013
\u2013
\u2013
\u2013
1.0
Derivative financial instruments
(2.9)
\u2013
\u2013
\u2013
1.9
(1.0)
Total net liabilities from financing activities
374.7
0.6
\u2013
(43.3)
8.5
340.5
1 Other changes in liabilities related to the period movement in bank loans arrangement fees and amendments, terminations and interest on leases, and marked to market valuation of hedging instruments. 2 Interest payable is included within accruals in trade and other payables (note 23).", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-495": { "value": "Interest rate risk The objective is to minimise the group and company\u2019s interest cost and provide protection from adverse movements in interest rates. The board does this by maintaining a mix of debt facilities at fixed and variable interest rates. Interest rate swaps are used to help manage this exposure by fixing interest rates whilst matching the maturity profile and cash flows of the underlying debt. These swaps are designated as cash flow hedges. The group and company is not considered to have any material exposure to changes in interest rates as a result of the hedges performed. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-496": { "value": "Credit risk The objective is to minimise the group and company\u2019s credit risk. Credit risks include counterparties defaulting on their debts or other obligations which would impair the group\u2019s ability to recover the carrying value of that asset. This is assessed with regard to historical credit losses experienced, the current economic climate, expected changes in forecasts and specific other factors of future events. The group has financial control policies which it follows before entering into arrangements with a new counterparty or when there is a substantial change in the existing relationship. Any potential impairments are monitored and where appropriate a provision is made for any irrecoverable balances. The group\u2019s maximum credit risk is considered to be limited to its trade receivables (note 21). The company is not considered to have any material exposure to credit risk from amounts due from subsidiaries. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-497": { "value": "Liquidity and cash flow risk The objective is to ensure that the group and company have sufficient financial resources to develop its existing business and exploit opportunities as they arise. The board manages liquidity risk by ensuring that the group\u2019s debt profile is long-dated, facilities are committed and the group does not rely unduly on short-term borrowings. The group\u2019s borrowings are dependent on certain financial covenants being met. If these were to be breached, funding could be withdrawn, leaving the group with insufficient working capital. If the group were unable to find other alternative sources of funding it may not be possible to continue trading in its current form. The group has considered the effects of its latest forecasts on its compliance with bank covenants, which are tested each quarter on a twelve-month rolling basis. The board is vigilant in managing the business, assessing and monitoring acquisitions and investments, and forecasting the group\u2019s profit and cash flows. The funding position of the group is continuously reviewed against the headroom in the group\u2019s borrowing facilities (see note 1). ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-485": { "value": "(a) Derivative financial instruments: interest rate swaps
2026 2025
\u00a3m \u00a3m
Current assets
0.3
1.1
Non-current assets
0.5
\u2013
Non-current liabilities
\u2013
(0.1)
Total financial assets
0.8
1.0
Net movement of interest rate swaps recognised in other comprehensive income
(0.2)
(1.7)
The group has a number of interest rate swaps that fix future interest cash flows on the variable interest rate bank loans. These instruments result in the group paying fixed interest rates on the notional amount for each swap\u2019s life. The swaps are being used to hedge the exposure to changes in the group\u2019s cash flows on its variable rate loans due to changes in SONIA. The secured loans and the interest rate swaps have the same critical terms over their relevant period. The duration of each swap and its respective interest rates, once combined with the bank\u2019s margin and other costs, are detailed in part (b) of this note. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-486": { "value": "(b) Loans, borrowings, interest rates and fair values
Effective Variable Fair Book
interest interest value value
Term or rate when rate when Period 2026 2026
2026 expiry date hedged
unhedged
1
rate fixed \u00a3m \u00a3m
Secured
\u00a325 million loan swapped into fixed rate
May 2027
4.61%
S+1.85%
2 years
25.0
25.0
\u00a325 million loan swapped into fixed rate
May 2027
4.62%
S+1.85%
2 years
24.9
25.0
\u00a3105 million loan swapped into fixed rate
2
Nov 2030
5.92%
S+2.00%
5 years
104.3
105.0
\u00a335 million private placement at fixed rate
3
July 2039
Fixed
Fixed
14 years
30.0
35.0
\u00a3120 million revolving credit facility
4
Nov 2030
Variable
S+1.75%
None
17.0
17.0
\u00a340 million working capital facility
N/A
Variable
Variable
None
27.5
27.5
Financial liabilities
228.7
234.5
1 For variable rate loans, the interest rate payable is SONIA (S) plus the margin shown. 2 During the current period, the \u00a3105.0 million term loan facility with NatWest, Barclays and HSBC was extended by one year (the second of a two-year option to extend), to Nov 2030. 3 \u00a335.0 million private placement has a fixed rate of interest at 3.3%. 4 During the current period, the \u00a3120.0 million RCF facility with NatWest, Barclays and HSBC was extended by one year (the second of a two-year option to extend), to Nov 2030. All of the loans listed above are in the group and company, and exclude unamortised fees of \u00a32.2 million. The following table represents the carrying values and nominal amounts of the group\u2019s interest rate swaps as at 30 March 2026:
At At
1 April Gain/(loss) Gain/(loss) 30 March
Nominal 2025 OCI P&L 2026
Hedge
amount
Maturity
\u00a3m \u00a3m \u00a3m \u00a3m
\u00a325 million loan swapped into fixed rate
\u00a325m
May 2025
0.2
(0.2)
\u2013
\u2013
\u00a325 million loan swapped into fixed rate
\u00a325m
May 2026
0.3
(0.2)
\u2013
0.1
\u00a325 million loan swapped into fixed rate
\u00a325m
May 2025
0.1
(0.1)
\u2013
\u2013
\u00a325 million loan swapped into fixed rate
\u00a325m
May 2026
0.3
(0.2)
\u2013
0.1
\u00a355 million loan swapped into fixed rate
\u00a355m
Nov 2028
0.1
0.2
\u2013
0.3
\u00a355 million loan swapped into fixed rate
\u00a355m
Nov 2028
\u2013
0.3
\u2013
0.3
1.0
(0.2)
\u2013
0.8
As at 30 March 2026, the group had committed borrowing facilities of \u00a3310.0 million, of which \u00a3207.0 million was drawn down, net of arrangement fees of \u00a32.2 million.
2026
\u00a3m
Current borrowings
34.2
Non-current borrowings
198.1
232.3
Unsecured current lease liabilities
6.4
Unsecured non-current lease liabilities
76.4
Financial liabilities
315.1
Effective Variable Fair Book
interest interest value value
Term or rate when rate when Period 2025 2025
2025 expiry date hedged
unhedged
1
rate fixed \u00a3m \u00a3m
Secured
\u00a320 million loan variable rate
Nov 2025
Variable
S+2.00%
1 year
20.0
20.0
\u00a325 million loan swapped into fixed rate
May 2027
2.55%
S+2.35%
3 years
24.5
25.0
\u00a325 million loan swapped into fixed rate
May 2027
2.55%
S+2.35%
3 years
24.5
25.0
\u00a3110 million loan swapped into fixed rate
2
Nov 2029
6.42%
S+2.50%
5 years
110.0
110.0
\u00a335 million private placement at fixed rate
3
July 2039
Fixed
Fixed
15 years
31.2
35.0
\u00a3120 million revolving credit facility
4
Nov 2029
Variable
S+2.25%
None
40.0
40.0
Financial liabilities
250.2
255.0
1 For variable rate loans, the interest rate payable is SONIA (S) plus the margin shown. 2 During the prior period, the \u00a3110.0 million term loan facility with NatWest, Barclays and HSBC was extended by one year (the first of a two-year option to extend), to Nov 2029. 3 During the prior period, \u00a335.0 million private placement has a fixed rate of interest at 3.3%. 4 During the prior period, the \u00a3120.0 million RCF facility with NatWest, Barclays and HSBC was extended by one year (the first of a two-year option to extend), to Nov 2029. All of the loans listed above are in the group and company, and exclude unamortised fees of \u00a32.5 million. The following table represents the carrying values and nominal amounts of the group\u2019s interest rate swaps as at 31 March 2025:
At
At Gain/(loss) Gain/(loss) 31 March
Nominal 1 April 2024 OCI P&L 2025
Hedge
amount
Maturity
\u00a3m \u00a3m \u00a3m \u00a3m
\u00a310 million loan swapped into fixed rate
\u00a310m
May 2024
0.1
\u2013
(0.1)
\u2013
\u00a310 million loan swapped into fixed rate
\u00a310m
May 2024
0.1
\u2013
(0.1)
\u2013
\u00a325 million loan swapped into fixed rate
\u00a325m
May 2025
1.3
(1.1)
\u2013
0.2
\u00a325 million loan swapped into fixed rate
\u00a325m
May 2026
0.2
0.1
\u2013
0.3
\u00a325 million loan swapped into fixed rate
\u00a325m
May 2025
1.2
(1.1)
\u2013
0.1
\u00a325 million loan swapped into fixed rate
\u00a325m
May 2026
0.2
0.1
\u2013
0.3
\u00a355 million loan swapped into fixed rate
\u00a355m
Nov 2028
(0.1)
0.2
\u2013
0.1
\u00a355 million loan swapped into fixed rate
\u00a355m
Nov 2028
(0.1)
0.1
\u2013
\u2013
2.9
(1.7)
(0.2)
1.0
As at 31 March 2025, the group had committed borrowing facilities of \u00a3335.0 million, of which \u00a3252.5 million was drawn down, net of arrangement fees of \u00a32.5 million.
2025
\u00a3m
Current borrowings
20.0
Non-current borrowings
232.5
252.5
Unsecured current lease liabilities
6.3
Unsecured non-current lease liabilities
81.7
Financial liabilities
340.5
At 30 March 2026 and at 31 March 2025 the secured borrowings are secured on the freehold assets of the group (other than two pubs, broadly up to a value of \u00a310.9 million (2025: \u00a311.1 million), which provide security to the Young & Co.\u2019s Brewery, P.L.C. Pension Scheme). The fair values of borrowings and interest rate derivatives are estimates based on prevailing market rates of interest and expected future cash flows arising from those instruments. The group enters into interest rate derivatives with various banks; these counterparties each have investment grade credit ratings. Interest rate swaps are valued using Level 2 valuation techniques, which employ the use of market observable inputs. The valuation techniques include swap models using present value calculations. The models incorporate various inputs, including the credit quality of counterparties, discount factors and interest rate curves. As at 30 March 2026 and 31 March 2025, the marked-to-market value of other derivative asset positions is net of a credit valuation adjustment attributable to derivative counterparty default risk. The changes in counterparty credit risk had no material effect on the hedge effectiveness assessment for derivatives designated in hedge relationships. Bank overdrafts Bank overdrafts are used for day-to-day cash management. The group has a \u00a312 million overdraft facility with interest linked to the Bank of England base rate. At 30 March 2026, \u00a3nil (2025: \u00a33.3 million) was drawn down. Bank loans The group holds a \u00a3105.0 million syndicated term loan with Natwest, HSBC and Barclays respectively, initially due to mature in November 2028, but with the option to extend by 1 + 1 years. During the current period the second option to extend was taken up, taking the maturity date out to November 2030. This extension did not meet the criteria to be classified as a substantial modification and therefore was accounted for as a modification to the existing liability, and not as a derecognition of the original loan facility. No gain or loss was recognised within the statement of comprehensive income as a result of this modification. Interest rate swaps have been entered into in respect of the \u00a3105.0 million amortising term loan which result in the effective interest charge being fixed at the rates disclosed on the previous page. The group also has a \u00a350.0 million syndicated facility with NatWest and HSBC repayable in May 2027. Interest rate swaps have been entered into in respect of these bank loans which result in the effective interest charge being fixed at the rates disclosed on the previous page. In July 2019, the group completed the addition of a private placement debt facility, raising \u00a335.0 million at a fixed rate of 3.3% repayable in July 2039. In November 2025, the group repaid the \u00a320.0 million bank loan with Natwest on its maturity date. Revolving credit facility The group holds a \u00a3120.0 million revolving credit facility, split evenly with Natwest, HSBC and Barclays, initially due to mature in November 2028, but with the option to extend by 1 + 1 years. During the current period the second option to extend was taken up, taking the maturity date out to November 2030. This extension did not meet the criteria to be classified as a substantial modification and therefore was accounted for as a modification to the existing liability, and not as a derecognition of the original loan facility. No gain or loss was recognised within the statement of comprehensive income as a result of this modification. At the period end, the facility was drawn down by \u00a317.0 million (2025: \u00a340.0 million). Final repayment of the total drawn down balance is due as one payment in November 2030. This is a committed facility which permits drawings of different amounts and for different periods. These drawings carry interest at a margin above SONIA with a commitment payment on the undrawn portions. Interest is payable at each loan renewal date. Working capital facility The group holds a \u00a340.0 million working capital facility with no fixed expiry date. The interest is charged at a fixed rate. At the period end the facility was drawn down by \u00a327.5 million (2025: \u00a3nil). (c) Maturity of the group\u2019s financial liabilities and expiry of facilities The below maturity tables include contractual gross undiscounted cash flows of the borrowings, related interest, net derivatives, finance leases, trade and other payables and contractual accruals.
Between Between
Within one and two and After
one year two years five years five years Total Book value
2026 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Borrowings
1
56.9
60.7
99.9
45.4
262.9
232.3
Derivative financial instruments
4.3
3.8
2.4
\u2013
10.5
(0.8)
Lease liabilities
10.0
9.3
23.5
83.7
126.5
82.8
Trade and other payables
64.5
\u2013
\u2013
\u2013
64.5
64.5
135.7
73.8
125.8
129.1
464.4
378.8
1 Borrowings due within one year include the revolving credit facility to reflect the expected timing of repayments associated with the facility. These have been presented as a non-current liability on the balance sheet.
Between Between
Within one and two and After
one year two years five years five years Total Book value
2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Borrowings
1
28.1
5.1
210.2
46.6
290.0
252.5
Derivative financial instruments
5.4
4.3
6.2
\u2013
15.9
(1.0)
Lease liabilities
10.1
9.4
24.8
91.0
135.3
88.0
Trade and other payables
59.2
\u2013
\u2013
\u2013
59.2
59.2
102.8
18.8
241.2
137.6
500.4
398.7
1 Borrowings due within one year include the revolving credit facility to reflect the expected timing of repayments associated with the facility. These have been presented as a non-current liability on the balance sheet. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-498": { "value": "(d) Fair value hierarchy for instruments measured at fair value
Fair value Level 1 Level 2 Level 3
2026 2026 2026 2026
\u00a3m \u00a3m \u00a3m \u00a3m
Interest rate swaps
Financial assets at fair value
0.8
\u2013
0.8
\u2013
Financial liabilities at fair value
\u2013
\u2013
\u2013
\u2013
0.8
\u2013
\u2013
\u2013
Fair value Level 1 Level 2 Level 3
2025 2025 2025 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Interest rate swaps
Financial assets at fair value
1.1
\u2013
1.1
\u2013
Financial liabilities at fair value
(0.1)
\u2013
(0.1)
\u2013
1.0
\u2013
1.0
\u2013
Level 1 Fair values measured using quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 Fair values measured using inputs, other than quoted prices included within Level 1, that are observable for the asset or liability either directly or indirectly. Interest rate swaps are accounted for at their fair value, calculated using a discounted cash flow method. Actual and estimated cash flows are discounted by applying discount factors derived from observable market data and by considering the credit risk. Level 3 Fair values measured using inputs for the asset or liability that are not based on observable market data. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-487": { "value": "(d) Fair value hierarchy for instruments measured at fair value
Fair value Level 1 Level 2 Level 3
2026 2026 2026 2026
\u00a3m \u00a3m \u00a3m \u00a3m
Interest rate swaps
Financial assets at fair value
0.8
\u2013
0.8
\u2013
Financial liabilities at fair value
\u2013
\u2013
\u2013
\u2013
0.8
\u2013
\u2013
\u2013
Fair value Level 1 Level 2 Level 3
2025 2025 2025 2025
\u00a3m \u00a3m \u00a3m \u00a3m
Interest rate swaps
Financial assets at fair value
1.1
\u2013
1.1
\u2013
Financial liabilities at fair value
(0.1)
\u2013
(0.1)
\u2013
1.0
\u2013
1.0
\u2013
Level 1 Fair values measured using quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 Fair values measured using inputs, other than quoted prices included within Level 1, that are observable for the asset or liability either directly or indirectly. Interest rate swaps are accounted for at their fair value, calculated using a discounted cash flow method. Actual and estimated cash flows are discounted by applying discount factors derived from observable market data and by considering the credit risk. Level 3 Fair values measured using inputs for the asset or liability that are not based on observable market data. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-488": { "value": "(f) Changes in liabilities arising from financing activities
At At
31 March Business 30 March
2025 Additions combinations Cash flows
Other
1
2026
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
252.5
\u2013
\u2013
(21.2)
1.0
232.3
Lease liabilities
88.0
1.2
\u2013
(10.2)
3.8
82.8
Other financial liabilities
\u2013
4.1
\u2013
\u2013
\u2013
4.1
Interest payable
2
1.0
\u2013
\u2013
(0.5)
\u2013
0.5
Derivative financial instruments
(1.0)
\u2013
\u2013
\u2013
0.2
(0.8)
Total net liabilities from financing activities
340.5
5.3
\u2013
(31.9)
5.0
318.9
1 Other changes in liabilities related to the period movement in bank loans arrangement fees and amendments, terminations and interest on leases, and marked to market valuation of hedging instruments. 2 Interest payable is included within accruals in trade and other payables (note 23).
At
At Business 31 March
1 April 2024 Additions combinations Cash flows
Other
1
2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Bank loans
284.8
\u2013
\u2013
(33.0)
0.7
252.5
Lease liabilities
91.8
0.6
\u2013
(10.3)
5.9
88.0
Interest payable
2
1.0
\u2013
\u2013
\u2013
\u2013
1.0
Derivative financial instruments
(2.9)
\u2013
\u2013
\u2013
1.9
(1.0)
Total net liabilities from financing activities
374.7
0.6
\u2013
(43.3)
8.5
340.5
1 Other changes in liabilities related to the period movement in bank loans arrangement fees and amendments, terminations and interest on leases, and marked to market valuation of hedging instruments. 2 Interest payable is included within accruals in trade and other payables (note 23).", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-489": { "value": "25. Deferred tax Deferred tax relates to the following:
2026 2025
Deferred tax assets \u00a3m \u00a3m
Capital losses
0.9
0.7
Retirement benefit schemes
0.4
1.1
Tax losses
0.7
2.2
Shared based payments
\u2013
0.3
Deferred tax assets
2.0
4.3
Deferred tax liabilities
Rolled over gains and property revaluations
(135.4)
(130.9)
Accelerated capital allowance
(3.3)
(1.9)
Interest rate swaps \u2013 cash flow hedge
(0.2)
(0.3)
Deferred tax liabilities
(138.9)
(133.1)
Net deferred tax liabilities
(136.9)
(128.8)
Reconciliation of net deferred tax liabilities:
2026 2025
52 weeks 52 weeks
\u00a3m \u00a3m
Opening balance
(128.8)
(129.9)
Tax (charge)/credit in the income statement
(1.3)
1.2
Tax charge in the statement of comprehensive income
(6.4)
(1.0)
Adjustment in respect of deferred tax of prior periods in the income statement
(0.4)
0.5
Derecognised on disposal
\u2013
0.5
Charged directly to equity
\u2013
(0.1)
Closing balance
(136.9)
(128.8)
The deferred tax assets and liabilities at the balance sheet date are calculated at the enacted rate of 25%. The group has realised capital losses of \u00a39.6 million (2025: \u00a34.3 million), which are available indefinitely to offset against future capital gains. A deferred tax asset has been recognised in respect of \u00a33.7 million (2025: \u00a31.3 million) of these losses because it is expected suitable gains will arise in the foreseeable future to utilise this amount given the regularity of property disposals. The company has \u00a32.5 million of retained capital losses (2025: \u00a32.9 million). The group\u2019s tax losses can be carried forward for an unlimited period. The group has unrealised capital losses of \u00a351.6 million (2025: \u00a361.6 million). No deferred tax asset has been recognised in respect of these losses (2025: \u00a3nil) because it is uncertain whether they will be utilised.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-468": { "value": "The sensitivities regarding the principal assumptions used to measure the schemes\u2019 liabilities are set out below. The illustrations consider the single change shown with the other assumptions assumed to be unchanged. In practice, changes in one assumption may be accompanied by changes in another assumption. Changes in market values may also occur at the same time as the changes in assumptions and may or may not offset them.
Assumption
Change in assumption
Impact on scheme liabilities
Discount rate
Increase/decrease by 0.5%
Decrease by 4.3%/increase by 4.6%
Rate of inflation
Increase/decrease by 0.5%
Increase by 3.7%/decrease by 3.7%
Rate of increase in salary
Increase/decrease by 0.5%
Increase/decrease by nil
Discretionary pension increases
Increase/decrease by 0.5%
Increase by 1.7%/decrease by 1.6%
Rate of revaluation of deferred pensions
Increase/decrease by 0.5%
Increase by 0.7%/decrease by 0.7%
Life expectations
Increase/decrease by 1 year
Increase by 4.0%/decrease by 4.1%
", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-469": { "value": "(e) Change in fair value of schemes\u2019 assets
2026 2025
Pension Health care Pension Health care
scheme scheme Total scheme scheme Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Opening fair value of schemes' assets
74.2
0.1
74.3
82.5
\u2013
82.5
Return on schemes' assets (less amounts
included in the net interest expense)
4.2
\u2013
4.2
4.0
\u2013
4.0
Actuarial losses on plan assets
1.0
\u2013
1.0
(9.9)
\u2013
(9.9)
Contributions by employer
2.0
0.2
2.2
2.1
0.2
2.3
Contributions by schemes' members
0.1
\u2013
0.1
0.1
\u2013
0.1
Benefits paid
(4.0)
(0.2)
(4.2)
(4.6)
(0.1)
(4.7)
Fair value of schemes' assets
77.5
0.1
77.6
74.2
0.1
74.3
A potentially landmark judgement was handed down in the High Court case of Virgin Media vs NTL Trustees in June 2023. The judge in this case ruled that, where benefit changes were made without a valid \u2018section 37\u2019 certificate from the scheme actuary, those changes could be considered void. This case has remained a key area of discussion and consideration for the Trustees throughout the year. With legislation on the matter expected imminently, it was considered appropriate to hold off on beginning a detailed investigation until a better understanding was obtained of what would be expected as a result of the upcoming legislation. The Trustees reported to the Board during the year on this subject, and completed their own additional reading around the case, in addition to obtaining advice from their legal adviser. Both the Trustees and management are comfortable with the current approach, however they are expecting to further progress the investigation once the legislation is finalised. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfPlanAssetsExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-430": { "value": "
28. Share capital and reserves
2026 2026 2025 2025
Shares \u00a3m Shares \u00a3m
Issued and fully paid shares \u2013 12.5p each
Opening balance
62,096,842
7.8
62,096,842
7.8
Cancellation of shares
(975,027)
(0.1)
\u2013
\u2013
Closing balance
61,121,815
7.7
62,096,842
7.8
Of the opening balance, 38,026,087 are A shares and 24,070,755 are non-voting shares (2025: 38,026,087 A shares, 24,070,755
non-voting shares). Of the closing balance, 38,026,087 are A shares and 23,095,728 are non-voting shares (2025: 38,026,087
A shares, 24,070,755 non-voting shares).
The two classes of shares are equal in all respects except that the non-voting shares do not carry the right to receive notices of, or to
attend, speak or vote at general meetings.
On 18 November 2025, the company commenced a share buyback programme targeting non-voting shares up to the value of
\u00a310 million or 6,209,684 shares, whichever is reached first. At the balance sheet date, the company had purchased 975,027 shares
for consideration of \u00a36.1 million. The scheme is a committed scheme up to the total approved amount and as such a liability has been
recognised within trade and other payables (see note 23). All shares purchased are subsequently cancelled.
Share premium account
The share premium account represents the excess of proceeds received over the nominal value of new shares issued.
Other reserves
Other reserves represent the nominal amount of the share capital cancelled related to the repurchase and cancellation of ordinary
share capital (\u2018capital redemption reserve\u2019); and the share premium of shares issued on acquisition of subsidiaries on a share for share
transaction (\u2018merger relief reserve\u2019). As part of the acquisition of the City Pub Group, a merger relief reserve of \u00a336.2 million was
recognised, representing the difference between the fair value and nominal value of the shares acquired.
Hedging reserve
Hedging reserve adjustments arise from the movement in fair value of the group\u2019s derivative instruments used as an effective hedge.
Revaluation reserve
The revaluation reserve represents unrealised gains generated on the property estate from annual property valuations. It arises from
the surplus of fair value over the original cost, net of any associated deferred taxation.
Retained earnings
Retained earnings consists of cumulative historic realised gains and losses, net of dividends paid. It also includes a non-distributable
reserve of \u00a317.1 million (2025: \u00a317.1 million) arising on the transfer of assets from subsidiaries to the parent at consolidated book
value, and a non-distributable reserve of \u00a333.6 million (2025: \u00a333.6 million) arising from the transfer of revaluation reserves relating
to leasehold assets following the adoption of IFRS 16.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-471": { "value": "
2026 2026 2025 2025
Shares \u00a3m Shares \u00a3m
Issued and fully paid shares \u2013 12.5p each
Opening balance
62,096,842
7.8
62,096,842
7.8
Cancellation of shares
(975,027)
(0.1)
\u2013
\u2013
Closing balance
61,121,815
7.7
62,096,842
7.8
Of the opening balance, 38,026,087 are A shares and 24,070,755 are non-voting shares (2025: 38,026,087 A shares, 24,070,755 non-voting shares). Of the closing balance, 38,026,087 are A shares and 23,095,728 are non-voting shares (2025: 38,026,087 A shares, 24,070,755 non-voting shares). The two classes of shares are equal in all respects except that the non-voting shares do not carry the right to receive notices of, or to attend, speak or vote at general meetings. On 18 November 2025, the company commenced a share buyback programme targeting non-voting shares up to the value of \u00a310 million or 6,209,684 shares, whichever is reached first. At the balance sheet date, the company had purchased 975,027 shares for consideration of \u00a36.1 million. The scheme is a committed scheme up to the total approved amount and as such a liability has been recognised within trade and other payables (see note 23). All shares purchased are subsequently cancelled. Share premium account The share premium account represents the excess of proceeds received over the nominal value of new shares issued. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-470": { "value": "Other reserves Other reserves represent the nominal amount of the share capital cancelled related to the repurchase and cancellation of ordinary share capital (\u2018capital redemption reserve\u2019); and the share premium of shares issued on acquisition of subsidiaries on a share for share transaction (\u2018merger relief reserve\u2019). As part of the acquisition of the City Pub Group, a merger relief reserve of \u00a336.2 million was recognised, representing the difference between the fair value and nominal value of the shares acquired. Hedging reserve Hedging reserve adjustments arise from the movement in fair value of the group\u2019s derivative instruments used as an effective hedge. Revaluation reserve The revaluation reserve represents unrealised gains generated on the property estate from annual property valuations. It arises from the surplus of fair value over the original cost, net of any associated deferred taxation. Retained earnings Retained earnings consists of cumulative historic realised gains and losses, net of dividends paid. It also includes a non-distributable reserve of \u00a317.1 million (2025: \u00a317.1 million) arising on the transfer of assets from subsidiaries to the parent at consolidated book value, and a non-distributable reserve of \u00a333.6 million (2025: \u00a333.6 million) arising from the transfer of revaluation reserves relating to leasehold assets following the adoption of IFRS 16.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-431": { "value": "
30. Non-controlling interests
Set out below is the financial information for the non-controlling interests of the group. At the period end date, the group held a 69%
(2025: 61%) shareholding in The Sovereign (City) Pub Company Limited and The Galaxy (City) Pub Company Limited.
2026 2025
52 weeks 52 weeks
Income statement \u00a3m \u00a3m
Revenue
6.9
8.2
Profit for the period
0.2
0.5
Profit allocated to non-controlling interests
0.1
0.2
Other comprehensive income
0.7
0.1
2026 2025
Balance sheet \u00a3m \u00a3m
Current assets
0.1
0.3
Current liabilities
(1.4)
(1.5)
Current net assets
(1.3)
(1.2)
Non-current assets
12.3
9.7
Non-current liabilities
(0.7)
(1.9)
Non-current net assets
11.6
7.8
Net assets
10.3
6.5
Accumulated non-controlling interests
3.0
2.6
2026 2025
52 weeks 52 weeks
Cash flows \u00a3m \u00a3m
Cash flows from operating activities
0.6
0.4
Cash flows from investing activities
(0.4)
(0.3)
Cash flows from financing activities
(0.4)
(0.1)
Net decrease in cash and cash equivalents
(0.2)
\u2013
During the period, the group increased its shareholding in The Sovereign (City) Pub Company Limited and The Galaxy (City)
Pub Company Limited from 61% to 69%, resulting in a further reduction to the non-controlling interest balance of \u00a30.4 million.
During the prior period, the group increased its shareholding from 53% to 61%, resulting in a reduction to the non-controlling interest
balance of \u00a30.8 million.
During the prior period, the group disposed of its 53% shareholding in The Pioneer (City) Pub Company Limited, which resulted in
a reduction to the non-controlling interest balance of \u00a30.6 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-432": { "value": "
31. Related party transactions
Transactions with group undertakings
During the period, the company received a dividend from 580 Limited of \u00a3nil million (2025: \u00a38.2 million) and from BFI Limited of \u00a3nil
million (2025: \u00a31.3 million).
Details of amounts receivable and payable from group undertakings are included within notes 9 and 11 of the company financial
statements respectively. In addition, at the period end date the company had a balance owing to The Galaxy (City) Pub Company
Limited of \u00a30.8 million (2025: \u00a30.1 million), and a balance owing to The Sovereign (City) Pub Company Limited of \u00a30.8 million
(2025: \u00a30.1 million), both being indirectly held subsidiaries of the company. The company also received income of \u00a30.7 million
(2025: \u00a30.5 million) during the period relating to recharges of central costs to these subsidiaries.
Directors
Directors\u2019 emoluments and retirement benefits are disclosed in notes 8(b) and (c). Directors\u2019 interests in the company\u2019s share capital
are disclosed or referred to on page 110 and in notes 8 (e) and 29. No other transactions requiring disclosure have been entered into
with the directors.
Pension scheme and other trust
The Young & Co.\u2019s Brewery, P.L.C. Pension Scheme provides pensions and other benefits to employees of the group and certain
other individuals. It is managed by a corporate trustee, Young\u2019s Pension Trustees Limited. Torquil Sligo-Young, a non-executive
director of the company, and two other individuals, neither of whom are directors of the company, are the directors of the pension
trustee company. At 30 March 2026, the scheme held 337,067 A shares (2025: 337,067), being 0.89% of the class. In March 2018,
the company granted a charge over two of its pubs as security for its obligation to make payments to the scheme: the company felt
it was appropriate to agree to this so as to demonstrate its commitment to the scheme and to provide the pension trustee company
with greater comfort as to the security of the scheme. The charge was based on a standard form document issued by the Pension
Protection Fund.
The Ram Brewery Trust II holds assets for the benefit of employees and former employees. It is managed by a corporate trustee,
RBT II Trustees Limited. During the period, three individuals, none of whom were a director of the company, were the directors of
the employee benefit trustee company. At 30 March 2026, the trust held 8,924 A shares (2025: 9,636), being 0.02% (2025: 0.03%)
of the class. During the period:
\u2022 Nil A shares (2025: nil) were transferred from the trust in connection with the company\u2019s savings-related share option scheme
(see note 8 (d));
\u2022 Nil A shares (2025: 1,174) were transferred to the trust in connection with the company\u2019s deferred annual bonus scheme
(see note 29).
Neither the pension trustee company nor the employee benefit trustee company is a related party of the company for the purposes
of the AIM Rules for Companies.
Key management
The group considers key management personnel to be solely the directors of the company as they are the only ones with authority
and responsibility for planning, directing and controlling the activities of the group. The compensation provided to the directors
is detailed in note 8; in addition, the group made employers\u2019 national insurance contributions of \u00a30.3 million (2025: \u00a30.3 million)
and incurred a share based payment charge of \u00a3nil (2025: \u00a30.2 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-472": { "value": "31. Related party transactions Transactions with group undertakings During the period, the company received a dividend from 580 Limited of \u00a3nil million (2025: \u00a38.2 million) and from BFI Limited of \u00a3nil million (2025: \u00a31.3 million). Details of amounts receivable and payable from group undertakings are included within notes 9 and 11 of the company financial statements respectively. In addition, at the period end date the company had a balance owing to The Galaxy (City) Pub Company Limited of \u00a30.8 million (2025: \u00a30.1 million), and a balance owing to The Sovereign (City) Pub Company Limited of \u00a30.8 million (2025: \u00a30.1 million), both being indirectly held subsidiaries of the company. The company also received income of \u00a30.7 million (2025: \u00a30.5 million) during the period relating to recharges of central costs to these subsidiaries. Directors Directors\u2019 emoluments and retirement benefits are disclosed in notes 8(b) and (c). Directors\u2019 interests in the company\u2019s share capital are disclosed or referred to on page 110 and in notes 8 (e) and 29. No other transactions requiring disclosure have been entered into with the directors. Pension scheme and other trust The Young & Co.\u2019s Brewery, P.L.C. Pension Scheme provides pensions and other benefits to employees of the group and certain other individuals. It is managed by a corporate trustee, Young\u2019s Pension Trustees Limited. Torquil Sligo-Young, a non-executive director of the company, and two other individuals, neither of whom are directors of the company, are the directors of the pension trustee company. At 30 March 2026, the scheme held 337,067 A shares (2025: 337,067), being 0.89% of the class. In March 2018, the company granted a charge over two of its pubs as security for its obligation to make payments to the scheme: the company felt it was appropriate to agree to this so as to demonstrate its commitment to the scheme and to provide the pension trustee company with greater comfort as to the security of the scheme. The charge was based on a standard form document issued by the Pension Protection Fund. The Ram Brewery Trust II holds assets for the benefit of employees and former employees. It is managed by a corporate trustee, RBT II Trustees Limited. During the period, three individuals, none of whom were a director of the company, were the directors of the employee benefit trustee company. At 30 March 2026, the trust held 8,924 A shares (2025: 9,636), being 0.02% (2025: 0.03%) of the class. During the period: \u2022 Nil A shares (2025: nil) were transferred from the trust in connection with the company\u2019s savings-related share option scheme (see note 8 (d)); \u2022 Nil A shares (2025: 1,174) were transferred to the trust in connection with the company\u2019s deferred annual bonus scheme (see note 29). Neither the pension trustee company nor the employee benefit trustee company is a related party of the company for the purposes of the AIM Rules for Companies. Key management The group considers key management personnel to be solely the directors of the company as they are the only ones with authority and responsibility for planning, directing and controlling the activities of the group. The compensation provided to the directors is detailed in note 8; in addition, the group made employers\u2019 national insurance contributions of \u00a30.3 million (2025: \u00a30.3 million) and incurred a share based payment charge of \u00a3nil (2025: \u00a30.2 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-490": { "value": "Key management The group considers key management personnel to be solely the directors of the company as they are the only ones with authority and responsibility for planning, directing and controlling the activities of the group. The compensation provided to the directors is detailed in note 8; in addition, the group made employers\u2019 national insurance contributions of \u00a30.3 million (2025: \u00a30.3 million) and incurred a share based payment charge of \u00a3nil (2025: \u00a30.2 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-433": { "value": "
32. Net cash generated from operations and analysis of net debt
2026 2025
52 weeks 52 weeks
\u00a3m \u00a3m
Profit before tax
41.1
18.1
Net finance cost
18.0
19.9
Finance charge for pension obligations
0.2
(0.1)
Operating profit
59.3
37.9
Depreciation of property and equipment
35.0
33.1
Movement on revaluation of properties
7.7
21.8
Depreciation of right-of-use assets
8.9
9.1
Net impairment of goodwill, right-of-use assets and investment properties
1.1
8.7
Net loss on disposal of properties
0.5
0.3
Net gain on disposal of subsidiaries
\u2013
(1.7)
Difference between pension service cost and cash contributions paid
(2.0)
(2.2)
Share based payments
\u2013
(0.2)
Movements in working capital
\u2013 Inventories
(0.3)
(0.1)
\u2013 Receivables
1.6
1.7
\u2013 Payables
2.1
(4.6)
Net cash generated from operations
113.9
103.8
2026 2025
\u00a3m \u00a3m
Cash
8.1
7.5
Bank overdrafts
\u2013
(3.3)
Net cash
8.1
4.2
Current borrowings and loan capital
(34.2)
(20.0)
Non-current borrowings and loan capital
(198.1)
(232.5)
Net debt (pre-IFRS 16)
(224.2)
(248.3)
Current lease liability
(6.4)
(6.3)
Non-current lease liability
(76.4)
(81.7)
Net debt
(307.0)
(336.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-473": { "value": "32. Net cash generated from operations and analysis of net debt
2026 2025
52 weeks 52 weeks
\u00a3m \u00a3m
Profit before tax
41.1
18.1
Net finance cost
18.0
19.9
Finance charge for pension obligations
0.2
(0.1)
Operating profit
59.3
37.9
Depreciation of property and equipment
35.0
33.1
Movement on revaluation of properties
7.7
21.8
Depreciation of right-of-use assets
8.9
9.1
Net impairment of goodwill, right-of-use assets and investment properties
1.1
8.7
Net loss on disposal of properties
0.5
0.3
Net gain on disposal of subsidiaries
\u2013
(1.7)
Difference between pension service cost and cash contributions paid
(2.0)
(2.2)
Share based payments
\u2013
(0.2)
Movements in working capital
\u2013 Inventories
(0.3)
(0.1)
\u2013 Receivables
1.6
1.7
\u2013 Payables
2.1
(4.6)
Net cash generated from operations
113.9
103.8
2026 2025
\u00a3m \u00a3m
Cash
8.1
7.5
Bank overdrafts
\u2013
(3.3)
Net cash
8.1
4.2
Current borrowings and loan capital
(34.2)
(20.0)
Non-current borrowings and loan capital
(198.1)
(232.5)
Net debt (pre-IFRS 16)
(224.2)
(248.3)
Current lease liability
(6.4)
(6.3)
Non-current lease liability
(76.4)
(81.7)
Net debt
(307.0)
(336.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-434": { "value": "
33. Post balance sheet events
On 7 April 2026, the group signed terms to refinance a \u00a350 million term loan that was due to be repaid in May 2027. At the balance
sheet date this facility was classified as non-current.
On 14 April 2026, the group disposed of the Petersfield (Cambridge) for a total cash consideration of \u00a30.7 million, which was classified
as held for sale at the current reporting period end date.
On 22 April 2026, the group completed the purchase of 100% of the share capital of Carpenter Holdco Limited who operate 8
leasehold pubs in London (\u201cCubitt House\u201d), for a purchase price of \u00a329.4 million. The assets acquired primarily relate to right-of-use
assets and associated property assets. The purchase has been treated as an asset purchase based on a concentration test performed by
management in line with IFRS 3 Business Combinations.
On 28 April 2026, the group\u2019s shares were admitted to the Main Market of the London Stock Exchange having previously been listed
on AIM.
As at 15 May 2026, the company has repurchased an additional 332,550 non-voting shares for a total consideration of \u00a32.2 million.
The shares have subsequently been cancelled.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-435": { "value": "34. Contingent liabilities There were no contingent liabilities at the current or prior period balance sheet date.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } }, "fact-24": { "value": "Copper House, 5 Garratt Lane, Wandsworth, London SW18 4AQ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800JMZDORXCMKFW06", "period": "2025-04-01T00:00:00/2026-03-31T00:00:00" } } } }