Registered number:
FOR THE PERIOD ENDED 24 DECEMBER 2023
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PETERSHAM (UK) LIMITED
COMPANY INFORMATION
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PETERSHAM (UK) LIMITED
CONTENTS
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PETERSHAM (UK) LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 24 DECEMBER 2023
The Directors present their report and financial statements for the period ended 24 December 2023.
Principal activity
The Company's principal activity continues to be the operation and management of the site at Covent Garden, including two restaurants (The Petersham and La Goccia) along with a delicatessen.
The UK Hospitality sector remains under significant pressures, including:
∙COVID - financial recovery as well as changed consumer behaviours (e.g. working from home meaning less trips into Central London and those trips being more functional than social as office days are weighted away from Thu/Fri).
∙Sales - the ongoing UK cost of living crisis continues to further impact customers’ level of discretionary spend as lower mortgage rates are swapped for new, higher ones. Being higher end destinations, our brands are more exposed to lower consumer discretionary spend. Our historic healthy corporate sales and events market have also been impacted as events budgets have been reduced or removed.
∙Costs- profit margins are increasingly under pressure from a combination of i) significant F&B inflation (over 85% in 2023 for certain items) ii) spiralling utility costs, impacted by the war in the Ukraine and iii) annual compounded wage inflation c.10% per year in hourly NLW rate increases. In addition to this, post covid and Brexit the demand for hospitality labour far outstrips the supply, further increasing the wage rates needed to secure talent.
The above was further intensified in 2023 by the multiple tube and train strikes, dampening the Central London footfall from both tourists and local office workers. Despite the above, through a combination of the continued upward trajectory of the restaurant’s sales (through pro-active marketing work to increase visibility physically and on-line and growing reputations) and cost optimisations, 2023 was a relative success for the company. Boosted by a full year of the enhanced leadership team, the Company’s adjusted EBITDA grew by +£473k from last year and made adjusted EBITDA of £140k, this was the first year since trading the company made a profitable adjusted EBITDA. This was driven by a combination of trading (F&B sales across all units grew by 8.3%, Restaurant EBITDA grew by 18% and exceeded the £1m threshold for the first year since trading) as well as the disposal of legacy loss-making channels and costs (such as e-commerce).
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PETERSHAM (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 24 DECEMBER 2023
As with any hospitality business in the sector, the company is vulnerable to certain risks which impact on costs or consumer confidence including the UK cost of living crisis and the ongoing conflict in the Ukraine. The risk management process seeks to enable the early identification, evaluation, and effective management of key risks, these are addressed through adherence to good business practices by directors and management.
The principal risk to the business remains upholding the correct circumstances for the site to generate the revenue required to grow profitable adjusted EBITDA. Directors and management consistently review key measures of customer service, quality of experience, margins, staff costs, PR and marketing initiatives and generated brand visibility for consistent business growth. The two specific core challenges we face in 2024 are:
∙The strong sales momentum of 2023 has not continued into 2024. Whilst undoubtedly impacted by the colder weather in the first half of 2024 vs 2023 (which disproportionately affects our restaurants due out reliance on outdoor dining), the continued trend since the weather has been more comparable shows that the sales pressures listed in the business review are no longer being counteracted by underlying momentum.
∙Whilst cost controls from a consumption perspective remain strong and we continue to manage to offset the impact of inflation of our incoming purchases ahead of the CPI, our profit margins have been impacted (primarily due to the lower sales). Our reliance on fewer suppliers with strong working relationships mitigates these pressures.
To try and offset the above and navigate through to a period of strong consumer spend we have restructured our sales and marketing team to put even more focus on the levers we continue to learn are the most effective as well as made further cost rationalisations. These challenges are on top of those already inherent in our business model:
∙The large, fixed cost base (mainly property) of running the restaurants. In 2023, property costs amounted to c.£1.2m.
∙The competition from new entrants into the luxury dining sector as well as from established restaurant groups. The directors and management feel that the company’s unique offering with an emphasis on creating memorable experiences, surrounded by beauty, and offering the best organic, and sustainable produce mitigates these pressures.
∙The company’s performance is dependent on the effective performance of its employees and restaurant teams. The inability to recruit people with the right experience and skills could adversely affect the company’ results and the restriction on mobility of EU nationals has impacted the availability of labour resource in the UK.
There is minimal credit risk in the company as the majority of customers pay with credit card or cash at the point of sale. Cashflow management is a key activity within the business to monitor liquidity. The main uncertainly to highlight in ongoing conversations with our landlord around our level of rent. We had a concessionary rent period which ended in April 2023. We have been in dialogue with our landlord since that point about a further discounted period to continue to help bridge our way to sustained profitability. Whilst there have been notable concessions, we have yet to agree a position which is acceptable to us. Uncertainty therefore remains over i) the value and length of the concession period and amount ii) the payment of the difference between any revised concessionary rental value and the amount paid since April
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PETERSHAM (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 24 DECEMBER 2023
2023.
Directors and management utilises several qualitative and quantitative indicators to monitor and improve the company’s performance. The company considers Turnover, Restaurant EBITDA, and Adjusted EBITDA to be key financial performance indicators.
At the balance sheet date, the company's current liabilities exceeded its current assets by £4,185,133, with a net equity negative balance of £887,381. The directors believe that it is appropriate for the financial statements to be prepared on a going concern basis because the company's existing sources of funding which include a personal loan of £1,269,530 as well as an intercompany loan of £874,294 from a director will continue to remain in place for the foreseeable future.
This report was approved by the board and signed on its behalf.
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PETERSHAM (UK) LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 24 DECEMBER 2023
The directors present their report and the financial statements for the period ended 24 December 2023.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙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 2006. They 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.
The loss for the period, after taxation, amounted to £405,440 (2022 - loss £1,262,780).
The directors who served during the period were:
The directors expect to continue the same management policies for the foreseeable future.
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PETERSHAM (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 24 DECEMBER 2023
The auditors, Williamson Morton Thornton LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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PETERSHAM (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PETERSHAM (UK) LIMITED
We have audited the financial statements of Petersham (UK) Limited (the 'Company') for the period ended 24 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
We draw attention to note 2.2 in the financial statements, which indicates that conditions have been identified that may cast significant doubt on the Company's ability to continue as a going concern. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Whilst the directors are confident that the shareholders and other companies under common control will continue to provide the necessary funds to the Company through their financing facilities, there can be no certainty in these matters. Our opinion is not modified in respect of this matter.
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PETERSHAM (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PETERSHAM (UK) LIMITED (CONTINUED)
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.
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 period 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.
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.
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PETERSHAM (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PETERSHAM (UK) LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity: • Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation. • Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include operating license, food hygiene certification, health and safety legislation, employment law and data protection. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud. No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
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.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.
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PETERSHAM (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PETERSHAM (UK) LIMITED (CONTINUED)
for and on behalf of
Chartered Accountants and Statutory Auditors
4 Beaconsfield Road
Hertfordshire
AL1 3RD
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PETERSHAM (UK) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 24 DECEMBER 2023
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PETERSHAM (UK) LIMITED
REGISTERED NUMBER: 10030036
BALANCE SHEET
AS AT 24 DECEMBER 2023
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PETERSHAM (UK) LIMITED
REGISTERED NUMBER: 10030036
BALANCE SHEET (CONTINUED)
AS AT 24 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 31 form part of these financial statements.
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PETERSHAM (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 24 DECEMBER 2023
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PETERSHAM (UK) LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 24 DECEMBER 2023
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PETERSHAM (UK) LIMITED
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PETERSHAM (UK) LIMITED
ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 24 DECEMBER 2023
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PETERSHAM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 DECEMBER 2023
Petersham (UK) Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is 1 Floral Court, Floral Street, London, London, England, WC2E 7FB. The Company's principal activity continues to be the operation and management of the site at Covent Garden that includes two restaurants (The Petersham and La Goccia) along with a delicatessen.
2.Accounting policies
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 judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company is ultimately reliant on its financers, including Directors and shareholders. The Directors are confident that this support will continue for the foreseeable future and enable the Company to meet its working capital requirements, and on this basis deem it appropriate to prepare the financial statements on a going concern basis.
Functional and presentation currency
Transactions and balances
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PETERSHAM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 DECEMBER 2023
2.Accounting policies (continued)
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PETERSHAM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 DECEMBER 2023
2.Accounting policies (continued)
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.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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.
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PETERSHAM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 DECEMBER 2023
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
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PETERSHAM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 DECEMBER 2023
2.Accounting policies (continued)
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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PETERSHAM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 DECEMBER 2023
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PETERSHAM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 DECEMBER 2023
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PETERSHAM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 DECEMBER 2023
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PETERSHAM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 DECEMBER 2023
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PETERSHAM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 DECEMBER 2023
11.Taxation (continued)
The Company has estimated losses of £14.70m (2022: £14.54m) available for carry forward against future trading profits.
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PETERSHAM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 DECEMBER 2023
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PETERSHAM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 DECEMBER 2023
14.Tangible fixed assets (continued)
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PETERSHAM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 DECEMBER 2023
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PETERSHAM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 DECEMBER 2023
The HP liability was secured upon the asset to which it pertained.
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PETERSHAM (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 DECEMBER 2023
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £31,505 (2022: £36,976). Contributions totalling £8,300 (2022: £7,944) were payable to the fund at the balance sheet date
The ultimate controlling party is F Boglione by virtue of his shareholding.
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PETERSHAM (UK) LIMITED
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