Registered number:
AUDITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 JUNE 2024
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ALBION & EAST LIMITED
COMPANY INFORMATION
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ALBION & EAST LIMITED
CONTENTS
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ALBION & EAST LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 25 JUNE 2024
The principal activity of the business is the operation of a group of bars. Albion & East Limited operates 4 bars, Canova Hall, Serata Hall, Teatro Hall and Botanica Hall, all situated in London. In the year we were pleased to open Botanica Hall in Clapham Junction and it has traded, and continues to trade, well ahead of expectations. During the year we also took the difficult decision to close our site Pacifica, and post year end we have decided to sell Martello Hall.
As a result of the openings and closings above, turnover for the year was flat at £8.7m (2023: £8.7m) and gross margins, including labour costs, for the year were £4,097,894 compared to £4,106,622 in the prior year. This was a good result given the continuing inflationary pressures on the business of food, drink and labour. Company EBITDA for the period was £24,499 (2023: (67,316)) and site EBITDA was £886,508 (2023: £790,148).
Given the nature of the company’s business, the principal business risks relate to the following:
• Consumer confidence impacted by cost-of-living crisis; • Rent reviews; • Employee retention and the supply of skilled labour in the market along with continued increases in NLW and National Insurance contributions; • Continuing supply of quality food and drink products; • Re-emergence of the coronavirus pandemic or subsequent pandemics; The above risks are partly mitigated by the following key measures: • A continued focus on delivering excellent service and customer experiences through the design of the bars, management of bookings, and outstanding food and drinks at competitive prices; • Regular and comprehensive training and development programmes as well as opportunities for employee progression from floor staff through to general managers, we also are open to sponsoring employees from abroad or if they are already based in the UK for a visa; • Regular meetings with key suppliers and discussing upcoming price changes and supply issues; • Negotiation of rent levels based on market conditions; • Careful cash management with necessary headroom to deal with sudden mandatory closures.
The performance of the company is measured through the monitoring and reporting of a number of key “site KPI’s” - sales, gross margins, labour, controllable operating costs and EBITDA against weekly budgets and prior year figures.
We also ensure that potential new sites have detailed appraisals in relation to their cash requirements and return on investment based on an estimate of expected EBITDA and our knowledge of the costs to open previous sites.
This report was approved by the board and signed on its behalf.
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ALBION & EAST LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 25 JUNE 2024
The directors present their report and the financial statements for the period ended 25 June 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 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 £481,663 (2023 - loss £921,882).
The directors assess the performance of the business using the measure of “Site EBITDA” which is defined as the earnings from the bar operations before the deduction of interest, tax, depreciation and amortisation associated with those bar operations but also excluding pre-opening costs of new sites, central overheads and any other exceptional costs that may have occurred. Site EBITDA for all bar operations including new openings during the year was £886,508 (2023: £790,148).
The directors do not propose the payment of a dividend (2023: £nil).
The directors who served during the period were:
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ALBION & EAST LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 25 JUNE 2024
As explained in the Business review section, the directors made the difficult decision to sell Martello Hall, for a premium, in January 2025. This was following the October Budget announcement and coupled with a rent increase.
The auditors, Wellers, 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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ALBION & EAST LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALBION & EAST LIMITED
We have audited the financial statements of ALBION & EAST LIMITED (the 'Company') for the period ended 25 June 2024, 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.
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.
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ALBION & EAST LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALBION & EAST 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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ALBION & EAST LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALBION & EAST 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 were held with, and enquiries made of, management and those charged with governance 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. 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, health and safety and employment law. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries 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 entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures 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). Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
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ALBION & EAST LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALBION & EAST LIMITED (CONTINUED)
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
Accountants
Statutory Auditors
1 Vincent Square
SW1P 2PN
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ALBION & EAST LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 25 JUNE 2024
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ALBION & EAST LIMITED
REGISTERED NUMBER: 08372794
BALANCE SHEET
AS AT 25 JUNE 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 28 form part of these financial statements.
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ALBION & EAST LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 25 JUNE 2024
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ALBION & EAST LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 25 JUNE 2024
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ALBION & EAST LIMITED
ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 25 JUNE 2024
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ALBION & EAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 JUNE 2024
Albion & East Limited is a private company incorporated, domiciled and registered in England & Wales. The registered number is 08372794 and the registered office is 4th Floor 95 Chancery Lane, London, WC2A 1DT.
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 made a loss of £481,663 (2023: £921,882) and has net current liabilities of £197,931 (2023: net current assets of £169,014). The company continues to experience strong levels of sales revenues at its current sites. The financial statements have been prepared under the going concern basis of preparation. The directors have carried out a review of the cash needs of the business for a period in excess of the next 12 months and are satisfied that there will be sufficient resources to meet any reasonably foreseeable requirements. Accordingly, it is appropriate to apply the going concern basis in preparing these financial statements.
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ALBION & EAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 JUNE 2024
2.Accounting policies (continued)
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ALBION & EAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 JUNE 2024
2.Accounting policies (continued)
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
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.
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ALBION & EAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 JUNE 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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ALBION & EAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 JUNE 2024
2.Accounting policies (continued)
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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is 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 creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.
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ALBION & EAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 JUNE 2024
Property, plant and equipment and intangible assets: Property, plant and equipment and intangible assets are depreciated over their useful economic life taking into account, where appropriate, residual values. Assessment of useful lives and residual values are performed annually. In assessing the residual values, the remaining life of the asset, its projected disposal value and future market conditions are taken into account.
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ALBION & EAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 JUNE 2024
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ALBION & EAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 JUNE 2024
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ALBION & EAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 JUNE 2024
The Company has £8,016,123 (2023: £7,781,471) of tax losses that are available to carry forward against future trading profits.
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ALBION & EAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 JUNE 2024
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ALBION & EAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 JUNE 2024
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ALBION & EAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 JUNE 2024
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ALBION & EAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 JUNE 2024
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ALBION & EAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 JUNE 2024
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ALBION & EAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 JUNE 2024
A contingent liability with regards to the lease dilapidation provisions have been considered in detail, however a reliable estimate has not been arrived at nor adjusted in the accounts. Due to the nature of the lease works the Directors do not expect these to represent significant costs to the company.
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ALBION & EAST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 JUNE 2024
The Company contributes into 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 £44,531 (2023: £42,152). Contributions totalling £10,884 (2023: £10,202) were payable to the fund at the balance sheet date and are included in creditors.
During the period under review, the company has taken advantage of the following government support
available as a result of the Coronavirus pandemic: - A Coronavirus Business Interruption Loan from Santander of £400,000 was received in YE 2021 and is included within bank loans. This loan carries a government backed guarantee.
During this and the prior period, there was no one controlling party.
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