ACCOUNTS - Final Accounts preparation
ACCOUNTS - Final Accounts preparation
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Registered number:
FOR THE PERIOD ENDED 26 MARCH 2023
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AUBAINE LIMITED
COMPANY INFORMATION
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AUBAINE LIMITED
CONTENTS
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AUBAINE LIMITED
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 26 MARCH 2023
In accordance with section 414c (11) of the Companies Act, included in the Strategic Report is the review
of the business, principal risks and uncertainties and key performance indicators. This information would have been required by schedule 7 of the "Large and Medium sized Companies and Group (Accounts and Reports) Regulation 2008" to be contained in the Directors' Report.
The principal activity of the Aubaine group is the operation of French gourmet restaurants in prestigious central London locations.
The financial year ended 26th of March 2023 was a challenging period of unprecedented inflationary cost pressures on food and beverage ingredients and utility costs. The increase in minimum wage and staff shortages, continuous industrial action coupled with a cost-of-living crisis and continuous industrial rail action made trading difficult. Despite this the group managed to increase like for like revenues by 24.8%, by focusing our efforts on our guests needs and providing them with affordable indulgence. Although challenging market conditions look likely to continue, especially with inflation, cost of living and reduced footfall in central London the group remains committed to profitable growth. Performance for the group this year had been satisfactory considering all the challenges and uncertainties mentioned above. The group now operates five restaurants in central London: Brompton Road, Selfridges, Marylebone, Mayfair, and Notting Hill. Of which we have refurbished two restaurants as part of our strategy to keep updating our ambiance. Sales momentum has continued into the current financial year with trading performance above expected levels, confirming the constant appeal of our restaurants and customers’ desire to continue to go out. The investments we have made in Marketing mainly our social media and digital platform, have shown strong results. Aubaine culture contributes significantly to the success of the Group, we have great people and great people make a great business. Our employees are at the centre of our operations, they encouraged to be creative, hospitable and engaging with customers and the local community to ensure every guest is satisfied. We will continue to invest in our people and existing Restaurants to ensure our offer remains flexible, relevant and differentiated in this competitive and uncertain market. A subsidiary within the group entered a voluntary arrangementon the 18th November 2020 to enable the continuation of trade.
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AUBAINE LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 26 MARCH 2023
Given the nature of the company's business, the principal business risks relate to the following:
• Supply chain • Energy price astronomical increase • Uncertain geopolitical situation • Qualified staff shortage • Recession/Cost of living • Inflation across the board. Various factors above are linked to the wider Economy, the majority of impact is being felt at present, and all indications are that it is not necessarily beneficial to the sector. For example , Inflation, Energy prices, supply chain , recruitment and retention of workers and the influence of uncertainty are decreasing consumer disposable income and are all increasing demands on resources across the hospitality sector. The above risks are partly mitigated by the following key measures: • Continuous Creative menu engineering that delivers strong margins • Strategic food and drinks pricing model to focus on value perception. • Collaborations and partnerships with strong food and fashion brands to attract a range of new guests • Continuous supply chain improvement through discerning sourcing and skilled negotiation with suppliers and the favourable effect if economies of scale across the group • Continuous focus on delivering an enjoyable experience to our customers at excellent value for money • Competitive reward structures alongside a comprehensive training and development programme • State of the art Digital and Social Media platforms
The directors consider the key indications of the performance of the company to be turnover, gross profit
percentage and EBITDA (earnings from restaurant operations before interest, tax, depreciation, amortisation and new restaurant pre opening costs). The financial requirements and associates risks of the business are regularly reviewed by the directors. The group does not use complicated financial instruments or trade in financial instruments. The operations of the group are mainly financed through shareholder equity, shareholder loans and bank facilities
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AUBAINE LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 26 MARCH 2023
The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet forseeable needs. Primarily this is achieved through close management control of working capital and utilisation of
a bank overdraft facility of £450,000.
This report was approved by the board and signed on its behalf.
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AUBAINE LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 26 MARCH 2023
The directors present their report and the financial statements for the period ended 26 March 2023.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments 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 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 loss for the period, after taxation, amounted to £1,185,838 (2022 - loss £311,434).
The directors who served during the period were:
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AUBAINE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 26 MARCH 2023
Strategy
Our strategy builds on Aubaine's core strengths, strategic affluent locations and its proven brand and business model. We are looking to invest in new elements to enhance our capability, focusing on seasonality, innovation, and technology. We will continue focusing on our Marketing activities mainly Digital and Social to reach bigger London audience and enhance brand awareness among millennials and A/B professionals. Aubaine continues to trade positively despite the sector challenges and uncertainties. We started testing our website online booking, sponsored ads, plus booking through our social media channels. We are looking to create a new younger client segment interested in healthier and better value for money. We will keep investing in our people and property portfolio to capture any growth opportunities available and continue optimizing our operational and Administrative costs . We will continue to innovate and improve our customer offer in terms of value and quality.Furthermore we will be looking at rationalizing our estate and focus more on the All Day Dining segment in the Market.
The Covent Garden site, which was part of the Bravespirit Ltd group entity, was surrendered on the 22nd May 2023 and settlement was reached with the owner in respect of the outstanding rent.
There are no other significant subsequent events that need to be disclosed or reflected in the annual accounts.
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AUBAINE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 26 MARCH 2023
The auditors, Wellers, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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AUBAINE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AUBAINE LIMITED
We have audited the financial statements of AUBAINE LIMITED (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 26 March 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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AUBAINE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AUBAINE LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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AUBAINE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AUBAINE LIMITED (CONTINUED)
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AUBAINE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AUBAINE LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity: • Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Employment Law, Tax and Pensions legislation. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud. No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
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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AUBAINE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AUBAINE 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
Accountants
Statutory Auditors
1 Vincent Square
SW1P 2PN
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AUBAINE LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 26 MARCH 2023
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AUBAINE LIMITED
REGISTERED NUMBER: 07918735
CONSOLIDATED BALANCE SHEET
AS AT 26 MARCH 2023
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AUBAINE LIMITED
REGISTERED NUMBER: 07918735
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 26 MARCH 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 22 to 41 form part of these financial statements.
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AUBAINE LIMITED
REGISTERED NUMBER: 07918735
COMPANY BALANCE SHEET
AS AT 26 MARCH 2023
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AUBAINE LIMITED
REGISTERED NUMBER: 07918735
COMPANY BALANCE SHEET (CONTINUED)
AS AT 26 MARCH 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 22 to 41 form part of these financial statements.
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AUBAINE LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 26 MARCH 2023
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AUBAINE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 26 MARCH 2023
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AUBAINE LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 26 MARCH 2023
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AUBAINE LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 26 MARCH 2023
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AUBAINE LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 26 MARCH 2023
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AUBAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 MARCH 2023
Aubaine Limited (“the Company’) is a private company limited by shares. It is domiciled and incorporated in England.
The address of the company’s registered office is 7 Moxon St London W1U 4EP. The group consists of Aubaine Limited and all of its subsidiaries. The principal activities of the group and company are included in the Directors‘ Report.
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 judgment in applying the Group's accounting policies (see note 3).
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 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 Balance sheet, 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 comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 31 March 2019.
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AUBAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 MARCH 2023
2.Accounting policies (continued)
The group made a loss for the year of £1,185,838 (2022: loss of £311,434) and has net liabilities of £16,093,995 (2022: £14,908,157) as at the period end.
The group relies on a loan from its shareholders, to fund its permanent capital requirements. The directors have received an undertaking from the shareholders that they will not call for repayment of this loan made at the balance sheet date and will provide any financial assistance to support the business and its plans for future growth for a period of a least 12 months from the date of approval of the financial statements. On the basis of the above. the directors believe that it remains appropriate to prepare the financial statements on a going concern basis. Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.
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AUBAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 MARCH 2023
2.Accounting policies (continued)
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AUBAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 MARCH 2023
2.Accounting policies (continued)
Goodwill
Other intangible assets
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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AUBAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 MARCH 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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AUBAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 MARCH 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
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AUBAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 MARCH 2023
2.Accounting policies (continued)
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
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AUBAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 MARCH 2023
2.Accounting policies (continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
Page 29
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AUBAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 MARCH 2023
factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions The group makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Carrying value of investments in/loans made to subsidiary undertakings The directors have reviewed the carrying value of the company's initial investment in its subsidiary undertakings including subsequent loan funding towards restaurant fit out costs and working capital. Based on continued shareholder support, they are confident that the carrying value of investments in, and loans made to these subsidiary undertakings will be recoverable in the future. Based on the above the directors have concluded that no material provision for impairment is required at the balance sheet date. Impairment of goodwill, leasehold property, plant and equipment The group formally determines whether goodwill, leasehold property, plant and equipment are impaired by considering indicators of impairment annually. Shortfalls between the carying value of fixed assets and their recoverable amounts, being the higher of fair value less costs to sell and value in use, are recognised as impairment losses. This requires the group to determine the lowest levels of assets which generate largely independent cash flows (cash generating units or CGU) and to estimate the value in use of those assets or CGUs. Cash generating units are deemed to be individual restaurant units. The recoverable amount of a CGU is estimated based on a multiple of forecast site EBITDA. The application of an appropriate multiple and forecasting of results requires a significant degree of management estimation and judgemental. In certain scenarios, management will also assess the recoverability of a CGU on the basis of the expected market value of the site. Categorisation of leases In categorising leases as finance leases or operating leases, management makes judgemental as to whether significant risks and rewards of ownership have transferred to the Group as lessee, or to the lessee, where the group is a lessor.
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AUBAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 MARCH 2023
Page 31
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AUBAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 MARCH 2023
Page 32
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AUBAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 MARCH 2023
Page 33
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AUBAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 MARCH 2023
12.Intangible assets (continued)
Page 34
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AUBAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 MARCH 2023
Page 35
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AUBAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 MARCH 2023
13.Tangible fixed assets (continued)
Page 36
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AUBAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 MARCH 2023
Page 37
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AUBAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 MARCH 2023
Page 38
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AUBAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 MARCH 2023
The shareholder loans are not secured and do not accrue interest and the company has recieved confirmation from the shareholders that the loans will not be recalled within 12 months of the balance sheet date. Accordingly, these loan have been disclosed as falling due after one year.
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AUBAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 MARCH 2023
A contingent liability with regards to the lease dilapidation provisions have been considered in detail, however a reliable estimate has not been arrived at nor adjusted in the accounts. Due to the nature of the lease works the directors do not expect these to represent significant costs to the company.
The group contributes into 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 Company to the fund and amounted to £52,222 (2022 - £43,279). Contributions totaling £10,262 (2022 - £42,461) were payable to the fund at the balance sheet date.
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AUBAINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 MARCH 2023
The directors consider the ultimate parent undertaking to be Kusapi Limited, a company registered in Guersey.
Ultimate control vests with the Trustees of the Fortunata Trust.
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