FOR THE YEAR ENDED 27 APRIL 2024
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EMMA BRIDGEWATER LIMITED
COMPANY INFORMATION
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EMMA BRIDGEWATER LIMITED
CONTENTS
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EMMA BRIDGEWATER LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 27 APRIL 2024
The directors present their strategic report for Emma Bridgewater Limited ("the Company") for the year ended 27 April 2024.
PRINCIPAL ACTIVITY Emma Bridgewater Limited is a premium British design company specialising in hand-decorated pottery manufactured in Stoke-On-Trent. The Company's distinctive patterns are extended across a lifestyle range including textiles, glass, and stationery. Operating primarily in the United Kingdom, the Company serves customers through integrated retail channels including eCommerce, owned stores and wholesale partnerships, with presence in the US, Europe, and other international markets.
Turnover decreased by 16% to £31.6m (2023: £37.8m). This decline was primarily driven by reduced sales across eCommerce and wholesale channels, partially offset by growth in physical retail store performance. Gross margin decreased to 35.9% (2023: 38.9%), impacted by increased promotional activity in response to competitive market conditions and cost inflation.
Operating losses increased to £4.0m (2023: £1.2m). In response to these trading conditions, the Company implemented operational restructuring including workforce optimisation and reduced production schedules to better align with demand patterns. FUTURE DEVELOPMENTS AND STRATEGIC PRIORITIES The Directors have implemented comprehensive measures to strengthen performance and position the business for future sustainable, profitable growth. Current performance for the first eight months of FY25 is aligned with management expectations and represents a significant improvement on FY24. Leadership and Governance The Company has assembled an experienced executive team led by CEO Iain Martin, appointed in January 2024. Iain brings extensive expertise in scaling eCommerce businesses, notably as Managing Director of Moonpig.com. The leadership team was further strengthened by the appointment of Mark Ross as CFO in April 2024, bringing significant experience from Under Armour Inc and Boohoo plc. Investment and Financial Position Business Growth Fund (BGF), the parent company's private equity investors, have demonstrated continued support through additional investment of £2,200,000 in May 2024 in the Group, providing capital to execute strategic initiatives. Strategic Growth Initiatives Include:
∙Brand positioning enhancement through reduced promotional activity, targeting gross margin improvement of +2% in FY25.
∙eCommerce sales capability enhancement; including the successful integration of Shopify 2.0 in August 2024.
∙Rationalization of SKU portfolio to focus on core products and best-performing lines.
∙Implementation of enhanced inventory management processes to improve stock turn and reduce working capital
∙Supply chain optimization, including new logistics partnerships (Oct 2024) delivering projected like for like annual savings of £1.0m.
Page 1
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EMMA BRIDGEWATER LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 27 APRIL 2024
Market Risk: The Company operates in a competitive retail environment subject to changing consumer preferences and macro-economic conditions. Management actively monitors market trends and adapts strategic positioning accordingly.
Operational Risks Cost Management: While input cost inflation has stabilized, the Company maintains robust cost control measures and continues to identify efficiency opportunities. Supply Chain: Continuous review of supplier relationships and logistics arrangements to optimize costs and maintain service levels. Financial Risks Liquidity: Working capital management remains a key focus, with regular review of cash forecasts and funding requirements. The Company maintains appropriate facilities to support operational needs. Currency: The Company manages transaction and translation exposure through natural hedging where possible and considers financial hedging for material exposures. Interest Rate: Exposure is monitored and managed through a balanced approach to funding sources and tenors. Credit: Customer credit risk is managed through established limits based on payment history and external credit references, supported by regular monitoring and review processes.
The Board monitors a comprehensive set of financial and operational metrics including:
Financial Metrics
∙Revenue growth by channel and geography
∙Gross margin performance
∙Working capital efficiency
∙EBITDA and cash conversion
Operational Metrics
∙Customer satisfaction scores
∙Product availability
∙Order fulfilment rates
∙Digital platform performance
This report was approved by the board and signed on its behalf.
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EMMA BRIDGEWATER LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 27 APRIL 2024
The directors present their report and the financial statements for the year ended 27 April 2024.
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 judgements 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 year, after taxation, amounted to £4,172,775 (2023: loss £1,007,621).
The dividend amount declared and paid in the year was £nil (2023: £32,000).
The directors who served during the year were:
As detailed in the Strategic Report the directors have implemented a comprehensive transformation plan to strengthen performance and drive sustainable growth.
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EMMA BRIDGEWATER LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 27 APRIL 2024
As a BCorp business Emma Bridgewater Ltd is an enthusiastic member of a global movement committed to balancing purpose and profit, legally requiring the business to consider the impact of our decisions on our workers, customers, community, and the environment, as well as our shareholders. Being a BCorp fundamentally influences our strategic decision making and supports us to improve in a more holistic, credible and consistent way across the business.
The B Corp process has helped us to prioritise and re-energise our People Plan to materially improve the experience of life at work and the health and wellbeing of colleagues through new, impactful initiatives since 2022.
COMMITMENT TO COLLEAGUES
∙Member of the Employers Network for Equality and Inclusion supporting our commitment to improve fairness and access to opportunity across the business for all colleagues
∙Improved internal communications about the business and increased engagement with colleagues via our new MyEB app, featuring weekly news updates, staff health & wellbeing resources and personal benefits plus weekly physical and email news updates for all managers, team leaders and all colleagues
∙Introduced first Health & Wellbeing Strategy with supporting employee assistance app plus new sabbatical policy, became disability confident employer, fostering friendly employer, working towards becoming a menopause friendly employer
∙Trained over 30 colleagues as Mental Health First Aiders and established Diversity & Inclusion Champions group across the business supporting colleagues and raising awareness.
COMMITMENT TO REDUCING OUR ENVIRONMENTAL IMPACT
∙All waste clay and glass are now completely recycled
∙Grey water recycled onsite for cleaning and waste heat reused for manufacturing processes
∙All our textiles printed on 100% unbleached cotton reducing use of water and chemicals
GOING CONCERN The directors have assessed the Group's ability to continue as a going concern, taking into account both current performance and the Group's outlook for a minimum of 12 months from the date of approval of these financial statements. The assessment is supported by a detailed 3 Year Plan which includes sensitivity analysis. This analysis demonstrates that the Group maintains adequate financial resources to:
∙Continue operational activities
∙Meet liabilities as they fall and comply with all lending covenants
∙Support planned business growth
The Group has successfully renewed its banking facilities with HSBC UK Bank plc until 13 March 2026, providing long-term funding security and capacity for strategic investment. This renewal strengthens the Group's liquidity position and supports its growth objectives. In forming their assessment, the directors have carefully evaluated the current macro-economic environment, particularly focusing on, Inflationary pressures affecting labour costs, supply chain dynamics and pricing and market conditions and their potential impact on trading performance.
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EMMA BRIDGEWATER LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 27 APRIL 2024
Based on this assessment, the directors have concluded that the Group has adequate resources and a reasonable expectation of maintaining sufficient funding to continue operational existence for at least 12 months from the date of approval of these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
There have been no significant events affecting the Company since the year end. Of note however is the issue of unsecured loan notes totaling £2.2m that were issued to BGF in the company’s parent Company; Holding EB Company Ltd.
The auditors, Bishop Fleming 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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EMMA BRIDGEWATER LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EMMA BRIDGEWATER LIMITED
We have audited the financial statements of Emma Bridgewater Limited (the 'Company') for the year ended 27 April 2024, which comprise the Statement of income and retained earnings, the Statement of financial position 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.
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.
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.
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EMMA BRIDGEWATER LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EMMA BRIDGEWATER LIMITED (CONTINUED)
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.
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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EMMA BRIDGEWATER LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EMMA BRIDGEWATER 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:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
∙The nature of the industry and sector, control environment and business performance;
∙Results of our enquiries of the directors about their own identification and assessment of the risks of irregularities;
∙Any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, which included incorrect recognition of revenue and management override of controls using manual journal entries, and these were identified as the greatest potential area for fraud.
We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and UK tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included occupational health and safety regulations, data protection regulations, product standards regulations, the packaging levy, disposal of waste materials regulations and employment legislation.
Our procedures to respond to risks identified included the following:
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
∙Enquiring of management concerning actual and potential litigation and claims;
∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙Reading minutes of meetings; and
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EMMA BRIDGEWATER LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EMMA BRIDGEWATER LIMITED (CONTINUED)
∙In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
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.
for and on behalf of
Chartered Accountants
Statutory Auditors
2nd Floor Stratus House
Emperor Way
Exeter Business Park
EX1 3QS
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EMMA BRIDGEWATER LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 27 APRIL 2024
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EMMA BRIDGEWATER LIMITED
REGISTERED NUMBER:01943787
STATEMENT OF FINANCIAL POSITION
AS AT 27 APRIL 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 26 form part of these financial statements.
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EMMA BRIDGEWATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 APRIL 2024
Emma Bridgewater Limited (01943787) is a private company limited by shares incorporated in England and Wales. The registered office is Lichfield Street, Hanley, Stoke-on-Trent, ST1 3EJ. The company's principal place of business is Lichfield Street, Hanley, Stoke-on-Trent, ST1 3EJ.
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 judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Holding EB Company Ltd as at 27 April 2024 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
The directors have assessed the Company's ability to continue as a going concern, taking into account both current performance and the Company's outlook for a minimum of 12 months from the date of approval of these financial statements.
In forming their assessment, the directors have carefully evaluated the current macro-economic environment, particularly focusing on, Inflationary pressures affecting labour costs, supply chain dynamics and pricing and market conditions and their potential impact on trading performance. Based on this assessment, the directors have concluded that the Company has adequate resources and a reasonable expectation of maintaining sufficient funding to continue operational existence for at least 12 months from the date of approval of these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
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EMMA BRIDGEWATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 APRIL 2024
2.ACCOUNTING POLICIES (continued)
Functional and presentation currency
Transactions and balances
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EMMA BRIDGEWATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 APRIL 2024
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.
The estimated useful lives range as follows:
Research and development expenditure is written off against profits in the year in which it is incurred.
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EMMA BRIDGEWATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 APRIL 2024
2.ACCOUNTING POLICIES (continued)
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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EMMA BRIDGEWATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 APRIL 2024
2.ACCOUNTING POLICIES (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company only enters into basic financial instruments 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 and from related parties.
The 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Key sources of estimation uncertainty The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows. Stock valuation The company's carrying value of stock relates to management's assessment of the saleability of stock. Where uncertainty exists a provision is made against certain stock lines. It is possible that the future outcome may differ slightly to any provision made.
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EMMA BRIDGEWATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 APRIL 2024
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EMMA BRIDGEWATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 APRIL 2024
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EMMA BRIDGEWATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 APRIL 2024
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EMMA BRIDGEWATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 APRIL 2024
10.TAXATION (CONTINUED)
There were no factors that may affect future tax charges.
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EMMA BRIDGEWATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 APRIL 2024
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EMMA BRIDGEWATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 APRIL 2024
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EMMA BRIDGEWATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 APRIL 2024
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EMMA BRIDGEWATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 APRIL 2024
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EMMA BRIDGEWATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 APRIL 2024
21.DEFERRED TAXATION (CONTINUED)
Profit and loss account
The company operates a defined contribution pension scheme which is available to eligible employees. The assets of the scheme are held by independent managers. The pension charge represents contributions due from the company and amounted to £199,486 (2023: £223,031). At the year end £19,345 was outstanding (2023: £31,601).
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EMMA BRIDGEWATER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 APRIL 2024
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