The directors present the strategic report for the year ended 30 June 2024.
The group’s principal activities continued to be the retail of outdoor and winter sports clothing, equipment, and accessories.
The growing wholesale side of the business is continuing to flourish. Whilst the products we deal with are very much in the same sector, this diversification gives us a broader base on which to build future success.
Results
The consolidated profit for the year and the group’s and company’s financial position at the end of the year are shown in the financial statements on pages 9 to 11.
Operating review
By most key indicators this was a very successful year; turnover up almost 12% to a record high, Gross Profit also up 9%. However, such has been the growth in the costs of doing business, the Net Profit for the year was down. Though we did see some price inflation this year, it was much less significant than the previous year and most of the increase in sales is due to hard work by all our teams: those on the sales floor and those behind the scenes, to ensure our customers’ needs were met. With different parts of the business moving at different speeds, growing at different rates and using different business models, there were definitely winners and losers. However, each aspect of the business relies on the others, and we work together to deliver a positive outcome.
The cost of being a retailer continues to rise, with the cost of employing people the most significant of the increases. Through the year we continued to work to the “Real Living Wage” for all our employees who passed their probation, to attract and keep good people. The package we offer is well rounded and enables our people to afford the increased cost of living brought about by the turbulent, global economy.
Besides our workforce, we have continued our investment in infrastructure, specifically IT and our online presence. This year saw the re-platforming and launch of a new website for Outsiders Store, which has performed very well. We also began the work on new websites for The Snowboard Asylum and Ellis Brigham, which launched well after Year end in November and December respectively.
The distribution side of the business grew steadily this year as it improved its “direct to consumer” channels. This, in turn, improved their profitability and gave them a route to market and marketing channel to help grow their brands.
Current Scenario
Since the financial year end, we have had to look hard at our retail estate and have made the tough decision to close two stores whose locations were no longer suited to us. With the retail landscape so expensive, and our niche so competitive, we cannot afford to rest on our laurels, and we must always look to act when we know a situation will not work out for us. That being said, we must also look for opportunities and we have already signed up three new locations with a fourth deep in negotiations. All four locations should open in the first half of 2025, with the first ever standalone “The Snowboard Asylum” store only days away from opening at the time of writing.
Further to that we are committed to upgrading a number of our stores and relocating another as well. This constant cycle of improvement in our stores, our infrastructure and our online presence will keep us ahead of the competition and make sure our resources are put to the best use.
Despite store closures and bedding in our new websites we are still trading very well and are currently working toward our eighth record turnover quarter in a row. Though we now look at growth as a necessity to pay increasing costs, rather than a pleasant success.
Other areas of the business continue to grow and build on their recent success. Notably, Outsiders Store’s growth has accelerated since the launch of its new website and is looking forward to opening a new store before next Winter. Our distribution arm has also grown but is looking to curb its growth in favour of building better foundations for the future, a prudent approach.
In managing a portfolio of 24 stores nationwide (and further stores set to open) we utilise a suite of KPIs, the primary ones being Sales, Gross Profit percentage, and Overheads relative to sales. Relevant financial information is set out in the Primary Statements of the financial statements.
The Directors have prepared these financial statements on a going concern basis, which is further discussed in Note 1.3. The group continues to maintain a capital base which will provide a stable platform for future growth.
Outlook
Looking forward we can see continued cost increases particularly (but not solely) around employing people. Increases in National Insurance payments will be a particularly bitter pill to swallow when we are already trying to do the best we can for our people. As with most retailers we will be trying to do more with less and concentrate on working with only the best people to ensure our customers receive the best possible service. However, we won’t employ as many people as we have in the past, and it will be a real challenge to meet the customers’ expectations. We are still looking at how this new cost base and our new approach to the size of our teams will affect the package we can offer our people.
We will need to keep refreshing and investing in our retail estate to ensure it is relevant and performing to its best if we are to operate profitably. Also, we must make the most of our investment into our online presence and, most importantly, the seamless integration between the online and “bricks and mortar” experience.
The continued presence of war in Ukraine and Isreal/Gaza has had a detrimental effect on British consumer appetite. Although we have seen peaks and troughs that have not necessarily corresponded to escalations in conflict or the knock-on effect to costs of fuel and energy in the UK, there is certainly a sombre and cautious approach to spending. Although Winter Sports continues to be a challenging area, with uncertain conditions and price increases for British enthusiasts to get to and enjoy the mountains, we continue to perform robustly, and long may that continue.
The fashion for outdoor and functional clothing is maturing but by no means stagnant. The growth in new entrants to the market seems to be abating though as the fashion set move on to new things, leaving the dedicated enthusiasts and a lot of new, younger customers to enjoy and benefit from the great outdoors.
The Group aims to generate profits in a sustainable way to ensure the long-term viability of the business. The Group has a rich heritage and was established by Frederick Ellis Brigham in 1933. We started in 1933 in a small shop on Conran Street in Harpurhey, Manchester and quickly established ourselves as the place to visit to have boots expertly made and fitted.
Over the years, Ellis Brigham shops have always been the first to sell the latest innovations, seeing waterproof garments move from being constructed with Ventile, to neoprene coated nylon and then to GORE-TEX fabrics. Footwear soon lost the nails and grew Vibram soles whilst leather uppers became suede and nylon and incorporated GORE-TEX liners.
As a business, Ellis Brigham is still going strong and is still proudly family owned. We have got the world’s best brands and amazing products that will make time spent in the mountains even more rewarding. Across the UK we now have many fantastic shops with friendly, knowledgeable staff who are all enthusiastic about the outdoors and understand our customers’ needs implicitly. Our shops really do bring the spirit of the mountains to the high street.
We are family owned, and proudly managed by the 3rd generation. Under the governance framework of the Group, day to day decision making is delegated to Robert Ellis Brigham. The management team provide updates and reports to the Trustees in order to provide them with assurance that appropriate consideration has been given to stakeholder interest in decision making. The Group adopts the same culture of engagement with other stakeholders, such as customers, employees and its supply chain.
The directors present their annual report and financial statements for the year ended 30 June 2024.
The results for the year are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The group’s activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. These risks are being managed using the group’s policies approved by the Board of Directors, which provide written principles on the effective management of risks.
The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.
The group is exposed to cash flow interest rate risk on its cash deposits.
The group’s principal foreign currency exposures arise from trading with overseas companies. Group policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling.
Investments of cash surpluses and borrowings are made through banks and companies which must fulfil credit rating criteria approved by the Board.
During the year regular meetings are held between shop managers and staff to allow a free flow of information and ideas.
The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
The group has taken the exemption from reporting under these regulations as no individual subsidiary, nor the parent company only accounts, breach the reporting threshold requirements.
We have audited the financial statements of Ellis Brigham Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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).
Basis for 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 group's and parent 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.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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 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 auditor's 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.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £777,197 (2023 - £997,394).
Ellis Brigham Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 47 Brunel Avenue, Salford, Manchester, United Kingdom, M5 4BE.
The group consists of Ellis Brigham Holdings Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The consolidated financial statements incorporate those of Ellis Brigham Holdings Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).
All financial statements are made up to 30 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Other operating income includes rental income attributable to the period exclusive of Value Added Tax.
Amortisation is charged from the year following the year the asset is complete and brought into use. Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and loss are recognised in profit or loss.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Research and development
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
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.
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.
The directors have applied their knowledge of the operations of the business when reviewing the stock listing at the balance sheet date, and have made appropriate provision for any items deemed to be slow moving or obsolete. The charge to the profit and loss account is recognised in cost of sales.
An analysis of the group's turnover is as follows:
All the turnover arose within United Kingdom.
The average monthly number of persons employed by the group and company during the year was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).
The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
Freehold property is held at fair value which is based upon a market valuation undertaken on the properties on 4 October 2016 by S. Kershaw & Son Chartered Surveyors totalling £5,150,000. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors consider that this valuation is still appropriate at the balance sheet date.
One of the properties included within the above, held at a cost of £485,000, has been sold post year-end for £750,000.
If the assets were measured using the cost model, the carrying amounts would be as follows:
Details of the company's subsidiaries at 30 June 2024 are as follows:
An increase in the stock provision of £80,002 (2023: increase of £300,016) was recognised in cost of sales against stock during the year due to slow moving and obsolete stock.
The company has 1,000,000 £1 preference shares which were issued at par. The terms of shares provide that they are redeemable at the option of the shareholder and that each share is entitled to a preference dividend payment at a rate of 3% above the base rate.
Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
All the shares have equal voting rights to distributions and a right to attend a general meeting of the company.
The profit and loss account represents accumulated trading profits less equity dividends paid. Included within the profit and loss reserves are non distributable reserves of £1,210,000 arising from the revaluation of properties within the group.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
There is a legal charge over EB 2003 Limited, Ellis Brigham Limited and Ellis Brigham ONC 28 Limited of £102,063 (2023: £102,063), £nil (2023: £500,000) and £25,000 (2023: £25,000), respectively, in relation to the rent deposit deeds.
During the year rent of £16,000 (2023: £16,000) was charged to the group from trustees of the M & R Brigham Retirement Benefits Scheme who own the long leasehold of a property occupied by a group company.