Lavenham Leisure Limited - Limited company accounts 20.1

REGISTERED NUMBER: 03171370 (England and Wales)

Lavenham Leisure Limited

Strategic Report,

Report of the Directors and

Financial Statements

For The Period

1st April 2019 to 31st December 2019

Page

Company Information

1

Strategic Report

2

to

4

Report of the Directors

5

to

6

Report of the Independent Auditors

7

to

9

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

to

22

DIRECTORS:

J T S Flynn

N E Santomauro

K Tanabe

REGISTERED OFFICE:

37 Mount Pleasant

Clerkenwell

London

WC1X 0AA

BUSINESS ADDRESS:

24-25 Church Field Road

Sudbury

Suffolk

CO10 2YA

REGISTERED NUMBER:

03171370 (England and Wales)

AUDITORS:

Haines Watts

Statutory Auditor

8 Hopper Way

Diss

Norfolk

IP22 4GT

The directors present their strategic report for the period 1st April 2019 to 31st December 2019.

REVIEW OF BUSINESS

Lavenham Leisure Limited's principal activities are the manufacture of superior quality quilted jackets, waistcoats

and horse rugs. The company's principal market is Japan.

PRINCIPAL RISKS AND UNCERTAINTIES

As for many businesses of the same size, the environment the company operates in remains challenging. The

company faces competition from other businesses which manufacture abroad in lower cost environments. Retail

sales are subject to consumers' spending patterns and their disposable income. The company counteracts this risk by

ensuring that it actively manages the brand's identity through marketing and controlled product distribution to

ensure that the value of the brand is inherently strong and a continual demand for its products is maintained.

We are still a weather dependant brand, with later, shorter winters affecting sell through. However, we are focusing

on gilets as a layering piece and trying to strengthen this offering in our seasonal collections. This has been quite

successful the last two seasons and we are starting to become recognised as the brand that specialises in gilets, we

do not have any competitors specialising in the same.

Our Japanese distributor, who we have been working with for over 25 years, was served notice that our ultimate

holding company, Hit Union, would take over the Japanese distribution from spring summer 2021.

DEVELOPMENT AND PERFORMANCE

Unfortunately Japan had an unusually mild winter 2018/2019, only getting cold in January, after the New Year sales

had started. This affected our order book as our customers were carrying a large amount of stock having placed

larger orders in 2017/2018. South Korean and European sales remained stable.

It was the brands 50th Anniversary, we made a 50th capsule collection which was well received in Japan and South

Korea.

For spring summer 20 we started working with a Japanese designer based in Tokyo. He introduced new lightweight

products to our collection. Our spring and summer collections have previously been too warm for many of our

markets, but having launched in June 2019 to our wholesale customers, focusing on non-quilted jackets and gilets

and very lightweight quilted gilets generated a lot more interest as customers could see the longevity of the new

developments.

Our store in Kings Cross was performing relatively well, generally the foot fall at Coal Drops Yard has not been what

was anticipated and this has been for all occupants. However brand awareness has increased and we've had many

repeats customers due to the quality of our products and provenance of the brand.

We updated our web site which resulted in an increase in sales, this twinned with Facebook and Instagram

campaigns focusing on our gilet offering saw the most growth in this product category.

We changed our financial YE to 31st December to be inline with our group year end.

FINANCIAL KEY PERFORMANCE INDICATORS

The company's KPIs were in line with expectations:

In £

31/12/2019

31/3/2019

Variance %

Turnover

2,339,429

4,161,867

-43.78%

Gross margin %

39.85%

47.12%

- 7.27%

PBT%

14.55%

30.24%

-15.69%

FUTURE DEVELOPMENTS

The company intends to continue to focus on building the brand by:

- continually improving the quality and depth of the products offered through the brand's core segments of

menswear, womenswear, children's wear and accessories;

- continue innovative collaborations with iconic brands and designers like Mastermind, Sunspel, Oi Polloi and

Nicholas Daley;

- continue to target the North American market;

- building on the unique relationship with the brand's customer base through social media using better product

images and a brand film.

From spring summer 21 onwards our ultimate holding company, Hit Union, is dealing with our distribution in Japan.

All sales are conducted from their showroom in Tokyo. They will take over www.lavenham.jp from January 2021,

which will become an ecomm website. Therefore our new distributor will need ecomm stock and stock for

customers wanting immediate delivery of our classics range. We are also getting very positive feedback from our

spring summer collection, especially the non-quilted lightweight products and the forecast from Japan is 1,600 units

for this season, with this, an order for ecomm stock and stock for customers I'm very positive we will have enough

orders to fill our production capacity until the end of 2020, making this very challenging year end on a more positive

note.

With our Japanese designers' collection being so well received and our collaboration with the designer Nicholas

Daley we have received orders from some key customers in the UK and globally. Our new web site and social media

channels are also driving more brand awareness both for the end consumer and wholesale customers.

POST BALANCE SHEET EVENTS

On 23rd March 2020 the UK government introduced a full lockdown and urged businesses to close. On the 24th

March, Lavenham closed the factory for three weeks. During this time all direct labour were furloughed with 100%

of their wages being paid. The development team and office staff were able to work from home and were not

furloughed. During these three weeks deliveries were still being accepted at the factory.

On 14th April we reopened the factory to our quilting and cutting departments with strict Covid19 procedures in

place. These were refined and improved during the two weeks before we asked our sewing and inspection teams to

return to work. Initially we were operating two separate shifts, one early morning to lunch time and one from lunch

time to 9pm. This wasn't going to be sustainable and we realised that we were able to keep a safe distance within

the factory, having made some modifications and it was actually the arrival, departure, breaks and lunch times that

were our pinch points, therefore after working split shifts for three weeks, we started working staggered start and

leaving times and the same with breaks and lunch. Common areas were modified for social distancing and personal

hand sanitiser, enhanced cleaning and a wall mounted non-contact thermometer were made available. All staff are

screened before entering the factory each day and must wash their hands at regular intervals. By the beginning of

August all furloughed staff were back at work, the final being a member of staff that was shielding.

Seven weeks production time was lost during lockdown and priming the factory again. Thankfully, we only had one

of our small orders reduced and no cancelled orders at all. Since returning to full capacity and now trying to make

up some of our lost production time, we have four temporary staff working in our inspection department and we've

taken on two permanent sewing machinists and are awaiting the arrival of two more at the end of August.

The uncertainty of Brexit is still a concern, the UK is set to leave as planned on 31st December, to date there is no

trade deal in place. It is rumoured the UK may continue with the same trade deal Japan and South Korea currently

has with Europe, which means lower duty tariffs for our distributor importing products made with European

components and made in the UK.

A shortage in readily available labour is also a risk to the business. The government has released their points-based

system and the minimum salary an overseas worker must earn. If we are unable to find labour already located

within the UK we would need to review our direct labour pay scale. We are also trying to get the fashion / clothing

manufacturing industry put on the Occupation Shortage list, meaning less points are required, and the minimum

salary is less. We are working with UKFT who are joining forces with The British Fashion Council to lobby parliament.

ON BEHALF OF THE BOARD:

N E Santomauro - Director

15th September 2020

The directors present their report with the financial statements of the company for the period 1st April 2019 to 31st December 2019.

PRINCIPAL ACTIVITY

DIVIDENDS

No dividends will be distributed for the period ended 31st December 2019.

EVENTS SINCE THE END OF THE PERIOD

Information relating to events since the end of the period is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st April 2019 to the date of this

report.

J T S Flynn

N E Santomauro

K Tanabe

DISCLOSURE IN THE STRATEGIC REPORT

Please refer to the Strategic Report for comments on future developments in accordance with s.414 C (II) of CA

2006.

DIRECTORS' RESPONSIBILITIES STATEMENT

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). 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, Haines Watts, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

N E Santomauro - Director

15th September 2020

Opinion

We have audited the financial statements of Lavenham Leisure Limited (the 'company') for the period ended

31st December 2019 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet,

Statement of Changes in Equity and 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 2019 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report

to you where:

-	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

However, not all future events or conditions can be predicted. Brexit and the COVID-19 viral pandemic are the most

significant economic events for the UK with unprecedented levels of uncertainty of outcomes. It is therefore difficult

to evaluate all of the potential implications on the company's trade, customers, suppliers and wider economy. The

Directors' view on the impact of COVID-19 is disclosed in the strategic report and in the notes.

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 there is a material

misstatement in the financial statements or a material misstatement of the other information. 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 period 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 Directors' Responsibilities Statement set out on page five, 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.

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.

Matthew Neale FCA (Senior Statutory Auditor)

for and on behalf of Haines Watts

Statutory Auditor

8 Hopper Way

Diss

Norfolk

IP22 4GT

15th September 2020

TURNOVER

3

2,339,429

4,161,867

Cost of sales

1,407,156

2,200,771

GROSS PROFIT

932,273

1,961,096

Distribution costs

104,085

97,244

Administrative expenses

523,755

641,260

627,840

738,504

304,433

1,222,592

Other operating income

35

68

OPERATING PROFIT

5

304,468

1,222,660

Interest receivable and similar income

35,980

36,091

PROFIT BEFORE TAXATION

340,448

1,258,751

Tax on profit

6

64,740

239,242

PROFIT FOR THE FINANCIAL PERIOD

275,708

1,019,509

PROFIT FOR THE PERIOD

275,708

1,019,509

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

275,708

1,019,509

FIXED ASSETS

Tangible assets

7

113,370

125,128

Investments

8

100

100

113,470

125,228

CURRENT ASSETS

Stocks

9

573,512

552,890

Debtors

10

915,991

1,118,823

Cash at bank and in hand

7,112,440

6,761,672

8,601,943

8,433,385

CREDITORS

Amounts falling due within one year

11

103,941

221,052

NET CURRENT ASSETS

8,498,002

8,212,333

TOTAL ASSETS LESS CURRENT LIABILITIES

8,611,472

8,337,561

PROVISIONS FOR LIABILITIES

13

18,746

20,543

NET ASSETS

8,592,726

8,317,018

CAPITAL AND RESERVES

Called up share capital

14

4

4

Retained earnings

15

8,592,722

8,317,014

SHAREHOLDERS' FUNDS

8,592,726

8,317,018

The financial statements were approved by the Board of Directors and authorised for issue on 15th September 2020 and were signed on its behalf by:

N E Santomauro - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st April 2018

4

7,297,505

7,297,509

Changes in equity

Total comprehensive income

-

1,019,509

1,019,509

Balance at 31st March 2019

4

8,317,014

8,317,018

Changes in equity

Total comprehensive income

-

275,708

275,708

Balance at 31st December 2019

4

8,592,722

8,592,726

1.	STATUTORY INFORMATION

Lavenham Leisure Limited is a private company, limited by shares, registered in England. The company's

registered number, registered office address and trading address can be found on the Company Information

Page.

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

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 on a going concern basis.

The financial statements have been prepared on a going concern basis. The Directors have reviewed and

considered relevant information, including the annual budget and future cash flows in making their

assessment. In particular, in response to the COVID-19 pandemic, the Directors have tested their cash flow

analysis to take into account the impact on their business of possible scenarios brought on by the impact of

COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments,

given the measures that could be undertaken to mitigate the current adverse conditions, and the current

resources available, the Directors have concluded that they can continue to adopt the going concern basis in

preparing the annual report and accounts.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial

statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of

Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

In the application of the Company's accounting policies, management is required to make judgements,

estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent

from other sources. The estimates and underlying 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 if the revision affects only that period,

or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the

financial statements relate mainly to stock obsolescence and provision for doubtful debts.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company's accounting policies, the directors are required to make judgements,

estimates and assumptions about 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 if the revision affects only that period,

or in the period of the revision and future periods if the revision affects both current and future periods.

There are no significant judgements (apart from those involving estimates) that have had an effect on

amounts recognised in the financial statements and there are key sources of estimation uncertainty.

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 from the sale of clothing and accessories is recognised when significant risks and rewards of

ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is

probable that the economic benefits associated with the transaction will flow to the company and the costs

incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch

of the goods.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and

accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of

operating as intended.

Investments in subsidiaries

Investments in subsidiaries are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost

includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present

location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged,

obsolete and slow-moving stock where appropriate.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange

ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating

result.

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.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each

balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash

generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its

recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a

revalued amount where the impairment loss is a revaluation decrease.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past

event, it is probable that an outflow of economic benefits will be required in settlement and the amount can

be reliably estimated.

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

Period

1/4/19

to

Year Ended

31/12/19

31/3/19

£

£

United Kingdom

164,439

526,276

Europe

156,397

188,609

Rest of the world

2,018,593

3,446,982

2,339,429

4,161,867

4.	EMPLOYEES AND DIRECTORS

Period

1/4/19

to

Year Ended

31/12/19

31/3/19

£

£

Wages and salaries

1,105,429

1,733,104

Social security costs

73,577

99,148

Other pension costs

18,635

15,983

1,197,641

1,848,235

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

Period

1/4/19

to

Year Ended

31/12/19

31/3/19

Administration

8

9

Development

2

3

Manufacturing

76

80

Marketing

1

1

87

93

Period

1/4/19

to

Year Ended

31/12/19

31/3/19

£

£

Directors' remuneration

83,329

109,000

5.	OPERATING PROFIT

The operating profit is stated after charging:

Period

1/4/19

to

Year Ended

31/12/19

31/3/19

£

£

Hire of plant and machinery

535

1,605

Other operating leases

97,500

130,000

Depreciation - owned assets

14,636

24,771

Auditors' remuneration

4,500

6,000

6.

TAXATION

Analysis of the tax charge

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

Period

1/4/19

to

Year Ended

31/12/19

31/3/19

£

£

Current tax:

UK corporation tax

66,537

241,375

Deferred tax

(1,797

)

(2,133

)

Tax on profit

64,740

239,242