Revital Limited - Limited company accounts 20.1

REGISTERED NUMBER: 02570370 (England and Wales)

REVITAL LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE PERIOD 1 MAY 2019 TO 26 APRIL 2020

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

6

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:

R S Vora

R R Vora

SECRETARY:

Mrs N Vora

REGISTERED OFFICE:

71-75 Shelton Street

London

WC2H 9JQ

REGISTERED NUMBER:

02570370 (England and Wales)

SENIOR STATUTORY AUDITOR:

Kiran Patel BA FCA

INDEPENDENT AUDITORS:

Albury Associates Limited

Chartered Accountants & Statutory Auditor

2nd Floor, One Hobbs House,

Harrovian Business Village

Bessborough Road

Harrow

Middlesex

HA1 3EX

The directors present their strategic report for Revital Limited ("the company") for the year ended 26 April 2020.

PRINCIPAL ACTIVITY

The company remains one of largest independent retailer for health and wellness in the UK. The principal activity of the company during the year was the retailing of a large range of health supplements, health foods and other related products through stores, internet and mail order channel.

REVIEW OF BUSINESS

Prior to the impact of COVID19, in the last two months of the year, the business was making steady progress in implementing its long-term strategy in a very challenging high street retail environment due the uncertainty of Brexit and the changing way people buy products.

Overall, the principal business results for the year and the financial position at the year-end showed a performance that was better than expected in a difficult market as the business delivered a positive EBITDA of £0.1m, reduced the loss before tax by 42.6% and continued to maintain a consistently healthy cash balance of £1.2 million (2019: £1.3 million).

STRATEGY

The long-term strategy of the board is to continue to invest in the e-commerce infrastructure that is likely to cater for the changing ways in which consumers are shopping. This will ensure that continued growth in demand for the products and a more efficient channel to the customer is achieved. In turn, whilst positioning the business for future higher levels of growth of the company's e-commerce channel.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors for the company have reviewed the risks and uncertainties and have appropriate processes in place to monitor and mitigate them. The company will continue to manage the following specific business risks more closely:

- COVID19 pandemic has caused the initial closure of 5 stores and a severe reduction in customer footfall in the stores that are open with a direct impact on sales. In the short term this will cause a structural change in the way we operate in the high street as we prioritise the safety of our staff and customer. To mitigate these:

(a) Directors have weekly reviews to discuss COVID planning and take immediate action when necessary.

(b) Continued the re-platforming of our ecommerce business

(c) Where possible taken advantage of government support - Rates relief, Local Grants and CJRS

- Working capital supervision is essential to deliver on the long-term plan and in the short term to improve financial stability and liquidity. The company has already introduced, in the period, a rigorous cashflow forecasting and budgeting processes to ensure cash inflow from revenues provide adequate liquidity to support timely payments to all suppliers.

- The exposure to stock risk is from obsolescence, over-stocking and holding stock in locations where there is no such demand. To ensure the company has robust processes to support its growth plans it regularly undertakes a detailed review of its entire stock system and processes. Furthermore, the company has introduced strict stock control systems to ensure that the most efficient level and type of stocks are held in the correct locations. This has had an immediate positive impact on cash flow, liquidity and stockholding costs.

- The company raises funds to finance operations using financial instruments comprising bank balances, bank and other loans and leasing agreements. The company does not pursue transactions in which hedge accounting is used. Bank loans and other loans in the company are assessed as part of the management of credit and cash flow risks.

- Exposure to bad debts in the current climate. Revenues through store outlets, online and mail order are collected at the point-of-sale. This minimises the cash flow and business risk.

CREDITOR PAYMENT POLICY

- The company continues to grow its supplier base. The company's current policy concerning the payment of trade creditors are to:

o Settle the terms of payment with suppliers when agreeing the terms of each transaction.

o Ensure suppliers are made aware of the terms of payment.

o Pay in accordance with the company's contractual and other legal obligations.

o Continuously liaise with creditors to ensure that any deviations from contractual and legal obligations are fully understood and agreed by all.

SECTION 172(1) STATEMENT

The board of directors of Revital Limited consider, both individually or together, that they have acted in a way that they consider, in good faith, and in a way that would be most likely to promote the success of the company for the benefit of the members as a whole in the decisions taken during the year ended 30 April 2020. In particular, in reference to the management of external factors beyond their control.

Substantial and difficult decisions were made during the year and since the year end date in order to ensure that the company continues to attract for the foreseeable future, and remains a going concern. The Directors have operated in a manner that ensures tight budgetary controls are maintained in line with current legislation.

The company employees are fundamental to the business. The Directors aim to be responsible employers in their approach to the pay and benefits to all employees. The health, safety and well-being of employees is one of the primary considerations in the way that the business is conducted.

As a board of Directors, the board have conducted their affairs responsibly and ensure that management operate the business in a responsible manner, operating within the high standards of the business conduct and good governance are expected of a business of this size and structure.

FINANCIAL STABILITY & KEY PERFORMANCE INDICATORS

Financial Stability

The company produces detailed weekly cashflow forecasts based on historic sales and cost performance to ensure the company has long term financial stability during this challenging environment. The directors remain positive that the company has adequate headroom to continue to trade on a going concern basis for the foreseeable future. This predominantly is as a result of the strong cash balance at the year-end date and the stringent cash flow management show that this balance, together with any net positive trading aspects, are likely to ensure that the company will continue to trade for the foreseeable future.

Financial Performance & Key Indicators

The financial performance for the year shows that the company achieved revenues of £13.5 million a decline of 5.6%. Despite the decline in revenues the company has successfully focused on improving trading margins and reducing administrative expenses as a result the business delivered an EBITDA of £0.1m compared to a prior year EBITDA loss of £(0.3) million. The company continues its long-term strategy of driving profitable online sales growth and supporting the existing store base.

2020

2019

£ Million

£ Million

Revenue

13.5

14.4

Gross Profit

5.9

6.2

Gross Profit (%)

43.7%

43.1%

EBITDA

0.1

(0.3)

Loss Before Tax

0.4

0.8

Average Number of Outlets

18

18

FUTURE DEVELOPMENTS

Prior to COVID19 the business was making good progress in executing its long-term strategy. The COVID19 pandemic has been unprecedented and the speed of change to consumer shopping habits and the impact of the national lock down on consumer confidence has severely impacted the business. As a result, the directors are working towards updating the short-term strategy that will better address and target the changing consumer landscape.

To mitigate the impact of COVID19 the directors have prioritise certain actions to improve liquidity, and ensure that the company can continue to trade in the foreseeable future these comprise of, but are not limited to, the following:

- Control over all discretionary spend, including a significant curtailment of capital expenditure.

- A detailed review of all staffing requirements and appropriate action to improve efficiency wherever possible.

- A meticulous review of the pay rates and salaries across the board with reductions being implemented.

- Use of business rate holidays, tax deferrals and other government support measures.

- Continuous close monitoring and stress testing of cash flow forecasts.

Having taken appropriate action, the directors remain confident that the company is well positioned to weather this unparalleled business environment and deliver on its overall long-term strategy.

ON BEHALF OF THE BOARD:

R S Vora - Director

28 April 2021

The directors present their report with the financial statements of the company for the period 1 May 2019 to 26 April 2020.

DIVIDENDS

No dividends will be distributed for the period ended 26 April 2020.

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 1 May 2019 to the date of this report.

R S Vora

R R Vora

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). 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

R S Vora - Director

28 April 2021

Opinion

We have audited the financial statements of Revital Limited (the 'company') for the period ended 26 April 2020 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 26 April 2020 and of its loss 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.

Material uncertainty relating to going concern

We draw your attention to note 2 "Accounting Policies" in respect of "Going Concern", which indicates that the company incurred a net loss of £405,761 for the year ended 26 April 2020 and, as of that date, the company's net liabilities amounted to £1,854,084. As stated in note 2, these events or conditions, along with other matters as set forth in note.20 "Post-Balance Sheet Events" indicate that although a material uncertainty exists, the directors have taken steps to mitigate the risks of the uncertainty. Our opinion is not modified in respect of this matter.

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 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 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.

Kiran Patel BA FCA (Senior Statutory Auditor)

for and on behalf of Albury Associates Limited

Chartered Accountants & Statutory Auditor

2nd Floor, One Hobbs House,

Harrovian Business Village

Bessborough Road

Harrow

Middlesex

HA1 3EX

28 April 2021

TURNOVER

13,537,422

14,359,813

Cost of sales

7,596,172

8,164,499

GROSS PROFIT

5,941,250

6,195,314

Distribution costs

53,844

146,559

Administrative expenses

6,396,040

6,685,051

6,449,884

6,831,610

(508,634

)

(636,296

)

Other operating income

243,567

8,280

OPERATING LOSS

4

(265,067

)

(628,016

)

Interest receivable and similar income

95

-

(264,972

)

(628,016

)

Interest payable and similar expenses

5

140,789

149,835

LOSS BEFORE TAXATION

(405,761

)

(777,851

)

Tax on loss

6

-

-

LOSS FOR THE FINANCIAL PERIOD

(405,761

)

(777,851

)

LOSS FOR THE PERIOD

(405,761

)

(777,851

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE LOSS

(405,761

)

Prior year adjustment

(216,439

)

TOTAL COMPREHENSIVE LOSS SINCE LAST ANNUAL REPORT

(994,290

)

FIXED ASSETS

Intangible assets

7

-

-

Tangible assets

8

550,547

617,151

550,547

617,151

CURRENT ASSETS

Stocks

9

1,104,099

1,432,316

Debtors

10

555,860

525,766

Cash at bank and in hand

1,184,198

1,352,482

2,844,157

3,310,564

CREDITORS

Amounts falling due within one year

11

2,748,788

2,785,755

NET CURRENT ASSETS

95,369

524,809

TOTAL ASSETS LESS CURRENT LIABILITIES

645,916

1,141,960

CREDITORS

Amounts falling due after more than one year

12

2,500,000

2,590,283

NET LIABILITIES

(1,854,084

)

(1,448,323

)

CAPITAL AND RESERVES

Called up share capital

15

50,000

50,000

Retained earnings

16

(1,904,084

)

(1,498,323

)

SHAREHOLDERS' FUNDS

(1,854,084

)

(1,448,323

)

The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2021 and were signed on its behalf by:

R S Vora - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 May 2018

50,000

(504,033

)

(454,033

)

Prior year adjustment

-

(216,439

)

(216,439

)

As restated

50,000

(720,472

)

(670,472

)

Changes in equity

Total comprehensive loss

-

(777,851

)

(777,851

)

Balance at 30 April 2019

50,000

(1,498,323

)

(1,448,323

)

Changes in equity

Total comprehensive loss

-

(405,761

)

(405,761

)

Balance at 26 April 2020

50,000

(1,904,084

)

(1,854,084

)

Cash flows from operating activities

Cash generated from operations

1

55,749

150,000

Interest paid

(119,875

)

(120,035

)

Interest element of finance lease payments paid

(20,914

)

(29,800

)

Taxation refund

109,432

-

Net cash from operating activities

24,392

165

Cash flows from investing activities

Purchase of tangible fixed assets

(260,745

)

(200,893

)

Interest received

95

-

Net cash from investing activities

(260,650

)

(200,893

)

Cash flows from financing activities

Capital repayments in year

(132,026

)

(183,700

)

Government Grants

200,000

-

Net cash from financing activities

67,974

(183,700

)

Decrease in cash and cash equivalents

(168,284

)

(384,428

)

Cash and cash equivalents at beginning of period

2

1,352,482

1,736,910

Cash and cash equivalents at end of period

2

1,184,198

1,352,482

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

Period

1/5/19

to

Year Ended

26/4/20

30/4/19

£

£

Loss before taxation

(405,761

)

(777,851

)

Depreciation charges

327,349

321,842

Government grants

(200,000

)

-

Finance costs

140,789

149,835

Finance income

(95

)

-

(137,718

)

(306,174

)

Decrease in stocks

328,217

294,770

(Increase)/decrease in trade and other debtors

(140,244

)

213,633

Increase/(decrease) in trade and other creditors

5,494

(52,229

)

Cash generated from operations

55,749

150,000

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 26 April 2020

26/4/20

1/5/19

£

£

Cash and cash equivalents

1,184,198

1,352,482

Year ended 30 April 2019

30/4/19

1/5/18

£

£

Cash and cash equivalents

1,352,482

1,736,910

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/5/19

Cash flow

At 26/4/20

£

£

£

Net cash

Cash at bank and in hand

1,352,482

(168,284

)

1,184,198

1,352,482

(168,284

)

1,184,198

Debt

Finance leases

(222,696

)

132,026

(90,670

)

(222,696

)

132,026

(90,670

)

Total

1,129,786

(36,258

)

1,093,528

1.	STATUTORY INFORMATION

Revital 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.

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.

As set out in the strategic report, the directors believe the company is experiencing good levels of sales and it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has sufficient resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Related party transactions

For the purposes of these financial statements, a related party is considered to be related to the company if:

- The party has the ability, directly or indirectly, through one or more intermediaries, to control the company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the company;

- The company and the party are subject to common control;

- The party is an associate of the company or a joint venture in which the company is a venturer;

- The parties are a member of key management personnel of the company or the company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals;

- The party, or any member of a group of which it is a party, provides key management personnel services to the company or its parent.

Close family members of an individual are those members who are expected to influence, or be influenced by, that individual in their dealings with the entity.

Turnover

Turnover is the amount derived from ordinary activities, and is measured at the fair value of the consideration received or receivable, excluding value added tax and other sales taxes.

Specifically in relation to retail sales, turnover is recognised at the point of sale or dispatch of the goods.

Goodwill

Goodwill, being the amount paid in connection therewith the acquisition of businesses over a number of years, is being amortised evenly over its estimated useful life.

Having being fully amortised in previous years, no further amortisation would be applied to the carrying values of goodwill.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life.

Tangible fixed assets

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

Short leasehold

-

Over the life of the lease

Fixtures and fittings

-

33% on cost

Motor vehicles

-

25% on cost

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

Short leasehold

- in accordance with the lease.

Fixtures and fittings

- 25% on cost

Motor Vehicles

- 25% on cost

Government grants

Government Grants received are including the profit and loss account in the period in which they are received. Government Grants received a not connected to specific expenditure to be incurred, but to the availability of grants as a result of Covid-19.

Stocks

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

When stocks are sold, the carrying amount of these stocks are recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised in the period in which the reversal occurs.

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.

Trade and other debtors

Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the and discounted amount expected to be received, net of impairment.

Trade and other debtors that are receivable after more than one year or that constitute financing transactions are recorded initially at the fair value less transaction costs and subsequently at amortised cost, net of impairment.

Trade and other creditors

Trade and other creditors are initially recognised and fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting is immaterial, in which case they are stated at cost.

Going concern

The company incurred a net loss of £405,761 for the year ended 26 April 2020 and, as of that date, the company's net liabilities amounted to £1,854,084. The Financial Statements have been prepared on a going concern basis, as the directors have provided cash flow forecasts confirming that the company's liquidity will be maintained to meet its day-to-day commitments for the foreseeable future. In addition, the directors have taken positive steps to ensure that major costs are curtailed and the company is able to manage its cash flow so as to ensure that funds and facilities are maintained above amounts required for at least 12 months. As a result of their actions, the directors are of the opinion that the going concern basis is therefore appropriate to the preparation of these Financial Statements.

3.	EMPLOYEES AND DIRECTORS

Period

1/5/19

to

Year Ended

26/4/20

30/4/19

£

£

Wages and salaries

2,783,340

2,852,903

Social security costs

228,344

210,535

Other pension costs

38,509

27,913

3,050,193

3,091,351

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

Period

1/5/19

to

Year Ended

26/4/20

30/4/19

Sales

113

104

Administration

22

31

135

135

Period

1/5/19

to

Year Ended

26/4/20

30/4/19

£

£

Directors' remuneration

177,248

201,996