The directors present the strategic report for the year ended 31 January 2021.
We aim to present a balanced and comprehensive review of the performance of the group during the year and its position at the year end. Our report is consistent with the size and nature of the group and is written in the context of the business environment in which we operate.
Our key performance indicators are those that communicate the financial performance and strength of the group as a whole; these being turnover and operating profit. Visitor numbers to our attractions is the key driver of income.
The Principle activity of the group continued to be the operation of cultural visitor attractions across the UK – with our principal raison d’être being operating owned sites, operating for third parties and working in partnership with third party IP holders.
At the heart of what we do is a great story, told in an engaging way and often set in a truly memorable location – in that we are unique.
The early part of the year indicated a positive year ahead with a budget set to reflect that, and two new projects lined up to be signed ensuring a bright future. Then, only weeks into the year, the spectre of a world-changing event became evident.
The group reacting immediately.
Imminent deals were put on ice as was all recruitment.
Costs were cut back and plans put in place to reduce staffing across the group.
The main objective was to conserve cash and for the group to survive through whatever lay ahead
These actions were praised by the Board and our bank; both of which were supportive and indeed highly complementary of the actions swiftly undertaken by the management team. This enabled the group to move through the stages of the pandemic over the remaining 10 months with a carefully structured plan of possible actions, which could swivel rapidly, to respond as the waves of the economic impact and stages of the response to the pandemic hit.
The group’s strategy became; preserve cash, keep everyone we retained safe, preserve talent in the group, reduce all costs and maintain our buildings; with a view to coming out the other side ready to grow back better.
The group was able to take advantage of a number of Government schemes including furlough, rates relief and VAT reduction. Insurance monies from business interruption schemes were initially put on hold and went through the courts to produce a pay-out below expectations.
Against the above backdrop and in line with revised objectives, Continuum’s executive team focused their attention on managing the group through the months of closure and opening and then further closure and did so in a way that enabled the group to survive and be in a position to ‘build back better.’
A substantial investment in Greenwood Forest Park introducing themed outdoor play equipment was undertaken, with a view to launching in 2020; this was further delayed until 2021.
Heritage Projects (Canterbury) Limited was put into liquidation in April 2020.
Events after the reporting date
During 2020 the group took advantage of the Government's financial support packages, including the Job Retention Scheme (Furlough Scheme). Despite this financial support it is considered that there will continue to be some adverse financial impact on the group in the calendar year 2021 . The overall financial effect cannot be reliably estimated given the uncertainties, notably the extent of any future "lockdown" , together with any potential resurgence of the virus.
The group has obtained approval for a Coronavirus Business Interruption Loan facility amounting to £1,500,000, which has been drawn down in March 2021.
Turnover for the group was £3,676,410 compared with a total turnover of £15,290,393 in the previous year.
Overall the group made an operating loss of £2,427,555 against a profit for the year ended 2020 of £1,046,014.
At 31 January 2021, the group's net assets were £2,616,859 compared with £5,031,700 at 31 January 2020.
On behalf of the board
The directors present their annual report and group financial statements for the year ended 31 January 2021.
The results for the year are set out on pages 9 to 10.
Ordinary dividends were paid amounting to £230,000. The directors do not recommend payment of a final dividend.
The directors who held office during the year and up to the date of signature of the group financial statements were as follows:
As a Group, employee ownership and empowerment are promoted. With various forum groups across the portfolio team members are encouraged to contribute to the strategy of the business and take ownership by sharing ideas. A specific scheme - Bright Ideas - is in place to share any ideas.
Having and promoting open communication channels which include weekly newsletters, information bulletins and team surveys allow the team to contribute to the business strategy as well as achieve a common awareness on the part of the employees of the financial and economic factors affecting the Group's performance.
The auditor, Ashworth Moulds, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
We have audited the group financial statements of The Continuum Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2021 which comprise the group statement of income and retained earnings, the group balance sheet, the company balance sheet, the group statement of cash flows and notes to the group financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the group 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 group financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the group 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 parent company’s ability to continue as a going concern for a period of at least twelve months from when the group 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 contained within the annual report . The other information comprises the information included in the annual report, other than the group financial statements and our auditor’s report thereon. Our opinion on the group 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 group financial statements , our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the group financial statements themselves 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 group financial statements themselves or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit :
the information given in the strategic report and the directors' r eport for the financial year for which the group financial statements are prepared is consistent with the group financial statements ; and
the 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 identifie d material misstatements in the strategic report and the directors' r eport .
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.
As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the group financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of group financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the group financial statements , the directors are responsible for assessing the group's and the parent company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the group financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 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 .
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
we identified the laws and regulations applicable to the group through discussions with directors and other management, and from our commercial knowledge and experience of the visitor attractions sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the group financial statements or the operations of the group, including the Companies Act 2006, Financial Reporting Standard (FRS 102), taxation legislation, Coronavirus Job Retention Scheme regulations;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management ; and
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
We assessed the susceptibility of the group ’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
We addressed detecting material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, as follows:
performed analytical procedures to identify any unusual or unexpected results ;
tested journal entries , including consolidation journals, to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
agreeing group financial statement disclosures to underlying supporting documentation;
agreeing a sample of Coronavirus Job Retention Scheme claims by each group company to underlying documentation and checking that the claims appeared to be made in accordance with government guidelines.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the group financial statements is located on the Financial Reporting Council’s website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s 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 auditor's 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.
As permitted by s408 Companies Act 2006, the
c
ompany has not presented its own profit and loss account and related notes. The
company’s loss for the year was £
The Continuum Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales . The registered office is St. Edmunds House, Margaret Street, York, YO10 4UX.
The group consists of The Continuum Group Limited and all of its subsidiaries.
These group financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The group financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these group financial statements are rounded to the nearest £.
The group financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the group financial statements:
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash f low and related notes and disclosures;
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
The group financial statements incorporate those of The Continuum Group Limited and all of its subsidiaries (ie entities that the g roup controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.
The results of subsidiaries disposed during the year are incorporated up to the date of disposal.
All financial statements are made up to 31 January 2021 . Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
The company is itself a wholly owned subsidiary of Heritage Projects (Management) Limited, for which consolidated group financial statements are prepared.
In common with most businesses, the group has suffered from the effects of the coronavirus pandemic and consequently the group 's trading has been affected from late March 2020. The group has taken advantage of the Government's financial support packages, including the Job Retention Scheme (Furlough Scheme).
The directors have prepared forecasts for the period to 31 January 202 3 . If the anticipated revenue levels are achieved, these forecasts demonstrate that the company would be able to continue to operate within its existing facilities.
However, at present, there remains some uncertainty throughout the hospitality and leisure sector consequent upon any further national or local lockdown restrictions. As a result, revenue levels are inherently uncertain.
The financial statements do not include any adjustments that would result were the group unable to continue as a going concern.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from visitors to the attractions is recognised by reference to the date of admission.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly labour rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
Freehold land is not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account .
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
A financial instrument is a contract giving rise to a financial asset (such as trade and other debtors, cash and bank balances) or a financial liability (such as trade and other creditors, bank and other loans, hire purchase and lease creditors) or an equity instrument (such as ordinary or preference shares).
Financial instruments are recognised in the group's balance sheet when the company becomes a party to the contractual provisions of the instrument.
All the group's financial instruments are basic financial instruments and are recognised at amortised cost using the effective interest method.
Amortised cost : the original transaction value, less amounts settled, less any adjustment for impairment.
Effective interest method : where a financial instrument falls due more than 12 months after the balance sheet date and is subject to a rate of interest which is below a market rate, the original transaction value is discounted using a market rate of interest to give the net present value of future cash flows.
Financial assets cease to be recognised only when the contractual rights to the cash flows expire, or when substantially all the risks and rewards of ownership are transferred to another entity.
Financial liabilities cease to be recognised when and only when the group 's obligations are discharged, cancelled, or they expire.
The tax expense represents the sum of the tax currently payable and deferred tax.
Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised 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 calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to reserves, in which case the deferred tax is also dealt with in reserves.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets .
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred . Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
Government grants relating to the Coronavirus Job Retention Scheme are recognised as other income in the period to which the employee costs are recognised in the relevant furlough period.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The total turnover of the group for the year has been derived from its principal activity, wholly undertaken in the United Kingdom.
In early 2020 the Coronavirus (Covid-19) spread to the UK and in March 2020 the UK Government announced measures to mitigate the spread in the UK, including social distancing and a "lockdown".
As a consequence the groups trading was affected from late March 2020. However the group took advantage of the Governments' financial support packages, including the Job Retention Scheme (Furlough Scheme), which helped to mitigate the financial impact on the group during the financial year.
As a result of the Covid-19 pandemic ITV took a decision to close the Emmerdale Studio Experience and terminated the commercial agreement to operate the attraction. The attraction closed in July 2020, giving rise to the closure contribution from ITV.
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
As a result of the Covid-19 pandemic ITV took a decision to close the Emmerdale Studio Experience and terminated the commercial agreement to operate the attraction. The attraction closed in July 2020.
The impairment loss relates to a write down of the carrying amount of these assets to nil.
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2020 - 3).
Investment income includes the following:
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
On 28 April 2020 the group appointed a liquidator for Heritage Projects (Canterbury) Limited. The discontinued operations relate solely to the disposal of this subsidiary and giving rise to a loss on disposal of £14,624 (note 11).
The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
Goodwill arose on the acquisition of the entire issued share capital of Greenwood Forest Park Ltd. in July 2017.
Subsidiary disposal relates to Heritage Projects (Canterbury) Limited consequent upon the liquidator being appointed on 28 April 2020 (note 29).
Impairment losses relate to the closure of the Emmerdale Studio Experience (note 5).
The disposal relates to Heritage Projects (Canterbury) Limited (note 29).
Details of the company's subsidiaries at 31 January 2021 are as follows:
The registered office address for each of the above companies is St. Edmunds House, Margaret Street, York, YO10 4UX.
The investments in subsidiaries are all stated at cost less impairment.
The Royal Bank of Scotland holds a debenture provided by the company and subsidiary companies for securing the group borrowings.
The Royal Bank of Scotland holds a debenture provided by the company and subsidiary companies for securing the group borrowings.
The bank loan i s repayable over 10 years at £56,875 per quarter inclusive of interest, with interest chargeable at 2.6% over bank base rate. The loan is repayable in June 2027.
The group and company bank loans are secured by a debenture provided by the company and its subsidiary companies, comprising fixed and floating charges. See note 30.
Other loans comprises £900 (20 20 : £ 900 ) owed to Heritage Projects (Guernsey) Limited, which is interest free with no fixed date for repayment , a loan from the Welsh government which is interest free and repayable at £3,500 per month. The amount outstanding is £7,000 (2020: £38,500). Other loans also includes £140,000 (2020: £NIL) owed to ITV which is interest free and repayable at £20,000 per month.
Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Group
The deferred tax asset not provided relating to utilisation of tax losses against future expected profits and other timing differences amounts to £466,181 (2020: £465,436).
Company
The deferred tax asset not provided relating to utilisation of tax losses against future expected profits and other timing differences amounts to £4,261 (2020: £10,420).
Government grants which relate to capital expenditure included in tangible fixed assets have been recognised as deferred income and released over the expected useful life of the assets.
The amount released during the year amounted to £12,500 (2020: £12,500).
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
On 28 April 2020 the group appointed a liquidator for Heritage Projects (Canterbury) Limited, a wholly owned subsidiary. The subsidiary was dissolved on 22 September 2021. At 28 April 2020 the assets and liabilities were:
Group
The subsidiary companies have provided a guarantee against the group bank borrowings, supported by a debenture over the group assets comprising fixed and floating charges. The guarantee is limited to £1,741,250 (2020: £2,061,250).
Company
The company has provided a guarantee against the group bank borrowings, supported by a debenture over the company's assets comprising fixed and floating charges. The guarantee is limited to £1,741,250 (2020: £2,061,250).
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Leases of land and buildings are typically subject to rent reviews at specified intervals and provide for the lessee to pay all insurance, maintenance and repair costs.
Heritage Projects (Portsmouth) Limited has a lease under which it pays a basic annual rent of £ 154,536 per annum (2020: £142,699) . Further rent is payable annually, calculated as a percentage of the operating profit of the company. In addition the company has outstanding commitments for a maintenance contract under the lease of £845,250 (2020: £992,250) .
Heritage Projects (Oxford Castle) Limited and The Real Mary Kings Close visitor attraction in Edinburgh each pay an annual rent , together with potential additional rent based on turnover adjusted for certain expenses.
Heritage Projects (York) Limited has a lease under which it pays a basic annual rent of £ 170,840 (2020: £170,840) .
Continuum (Entertainment) Limited has agreements for the Emmerdale Tour attraction whereby rent is payable based on a percentage of profit and an amount per visitor.
Company
Under the terms of the lease for The Real Mary Kings Close attraction in Edinburgh the company pays a basic annual rent, together with potential additional rent based on turnover adjusted for certain expenses.
Amounts contracted for but not provided in the financial statements:
During 2020 the group took advantage of the Government's financial support packages, including the Job Retention Scheme (Furlough Scheme). Despite this financial support it is considered that there will continue to be some adverse financial impact on the group in the calendar year 2021 . The overall financial effect cannot be reliably estimated given the uncertainties, notably the extent of any future "lockdown" , together with any potential resurgence of the virus.
The group has obtained approval for a Coronavirus Business Interruption Loan facility amounting to £1,500,000, which has been drawn down in March 2021.
The parent company of the largest group in which the company is a member is Heritage Projects (Management) Limited, a company registered in England and Wales. These group financial statements form part of the group financial statements of Heritage Projects (Management) Limited, copies of which are available at Companies House.
Heritage Projects (Guernsey) Limited, a company registered in Guernsey, is the company's ultimate parent undertaking . The directors consider the controlling party to be the trustees of the Cosgrove Trust.