Company registration number:
2050734
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The principal activity of the group during the year under review was that of off-course bookmaking.
The continued prevalence of Covid-19 led to long closures of betting shops across the UK – for the second year almost a third of the trading days were lost.
Unlike the economy-wide lockdowns in 2020, sporting events continued to varying degrees and there were concerns that traditional retail customers would be lost to online bookmakers. However, when betting shops were allowed to partially re-open in mid-April and fully open mid-May business levels exceeded all reasonable expectations, evidencing the longevity of High Street betting shops providing a social hub for the customers. To minimise the business risk the Company furloughed retail & support staff and made use of the government initiatives of business rates discounts and the retail property grants. During the lockdown periods without income, government financial assistance and the support of key suppliers allowed the business to minimise the impact. The Company trades from 47 stores across England. The impact of Covid on both 2020 and 2021 results makes meaningful historic comparison difficult. However, the Directors are very satisfied with part-year trading results and the underlying KPI. The CVA process undertaken in July 2019 continues to be a success with the business secure and cash generative despite the difficult conditions. During the year, the business received a VAT reclaim of c.£3m from HMRC in an industry-led case that dated back to 2003. However, the proceeds were largely offset by HMRC debt in the CVA and conditional success fees to advisors and the previous shareholders. In September 2022 Megabet reached agreement with the CVA creditors to enable the company to pay an additional contribution into the fund and exit the CVA two years ahead of plan. With a clean and early exit from the CVA, the Directors anticipate being able to achieve more competitive trading arrangements with suppliers. In early 2022 the company completed a rebrand to the Betzone trading name following expiry of a licensing arrangement for the Megabet name. Despite the impact of the pandemic, the Board are satisfied with the underlying business metrics and look forward with cautious optimism.
Covid-19
The lockdowns in both 2020 and 2021 and the continued risk of emerging variants require a cautious view on maintaining cash balances, particularly if future government support may not be as comprehensive as in the previous two years. However, the management team have gained valuable experience from the previous lockdowns and are now well-drilled in both Covid-hygiene and cost-management. Cashflow management and forecasting continue to be valuable tools in minimising financial risk. Economic risk Inflation rates, utility costs and the risk of recession continue to impact key supplies, staffing and general contracts.
Page 1
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Financial Risk management
The Company’s principal financial instruments comprise cash and cash equivalents. Based on current expectations, the directors do not consider that there is any significant credit risk due to the cash nature of the business. In order to maintain liquidity and have funding available for future developments the company maintains surplus funds in readily accessible bank and deposit accounts. Bookmaking Risk management To maximise profits and minimise financial risk, the company actively manages trading risk by maintaining staking limits to levels appropriate to our size of business. The betting patterns of high-risk customers are monitored and reviewed at regular periods. Being cognisant that we are primarily a cash-based business, we have integrated a wide range of security tools into our business processes to minimise the opportunity for customer or staff fraud. The company has installed high quality alarms, CCTV and other physical security features to help protect the welfare of staff and customers from physical security breaches. Competitor risk Whilst the Company faces strong competition on the High Street from the National Bookmakers, we remain confident in our ability to provide a highly competitive offering for our customers. The Board and senior management constantly monitor and review the strategic and promotional activity of our peers and have the ability to react quickly to any significant changes. The continued growth of the internet and mobile betting platforms provides a threat to business levels within the shop estate. Rolling-year trends and comparatives are routinely measured, and the board remain vigilant for new ideas and technologies that will improve the experience of our retail customers.
Cost pressures are likely to result in rationalisation within the industry and present opportunities for acquisition, divestment, and the benefits of consolidation. The Directors are continually reviewing strategic options.
The board consider EBITDA and cash generation to be key financial performance measures. Whilst 2021 was a highly disrupted year due to the Covid pandemic, the Board are satisfied that good progress has been made during difficult trading conditions.
EBITDA in 2021 was £1.35m, although without exceptional items it was £0.70m (£0.89m in 2020).
In addition to the financial key performance indicators, Megabet are committed to supporting, managing and measuring compliance to the Gambling Commission’s three key licensing objectives:
• Keep crime out of gambling, • Ensure gambling is conducted fairly and openly, and • Protect children and vulnerable people from being harmed or exploited by gambling. The objectives are incorporated into training and working practices and compliance monitored by senior management on a routine and regular basis.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
This report was approved by the board
and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The Directors present their report and the financial statements for the year ended 31 December 2021.
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the
financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year
. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the Directors are required to:
∙
select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙
make judgements 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 Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £
1,128,549
(2020 -
£
427,710
)
.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
The Directors who served during the year were:
The Company has chosen in accordance with Section 414C(II) of the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 to set out within the Company’s Strategic Report, the information required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review and details of the principal risks and uncertainties.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
The auditor, Menzies LLP, 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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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MEGABET UK LTD
We have audited the financial statements of Megabet UK Ltd (the 'Company') for the year ended 31 December 2021, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the 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 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 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 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's 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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MEGABET UK LTD (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MEGABET UK LTD (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 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 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:
The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant:
∙
The Companies Act 2006;
∙
Financial Reporting Standard 102;
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Gambling Act;
∙
Horse Racing Board;
∙
General Data Protection Regulations; and
∙
UK tax legislation.
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. He did not identify any issues in this area. We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
∙
Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
∙
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
∙
Challenging assumptions and judgements made by management in its significant accounting estimates; and
∙
Identifying and testing journal entries, in particular any journal entries posted outside of the normal working patterns of the accounts team, or with unusual descriptions or account combinations.
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
∙
The application of inappropriate judgements or estimation to manipulate the financial position in the calculation of the year end provisions;
∙
The posting of unusual journals and complex transactions; or
∙
The use of management override of controls to manipulate results.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MEGABET UK LTD (CONTINUED)
Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditor's 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
Lynton House
7-12 Tavistock Square
London
WC1H 9LT
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
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STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 13 to 24 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2021
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Megabet UK Ltd. ("the company") is a private company limited by shares and is registered and incorporated in England and Wales. The address of the registered office is given on the company information page. The principal activity of the company and the nature of its operations are set out in the strategic report on page 1.
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 management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙
the requirements of Section 7 Statement of Cash Flows;
∙
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙
the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Bet 21 Limited as at 31 December 2021 and these financial statements may be obtained from Companies House.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Stakes received are not recognised as turnover until the result of the event(s) on which the stake is placed is known. The amount is included as deferred income until this time. The policy is considered reasonable as it matches the stake with any payout made. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
Goodwill
Other intangible assets
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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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
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.
Land is not depreciated. Depreciation on other assets 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.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
Taxation The company establishes provisions based on reasonable estimates, for possible consequences of audits by the tax authorities. The amount of such provision is based on various factors, such as experience with previous tax submissions. Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment if the effect of future tax planning strategies. Provisions against underperforming shops Each Megabet shop is considered to be a Cash Generating Unit (CGU) for the group as they are able to generate revenue individually. Each CGU is assessed at each period end to ascertain whether there are any indications of impairment or whether onerous lease provisions are required. These calculations are based on the future cash flow projections of each shop on an individual basis, based on management’s best estimations from their prior knowledge of each shops and the expected performance going forward. Dilapidations Each shop that has an ongoing lease has been allocated a provision against dilapidations that it is contractually to pay for at the end of its lease period. There is a proportion of estimation and uncertainty over the amounts that will be eventually be paid, however management have provided for amounts based on its prior knowledge and its expections of amounts to be paid.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
12.
Taxation (continued)
There were no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Merger Reserve
Profit and loss account
The immediate and ultimate parent company is Bet 21 Limited. There is not considered to be one ultimate controlling party.
The parent company of largest and smallest group in which the company’s results are consolidated is Bet 21 Limited. Copies of these accounts may be obbtained from its registered office, being 2 Jardine House Harrovian Business Village, Bessborough Road, Harrow, Middlesex, HA1 3EX.
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