Registered number: 11066469
For the period ended 29 December 2024
Broadgate 1960 Company Limited
Company Information
Broadgate 1960 Company Limited
Contents
Broadgate 1960 Company Limited
Group Strategic Report
For the period ended 29 December 2024
The Directors present their strategic report together with the audited financial statements for the 52 week period ended 29 December 2024.
Note that prior year results covered a 53-week period, but a 52-week equivalent was also given. For the purposes of like-for-like comparisons against previous year, the Company will refer to last year results as the 52-week period ended 24 December 2023, as well as the 53-week period ended 31 December 2023.
Note that prior year results covered a 53-week period, but a 52-week equivalent was also given. For the purposes of like-for-like comparisons against previous year, the Company will refer to last year results as the 52-week period ended 24 December 2023, as well as the 53-week period ended 31 December 2023.
The principal activity of the group is an investment holding company which owns two retail brands Crew Clothing "Crew", Saltrock Surfwear "Saltrock" and this year also acquired the license to Ben Sherman “BSI Apparel”. Crew is the go-to British smart casual lifestyle brand. The principal activity here is to create high quality men’s, women’s and children's clothing, shoes and accessories, for sale through retail stores, website, third parties and wholesale accounts. Saltrock offers high quality outdoors inspired men's, women's and children clothing and accessories for sale through its own retail stores, online and wholesale channels. Finally, Ben Sherman is a quintessentially British lifestyle brand selling men’s clothing and accessories for sale through retail stores, ecommerce website and wholesale accounts.
Comparing 52-week figures, turnover increased by +15% to the year ended 29 December 2024, with growth coming from all brands. Excluding new addition of BSI Apparel which is non-LFL, turnover increased by +9%.
Adjusted EBITDA of £25.3m for the 52-week period, compares to £21m in the prior year; this is an increase of +20%. Excluding non-LFL addition of BSI apparel, year on year growth was +30%; this result is driven by particularly strong results from Crew Clothing Company.
Adjusted EBITDA is calculated as operating profit adjusted for amortisation, depreciation and asset write-offs totaling £3.7m in 2024 (2023: £2.7m) and exceptional revenue of £3.2m (2023: exceptional cost of £0.5m). Exceptional revenue in 2024 related to a Covid business interruption claim being settled.
The income statement shows the consolidated profit for the period after tax amounted to £16.9m (2023: £13m).
The Group monitors a range of key performance indicators (KPIs) on a regular basis to manage the business, enable timely decision-making and to react quickly to a rapidly changing trading environment. Particular attention is paid to the weekly KPIs and trading information with variances to budget and forecasts for individual product ranges and channels to market. The two primary KPI’s are turnover and adjusted EBITDA.
The Directors remain cautious in their trading outlook but are committed to the strategy of selling exceptional quality at reasonable price points and believe the brands appeal to an increasingly broad core customer base and are capable of further expansion despite widespread difficulties across the UK retail sector.
Adjusted EBITDA of £25.3m for the 52-week period, compares to £21m in the prior year; this is an increase of +20%. Excluding non-LFL addition of BSI apparel, year on year growth was +30%; this result is driven by particularly strong results from Crew Clothing Company.
Adjusted EBITDA is calculated as operating profit adjusted for amortisation, depreciation and asset write-offs totaling £3.7m in 2024 (2023: £2.7m) and exceptional revenue of £3.2m (2023: exceptional cost of £0.5m). Exceptional revenue in 2024 related to a Covid business interruption claim being settled.
The income statement shows the consolidated profit for the period after tax amounted to £16.9m (2023: £13m).
The Group monitors a range of key performance indicators (KPIs) on a regular basis to manage the business, enable timely decision-making and to react quickly to a rapidly changing trading environment. Particular attention is paid to the weekly KPIs and trading information with variances to budget and forecasts for individual product ranges and channels to market. The two primary KPI’s are turnover and adjusted EBITDA.
The Directors remain cautious in their trading outlook but are committed to the strategy of selling exceptional quality at reasonable price points and believe the brands appeal to an increasingly broad core customer base and are capable of further expansion despite widespread difficulties across the UK retail sector.
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Broadgate 1960 Company Limited
Group Strategic Report (continued)
For the period ended 29 December 2024
We maintain a disciplined approach to promotions to benefit our margins and working capital and further maintain the integrity and strength of the brands.
In 2024 we continued to invest in our Ecommerce business with continued investment in digital marketing to ensure a seamless customer journey. Our focus continues to be on one view of the customer, offering multiple touchpoints across various different channels. Alongside this, we continue to optimise and grow our store estate and control costs across all areas of the business.
Each Company is a well-established brand in its own right, with a loyal customer following, however we acknowledge and manage the following risks.
Trading risk
The retail landscape remains a challenging and volatile space for all. Along with all UK retailers, the Group remains cognisant of potential slowdown in consumer spending as a result of a rise in the cost of living and economic pressures, alongside any impact from wider macro economic and geo political environments.
The business will remain dynamic and agile by continuously monitoring the market, and the Company’s performance against this backdrop. Decision making will remain fast reacting and well thought out.
Our challenge is attracting new and retaining existing customers in a very competitive retail environment. The management continue to monitor UK retail market dynamics, competitor activity and consumer behaviours in order to react and make the appropriate decisions required to satisfy customers and drive the business forward.
Financial risk management
The existence of various financial instruments, primarily loans, cash, trade debtors and trade creditors, exposes the Group to a number of financial risks, which are described in more detail below.
The main risks arising from the Group's financial instruments are currency risk, liquidity risk and credit risk. The Directors review and agree policies for managing each of these risks and they are summarised below. These policies have remained substantially unchanged from previous years.
Currency risk
The Group is significantly reliant on production overseas and therefore is exposed to foreign exchange risk principally in US Dollars. Fluctuations in the exchange rates of the US Dollar is continually monitored and the Group may from time to time enter into forward currency contracts to hedge future inventory purchases.
Trading risk
The retail landscape remains a challenging and volatile space for all. Along with all UK retailers, the Group remains cognisant of potential slowdown in consumer spending as a result of a rise in the cost of living and economic pressures, alongside any impact from wider macro economic and geo political environments.
The business will remain dynamic and agile by continuously monitoring the market, and the Company’s performance against this backdrop. Decision making will remain fast reacting and well thought out.
Our challenge is attracting new and retaining existing customers in a very competitive retail environment. The management continue to monitor UK retail market dynamics, competitor activity and consumer behaviours in order to react and make the appropriate decisions required to satisfy customers and drive the business forward.
Financial risk management
The existence of various financial instruments, primarily loans, cash, trade debtors and trade creditors, exposes the Group to a number of financial risks, which are described in more detail below.
The main risks arising from the Group's financial instruments are currency risk, liquidity risk and credit risk. The Directors review and agree policies for managing each of these risks and they are summarised below. These policies have remained substantially unchanged from previous years.
Currency risk
The Group is significantly reliant on production overseas and therefore is exposed to foreign exchange risk principally in US Dollars. Fluctuations in the exchange rates of the US Dollar is continually monitored and the Group may from time to time enter into forward currency contracts to hedge future inventory purchases.
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Broadgate 1960 Company Limited
Group Strategic Report (continued)
For the period ended 29 December 2024
Liquidity risk
The Group seeks to manage liquidity risk by regularly forecasting future cashflows and monitoring banking facilities to ensure sufficient funds are available to meet the Group's financial obligations for the foreseeable future.
Short-term flexibility is achieved by way of a uncommitted overdraft.
Credit risk
The Group's principal financial assets are cash and trade debtors. Credit risk associated with trade debtors is managed by the Group monitoring the financial position of the counterparties involved.
In order to manage credit risk arising from trade debtors, the Directors set limits for customers based on a combination of payment history and size of account. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history, and credit limits are adjusted on a regular basis.
Credit risk also arises from cash and cash equivalents and deposits with banks and financial institutions. For banks and financial institutions, only independently rated parties with minimum “A” are accepted.
The Group's principal financial assets are cash and trade debtors. Credit risk associated with trade debtors is managed by the Group monitoring the financial position of the counterparties involved.
In order to manage credit risk arising from trade debtors, the Directors set limits for customers based on a combination of payment history and size of account. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history, and credit limits are adjusted on a regular basis.
Credit risk also arises from cash and cash equivalents and deposits with banks and financial institutions. For banks and financial institutions, only independently rated parties with minimum “A” are accepted.
Current trading and outlook
The Group continues to trade well and the Directors expect the strong trading performance to continue into the year ending 28 December 2025. Realistic plans are in place for the 2025 financial year which reflect continued growth in trading performance.
We are continuing with our IT investment roadmap to drive operational enhancements and efficiencies whilst remaining agile and able to respond to changes in the market.
We believe that there is still a place for bricks and mortar stores and are continuing to grow our estate by reviewing appropriate opportunities.
The Group continues to trade well and the Directors expect the strong trading performance to continue into the year ending 28 December 2025. Realistic plans are in place for the 2025 financial year which reflect continued growth in trading performance.
We are continuing with our IT investment roadmap to drive operational enhancements and efficiencies whilst remaining agile and able to respond to changes in the market.
We believe that there is still a place for bricks and mortar stores and are continuing to grow our estate by reviewing appropriate opportunities.
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Broadgate 1960 Company Limited
Group Strategic Report (continued)
For the period ended 29 December 2024
The Group's business activities, together with the factors likely to affect its future development, performance and position are set out in the Principal activities and Business review above.
The financial position of the Group is still very strong, despite the challenging market conditions.
The main financial risks arising from the activities of the Group are set out in Principal risks and uncertainties section above, together with the Group's policies and processes for managing these risks.
The Group has prepared forecasts which take into account possible changes in trading which have been reviewed by the directors. These forecasts show that the Group should be able to operate within the existing working capital facilities.
The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Directors therefore continue to adopt the going concern basis of accounting in preparing the annual financial statements for the Group.
The financial position of the Group is still very strong, despite the challenging market conditions.
The main financial risks arising from the activities of the Group are set out in Principal risks and uncertainties section above, together with the Group's policies and processes for managing these risks.
The Group has prepared forecasts which take into account possible changes in trading which have been reviewed by the directors. These forecasts show that the Group should be able to operate within the existing working capital facilities.
The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Directors therefore continue to adopt the going concern basis of accounting in preparing the annual financial statements for the Group.
S172 Statement
The Board is mindful of all stakeholders when making decisions of strategic importance. Stakeholder engagement is central to the formulation and execution of the strategy and is critical in achieving long-term sustainable success. The needs of our stakeholder as well as the consequences of any decision on the long- term are well considered by the Board.
The Board is mindful of all stakeholders when making decisions of strategic importance. Stakeholder engagement is central to the formulation and execution of the strategy and is critical in achieving long-term sustainable success. The needs of our stakeholder as well as the consequences of any decision on the long- term are well considered by the Board.
Key Stakeholders
The Board considers its key stakeholders to be its customers, employees, partners & suppliers, its shareholder, the communities & environment in which it operates and regulatory and other industry bodies.
The Board considers its key stakeholders to be its customers, employees, partners & suppliers, its shareholder, the communities & environment in which it operates and regulatory and other industry bodies.
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Broadgate 1960 Company Limited
Group Strategic Report (continued)
For the period ended 29 December 2024
S172 (1) Statement:
In accordance with S172 (1) of the Companies Act 2006, a Director of a company must act in the way he or she considers in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard, amongst other matters, to:
- The likely consequences of any decisions in the long-term
- The interests of the Company’s employees
- The need to foster the Company’s business relationships with customers
- The impact of the Company’s operations on the community and environment
- The desirability of the Company maintaining a reputation for high standards of business conduct
- The need to act fairly between members of the Company
Below describes how the Directors of the Company have taken account of the matters set out in s172 (1) (a) to
(f) and forms the Directors statement required under s172 of the Companies Act 2006.
Customers
Our customers are at the heart of everything we do. We seek to understand more about them to ensure our products and services meet their expectations and we deliver a seamless shopping experience whichever channel they choose to shop with us in, whether online, in store or via our contact centre.
We constantly review whether we’re achieving our customer centric aims and ambitions by measuring customer growth and getting feedback via surveys, ratings and occasional focus groups as well as through our various contact channels.
We have regular meetings to review any issues impacting the customer experience and put actions in place to resolve them as quickly as possible. The customer continues to be our focus at all levels in the organisation and we have many initiatives on the horizon to adapt to changing requirements, shopping preferences and lifestyle.
Employees
We continually engage with our employees and have been focussed on employee safety, wellbeing and morale throughout this pandemic. Members of the senior management team are regularly invited to present at board meetings allowing for direct and meaningful interaction and engagement. We have maintained full onboarding and induction for new starters and company-wide e-learning. We have introduced a rigorous flexible working policy across our London Office, invested in Mental Health First Aiders and have recently signed up a comprehensive Employee Assistance Programme to support people across our business.
In accordance with S172 (1) of the Companies Act 2006, a Director of a company must act in the way he or she considers in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard, amongst other matters, to:
- The likely consequences of any decisions in the long-term
- The interests of the Company’s employees
- The need to foster the Company’s business relationships with customers
- The impact of the Company’s operations on the community and environment
- The desirability of the Company maintaining a reputation for high standards of business conduct
- The need to act fairly between members of the Company
Below describes how the Directors of the Company have taken account of the matters set out in s172 (1) (a) to
(f) and forms the Directors statement required under s172 of the Companies Act 2006.
Customers
Our customers are at the heart of everything we do. We seek to understand more about them to ensure our products and services meet their expectations and we deliver a seamless shopping experience whichever channel they choose to shop with us in, whether online, in store or via our contact centre.
We constantly review whether we’re achieving our customer centric aims and ambitions by measuring customer growth and getting feedback via surveys, ratings and occasional focus groups as well as through our various contact channels.
We have regular meetings to review any issues impacting the customer experience and put actions in place to resolve them as quickly as possible. The customer continues to be our focus at all levels in the organisation and we have many initiatives on the horizon to adapt to changing requirements, shopping preferences and lifestyle.
Employees
We continually engage with our employees and have been focussed on employee safety, wellbeing and morale throughout this pandemic. Members of the senior management team are regularly invited to present at board meetings allowing for direct and meaningful interaction and engagement. We have maintained full onboarding and induction for new starters and company-wide e-learning. We have introduced a rigorous flexible working policy across our London Office, invested in Mental Health First Aiders and have recently signed up a comprehensive Employee Assistance Programme to support people across our business.
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Broadgate 1960 Company Limited
Group Strategic Report (continued)
For the period ended 29 December 2024
Partners & Suppliers
The Company aims to conduct all its business relationships with integrity and courtesy, and to honour all business agreements. We work closely with producers and our supply chain and have taken measures to prevent modern slavery. We are working with contacts at the Better Cotton Initiative to become an active member and continue to boost our sustainability roadmap, as well as increase our visibility in the supply chain. We have made additional commentary in our supplier manual to ensure that the use of Xinjiang cotton in the Uighur region is no longer utilised due to the news reports around forced labour in that region. We are setting up a process to begin classifying our suppliers to Tier 1 / 2 / 3 in order to support and work with them more productively in the future. By consolidating our packaging / trims / swing tickets to two central suppliers, rather than leave with each suppliers, by the end of the year 30% of the packaging will contain recycled content, and
100% of our care labels / swing tickets will be FSC certified and / or sustainable.
Shareholder
The management engage with the principal shareholder on a regular basis involving him in all significant decisions and providing regular updates on performance.
Communities & Environment
We recognise that our business practices have a direct impact on the environment and seek to minimise the adverse impacts of this wherever possible. We’re committed to having over 20% of our range made from sustainable cotton and 20% reduction in water across key categories by 2022; to offset air freight emissions through blue carbon conservation by 2024; and to aim towards 100% sustainable cotton and 50% recycle polyester by 2025. We are passionate about ocean conservation and support it through national awareness- driving campaigns and money raising activities.
Regulatory and other industry bodies
The Company has processes in place to monitor new regulations and compliance requirements that may impact the business. We regularly engage with industry bodies such as the British Retail Consortium, Better Cotton Initiative and other retail forums. The Company engages with specialists to help proactively manage our business risks.
The Company aims to conduct all its business relationships with integrity and courtesy, and to honour all business agreements. We work closely with producers and our supply chain and have taken measures to prevent modern slavery. We are working with contacts at the Better Cotton Initiative to become an active member and continue to boost our sustainability roadmap, as well as increase our visibility in the supply chain. We have made additional commentary in our supplier manual to ensure that the use of Xinjiang cotton in the Uighur region is no longer utilised due to the news reports around forced labour in that region. We are setting up a process to begin classifying our suppliers to Tier 1 / 2 / 3 in order to support and work with them more productively in the future. By consolidating our packaging / trims / swing tickets to two central suppliers, rather than leave with each suppliers, by the end of the year 30% of the packaging will contain recycled content, and
100% of our care labels / swing tickets will be FSC certified and / or sustainable.
Shareholder
The management engage with the principal shareholder on a regular basis involving him in all significant decisions and providing regular updates on performance.
Communities & Environment
We recognise that our business practices have a direct impact on the environment and seek to minimise the adverse impacts of this wherever possible. We’re committed to having over 20% of our range made from sustainable cotton and 20% reduction in water across key categories by 2022; to offset air freight emissions through blue carbon conservation by 2024; and to aim towards 100% sustainable cotton and 50% recycle polyester by 2025. We are passionate about ocean conservation and support it through national awareness- driving campaigns and money raising activities.
Regulatory and other industry bodies
The Company has processes in place to monitor new regulations and compliance requirements that may impact the business. We regularly engage with industry bodies such as the British Retail Consortium, Better Cotton Initiative and other retail forums. The Company engages with specialists to help proactively manage our business risks.
This report was approved by the board and signed on its behalf.
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Broadgate 1960 Company Limited
Directors' Report
For the period ended 29 December 2024
The Directors present their report and the financial statements for the period ended 29 December 2024.
The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the period, after taxation, amounted to £16,906 thousand (2023 - £13,053 thousand).
The Directors have not recommended a dividend.
The Directors who served during the period were:
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Broadgate 1960 Company Limited
Directors' Report (continued)
For the period ended 29 December 2024
The table below sets out a summary of the Group's UK energy usage, associated emissions, energy efficient actions and energy performance.
The group's greenhouse gas emission and energy consumptions are as follows:
The group's greenhouse gas emission and energy consumptions are as follows:
The above data reflects consumption of sites where the Company has the ability to influence energy management. Data is not reported where the Company has limited or no ability to influence energy management. Scope 1 and 2 consumption, CO2e emission data and the Emission Factor Database used are considered with the 2019 UK governmental environmental reporting guidance, using the current published kWh gross calorific value (CV) and kgCO2e relevant for the year under review.
We are committed to year on year improvements in our operational energy efficiency.
We are committed to year on year improvements in our operational energy efficiency.
Narrative regarding future developments is included in the Strategic report.
On 28 February 2025, the Group entered into a new uncommitted banking facility agreement with HSBC UK Bank plc. The facility increases the Group's available credit capacity but does not affect the financial position as at 29 December 2024.
In April 2025, the Group purchased a commercial property, namely The Drapery in Kingston Upon Thames. This investment has been purchased with the intention of leasing 3 floors to Crew Clothing with the other 3 floors vacancy until a tenant is secured. A £1.2 million deposit relating to this transaction was paid during the 2024 financial year and is included in debtors as at 29 December 2024. Completion occurred after the year end.
In April 2025, the Group purchased a commercial property, namely The Drapery in Kingston Upon Thames. This investment has been purchased with the intention of leasing 3 floors to Crew Clothing with the other 3 floors vacancy until a tenant is secured. A £1.2 million deposit relating to this transaction was paid during the 2024 financial year and is included in debtors as at 29 December 2024. Completion occurred after the year end.
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Broadgate 1960 Company Limited
Directors' Report (continued)
For the period ended 29 December 2024
The audit registration of Kreston Reeves LLP was transferred to Kreston Reeves Audit LLP on 6 October 2025. Kreston Reeves Audit LLP were formally appointed as auditor to the company on 6 October 2025.
The auditors, Kreston Reeves Audit 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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Broadgate 1960 Company Limited
Independent Auditors' Report to the Members of Broadgate 1960 Company Limited
We have audited the financial statements of Broadgate 1960 Company Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the period ended 29 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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).
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 or the 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.
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Broadgate 1960 Company Limited
Independent Auditors' Report to the Members of Broadgate 1960 Company 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 Group 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 Group 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 Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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Broadgate 1960 Company Limited
Independent Auditors' Report to the Members of Broadgate 1960 Company 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 Group 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:
Capability of the audit in detecting irregularities, including fraud
Based on our understanding of the company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, Statement of Recommended Practice, taxation and pension legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the engagement team included:
∙Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety, anti-bribery and employment law) and fraud; and
∙Further assessment of the company's compliance with laws and regulations was undertaken by ensuring the engagement team were made aware of the identified laws and regulations to ensure they remained alert to any indications of non-compliance; and
∙Challenging assumptions and judgements made by management in its significant accounting estimates; and
∙Performing analytical procedures with automated data analytics tools to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and
∙Review of internal and physical *inspection of tangible assets susceptible to fraud or irregularity; and
∙Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation.
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.
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Broadgate 1960 Company Limited
Independent Auditors' Report to the Members of Broadgate 1960 Company 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
Statutory Auditor
London
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Broadgate 1960 Company Limited
Consolidated Statement of Comprehensive Income
For the period ended 29 December 2024
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Broadgate 1960 Company Limited
Registered number: 11066469
Consolidated Balance Sheet
As at 29 December 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 20 to 43 form part of these financial statements.
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Broadgate 1960 Company Limited
Registered number: 11066469
Company Balance Sheet
As at 29 December 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 20 to 43 form part of these financial statements.
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