W H Brakspear & Sons Limited
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STRATEGIC REPORT |
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The 52 weeks ended 26 December 2021 was the second year disrupted by the Covid-19 pandemic. It was a year of two halves, the Company’s trading activity was halted completely for fifteen weeks at the start of the year, and materially restricted for another fourteen weeks. The second half was hugely positive and we are pleased to say that the trading year can be described as successful. |
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TRADING REVIEW |
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Key performance indicators: |
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Movement |
|
|
2021 |
2020 |
2019 |
2021 |
2020 |
|
|
£000's |
£000's |
£000's |
|
Turnover |
26,800 |
19,397 |
35,305 |
+38% |
-45% |
|
Operating Profit |
5,689 |
895 |
6,700 |
+535% |
-87% |
|
EBITDA (before |
exceptional items) |
9,068 |
4,330 |
9,982 |
+109% |
-57% |
|
Cash |
10,198 |
2,788 |
6,278 |
+365% |
+71% |
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Turnover was impacted by the well reported closure of and the restrictive operating environment within the UK hospitality industry. The closures, trading restrictions and the rental support given to our pub landlords, resulted in a £8.5 million (24.1%) fall in turnover versus 2019 pre-covid trading. 2021 trading was significantly improved versus 2020 due to an exceptional summer period where staycations positively impacted our business. Government support in the form of VAT discount also contributed to the improvement in turnover. |
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EBITDA for the year improved by £4.7m (109%) as the business enjoyed a busy second half of the year whilst cost and cash management disciplines remained a key priority. |
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Cash reserves of £10.2m reflects the reduced capital expenditure and tight cash management practices employed by the company. |
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Principal Risks and Uncertainties |
The Directors regularly review the principal risks and uncertainties facing the Company and discuss them as part of regular Board Meetings. The main risks associated with the Company’s financial assets and liabilities are as follows: |
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Operational Risks |
The most pertinent operational risk is attracting, retaining and developing high-quality pub operators and employees that are essential for the successful operation of the pubs, restaurants and inns in our estate. Training, recruitment, retention and reward are areas that the directors and management teams review regularly. |
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Economic Risk |
A number of external economic factors are considered to create uncertainty across our Company and the wider pub sector. |
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Cost inflation in areas such as food and drink production, utilities, fuel, wages and salaries, immigration policy and government taxation policy have and are expected to affect financial performance. The continuing rise in such costs impact our operating margins. We review prices using inflation indexes and supply agreements are competitively tendered. The current geo-political situation is further fuelling the inflationary environment. |
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Credit Risk |
In order to minimise credit risk relating from a tenant or lessee partner failing to meet their obligations, checks are carried out to establish credit worthiness and business awareness prior to offering credit terms or a tenancy /lease being granted. |
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Interest Rate Risk |
Changes to the UK interest rates could impact the ability of the company to meet its obligations under the debt facilities. Note 14 details the company's approach to interest rate risk, being primarily fixed rate terms. |
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Liquidity Risk |
The company minimises liquidity risk by tight control over cash collection and managing the cash and borrowing position against short-term and medium-term forecasts. |
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Covid Risk (or similar pandemics) |
Not considered a risk until early 2020, the onset of the Covid-19 virus and global pandemic it created has significantly impacted our business operations and performance. |
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The uncertainty created by the situation, including the continuing risk of increased transmission rates leading to unprecedented staff absence, potential lockdowns and hospitality site closures have affected our ability to predict turnover levels, manage the consistent collection of rental income and to manage our operating margins. |
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The Company continues to work closely and openly with employees, tenant and lessee partners, pub management teams, supply chain partners and the Company’s bankers to ensure the impact of Covid is minimised. Learnings from Covid will be recorded and plans available should a similar pandemic situation impact our business. |
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Employee Engagement |
The company encourages employee loyalty and commitment through regular communication meetings and open access to senior management, as well as various reward and benefit programmes. |
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Employees are provided with personal development opportunity through on-line and face to face training and regular appraisal discussions. In addition, the business has invested in a dedicated Training Manager for our manged pub staff. |
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Disabled Employees |
The company’s policy is to give full and fair consideration to applications for employment by disabled persons and to continuing the employment, with appropriate training, of those team members who become disabled whilst working within the company. |
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Business Relationships |
The Company’s key business relationship is with pub tenant and lessee partners. To ensure this relationship is maintained and improved we offer dedicated business support through experienced Business Development Managers, centrally based marketing and property design support, a range of tenancy agreements, training programmes, and the Company continues to invest in the tenanted and leased property estate. |
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Section 172 Statement |
This section 172 statement is focussed upon matters of strategic importance to the Company, explains how the Directors have engaged with employees, pub tenant and lessee partners, suppliers, customers and others, and the effect of that regard on the principal decisions taken by the Company during the financial year. |
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When making decisions, each director ensures that they act in a way they consider would most likely promote the long-term success of the company for the benefit of its principal stakeholders. |
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a) |
The likely consequences of any decision in the long term |
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For W H Brakspear & Sons Ltd and its Board of Directors this has always been an integral part of the culture of our long-established family-owned business. The long term is at the heart of all decisions taken by the Board. |
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b) |
The interest of the Company's employees |
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Formal and informal communications are important to our company. Informal messaging is often posted via closed social media platforms and daily managed pub site briefings. More formally all staff are invited to regular team meetings at head office and across the managed house estate. Larger face to face meetings involving management across the company are held annually and materials provided to cascade the communication |
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c) |
The need to foster the Company's business relationship with suppliers, customers and others |
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The Board believes that delivering the strategy requires strong mutually beneficial relationships with pub tenant and lessee partners, customers and suppliers. |
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Our pub tenant and lessee partners are an extremely important group of stakeholders. The company supports and learns from their success every day. Also, see Business Relationships section above |
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The company's largest source of revenue is from hosting customers in our managed pubs, restaurants and inns. Recognising that lower revenues lead to lower profits, the company maintains high standards of service, product offer and pub surroundings to ensure that customers have an enjoyable experience ensuring they return in the future. |
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The company works closely with a small number of valued suppliers under long term supply contracts requiring a partnership approach. |
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d) |
The impact of the Company's operations on the community and the environment |
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As part of a review of the organisation’s culture and values the Board alongside employee representatives have increased focus upon community and the environment, including the creation of the Brakspear Charitable Foundation designed to promote environmental protection and the communities served by our pubs. |
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e) |
The desirability of the Company maintaining a reputation for high standards of business conduct |
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W H Brakspear is proud of its reputation of doing the right thing. The Board strongly believe that it is important to hold the trust and respect of our employees, our pub tenant and lessee partners, our customers and suppliers as it enables the long-term success of the company. |
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f) |
The need to act fairly between members of the Company |
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99.4% of the company’s share capital ultimately is held by family members. All members have access to the Chairman and the Board at their convenience. |
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Principal Decisions |
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For the purposes of this statement, the Board regards their principal decisions as not only those that are material to the company but also those that are significant to the principal stakeholder groups. During the year the principal decisions taken by the Board were: |
i. |
The Company’s Covid-19 action and recovery plan including the adoption of the CJRS. |
ii. |
The disposal of the Red Lion Blewbury, the Red Lion Peppard, Thirteen Bicester and Land at the Battle of Britain Gravesend. |
iii. |
The transfer of three smaller houses from our managed pubs division to our leased division. |
iv. |
Providing shareholders the opportunity to sell shares back to the company. |
v. |
The payment of a dividend for the year ended 26 December 2021. |
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Streamlined Energy and Carbon Reporting (SECR) report |
This report details Brakspears’ Greenhouse Gas (GHG) emissions and energy use for the financial year 2021. |
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All our Emissions and Energy Use relate to UK activities only and there are no overseas activities. The largest element of the emissions is generated by the activities of our managed pubs, restaurants and inns. |
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The table below summarises emissions and energy use for the year ended 26 December 2021. |
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52 Weeks ended |
52 Weeks ended |
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26 December |
27 December |
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2021 |
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2020 |
tCO2e Scope 1 Emissions [combustion of gas and fuel at our managed pubs, restaurants and inns as well as fleet vehicle use] |
|
448 |
|
375 |
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tCO2e Scope 2 Emissions [emissions from purchased electricity] |
|
896 |
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1,198 |
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Total (GHG) emissions (scope 1 & 2) |
1,344 |
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1,573 |
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Energy consumption used to calculate the above emissions in kWh |
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6,453,173 |
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5,518,209 |
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Intensity Ratio [tCO2e/Turnover] |
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50.1 |
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81.1 |
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Key: tCO2e are tonnes of carbon dioxide equivalent |
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The following methodologies were used in the calculation of the above quantities: |
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i. |
The kWh consumption figures relevant to gas and electricity consumption were calculated using invoices received |
ii. |
The consumption figures relevant to fleet vehicle use were calculated based on employee mileage records |
iii. |
Fugitive emissions are based on contractor records |
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The 2019 ESOS report highlighted potential energy savings in relation to the buildings where Brakspear are responsible for the bills and business travel by employees. |
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Following this, during 2020 and 2021 we decided to review the opportunity to reduce energy consumption. |
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To help deliver the company/group has recently engaged with an energy management consultancy to establish an energy saving strategy for the business. Early positive results from this engagement can already be seen and are illustrated in the significant reduction shown in the intensity ratio metric stated above. |
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Future Developments |
The outlook for 2022 is significantly influenced by a level of inflation that our country has not seen for over 30 years, staff shortages in the hospitality sector and a war in Europe. The impacts on the business will likely affect our financial performance with higher costs, product shortages, limited staff and perhaps a reduction in consumer spending. |
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Directors continue to focus the Company on maximising returns through operational efficiency and employee engagement, and by supporting our pub tenant and lessee partners to navigate the challenges presented by changing economic factors, social trends and consumer behaviour. |
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The company will continue to maintain and develop the existing property estate to ensure a long-term sustainable portfolio of high-quality pubs, restaurants and inns. |
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This report was approved by the board on 12 May 2022 and signed on its behalf. |
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D G Nathan |
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Director |
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Basis of 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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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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 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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Other information |
The other information comprises the information included in the report and financial statements, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information. 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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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the 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 strategic report and the directors’ report have been prepared in accordance with applicable legal requirements. |
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Matters on which we are required to report by exception |
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Plant and machinery |
over 2-10 years |
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Debtors
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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Creditors
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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Summary of significant accounting policies (continued) |
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Inventories |
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Inventories are valued at the lower of cost and net realisable value. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate.
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Cash flow statement |
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The directors have taken advantage of the exemption in FRS 102 1.11 from including a cash flow statement in the financial statements on the grounds that the company is wholly owned and its ultimate parent publishes a consolidated cash flow statement, obtainable from the registered office. |
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Government grants |
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Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the profit and loss account at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in "other operating income" within profit and loss in the same period as the related expenditure. The company has not benefitted from any other forms of government assistance. |
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2 |
Critical accounting estimates and judgements |
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The company reviews the residual values, estimated useful lives and depreciation rates |
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of its tangible fixed assets at each reporting date to identify where any evidence of significant change exists since the last reporting date.
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3 |
Analysis of turnover |
2021 |
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2020 |
£ |
£ |
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Sales, rent receivable and other trading income |
26,799,519 |
|
19,397,720 |
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By geographical market: |
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UK |
26,799,519 |
|
19,397,720 |
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4 |
Operating profit |
2021 |
|
2020 |
£ |
£ |
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This is stated after charging/(crediting): |
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Depreciation of owned fixed assets |
3,379,172 |
|
3,434,361 |
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Amortisation of goodwill |
- |
|
250,000 |
|
Operating lease rentals - land and buildings |
134,500 |
|
134,500 |
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Operating lease rentals - other |
5,719 |
|
- |
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Auditors' remuneration for audit services |
35,000 |
|
35,000 |
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Auditors' remuneration for other services |
7,000 |
|
7,000 |
|
Government grants and furlough income |
(1,497,731) |
|
(2,507,169) |
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Rental income - investment properties |
(183,644) |
|
(168,627) |
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|
|
|
|
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5 |
Directors' emoluments |
2021 |
|
2020 |
£ |
£ |
|
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Emoluments |
741,090 |
|
623,234 |
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Company contributions to defined contribution pension plans |
36,662 |
|
21,088 |
|
|
|
|
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|
777,752 |
|
644,322 |
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Highest paid director: |
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Emoluments |
302,051 |
|
312,967 |
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Number of directors to whom retirement benefits accrued: |
2021 |
|
2020 |
Number |
Number |
|
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Defined contribution plans |
1 |
|
1 |
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The directors are considered to be the key management personnel of the company. |
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6 |
Staff costs |
2021 |
|
2020 |
£ |
£ |
|
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Wages and salaries |
6,805,751 |
|
6,455,917 |
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Social security costs |
539,249 |
|
593,681 |
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Other pension costs |
170,373 |
|
161,983 |
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|
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|
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|
7,515,373 |
|
7,211,581 |
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Staff costs (continued) |
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Average number of employees during the year |
Number |
Number |
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Retail operations |
286 |
|
292 |
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Administration |
18 |
|
18 |
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Operations management |
10 |
|
10 |
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Property maintenance |
3 |
|
4 |
|
|
|
|
|
|
317 |
|
324 |
|
|
|
|
|
|
|
|
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7 |
Interest payable |
2021 |
|
2020 |
£ |
£ |
|
Bank loans and overdrafts |
|
(re-charged by group company) |
938,177 |
|
995,665 |
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|
|
|
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8 |
Taxation |
2021 |
|
2020 |
£ |
£ |
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Analysis of charge in period |
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Current tax: |
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UK corporation tax on profits of the period |
1,361,797 |
|
340,178 |
|
|
|
|
|
|
|
|
|
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Deferred tax: |
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Origination and reversal of timing differences |
104,654 |
|
(172,032) |
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Effect of increased tax rate on opening liability |
562,651 |
|
- |
|
|
|
|
|
|
667,305 |
|
(172,032) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,029,102 |
|
168,146 |
|
|
|
|
|
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|
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Factors affecting tax charge for period |
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The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows: |
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2021 |
|
2020 |
£ |
£ |
|
Profit on ordinary activities before taxation |
6,639,271 |
|
475,888 |
|
|
|
|
|
|
|
|
|
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Standard rate of corporation tax in the UK
|
19% |
|
19% |
|
£ |
£ |
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Profit on ordinary activities multiplied by the standard rate of corporation tax |
|
1,261,461 |
|
90,321 |
|
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Effects of: |
|
Expenses not deductible for tax purposes |
22,795 |
|
19,842 |
|
Depreciation for period in excess of capital allowances |
455,934 |
|
398,314 |
|
Indexation allowance and rollover relief |
(358,798) |
|
(109,627) |
|
Other timing adjustments |
(19,595) |
|
(58,672) |
|
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Current tax charge for period |
1,361,797 |
|
340,178 |
|
|
|
|
|
|
|
|
|
9 |
Intangible fixed assets |
£ |
|
Goodwill: |
|
|
Cost |
|
At 28 December 2020 |
250,000 |
|
At 26 December 2021 |
250,000 |
|
|
|
|
|
|
|
|
|
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Amortisation |
|
At 28 December 2020 |
250,000 |
|
At 26 December 2021 |
250,000 |
|
|
|
|
|
|
|
|
|
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Carrying amount |
|
At 26 December 2021 |
- |
|
|
|
|
|
|
|
|
|
|
Goodwill was written off to £nil in 2020.
|
|
|
|
10 |
Tangible fixed assets |
|
|
Freehold investment properties |
|
Freehold and leasehold properties |
|
Plant and machinery |
|
Total |
|
|
|
|
At cost |
|
At cost |
£ |
£ |
£ |
£ |
|
Cost or valuation |
|
At 28 December 2020 |
5,298,179 |
|
85,303,151 |
|
13,731,363 |
|
104,332,693 |
|
Additions |
828,765 |
|
- |
|
366,048 |
|
1,194,813 |
|
Disposals |
(5,000) |
|
(1,581,373) |
|
(352,611) |
|
(1,938,984) |
|
At 26 December 2021 |
6,121,944 |
|
83,721,778 |
|
13,744,800 |
|
103,588,522 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 28 December 2020 |
58,907 |
|
12,397,313 |
|
10,447,802 |
|
22,904,022 |
|
Charge for the period |
19,635 |
|
1,916,173 |
|
1,443,364 |
|
3,379,172 |
|
On disposals |
- |
|
(182,811) |
|
(287,612) |
|
(470,423) |
|
At 26 December 2021 |
78,542 |
|
14,130,675 |
|
11,603,554 |
|
25,812,771 |
|
|
|
|
|
|
|
|
|
|
Carrying amount |
|
At 26 December 2021 |
6,043,402 |
|
69,591,103 |
|
2,141,246 |
|
77,775,751 |
|
At 27 December 2020 |
5,239,272 |
|
72,905,838 |
|
3,283,561 |
|
81,428,671 |
|
|
|
|
|
|
|
|
|
|
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A revaluation of the Freehold Investment Properties was completed on 23 March 2020 by locally based independent valuers Deriaz Campsie, a firm of Chartered Surveyors and Commercial Property Consultants.
|
|
The basis of valuation is market value which is equivalent to fair value. |
|
The net revaluation effect is not material and not adjusted for in the period under review. |
|
The carrying value of properties at cost less depreciation is £ 65,608,640. . |
|
11 |
Inventories |
2021 |
|
2020 |
£ |
£ |
|
|
Goods for resale |
891,738 |
|
805,844 |
|
|
|
|
|
|
|
|
|
|
|
12 |
Debtors |
2021 |
|
2020 |
£ |
£ |
|
|
Trade debtors |
96,563 |
|
- |
|
Prepayments and accrued income |
781,432 |
|
510,860 |
|
|
|
|
|
|
877,995 |
|
510,860 |
|
|
|
|
|
|
|
|
|
13 |
Creditors: amounts falling due within one year |
2021 |
|
2020 |
£ |
£ |
|
|
Bank loans |
1,000,000 |
|
1,041,666 |
|
Trade creditors |
2,917,421 |
|
1,508,668 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
37,073,890 |
|
40,372,500 |
|
Corporation tax |
884,645 |
|
284,433 |
|
Value added tax |
924,219 |
|
640,054 |
|
Other taxes and social security costs |
168,666 |
|
142,428 |
|
Accruals and deferred income |
2,601,673 |
|
1,875,651 |
|
Other creditors |
354,020 |
|
406,441 |
|
|
|
|
|
|
|
45,924,534 |
|
46,271,841 |
|
|
|
|
|
|
|
|
|
14 |
Creditors: amounts falling due after one year |
2021 |
|
2020 |
£ |
£ |
|
|
Bank loans (within 2-5 years) |
3,666,667 |
|
3,958,334 |
|
|
|
|
|
|
|
|
|
|
15 |
Deferred taxation |
2021 |
|
2020 |
£ |
£ |
|
|
Property - potential taxation on disposal |
1,524,958 |
|
621,948 |
|
Accelerated capital allowances |
924,074 |
|
1,159,779 |
|
|
|
|
|
|
2,449,032 |
|
1,781,727 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
2020 |
£ |
£ |
|
|
At 28 December 2020 |
1,781,727 |
|
1,953,759 |
|
(Credited)/charged to profit and loss account |
667,305 |
|
(172,032) |
|
|
At 26 December 2021 |
2,449,032 |
|
1,781,727 |
|
|
|
|
|
|
|
|
|
|
Deferred tax has been calculated at 25%. The Finance Act 2021 legislated an increase in the rate of corporation tax from 19% to 25% effective from 1 April 2023. |
|
16 |
Share capital |
Nominal |
|
2021 |
|
2021 |
|
2020 |
value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares
|
£0.25 each |
|
11,543,474 |
|
2,885,898 |
|
2,885,898 |
|
|
|
|
|
|
|
|
|
17 |
Share premium |
2021 |
|
2020 |
£ |
£ |
|
|
At 28 December 2020 |
1,338,313 |
|
1,338,313 |
|
|
At 26 December 2021 |
1,338,313 |
|
1,338,313 |
|
|
|
|
|
|
|
|
|
18 |
Other reserves |
2021 |
|
2020 |
|
Capital redemption reserve |
£ |
£ |
|
|
At 28 December 2020 |
532,389 |
|
532,389 |
|
|
At 26 December 2021 |
532,389 |
|
532,389 |
|
|
|
|
|
|
|
|
|
|
19 |
Profit and loss account |
2021 |
|
2020 |
£ |
£ |
|
|
At 28 December 2020 |
28,764,914 |
|
28,457,172 |
|
Profit for the period |
4,610,169 |
|
307,742 |
|
Dividends |
(428,000) |
|
- |
|
At 26 December 2021 |
32,947,083 |
|
28,764,914 |
|
|
|
|
|
|
|
|
|
20 |
Capital commitments |
2021 |
|
2020 |
£ |
£ |
|
|
Amounts contracted for but not provided in the accounts |
3,082,500 |
|
833,700 |
|
|
|
|
|
|
|
|
|
21 |
Other financial commitments |
|
Total future minimum lease payments under non-cancellable operating leases: |
|
|
|
|
|
Land and buildings |
|
Other |
|
Land and buildings |
|
|
|
|
2021 |
|
2021 |
|
2020 |
£ |
£ |
£ |
|
Falling due: |
|
within one year |
- |
|
- |
|
- |
|
within two to five years |
- |
|
51,000 |
|
- |
|
in over five years |
7,298,744 |
|
- |
|
7,433,244 |
|
22 |
Contingent liabilities |
|
The company, together with all the other companies within the group has provided a guarantee to Lloyds Bank plc in respect of all monies due to them from all members of the group. As at the balance sheet date, the total amount owed by the group was £34,356,254.
|
|
23 |
Related party transactions |
|
The company, as a wholly owned subsidiary, has taken advantage of the exemption contained in |
|
FRS 102 and has not disclosed details of transactions or balances with companies which form part of the group.
|
|
24 |
Controlling party |
|
The immediate parent company is J T D Investments Limited and the ultimate parent company is M A T Davies Holdings Limited. The ultimate controlling person is T A T Davies.
|
|
25 |
Presentation currency |
|
The financial statements are presented in Sterling.
|
|
26 |
Legal form of entity and country of incorporation |
|
W H Brakspear & Sons Limited is a private company limited by shares and incorporated in England. |
|
27 |
Principal place of business |
|
The address of the company's principal place of business and registered office is: |
|
The Bull Courtyard |
|
Bell Street |
|
Henley on Thames |
|
RG9 2BA |