ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Company registration number: 04594353
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COMPANY INFORMATION
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CONTENTS
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GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2020
The Directors present their strategic report on the Group and Company for the year ended 30 June 2020.
Crown Golf Group Limited is the parent company of the Crown Golf Group. The Directors believe the Group has an outstanding portfolio of golf clubs in its estate, offering good quality and value golf to its members and visitors. Crown Golf is committed to upholding the great traditions of golf whilst striving to provide an innovative and welcoming experience for all who use the clubs.
The 2020 financial year has been a challenging year for Crown Golf and the Group has reported a loss of £10.9m before tax for the year. 2020 was planned to be a year of change, with the exit of nine golf clubs successfully completed in the financial year. The strategy of the Group has been to consolidate its portfolio to a group of core golf clubs that can be operated successfully, with positive cash flows whilst reducing the Group term debt. Despite the severe interruption and uncertainty that Covid-19 brought in the last quarter of the 2020 financial year, the strategic plan was successfully executed. The original term debt has been reduced from its original position two years ago of £19.5m to £2.14m at the end of June 2020. The exits did however contribute significantly to the loss reported, with a realised loss on disposal of £5.8m. The Directors believe however that this decision and execution of consolidation will future proof the remaining Group, with the retained sites all forecast to contribute positive EBITDA and cash generation. Further to the Group’s own plans for 2020, the world and all businesses within it have been affected by the Coronavirus pandemic. The timing of the first lockdown in March 2020 was particularly tough for golf clubs, coming off the back of a tough winter, spring usually brings a welcomed cash injection from renewing members and visitor play. With the golf clubs closed or heavily restricted for this key trading quarter of 2020 there was inevitably pressure on cashflow. The Group successfully obtained a new bank loan for £3m to ease the cash position at that time. Whilst the extra term debt was not in line with the Group’s strategy, the Directors were of the view that with the uncertainty surrounding the pandemic in 2020, this was the right course of action to ensure the business was secure. Whilst the actions of the Directors have secured the financial stability of the Group going forward, the effect of the pandemic did add to the loss reported for the year, with a trading loss (excluding exceptional items) of £4.5m. The impact of the loss has meant the Group Statement of Financial Position at 30 June 2020 is a deficit of £6.7m. The Group does however continue to have positive net current assets, with the majority of the Group’s creditors due over one year. The Directors are committed to careful management of the Group’s financial position and are confident that with normalised trading the Group will return to a net asset position.
The Coronavirus pandemic and resulting lockdowns and restrictions have had a negative impact on the trading of the Group throughout 2020 and in to 2021. The Group has made use of the UK Government's furlough scheme where available, however not all costs can be mitigated. In addition to landlord and utility obligations, the golf courses were required to be continuously maintained to avoid them falling fallow. This has meant that unlike some leisure businesses, the golf clubs could not completely close down with all staff being supported by the Government.
The Directors have been re-negotiating supplier contracts and streamlining costs in order to make sure that where possible fixed costs are removed from the business, ensuring the business’ resilience in the face of the pandemic and its associated restrictions. Following the club sales and cost restructuring, the remaining clubs are all forecast to generate positive EBITDA and cashflow upon reopening. With the Government's vaccine program rolling out quickly and so far, successfully, the Directors are confident that the 2021 summer can be used to recover some of the losses experienced from the closures. Should further restrictions be put in place, the Group has secured a facility for a further £2m of term debt which can be drawn if required.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
The Group has a number of key performance indicators. The focus is on new joining member numbers, golf rounds played in the year and the net current asset position of the Group:
2020 2019 New joining members* 1,934 1,514 Casual golf rounds played* 98,108 88,435 Net current assets £279k £2,044k *figures are presented on a like for like basis so do not include the clubs exited in the financial year
These are in line with the Directors expectations and continue to strengthen the future activity of the Group.
The board of Directors of Crown Golf Group Ltd, in line with their duties under s172 of the Companies Act 2006 consider that they have acted in good faith to promote the success of the Group for the benefit of its shareholders as a whole but recognise the importance of considering all stakeholders engagement including a range of other matters as set out in s172(1)(a-f) of the act when making key decisions of strategic importance during the year ended 30 June 2020.
The Directors have disclosed the information below to a level consistent with the size and complexity of our business and in mind and of strategic importance to the Group. (a) Long term strategy Business operations are conducted with careful management of financial resources and tight budgetary controls. This strategy is used to protect the business for the long term to try and ensure that the provision of golf will benefit members and visitors for many years to come. The board meet regularly to discuss results and forecast to ensure the business adapts where necessary according to the changes in the industry and wider economy. (b) Engaging with our employees As a service led business, employees are one of the key stakeholders of the business. Every effort is made to attract, retain and motivate employees. A new training platform has been implemented which is available to all staff in order to enhance employee skills and motivation. (c) Fostering business relationships with suppliers, customers and others The success of our business strategy requires sustaining long lasting relationships with our golf and health club members. We aim to provide golf clubs where the members feel welcome and are able to build relationships with the club and each other. Suppliers remain another key stakeholder to ensure we can deliver a high quality service to our clients. Regular interaction allows strong partnerships to be developed to ensure we can ensure our service offering meets the needs of our customers in all aspects of our business. (d) The impact of the Group’s operations on the community and the environment The provision of golf benefits local communities by offering them an active lifestyle and green space to enjoy. Additionally, the Group actively encourages employee’s participation in community work and reports of these are shared throughout the Group. Local suppliers are used where possible to ensure the environmental impact of logistics is kept as low as possible.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
(e) The desirability of the Group maintaining a reputation for high standards of business conduct
The board policies act in such a way that promotes high standards of business conduct by adhering and updating its policies and governance as follows: 1. The adherence of all relevant UK Laws 2. Payment of salaries and wages in line with or above the National Living Wage 3. Adopting an Ethical and Sustainability policy 4. Ensuring the Health and Safety of all employees and those that interact with the group. (f) The need to act fairly between members of the Group The Directors adopt a course of action that best enables delivery of our long-term group strategy taking into consideration the impact on all stakeholders. In doing so, the Directors act fairly between the Group’s members as far as it can, balanced between the Group’s interest and those of other stakeholders.
In accordance with the requirements of The Companies Energy and Carbon Report Regulations 2018, the Directors would like to disclose the following information for the year ended 30 June 2020. No information is present for comparative periods as this is the first period applying these regulations.
During the year the Group has used 7,187,000kwh or 1,675 tonnes CO2e of gas and electricity. The Group has used the actual KWH data from the utility providers and then applied the Government conversion factors for the Company reporting to calculate the CO2e content. The Group has taken the following action regarding energy efficiency during the year: • Turned off gas and electric supplies during closures • Replaced lighting with LED bulbs • Installed PIR sensors to ensure lighting is only on when required Emissions (in tonnes CO2e) per £k of revenue for the year was 0.1.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2020
The Directors present their report and the financial statements for the year ended 30 June 2020.
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.
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
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 Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.
The loss for the year, after taxation, amounted to £10,419k (2019 - profit £1,124k).
The Directors who served during the year were:
The Group continues with the goal to increase shareholder value whenever possible. The Directors expect to continue to develop operational trading opportunities as well as furthering its successful property promotion activities.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
The Group has exposure to liquidity risk and interest rate risk. The objective of the Group in managing liquidity risk is to ensure it can meet its financial obligations as and when they fall due. The Group expects to meet its financial obligations through operating cash flows. The Group borrows from its bankers using either overdrafts or term loans whose tenure depends on the nature of the asset and management’s view of the future direction of interest rate. Cash flow is carefully managed on a daily basis which assists in the management of financial risk.
The Group gives equal consideration to all applicants for employment irrespective of any disability. If a person becomes disabled while employed by the Group, every endeavor is made to protect that person's position. Disabled persons have the same opportunities for training and career development, as other employees with similar skills and abilities.
The Group places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on the various factors affecting the Group. This is achieved through regular contact by management with employees both over electronic communications and formal and informal communications within the individual clubs.
The Group has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the Group's Strategic Report the Company's Strategic Report information required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review, assessment of future outlook and a review of greenhouse gas emissions.
Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
Following year end the Group sold the trade and assets of a freehold property within their portfolio for £1.8 million.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROWN GOLF GROUP LIMITED
We have audited the financial statements of Crown Golf Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2020, which comprise the Group Statement of Comprehensive Income, the Group and Company Statements of Financial Position, the Group Statement of Cash Flows, the Group and 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 our opinion the financial statements:
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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
We draw your attention to the going concern statements within the strategic report, which refers to the Coronavirus pandemic and the effects this has had on the Crown Golf Group. Whilst the Directors have a plan in place and have taken necessary steps to mitigate all risks, the nature of these events and the unknown long-term duration and severity of the pandemic effect on the hospitality and leisure industry mean that a material uncertainty exists that may cast doubt on the Group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.
The Directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROWN GOLF GROUP LIMITED (CONTINUED)
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 year 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.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 is 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.
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.
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 Auditors' Report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROWN GOLF GROUP 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
Victoria House
50-58 Victoria Road
Hampshire
GU14 7PG
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2020
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2020
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The Company's loss for the year was £40,216k (2019 - £2,643k profit).
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 33 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2020
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2020
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2020
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CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
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CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2020
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
Crown Golf Group Limited is a private company limited by shares incorporated in the England. The address of its registered office, which is the same as its principal place of business, is disclosed on the company information page.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group accounting policies, estimates and judgements which are continually evaluated and are based on historical experience and other factors. There are no material accounting judgements or estimates considered to be critical for the purposes of understanding the financial statements. The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Income and Retained Earnings from the date on which control is obtained. They are deconsolidated from the date control ceases. The Group consolidated financial statements include the financial statements of the Company and all of its subsidiary undertakings, with exception of St Mellion Property Management Limited, made up to 30 June 2020. St Mellion Property Management Limited, a subsidiary undertaking by virtue of control, has been excluded from the consolidation as severe long-term restrictions hinder the exercise rights of the parent Company over the subsidiary undertaking.
The Directors have assessed the impact of the Coronavirus pandemic on the going concern position of the Crown Golf Group. Whilst there remains uncertainty over the long-term effects, financing has been obtained from the Groups bankers and plans are in place to mitigate the future risk of the pandemic. These steps, which are discussed in more detail in the Directors and strategic report, have led to the Directors having a strong expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. For this reason the Directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
2.Accounting policies (continued)
Turnover is derived from the provision of golf and ancillary facilities and represents membership entrance fees and subscription income receivable in respect of the year. Turnover from membership fees for both golf and leisure members is initially deferred and subsequently recognised over the period that it relates.
Food, beverage and retail sales are made from the on-site restaurants and shops. This turnover is recognised as income at the time the sale is made, at invoice value excluding VAT. Turnover also includes non-membership golf and leisure income (green fees and driving range sales) which is also recognised at the time the sale is made. Turnover from functions and conferences is deferred until the event takes place, at this point the turnover for the event is recognised including the release of the deferral.
Depreciation is charged so as to allocate the cost of assets less their residual value of their estimated useful lives.
Depreciation is provided on the following basis:
Assets under construction are in progress and therefore do not meet the criteria for depreciation.
Assets that are subject to depreciation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset is tested for impairment, an impairment loss is recognised for the amount by which the asset's carrying value exceeds its recoverable amount. The recoverable amount if the higher of an asset's fair value less costs to sell and value in use, for the purposes of assessing impairment, assets are grouped at the lowest level for which there are separately identifiable cash flows. Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
Investments in subsidiaries are measured at cost less accumulated impairment.
Stock is stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of the purchase on a weighted average basis.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
2.Accounting policies (continued)
Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively.
Current or deferred taxation assets and liabilities are not discounted. Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end. Management periodically evaluates positions taken in tax returns with respect of situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These 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 recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. 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.
Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.
Page 20
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
All turnover arose within the United Kingdom and is attributable to the provision of golf and ancillary services.
Page 21
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
Page 22
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
Page 23
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
11.Taxation (continued)
There were no factors that may affect future tax charges.
Page 24
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
Page 25
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
Page 26
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
Page 27
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
Page 28
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
Amounts owed to group undertakings and related parties are unsecured, interest free and are repayable in 12 months and 1 day on a rolling basis. Consideration will be given by the group undertakings to charge interest on the amounts owed during the next financial year.
Page 29
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
Page 30
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
Page 31
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
Profit and loss reserve
This reserve records the accumulated profits and losses of the group, net of dividends.
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £145k (2019 - £157k).
Page 32
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
The immediate parent undertaking is Broadbat Pty Limited.
The ultimate parent undertaking and controlling party is Elbowup Pty Limited as trustee for Inthe Vee Discretionary Trust in Australia.
Page 33
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