REGISTERED NUMBER: 15600884 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE PERIOD 28TH MARCH 2024 TO 31ST DECEMBER 2024

FOR

EDINBURGH (PORTOBELLO) HOTEL LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Statement of Cash Flows

13

Notes to the Financial Statements

14

DIRECTORS:

Shamir Patel

Mrs Sonia Patel

REGISTERED OFFICE:

1-2 Church Road

Radisson Red Gatwick

Lowfield Health

RH11 0PQ

REGISTERED NUMBER:

15600884 (England and Wales)

AUDITORS:

Xeinadin Audit Limited

Beckett House

36 Old Jewry

LONDON

EC2R 8DD

The directors present their strategic report for the period 28th March 2024 to 31st December 2024.

REVIEW OF BUSINESS

The results for the period and financial position of the company are as shown in the annexed financial statements.

The total turnover of the company during the period amounted to £3,896,690. The company's profit amounted to £682,341. The management is continuing to review its costs and is also looking at ways to increase the company's customer base. The management anticipates that these steps will help in the improvement of the company's performance in the coming year.

Shareholders' funds at the end of the period were £1,540,355.

PRINCIPAL RISKS AND UNCERTAINTIES

The main risks and uncertainties affecting the company are summarised below:

Liquidity risk

With considered preparation and close monitoring of the trading activity budget, the company remains confident of being able to cover operational expenditure, illustrated by its increased profit margins post year end. Expected interest rate rises are being monitored closely in respect of Bank debt service cover, with financial planning measures considered.

Market risk

The medium-term market stability outlook remains optimistic, added to the fact that the company's trading unit is based in an economically-strong location. Market risk is being monitored over the following 24 months.

Credit risk

Within the hotel industry payments are taken upon booking, or automatically charged to the customer on checkout. The company holds minimal trade debtors, therefore credit risk is considered to be low, due to frequent check and control procedures on debtor levels, together with vigorous recovery action when necessary.

ON BEHALF OF THE BOARD:

Shamir Patel - Director

25th September 2025

The directors present their report with the financial statements of the company for the period 28th March 2024 to 31st December 2024.

INCORPORATION

The company was incorporated on 28th March 2024 .

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of the ownership and operation of a hotel and related hospitality services.

DIVIDENDS

No dividends will be distributed for the period ended 31st December 2024.

DIRECTORS

The directors who have held office during the period from 28th March 2024 to the date of this report are as follows:

Shamir Patel - appointed 28th March 2024

Mrs Sonia Patel - appointed 28th March 2024

Both the directors who are eligible offer themselves for election at the forthcoming first Annual General Meeting.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

-	select suitable accounting policies 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Shamir Patel - Director

25th September 2025

Opinion

We have audited the financial statements of Edinburgh (Portobello) Hotel Limited (the 'company') for the period ended 31st December 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, 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).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31st December 2024 and of its profit for the period then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

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

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

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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.

- Identify and assess the risk 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. 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.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company's internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and the related disclosures made by the directors.

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to event or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosure in the financial statements or, if such disclosures are inadequate to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Hazel Day BSc (Hons) FCA DChA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

Beckett House

36 Old Jewry

LONDON

EC2R 8DD

29th September 2025

TURNOVER

3

3,896,690

Cost of sales

(539,939

)

GROSS PROFIT

3,356,751

Administrative expenses

(2,131,121

)

OPERATING PROFIT

5

1,225,630

Interest receivable and similar income

8,375

1,234,005

Interest payable and similar expenses

6

(324,145

)

PROFIT BEFORE TAXATION

909,860

Tax on profit

7

(227,519

)

PROFIT FOR THE FINANCIAL PERIOD

682,341

PROFIT FOR THE PERIOD

682,341

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

682,341

FIXED ASSETS

Tangible assets

9

8,193,626

CURRENT ASSETS

Stocks

10

14,795

Debtors

11

81,983

Cash at bank

3,446,463

3,543,241

CREDITORS

Amounts falling due within one year

12

(2,125,730

)

NET CURRENT ASSETS

1,417,511

TOTAL ASSETS LESS CURRENT LIABILITIES

9,611,137

CREDITORS

Amounts falling due after more than one year

13

(8,070,782

)

NET ASSETS

1,540,355

CAPITAL AND RESERVES

Called up share capital

16

111

Share premium

17

857,903

Retained earnings

17

682,341

SHAREHOLDERS' FUNDS

1,540,355

The financial statements were approved by the Board of Directors and authorised for issue on 25th September 2025 and were signed on its behalf by:

Shamir Patel - Director

Mrs Sonia Patel - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Changes in equity

Issue of share capital

111

-

857,903

858,014

Total comprehensive income

-

682,341

-

682,341

Balance at 31st December 2024

111

682,341

857,903

1,540,355

Cash flows from operating activities

Cash generated from operations

1

1,733,291

Interest paid

(324,145

)

Net cash from operating activities

1,409,146

Cash flows from investing activities

Purchase of tangible fixed assets

(8,193,626

)

Interest received

8,375

Net cash from investing activities

(8,185,251

)

Cash flows from financing activities

New loans in year

8,402,095

Loan repayments in year

(180,160

)

Preference shares

1,142,083

Share issue

111

Share premium

857,903

Net cash from financing activities

10,222,032

Increase in cash and cash equivalents

3,445,927

Cash and cash equivalents at beginning of period

2

-

Cash and cash equivalents at end of period

2

3,445,927

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

£

Profit before taxation

909,860

Finance costs

324,145

Finance income

(8,375

)

1,225,630

Increase in stocks

(14,795

)

Increase in trade and other debtors

(81,983

)

Increase in trade and other creditors

604,439

Cash generated from operations

1,733,291

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Period ended 31st December 2024

31.12.24

28.3.24

£

£

Cash and cash equivalents

3,446,463

-

Bank overdrafts

(536

)

-

3,445,927

-

3.	ANALYSIS OF CHANGES IN NET DEBT

At 28.3.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

-

3,446,463

3,446,463

Bank overdrafts

-

(536

)

(536

)

-

3,445,927

3,445,927

Debt

Debts falling due within 1 year

-

(1,293,235

)

(1,293,235

)

Debts falling due after 1 year

-

(8,070,782

)

(8,070,782

)

-

(9,364,017

)

(9,364,017

)

Total

-

(5,918,090

)

(5,918,090

)

1.	STATUTORY INFORMATION

Edinburgh (Portobello) Hotel Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The principal place of business is 100 Milton Road East, Edinburgh, EH15 2NP.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the fair value of consideration received or receivable for the provision of goods and services in the ordinary course of business, excluding value added tax and trade discounts. Revenue is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably.

Room revenue

Revenue from the provision of accommodation is recognised on a straight-line basis over the period of the guest’s stay. Amounts received in advance of the period of stay are recorded as deferred income and recognised as revenue when the related services are provided.

Other revenue

Revenue from other goods and services, including food and beverage sales, conferences and events, leisure services, and car parking, is recognised at the point when the goods are supplied or the services are rendered to the customer. Deposits and advance payments received in respect of these services are recorded as deferred income until the service obligation has been fulfilled.

Tangible fixed assets

Freehold property includes a freehold hotel which is carried at its revalued amount, being fair value at the date of valuation and impairment losses. Revaluations are performed by professional qualified valuers with sufficient regularity to ensure that the carrying amounts do not differ materially from those that would be determined using fair values at the end of each reporting period. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset.

Any revaluation increase in the carrying amount of land and buildings is recognised in other comprehensive income and included in a revaluation reserve in equity, except to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss, in which case the increase is credited to profit and loss to the extent of the decrease previously expended.

Decreases that offset previous increases of the same asset are charged in other comprehensive income and debited against revaluation reserve in equity; decreases exceeding the balance in revaluation reserve relating to an asset are recognised in profit or loss. The use of a policy of revaluation provided more relevant and reliable information about the value of the property owned by the company.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, preference shares,loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Bank and cash accounting

Cash at bank and in hand includes cash and short-term highly liquid investments with a maturity of three months or less from the date of acquisition. Bank overdrafts are shown within borrowings in current liabilities.

Expenditure accounting

Expenditure is recognised in the profit and loss account on an accruals basis as the related goods and services are received. Costs are charged to the profit and loss account except where they relate to the acquisition of an asset, in which case they are capitalised in accordance with the company’s capitalisation policy.

Termination benefits

Termination benefits are recognized as a liability and expense only when the company is demonstrably committed to either:

Terminate the employment of an employee or group of employees before the normal retirement date or provide termination benefits as a result of an offer made to encourage voluntary redundancy.

Significant accounting estimates

The preparation of the financial statements in accordance with UK GAAP requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. 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 if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.

Significant estimates and assumptions are made in particular with regard to determining the valuation of the company's hotel included in Tangible Fixed Assets. In line with many other company's in the industry, the hotel value is derived from assumed future trading results which are discounted using interest rates provided by commercial property experts.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

£

Hotel

3,473,045

Gym memberships

423,645

3,896,690

4.	EMPLOYEES AND DIRECTORS

£

Wages and salaries

1,028,137

Social security costs

49,025

Other pension costs

14,622

1,091,784

The average number of employees during the period was as follows:

Office and administration

2

Others

76

78

£

Directors' remuneration

-

5.	OPERATING PROFIT

The operating profit is stated after charging:

£

Other operating leases

22,233

Auditors' remuneration

7,500

Formation costs

216

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

£

Bank loan interest

216,417

Other loan interest

107,728

324,145

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the period was as follows:

£

Current tax:

UK corporation tax

227,519

Tax on profit

227,519

Reconciliation of total tax charge included in profit and loss

The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

£

Profit before tax

909,860

Profit multiplied by the standard rate of corporation tax in the UK of 25%

227,465

Effects of:

Expenses not deductible for tax purposes

54

Total tax charge

227,519

8.	DEFINED CONTRIBUTION PENSIONS

The charge to the profit and loss account for the defined contribution pension scheme was £14,622. At the year end, £3,928 was outstanding and included in creditors.

9.	TANGIBLE FIXED ASSETS

Freehold

property

£

COST

Additions

8,193,626

At 31st December 2024

8,193,626

NET BOOK VALUE

At 31st December 2024

8,193,626

10.

STOCKS

£

Stocks

14,795

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade debtors

6,645

Other debtors and prepayments

75,338

81,983

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Bank loans and overdrafts (see note 14)

151,688

Preference shares (see note 14)

1,142,083

Trade creditors

193,319

Tax

227,519

Social security and other taxes

21,670

VAT

111,409

Other creditors and accruals

223,178

Deferred income

54,864

2,125,730

13.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

£

Bank loans (see note 14)

5,250,120

Other loans (see note 14)

2,820,662

8,070,782

14.

LOANS

An analysis of the maturity of loans is given below:

£

Amounts falling due within one year or on demand:

Bank overdrafts

536

Bank loans

151,152

Preference shares

1,142,083

1,293,771

Amounts falling due between two and five years:

Bank loans - 2-5 years

604,609

Director's loans - 2-5 years

2,820,662

3,425,271

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

4,645,511

1,142,083 preference shares were issued during the period at £1 each, a total of £1,142,083. The preference shares have no dividend or voting rights and are redeemable within one year.

15.	SECURED DEBTS

The following secured debts are included within creditors:

£

Bank loans

5,401,272

Natwest Bank holds fixed and floating charges over the company's assets.

16.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

11,111

Ordinary

£0.01

111

During the period the initial ordinary share capital of 100 shares of £1 each was subdivided into 10,000 shares of £0.01 each. A further 1,111 ordinary shares were then issued at a price of £772.20 per share for consideration of £857,914.

In addition, 1,142,083 preference shares of £1 each were issued for consideration of £1,142,083.

17.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

Profit for the period

682,341

682,341

Cash share issue

-

857,903

857,903

At 31st December 2024

682,341

857,903

1,540,244

18.	RELATED PARTY DISCLOSURES

During the period £100,000 of loans were received and repaid to Callum Patel and Josh Patel who are connected to the directors. The loans were made on commercial terms, interest payable in the period totalled £1,463.

The director's loan account balance of £2,820,662 is owed to Shamir Patel. Interest is charged at 6% on the loan.

19.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Shamir Patel director, who owns 90% of the issued ordinary share capital.

20.	TERMINATION BENEFITS

Within Salaries and wages are termination benefits of £52,001 which relate to redundancy payments. At the period end £20,400 of these payments was outstanding.