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Company registration number: 01847467







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


BRITANNIA ROW PRODUCTIONS LIMITED






































                        

 


BRITANNIA ROW PRODUCTIONS LIMITED
 


 
COMPANY INFORMATION


Directors
M. J. Lowe 
B. D. Grant 
T. A. Clair 
S. E. Clair 
M. R. Clair 
L. J. Dwight 
C. S. Bosch 
N. Amoruso 
C. Fitch 




Registered number
01847467



Registered office
104 The Green

Twickenham

London

TW2 5AG




Independent auditors
Ernst & Young LLP

1 More London Place

London

SE1 2AF




Accountants
Menzies LLP
Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY




Bankers
Coutts & Co
440 Strand

London

WC2R 0QS





 


BRITANNIA ROW PRODUCTIONS LIMITED
 



CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Statement of income and retained earnings
9
Statement of financial position
10
Statement of cash flows
11 - 12
Analysis of net debt
13
Notes to the financial statements
14 - 28


 


BRITANNIA ROW PRODUCTIONS LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report for the year ended 31 December 2023. 

Business Review
The directors aim to provide a balanced and comprehensive review of the development and performance during the year and position at the year end. This review is consistent with the size and nature of our business and is written in the context of the risks and uncertainties faced by the business.
 
The principal activity of the Company is the continued sale and rental of state-of-the-art audio equipment along with audio expertise, sound engineers and technicians to a range of markets, including the events and international touring. Britannia Row continues to work closely with related companies in the Clair Group’s expanding global network.

Financial Results and Performance
 
The Company experienced unprecedented growth in 2023. Turnover increased by 62.9%, compared to the prior year, to £41.5M. This substantial increase was contributed to by the acquisition of Skan PA Hire in late 2022 and the transfer of trade from Eighth Day Sound UK from 1st of January 2023. The management staff and directors from all three companies have continued to prioritise integrating their teams, sharing resources, skills, training, and experience to strengthen the individual and group brands.
The gross profit margin was 35.1% for the year ended 31 December 2023 compared to 37.3% for the previous year. One of the main reasons for the reduced margin was due to an increase in depreciation on audio equipment. Due to unpredictable manufacturer lead times and increased customer demand, the decision was made to significantly increase investment in audio equipment in 2023. As a result, the Group was able to reduce freight movements and other costs.
The gross margin was also impacted by an increase in staff numbers, due to the highly competitive job market, recruitment was slow in 2022, and continued into 2023, resulting in a 34% increase to employee numbers by the end of the year. Britannia Row continues to promote equal opportunities and the directors note positive change in diversity of the workforce in recent years. 
The 2023 Profit before Tax was £6.0M compared to £3.5M for the previous year, a 69.5% increase. This resulted in a £5.8M improvement on the Company EBITDA, when comparing 2023 and 2022. Despite the increase to the long-term creditors balance, net assets followed the same trend rising from £4.8M in to £9.4M.
The Board regularly monitors the Company’s financial performance against the following Key Performance Indicators.
Turnover      £41.5m
Gross Profit Margin     35.1%
EBITDA      £11.8m  

Page 1

 


BRITANNIA ROW PRODUCTIONS LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal Risks and Uncertainties
 
The risks faced by the Company are reviewed by the board on a regular basis and appropriate processes are put in place to monitor and mitigate these, however the directors recognise that the Company, as any other business, is subject to risks and uncertainties that are beyond its control.
The pandemic and war in Ukraine have an ongoing impact on supply chain resulting in unpredictable manufacturer lead times, in addition, Brexit continues to affect the availability of skilled technical labour. The war in the Middle East can require additional logistics planning. The Company is fortunate to be part of a Global Group, and thus can reduce these risks by sharing resources with related group companies.  
Other keys risks that could impact on the future of the business are:
- Exchange Rate Fluctuations
This financial risk is managed by quoting international tours in the applicable currency and managing multiple currency bank accounts.
- Interest Rates
The directors manage the cost of borrowing by careful financial planning and controlling the timing of capital expenditure.
- Health & Safety
The Company regularly reviews its strict Health and Safety procedures and has a dedicated Health and Safety manager who ensures that the team are trained accordingly.
- Cyber Security
The Company enforces IT security measures, such as multi-factor authentication and provides regular cyber security awareness training.

Future Developments
 
The Company continues to collaborate with related companies in the Clair Global Group to improve on global synergies and standardisation of processes, with the goal of exceeding customer expectations. In 2024, the Clair UK companies plan to consolidate operations into one building, which will reduce costs and improve efficiencies. In addition, the Group continues to work on standardisation of equipment, to ensure consistent quality services globally.


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



C. S. Bosch
Director

Date: 24 July 2024

Page 2

 


BRITANNIA ROW PRODUCTIONS LIMITED
 


 
DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £4,582,668 (2022 -£2,939,208).

The directors have not recommended a dividend.

Directors

The directors who served during the year were:

M. J. Lowe 
B. D. Grant 
T. A. Clair 
S. E. Clair 
M. R. Clair 
L. J. Dwight 
C. S. Bosch 
N. Amoruso 
C. Fitch 

Matters covered in the Strategic Report

Information on future developments is covered in the Strategic Report.

Page 3

 


BRITANNIA ROW PRODUCTIONS LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

The Company signed a new lease agreement for the existing office premises on 1 February 2024 as disclosed in note 27.

Auditors

Ernst & Young LLP were appointed as auditors during the year. Under the section 487 (2) of the Companies House Act of 2006, Ernst & Young will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the register, whichever is earlier.

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





N. Amoruso
Director

Date: 24 July 2024

Page 4

 


BRITANNIA ROW PRODUCTIONS LIMITED
 


 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRITANNIA ROW PRODUCTIONS LIMITED

Opinion


We have audited the financial statements of Britannia Row Productions Limited  (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position, the Statement of Cash Flows and the related notes 1 to 28, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. 
 
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Company’s ability to continue as a going concern.


Page 5

 


BRITANNIA ROW PRODUCTIONS LIMITED



 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRITANNIA ROW PRODUCTIONS LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 


BRITANNIA ROW PRODUCTIONS LIMITED



 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRITANNIA ROW PRODUCTIONS LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.  The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. 

We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS 102 and Companies Act 2006) and the relevant direct and indirect tax compliance regulation in the United Kingdom. In addition, the Company has to comply with laws and regulations relating to its operations including health and safety and the Data Protection Act 2018.

We understood how Britannia Row Productions Limited is complying with those frameworks by making enquires of management and those charged with governance to gain an understanding of entity level controls including how the Company maintains and communicates its policies and procedures in these areas. We corroborated our enquires through a review of policies, meeting minutes and any correspondence received from regulatory bodies. 

We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur through inquiry of management and those charged with governance as to established policies and procedures that exist, as well as reading internal policies relating to revenue recognition and related party transactions. We considered the procedures and controls that the Company has established to address risks identified, or that otherwise prevent, deter and detect fraud and gained an understanding as to how these procedures and controls are implemented and monitored. 

Based on this understanding we designed our audit procedures to identify noncompliance with such laws and regulations. Our procedures included verifying that material transactions are recorded in compliance with FRS 102 and where applicable Companies Act 2006. Compliance with other operational laws and regulations was covered through inquiry with management, reading of the board meeting minutes and correspondence with the relevant authorities with no indication of non-compliance identified.   


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 7

 


BRITANNIA ROW PRODUCTIONS LIMITED



 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRITANNIA ROW PRODUCTIONS LIMITED (CONTINUED)

Use of our report
 

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





Shabbir Somani FCA (Senior statutory auditor)
for and on behalf of Ernst & Young LLP, Statutory Auditor


 
Date: 
24 July 2024
Page 8

 


BRITANNIA ROW PRODUCTIONS LIMITED
 


 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
As restated 2022
Note
£
£

  

Turnover
 4 
41,494,154
25,472,274

Cost of sales *
  
(26,944,464)
(15,975,489)

Gross profit
  
14,549,690
9,496,785

Distribution costs
  
(343,719)
(209,325)

Administrative expenses
  
(7,487,285)
(5,994,792)

Other operating income
 5 
-
227,772

Operating profit
 6 
6,718,686
3,520,440

Income from fixed assets investments
 10 
-
83,348

Interest receivable and similar income
 11 
115
524

Interest payable and similar expenses
 12 
(710,307)
(59,474)

Profit before tax
  
6,008,494
3,544,838

Tax on profit
 13 
(1,425,826)
(605,630)

Profit after tax
  
4,582,668
2,939,208

  

  

Retained earnings at the beginning of the year
  
4,782,744
1,843,536

  
4,782,744
1,843,536

Profit for the year
  
4,582,668
2,939,208

Retained earnings at the end of the year
  
9,365,412
4,782,744
The notes on pages 14 to 28 form part of these financial statements.



* A prior year adjustment has been made to reduce stock by £605,216 and cost of sales by £58,295 as at 31 December 2022. Please see note 23 for more information.

Page 9

 


BRITANNIA ROW PRODUCTIONS LIMITED
REGISTERED NUMBER:01847467



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
As restated 2022
Note
£
£

Fixed assets
  

Intangible assets
 14 
3,095,782
3,475,122

Tangible assets
 15 
27,948,550
16,450,151

  
31,044,332
19,925,273

Current assets
  

Stocks *
 16 
-
8,636

Debtors: amounts falling due within one year
 17 
3,213,334
1,294,427

Cash at bank and in hand
  
180,635
232,832

  
3,393,969
1,535,895

Creditors: amounts falling due within one year
 18 
(3,625,464)
(2,806,999)

Net current liabilities
  
 
 
(231,495)
 
 
(1,271,104)

Total assets less current liabilities
  
30,812,837
18,654,169

Creditors: amounts falling due after more than one year
 19 
(18,799,232)
(13,055,309)

Provisions for liabilities
  

Deferred tax
 20 
(2,647,953)
(815,876)

  
 
 
(2,647,953)
 
 
(815,876)

Net assets
  
9,365,652
4,782,984


Capital and reserves
  

Allotted, called up and fully paid share capital
 21 
240
240

Profit and loss account
 22 
9,365,412
4,782,744

  
9,365,652
4,782,984


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




C. S. Bosch
Director

Date: 24 July 2024

The notes on pages 14 to 28 form part of these financial statements.

* A prior year adjustment has been made to reduce stock by £605,216 and cost of sales by £58,295 as at 31 December 2022. Please see note 23 for more information.

Page 10

 


BRITANNIA ROW PRODUCTIONS LIMITED
 



STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
As restated 2022
£
£

Cash flows from operating activities

Profit for the financial year
4,582,668
2,939,208

Adjustments for:

Amortisation of intangible assets
379,340
104,945

Depreciation of tangible assets
4,656,807
2,259,540

Profit on disposal of tangible assets
(259,603)
(8,386)

Interest paid
710,307
59,474

Interest received
(115)
(524)

Taxation charge
1,425,826
605,630

Decrease in stocks
8,636
-

(Increase) in debtors
(1,913,574)
(430,449)

Decrease/(increase) in amounts owed by groups
14,457
(14,458)

Increase in creditors
341,237
1,294,337

Increase in amounts owed to groups
6,243,923
5,241,374

Corporation tax received
386,461
-

Net cash generated from operating activities

16,576,370
12,050,691


Cash flows from investing activities

Purchase of intangible fixed assets
-
(5,400,000)

Purchase of tangible fixed assets
(16,394,663)
(6,370,113)

Sale of tangible fixed assets
499,060
42,341

Interest received
115
524

Hire purchase and finance interest paid
(2,025)
(7,284)

Net cash from investing activities

(15,897,513)
(11,734,532)

Cash flows from financing activities

Repayment of/new finance leases
(22,772)
(209,302)

Interest paid
(708,282)
(52,190)

Net cash used in financing activities
(731,054)
(261,492)
Page 11

 


BRITANNIA ROW PRODUCTIONS LIMITED
 



STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022

£
£


Net (decrease)/increase in cash and cash equivalents
(52,197)
54,667

Cash and cash equivalents at beginning of year
232,832
178,165

Cash and cash equivalents at the end of year
180,635
232,832


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
180,635
232,832

180,635
232,832


The notes on pages 14 to 28 form part of these financial statements.

Page 12

 


BRITANNIA ROW PRODUCTIONS LIMITED
 



ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

232,832

(52,197)

180,635

Finance leases

(22,772)

22,772

-


210,060
(29,425)
180,635

The notes on pages 14 to 28 form part of these financial statements.

Page 13

 


BRITANNIA ROW PRODUCTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Britannia Row Productions Limited is a private company, limited by shares and incorporated in England and Wales. The address of the registered office is 104 The Green, Twickenham, London, TW2 5AG.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

At the year end the Company had net assets of £9,365,652 increased from £4,782,984 (restated) as at 31 December 2022. For at least the next 12 months from the date of these financial statements, due to the continued support of the parent Company and cash generated from operations, the directors have a reasonable expectation that the Company has adequate resources to continue operational existence. For this reason the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using monthly exchange rates.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Revenue

The revenue shown in the profit and loss account represents amounts receivable for audio equipment hire and supply of engineers and technicians during the year, as well as sales of new and used audio equipment in the normal course of business, net of trade discounts and VAT. 
Revenue arising from the supply of audio equipment, engineers and technicians is recognised at the point of supply. Where services are invoiced in advance, revenue is deferred and released on fulfillment of the contracted services.
Revenue arising from the sale of new and used audio equipment is recognised on despatch to the customer, which is considered to be the point at which the risks and rewards of ownership transfer to the customer.

Page 14

 


BRITANNIA ROW PRODUCTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet and  depreciated over the estimated useful lives.
The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

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

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 15

 


BRITANNIA ROW PRODUCTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life, which is considered to be 10 years.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a mixture of straight line and reducing balance basis.

Depreciation is provided on the following basis:

Leasehold property
-
evenly over the remaining lease term
Plant and machinery
-
20 - 50% per annum on reducing balance
Motor vehicles
-
25% per annum on reducing balance
Fixtures and fittings
-
20% per annum on reducing balance
Equipment
-
15 - 33% per annum on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Stocks

Stocks are valued at lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is written off. The impairment loss is recognised immediately in profit or loss.

Page 16

 


BRITANNIA ROW PRODUCTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. The estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 
A key area of judgement and estimation affecting these financial statements is:
Tangible assets
Management are required to estimate the expected useful economic life and expected residual value of the Company's fixed assets in order to apply an appropriate accounting policy for the Company's audio equipment. The depreciation policies are detailed in note 2.11. The accounting policy affects the net book value of the tangible assets, which coincides with the revenue generated on the profit or loss on disposals.
Intangible assets

Management are also required to estimate the period over which the Goodwill balance should be amortised by estimating the period over which measurable benefits from past acquisitions will flow to the entity. The amortisation policies are detailed in note 2.10. The accounting policy affects the net book value of the intangible assets.
Intangible assets are reviewed annually for indicators of impairment by reference to the financial performance of the relevant business units against forecast. Where performance falls short of forecast, the reasons for this are considered by management alongside actual and forecast post year end performance. Where this is considered to be indicative of potential impairment, an adjustment may be made to the carrying value of the related balances. In judging whether impairment exists and calculating the recoverable value of the assets, management take into account their knowledge and understanding of the operations of each business unit as well as their wider industry expertise.
Page 17

 


BRITANNIA ROW PRODUCTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£

BRP Equipment revenue
27,045,308
17,447,040

Ancillary
13,949,246
7,982,893

Sale of ex-hire equipment
499,600
42,341

41,494,154
25,472,274




Analysis of turnover by country of destination:

2023
2022
£
£
Europe

7,477,122

4,926,071
 
Rest of World

5,590,669

4,052,563
 
United Kingdom

9,761,944

7,044,911
 
United States of America

18,664,419

9,448,767
 
41,494,154

25,472,312
 



5.


Other operating income

2023
2022
£
£

Other operating income
-
227,772

-
227,772


Page 18

 


BRITANNIA ROW PRODUCTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Amortisation
379,340
104,945

Exchange differences
(840,486)
730,661

Other operating lease rentals - land and buildings
555,212
463,429

Operating lease rentals - other
19,860
18,230

Depreciation
4,656,807
2,105,351


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2023
2022
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements

54,000
21,300


8.


Employees

2023
2022
£
£



Wages and salaries
4,854,444
3,152,474

Social security costs
524,239
355,820

Cost of defined contribution scheme
312,608
176,958

5,691,291
3,685,252

The average monthly number of employees, including directors, during the year was 151 (2022 - 91). 

Page 19

 


BRITANNIA ROW PRODUCTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
728,940
563,177

Company contributions to defined contribution pension schemes
94,419
83,472

823,359
646,649


During the year retirement benefits were accruing to 6 directors (2022 -6) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £155,526 (2022 -£138,984).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £6,000 (2022 -£4,121).


10.


Income from investments

2023
2022
£
£



Dividends received from unlisted investments
-
83,348

-
83,348



11.


Interest receivable

2023
2022
£
£


Other interest receivable
115
524

115
524


12.


Interest payable and similar expenses

2023
2022
£
£


Loans from group undertakings
708,282
52,190

Hire purchase and finance interest payable
2,025
7,284

710,307
59,474

Page 20

 


BRITANNIA ROW PRODUCTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
(40,695)
(15,056)

Adjustments in respect of previous periods
(365,556)
-


(406,251)
(15,056)


Total current tax
(406,251)
(15,056)

Deferred tax


Origination and reversal of timing differences
1,314,567
1,462,491

Adjustment in respect of previous periods
434,823
(8,335)

Effect of changes in tax rates
82,687
(833,470)

Total deferred tax
1,832,077
620,686


Taxation on profit on ordinary activities
1,425,826
605,630
Page 21

 


BRITANNIA ROW PRODUCTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
 
13.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 -lower than) the standard rate of corporation tax in the UK of 23.5% (2022 -19.0%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
5,403,278
3,436,653


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 -19.0%)
1,270,881
652,964

Effects of:


Non-tax deductible amortisation of goodwill and impairment
-
29,419

Expenses not deductible for tax purposes
161,978
41,020

Capital allowances for year in excess of depreciation
-
143,771

Capital allowances super deduction
(158,989)
-

Adjustments to tax charge in respect of prior periods
69,268
-

Other permanent differences leading to an increase (decrease) in taxation
82,688
(9,222)

Changes in tax rates leading to an increase (decrease) in the tax charge
-
247,823

Trade losses transferred on acquisition of subsidiaries
-
(88,234)

Elimination of subsidiary deferred tax on acquisition
-
(411,911)

Total tax charge for the year
1,425,826
605,630


Factors that may affect future tax charges

Changes to the UK Corporation tax rates were substantively enacted on 24 May 2021 to increase the main rate of Corporation tax to 25% from 1 April 2023.

Page 22

 


BRITANNIA ROW PRODUCTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Intangible fixed assets




Website costs
Goodwill
Total

£
£
£



Cost


At 1 January 2023
23,825
3,793,403
3,817,228



At 31 December 2023

23,825
3,793,403
3,817,228



Amortisation


At 1 January 2023
23,825
318,281
342,106


Charge for the year
-
379,340
379,340



At 31 December 2023

23,825
697,621
721,446



Net book value



At 31 December 2023
-
3,095,782
3,095,782



At 31 December 2022
-
3,475,122
3,475,122



Page 23

 


BRITANNIA ROW PRODUCTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Tangible fixed assets





Leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Audio equipment
Total

£
£
£
£
£
£



Cost


At 1 January 2023
848,452
281,763
13,115
85,299
26,805,594
28,034,223


Additions
56,218
61,400
-
-
16,277,045
16,394,663


Disposals
-
(3,639)
-
-
(529,368)
(533,007)



At 31 December 2023

904,670
339,524
13,115
85,299
42,553,271
43,895,879



Depreciation


At 1 January 2023
536,107
183,359
273
69,596
10,794,737
11,584,072


Charge for the year
151,915
54,568
3,211
3,141
4,443,972
4,656,807


Disposals
-
(1,989)
-
-
(291,561)
(293,550)



At 31 December 2023

688,022
235,938
3,484
72,737
14,947,148
15,947,329



Net book value



At 31 December 2023
216,648
103,586
9,631
12,562
27,606,123
27,948,550



At 31 December 2022
312,345
98,404
12,842
15,703
16,010,857
16,450,151

Included within the net book value of £27,948,550 is £Nil (2022 - £70,449) relating to assets held under hire purchase agreements. The depreciation to the financial statements in the year in respect of such assets amounted to £Nil (2022 - £12,439).


16.


Stocks

2023
As restated 2022
£
£

Finished goods and goods for resale
-
8,636

-
8,636


The difference between purchase price or production cost of stocks and their replacement cost is not material.
Page 24

 


BRITANNIA ROW PRODUCTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Debtors

2023
2022
£
£


Trade debtors
2,624,283
913,234

Amounts owed by group undertakings
-
14,457

Other debtors
58,422
38,632

Prepayments and accrued income
530,629
328,104

3,213,334
1,294,427



18.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
815,460
823,971

Amounts owed to group undertakings
1
1

Other taxation and social security
428,565
435,032

Obligations under finance lease and hire purchase contracts
-
22,772

Other creditors
537,386
630,414

Accruals and deferred income
1,844,052
894,809

3,625,464
2,806,999



19.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
18,799,232
12,555,309

Other creditors
-
500,000

18,799,232
13,055,309


Page 25

 


BRITANNIA ROW PRODUCTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Deferred taxation




2023
2022


£

£






At beginning of year
(815,876)
216,721


Charged to profit or loss
(1,832,077)
(1,032,597)



At end of year
(2,647,953)
(815,876)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(4,639,458)
(3,209,888)

Short term timing difference
4,405
11,975

Losses and other deductions
1,987,100
2,382,037

(2,647,953)
(815,876)


21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



480 (2022 -480) Ordinary shares of £0.50 each
240
240



22.


Reserves

Profit and loss account

The Company has no reserves apart from the profit and loss account. This reserves records retained earnings and accumulated losses. 


Page 26

 


BRITANNIA ROW PRODUCTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

23.


Prior year adjustment

During the process of preparing the current year's financial statements the directors reviewed the Company's policy for recognising certain consumables used in providing its services as inventory. It was concluded that, these were incorrectly recognised as inventory and therefore taking into account the nature of these consumables and the rate of which these are used in the business, these items will be expensed purchased. Accordingly, there was a correction in relation to the recognition of stock, which was actioned in order to align the accounting standards and the Group's accounting policies. As such a prior year adjustment has been made to reduce stock by £605,216 and cost of sales by £58,295 as at 31 December 2022.
The effect of these entries is to reduce the brought forward balance as at 1 January 2022 in retained earnings of £2,507,047, reduce stock of £672,146 by £632,756 for each line item respectively.



                 2022

     Restatement
                 2022
           Restated
                      £
                      £
                      £


Stock
613,852
(605,216)
8,636

Cost of sales
(16,107,121)
(58,295)
(15,975,489)

Retained earnings
5,338,070
663,511
4,782,744

(10,155,199)
-
(11,184,109)


24.


Contingent liabilities

The Company's assets are pledged as security over group borrowings by means of fixed and floating charges and negative pledges held by PNC Bank, National Association. The directors do not anticipate that the Company will incur any future liabilities as a result of these charges.


25.


Pension commitments

The Company operates defined contribution pension schemes. The assets of the schemes are held separately from those of the Company in independently administered funds. The pension cost charge represents contributions payable by the Company to the funds and amounted to £312,608 (2022 - £184,163). At 31 December 2023 contributions totalling £37,386 (2022 - £30,414) were payable to the Company's pension funds at the balance sheet date.

Page 27

 


BRITANNIA ROW PRODUCTIONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

26.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£

Land and buildings


Not later than 1 year
557,085
557,085

Later than 1 year and not later than 5 years
488,614
965,699

Later than 5 years
297,644
377,644

1,343,343
1,900,428

2023
2022

£
£

Other


Not later than 1 year
9,070
26,563

Later than 1 year and not later than 5 years
6,499
15,370

15,569
41,933


27.


Post balance sheet events

On 1 February 2024, the Company entered into a new premises lease commitment of £1,129,995 per annum. The lease term is 15 years from the date of commencement with review dates on 1 February 2029 and 1 February 2034.


28.


Ultimate parent company

The immediate parent company is Lititz Holdings Limited which is registered in the Republic of Ireland.
The ultimate parent company is Clair Global Family Holdings LLC, which is registered in the United States of America. 
The results of the Company are included in the consolidated financial statements for Clair Global Corp., a company registered in the United States of America whose registered address is One Ellen Avenue, Lititz, PA 17543, United States.
This is the largest and smallest group of undertakings for which consolidated financial statements are available. 

 
Page 28