BMGC Ltd - Limited company accounts 23.1

REGISTERED NUMBER: NI072344 (Northern Ireland)

BMGC LTD

GROUP STRATEGIC REPORT, DIRECTORS' REPORT AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

Page

Company Information

1

Group Strategic Report

2

Directors' Report

4

Independent Auditors' Report

6

Consolidated Income Statement

10

Consolidated Statement of Financial Position

11

Company Statement of Financial Position

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Statement of Cash Flows

15

Notes to the Consolidated Statement of Cash Flows

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

Brian Macklin

Mary Macklin

REGISTERED OFFICE:

26 Wellington Park

Belfast

Co. Antrim

BT9 6DL

REGISTERED NUMBER:

NI072344 (Northern Ireland)

INDEPENDENT AUDITORS:

CavanaghKelly

Chartered Accountants and Statutory Auditors

36-38 Northland Row

Dungannon

Co. Tyrone

BT71 6AP

BANKERS:

Bank of Ireland

364 Lisburn Road

Belfast

Co. Antrim

BT9 6GL

SOLICITORS:

O'Hare Solicitors

St. George's Building

37 - 41 High Street

Belfast

Co. Antrim

BT1 2AB

The directors present their strategic report of the Company and the Group for the year ended 30 June 2022.

RESULTS AND PERFORMANCE

The group's key financial performance indicators during the year were as follows:

2022

2021

2020

Turnover

£20,015,465

£15,928,391

£16,852,744

Gross profit margin

27%

25%

32%

Net profit/(loss) before tax

£(413,888)

£(4,311)

£(782,052)

The directors are satisfied with the results for the year. Revenue has increased in the year as result of the re-opening of the hospitality sector as the economy emerges from the Covid-19 pandemic and new income streams within the nursing home sector. However, the impact on the group of the restrictions has continued to be felt, both in revenue and on the cost base of the group and this has had an impact on the profitability of the group.

Since the year end, the group has seen an upturn in its profitability as the impact of the pandemic resides.

BUSINESS ENVIRONMENT

The nursing care and hotel and leisure markets are highly competitive markets throughout Northern Ireland. The group considers itself as having a strong position in the respective markets due to the knowledge of the industry and the provision of a quality service to its residents and guests.

STRATEGY

The group's success is dependent on the ongoing management of business risks and uncertainties it faces. The directors intend to grow the business further as the group establishes a quality service in the market and through better management of costs and improved efficiencies within the business.

PRINCIPAL RISKS AND UNCERTAINTIES

Competition Risk:

Competition comes from similar hotels and care homes in the locality. The directors manage this risk by ensuring a quality service is offered to all residents and guests.

Financial Risk:

The company's operations expose it to financial risk. The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group by monitoring the levels of risk and the related finance costs.

Economic Risk:

Economic risk is inherent in the industry in which the company operates. The directors manage this risk by ensuring long standing relationships with trusts, suppliers and financiers are maintained. The directors actively promote the business in the local economy.

FUTURE DEVELOPMENTS

The directors are committed to long term creation of shareholder value by increasing its market share in the Northern Ireland market. The directors are confident that their strategy will result in continued growth and profitability.

GROUP POLICY ON EMPLOYING DISABLED WORKERS

The group's policy is to recruit disabled workers for those vacancies that they are able to fill. All necessary assistance with initial training courses is given. Once employed, a career plan is developed so as to ensure suitable opportunities for each disabled worker. Arrangements are made, whenever possible, for retraining employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities.

EMPLOYEES

The group is dependent on the skills and commitment of its employees in order to achieve its objectives. Staff at every level are encouraged to make their fullest possible contribution to the group's success. The group's selection, training, development and promotion policies ensure equal opportunities for all employees, regardless of gender, marital status, race, age or disability. All decisions are based on merit.

ON BEHALF OF THE BOARD:

Brian Macklin - Director

28 June 2023

The directors present their report with the financial statements of the Company and the Group for the year ended 30 June 2022.

PRINCIPAL ACTIVITY

The principal activity of the company is acting as a holding company. The activities of the group include hotel and leisure and residential care services to elderly and disabled persons.

DIVIDENDS

Dividends amounting to £124,000 were paid during the year (2021: £4,000).

The directors do not recommend payment of a final dividend (2021: £Nil)

DIRECTORS

The directors shown below have held office during the whole of the period from 1 July 2021 to the date of this report.

Brian Macklin

Mary Macklin

CHARITABLE DONATIONS AND EXPENDITURE

During the year the group made charitable donations of £775 (2021: £2,975)

DISCLOSURES REQUIRED UNDER SCHEDULE 7

In accordance with Section 414C (11) of Companies Act 2006, the directors have elected to disclose details of the business review, principal risks and uncertainties, employment policy and future developments in the Group's Strategic Report which would otherwise be required to be disclosed in the Directors' Report.

STREAMLINED ENERGY AND CARBON REPORTING

The following Streamlined Energy and Carbon Report (SECR) provides environmental impact information in accordance with the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013.

The group aims to ensure the environment is left in a better condition for future generations, this strategy underlines the importance of Environmental, Social and Governance (ESG) as well as sustainability in supporting the future growth and development of the group. As a group we have made meaningful progress in the last financial year in understanding our environmental impact and developing mitigation measures.

Measure

For the year ended 30th June 2022

For the year ended 30th June 2021

Units

Energy consumption used to calculate emissions

5,732,212

5,312,311

kWh

Emission from purchased electricity

291.77

269.40

tCO2e

Emission from purchased gas

854.27

858.56

tCO2e

Total Gross tCO2e

1,146.04

1,127.96

tCO2e

Intensity ratio

57.30

70.50

Gross tCO2e/£Million sales revenue

Methodology

For the majority of the calculation, primary data has been sourced (e.g. meter readings, supplier invoices) but in some cases where complete datasets are not available estimated or aggregated data has been used. While a reasonable attempt has been made to provide a complete view; some exclusions have been made on the basis of materiality such as de minimis office and staff related expenses which could not be separately identified through our systems.

Electricity emissions were calculated using energy consumption obtained from meter readings.

DIRECTORS' RESPONSIBILITIES STATEMENT

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

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

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable 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 Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group 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 the Group 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 Group'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 Group's auditors are aware of that information.

AUDITORS

The auditors, CavanaghKelly, (Chartered Accountants) have indicated their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

Brian Macklin - Director

28 June 2023

Opinion

We have audited the financial statements of BMGC Ltd (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2022 which comprise the Consolidated Income Statement, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated 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 Group's and of the Parent Company affairs as at 30 June 2022 and of the Group's loss for the year 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Directors' Report, but does not include 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the 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.

Matters on which we are required to report by exception

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 where the Companies Act 2006 requires us to report to you if, in our opinion:

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

-	the Parent Company 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 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.

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 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The objectives of our audit in respect of fraud are to assess the risk of material misstatement due to fraud, design and implement appropriate responses to those assessed risks and to respond appropriately to instances of fraud or suspected fraud identified during the course of our audit. However, the primary responsibility for the prevention and detection of fraud rests with management and those charged with governance of the company.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

-

We obtained understanding of the legal and regulatory requirements applicable to the company’s financial statements and considered the most significant are the Companies Act 2006, Financial Reporting Standards (FRS102) and UK taxation legislation;

-

We have assessed the risk of material misstatement of the financial statements, including risk of material misstatement due to fraud and how it might occur by holding discussions with management and those charged with governance;

-

We enquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations;

-

Understanding the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; and

-

Discussions amongst the audit engagement team regarding how fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion we identified the following potential areas where fraud may occur: timing of revenue recognition and management override.

The audit response to risks identified included:

-

Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the relevant laws and regulations above;

-

Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud;

-

In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are reasonable and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are reasonable and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

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.

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 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.

Ryan Falls F.C.A. (Senior Statutory Auditor)

for and on behalf of CavanaghKelly

Chartered Accountants and Statutory Auditors

36-38 Northland Row

Dungannon

Co. Tyrone

BT71 6AP

28 June 2023

TURNOVER

4

20,015,465

15,928,391

Cost of sales

(14,700,965

)

(11,925,202

)

GROSS PROFIT

5,314,500

4,003,189

Administrative expenses

(6,320,894

)

(5,989,014

)

(1,006,394

)

(1,985,825

)

Other operating income

952,699

2,335,957

OPERATING (LOSS)/PROFIT

6

(53,695

)

350,132

Finance income

134

-

(53,561

)

350,132

Finance costs

7

(360,327

)

(354,443

)

LOSS BEFORE TAXATION

(413,888

)

(4,311

)

Tax on loss

8

58,143

(193,696

)

LOSS FOR THE FINANCIAL YEAR

(355,745

)

(198,007

)

OTHER COMPREHENSIVE LOSS

Revaluation eliminated on disposal

(352,333

)

-

Income tax relating to other comprehensive loss

-

-

OTHER COMPREHENSIVE LOSS FOR THE YEAR, NET OF INCOME TAX

(352,333

)

-

TOTAL COMPREHENSIVE LOSS FOR THE YEAR

(708,078

)

(198,007

)

Loss attributable to:

Owners of the parent

(355,745

)

(198,007

)

Total comprehensive income attributable to:

Owners of the parent

(708,078

)

(198,007

)

NON-CURRENT ASSETS

Intangible assets

11

3,596,398

4,037,439

Tangible assets

12

31,469,920

34,339,431

Investments

13

-

-

35,066,318

38,376,870

CURRENT ASSETS

Stocks

14

34,483

28,359

Receivables: amounts falling due within one year

15

2,916,104

2,088,569

Cash at bank and in hand

2,442,304

1,581,591

5,392,891

3,698,519

PAYABLES

Amounts falling due within one year

16

(4,977,545

)

(4,419,251

)

NET CURRENT ASSETS/(LIABILITIES)

415,346

(720,732

)

TOTAL ASSETS LESS CURRENT LIABILITIES

35,481,664

37,656,138

PAYABLES

Amounts falling due after more than one year

17

(11,865,758

)

(13,208,154

)

NET ASSETS

23,615,906

24,447,984

CAPITAL AND RESERVES

Called up share capital

20

1,900,000

1,900,000

Revaluation reserve

19,025,316

19,377,649

Capital redemption reserve

600,000

600,000

Retained earnings

2,090,590

2,570,335

SHAREHOLDERS' FUNDS

23,615,906

24,447,984

The financial statements were approved by the Board of Directors and authorised for issue on 28 June 2023 and were signed on its behalf by:

Brian Macklin - Director

NON-CURRENT ASSETS

Intangible assets

11

-

-

Tangible assets

12

-

-

Investments

13

4,173,755

4,173,755

4,173,755

4,173,755

CURRENT ASSETS

Receivables: amounts falling due within one year

15

75,858

75,858

Cash at bank

100

100

75,958

75,958

PAYABLES

Amounts falling due within one year

16

(1,744,356

)

(1,620,356

)

NET CURRENT LIABILITIES

(1,668,398

)

(1,544,398

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,505,357

2,629,357

CAPITAL AND RESERVES

Called up share capital

20

1,900,000

1,900,000

Capital redemption reserve

600,000

600,000

Retained earnings

5,357

129,357

SHAREHOLDERS' FUNDS

2,505,357

2,629,357

Company's profit for the financial year

-

-

The financial statements were approved by the Board of Directors and authorised for issue on 28 June 2023 and were signed on its behalf by:

Brian Macklin - Director

Called up

Capital

share

Retained

Revaluation

redemption

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 July 2020

2,400,000

2,772,342

19,377,649

600,000

25,149,991

Changes in equity

Reduction in share capital

(500,000

)

-

-

-

(500,000

)

Dividends

-

(4,000

)

-

-

(4,000

)

Total comprehensive loss

-

(198,007

)

-

-

(198,007

)

Balance at 30 June 2021

1,900,000

2,570,335

19,377,649

600,000

24,447,984

Changes in equity

Dividends

-

(124,000

)

-

-

(124,000

)

Total comprehensive loss

-

(355,745

)

(352,333

)

-

(708,078

)

Balance at 30 June 2022

1,900,000

2,090,590

19,025,316

600,000

23,615,906

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 July 2020

2,400,000

133,357

600,000

3,133,357

Changes in equity

Reduction in share capital

(500,000

)

-

-

(500,000

)

Dividends

-

(4,000

)

-

(4,000

)

Balance at 30 June 2021

1,900,000

129,357

600,000

2,629,357

Changes in equity

Dividends

-

(124,000

)

-

(124,000

)

Balance at 30 June 2022

1,900,000

5,357

600,000

2,505,357

Cash flows from operating activities

Cash generated from operations

1

1,364,039

2,956,028

Interest paid

(360,327

)

(354,443

)

Tax paid

(320,898

)

-

Net cash from operating activities

682,814

2,601,585

Cash flows from investing activities

Purchase of tangible fixed assets

(417,180

)

(326,948

)

Sale of tangible fixed assets

2,649,507

-

Interest received

134

-

Net cash from investing activities

2,232,461

(326,948

)

Cash flows from financing activities

Loan repayments in year

(1,984,143

)

(1,022,588

)

Redemption of preference shares

-

(500,000

)

Equity dividends paid

(124,000

)

(4,000

)

Net cash from financing activities

(2,108,143

)

(1,526,588

)

Increase in cash and cash equivalents

807,132

748,049

Cash and cash equivalents at beginning of year

2

1,581,591

833,542

Cash and cash equivalents at end of year

2

2,388,723

1,581,591

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

2022

2021

£

£

Loss before taxation

(413,888

)

(4,311

)

Depreciation charges

1,609,095

1,683,618

Profit on disposal of fixed assets

(883,202

)

-

Finance costs

360,327

354,443

Finance income

(134

)

-

672,198

2,033,750

Increase in stocks

(6,124

)

(7,289

)

(Increase)/decrease in trade and other debtors

(741,292

)

116,477

Increase in trade and other creditors

1,439,257

813,090

Cash generated from operations

1,364,039

2,956,028

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:

Year ended 30 June 2022

30/6/22

1/7/21

£

£

Cash and cash equivalents

2,442,304

1,581,591

Bank overdrafts

(53,581

)

-

2,388,723

1,581,591

Year ended 30 June 2021

30/6/21

1/7/20

£

£

Cash and cash equivalents

1,581,591

833,542

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1/7/21

Cash flow

At 30/6/22

£

£

£

Net cash

Cash at bank and in hand

1,581,591

860,713

2,442,304

Bank overdrafts

-

(53,581

)

(53,581

)

1,581,591

807,132

2,388,723

Debt

Debts falling due within 1 year

(1,430,446

)

207,531

(1,222,915

)

Debts falling due after 1 year

(13,208,154

)

1,776,612

(11,431,542

)

(14,638,600

)

1,984,143

(12,654,457

)

Total

(13,057,009

)

2,791,275

(10,265,734

)

1.	STATUTORY INFORMATION

BMGC Ltd is a private company, limited by shares, registered in Northern Ireland within the United Kingdom. The company's registered number and registered office can be found on the General Information page.

2.	STATEMENT OF COMPLIANCE

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 of the group and company for the year ended 30 June 2022 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions

The Group 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 paragraphs 33.1A.

Basis of consolidation

The consolidated financial statements include the financial statements of the parent company and all its subsidiary companies made up to 30 June 2022.

Significant judgements and estimates

The preparation of the financial statements in accordance with generally accepted accounting principles requires management to make estimates, judgements and assumptions that affect the reported amounts of assets and liabilities, income and expenditure in the reporting period. Actual results could differ from those estimates. However, management do not believe there are any significant estimates, judgements or assumptions applied within the accounting policies.