The directors present the strategic report for the year ended 31 March 2021.
The financial results for the year ended 31 March 2021 are contained in the statement of comprehensive income of these accounts.
The turnover for the year has shown a decline to £297,374 from (2020: £9,939,502). Both Revenue from Rooms and Food and Beverage sales declined drastically from the prior year due to the COVID-19 Global pandemic, and the Government restrictions imposed across the hospitality and restaurant industry for most part of the year.
The group's financial results were heavily impacted for the full year under review with little to no major trading taking place. Unfortunately the impact of COVID-19 from March 2020 derailed our performance with the temporary hotel closure as a result of COVID-19.
The directors consider the following to be the principal risks and uncertainties facing the hotel.
The continuing effects which COVID-19 will have on the travel and hospitality industries and the regulations which the UK government have imposed, whilst a journey out of lockdown has been published there are no guarantees that these dates will be achieved in the late spring and early summer of 2021.
With weak economic growth, as a direct result of COVID-19 as well as the UK subsequently leaving the EU, resulting in subdued growth rates causing rising public and private debt.
Potential economic recession, businesses will not trade at pre pandemic levels in the short to medium term, unemployment will rise, and spending will be more cautious.
Financial risk management
The group cash flow is reviewed on a weekly basis by senior management and its parent company to ensure that all business commitments are achieved on a timely basis.
Environmental
As the businesses’ focus shifted to understand the many changes in the COVID-19 restrictions over the past year the group remained conscious of the Environmental impact and considered appropriate initiatives in the past year to ensure we remain compliant with the best practise environmental guidelines. We would be picking up where we left off in the new year and focusing on minimising the environmental impact to comply with the UK’s 2030 Net Zero strategy.
Personnel
As the priority turned to the staff, and guests’ wellbeing and safety over the Pandemic the hotel ensured we were up to date with all Government restrictions and suggested guidelines to prevent the spread of the virus. Key focus was given to ensure staff members had the necessary collateral (masks, sanitizers, gloves, etc), and were educated around the safety measures and warnings signs to prevent the spread of the virus. We will continue to maintain a high standard of staff wellbeing and safety and kick off new wellness measures once business fully resumes.
Disabled employees
The group gives full consideration to applications for employment from disabled persons where a handicapped or disabled person can handle the requirements of the job. Where existing employees become disabled, it is the group's policy wherever practicable to provide continuing employment under normal terms and conditions to provide training and career development and promotion to disabled employees where appropriate.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 March 2021.
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The auditor, HW Fisher LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
We have audited the financial statements of Seven Tides UK Holding Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2021 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the 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 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.
Emphasis of matter - refinancing of bank loan
We draw attention to note 18 to the financial statements which describes that the bank loan is overdue for repayment at the time of signing of the financial statements. The group’s directors are in negotiation with a lender and awaiting approval in order to refinance the overdue bank loan. Our opinion is not modified in respect of this matter.
Material uncertainty relating to going concern
We draw attention to note 1.4 in the financial statements which describes the reliance of the group being able to refinance its bank loan which is overdue for repayment at the time of signing of the financial statements. The directors of the company are in negotiation with a lender and awaiting approval of the refinancing. The directors are confident that refinancing will be secured. Note 1.4 also considers impact of the Covid-19 outbreak on the company's business. These conditions, along with other matters as set forth in Note 18, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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.
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 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.
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 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 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 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 financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements , the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.
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 .
As part of our planning process:
We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud;
We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006;
We considered the incentives and opportunities that exist in the company, including the extent of management bias, which presents a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly;
Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual;
Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied;
Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates in determining if there are any indicators for impairment of the subsidiary, and consideration of the residual value of tangible fixed assets;
Assessing the extent of compliance, or lack of, with the relevant laws and regulations;
Performing a physical verification of key assets and stock items (including testing of the stock system);
Testing key revenue lines, in particular cut-off, for evidence of management bias;
Obtaining third-party confirmation of material bank and loan balances;
Documenting and verifying all significant related party balances and transactions;
Testing material consolidation adjustments.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have property planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors of the entity.
A further description of our responsibilities is available 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 c ompany’s profit for the year was £216,293 (2020 - £2,832,314 loss).
Seven Tides UK Holding Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales . The registered office is .
The group consists of Seven Tides UK Holding Limited and all of its subsidiaries.
These 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 financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.
The 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 consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ : Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches ;
Section 33 ‘Related Party Disclosures’ : Compensation for key management personnel .
The consolidated group financial statements consist of the financial statements of the parent company Seven Tides UK Holding Limited together with all entities controlled by the parent company (its subsidiaries) .
All financial statements are made up to 31 March 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.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
The COVID-19 pandemic has caused significant disruption to the group’s business prior to the date of approval of these financial statements. The company’s subsidiary operates a hotel, with the hotel having to close for several months during the year as a result of the various lockdown measures in the UK. The hotel has opened post year end, but the capacity at which the hotel is able to operate has been affected by staffing issues which are widespread across the hotel industry, imposing caps on occupancy rates.
The Group is also currently in discussions to re-finance the bank loans which are repayable within one year of signing of these accounts and are overdue for repayment at the date of signing of these accounts. The directors are confident that they will be able to secure new finance.
The Group is reliant on its shareholders to provide on-going financial support and to ensure the hotel can meet its expenses and liabilities until the hotel is able to operate at pre-pandemic levels and occupancy rates stabilise.
The factors set out above suggest the directors consider that there are material uncertainties that may cast doubt on the ability of the Group to continue as a going concern. Nonetheless the receipt of a business interruption claim of £2.5m during April and May 2021 has helped to provide short-term liquidity for the Group to continue in operation. Having obtained satisfactory assurances from the shareholders over their support of the Group, the directors have a reasonable expectation that the Group has adequate resources to continue in operation for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover is derived from hotel operations, and arose wholly in the United Kingdom. Turnover is recognised when services have been rendered. The turnover of the hotel is derived primarily from the rental of rooms and food and beverage sales. Turnover is all rendering of goods and services.
Turnover is measured at the fair value of the consideration received, excluding discounts, rebates, value added tax and other
sales taxes.
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 .
Equity in vest ments are measured at fair value through profit or loss , except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably , which are recognised at cost less impairment until a reliable measure of fair value becomes available.
I n the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
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 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.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets, other than those held at fair value through profit and loss , are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities, including creditors , bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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 equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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 d asset are consumed.
The group received government grants in the year, making use of the schemes the UK government brought into place for businesses during the Covid-19 pandemic.
Government grants received under the Coronavirus Job Retention Scheme, are recognised at the fair value of the grant received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants, which include amounts received from local authority grants, are recognised at the fair value of the grant received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. The income is recognised in other income in the period in which the grant becomes receivable.
For each of these schemes, the income is recognised in other income on a systematic basis over the periods in which the associated costs are incurred, using the accrual model.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
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 estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Tangible fixed assets are depreciated over their useful economic lives, taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Arts and antiques are owned by the hotel to provide ambience and improve the guest experience. An impairment was made during the period of £50,904 of these antiques to reflect on management's best estimate as to their value of £125,000 at 31 March 2020. During the year to 31 March 2021, a formal valuation was completed on these assets estimating a residual value in excess of the cost and as such the impairment was reversed.
The value of the investment the company holds in its subsidiary is initially recognised at the total consideration paid. Subsequently the value of the investment is measured at cost less impairment. The subsidiary holds the long leasehold for the property for which the company operates its hotel services. The fair value of the property was determined on the basis of a valuation carried out by an independent firm of Chartered Surveyors, taking into consideration the current and projected trading of the hotel and through looking and comparable properties and current market conditions. Based on the valuation of the property, there appears to be no impairment to the carrying value of the investment in its subsidiary as at 31 March 2021.
There is planned future expenditure to refurbish rooms and common areas within the hotel. The expected future costs for planned future refurbishments were reviewed estimated at the year ended 31 March 2021 and accrued £300,000 in these accounts. The basis for these costs are on past refurbishment works for similar areas within the hotel.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
There is a wages and salaries expense for the company Seven Tides UK Holding Limited but no employee numbers. This is due to wages and salaries expenses being recharged from the parent company, Seven Tides International LLC.
There were no key management personnel other than the group's directors.
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:
More information on impairment movements in the year is given in note .
Details of the company's subsidiaries at 31 March 2021 are as follows:
The loans are secured by fixed charges over the assets of Dukes Hotel Limited and guaranteed by Seven Tides International LLC and a personal guarantee by Sultan Ahmad Bin Sulayem.
The bank loans are repayable by quarterly instalments with a final payment of £26,011,874, including accumulated interest, due in December 2021, see note 16. Interest is payable at 3.25% above LIBOR. An arrangement fee of £213,750 is being amortised over the life of the loan with an amount of £10,178 outstanding at 31 March 2021 (2020 - £40,715).
The loan is secured by a fixed and floating charge over the assets of Dukes Hotel Limited and guaranteed by Seven Tides International LLC and a personal guarantee by Sultan Ahmad Bin Sulayem.
The loan is overdue for repayment at the date of signing of the financial statements. The directors are in negotiations to refinance this loan and are confident they will be able to do so, being that the group operates out of an historic hotel under has an historic brand, and has significant assets. . The ultimate shareholder has provided his support to the group.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
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.
Capital contribution reserve arose on the provision of interest-free loans from the parent company to the group, being the excess of the amount contributed by the parent company over the fair value of the loan at the date of issue.
Profit and loss account represents cumulative profits or losses, net of dividend paid and other adjustments.
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:
At the balance sheet date the group was owed £55,614 (2020 - £53,848) from Dukes Hotel, Dubai, a company under common control. There were transactions in the year of £1,766 (2020 - £3,278) relating to invoices paid by the group on behalf of Dukes Hotel, Dubai.
At the balance sheet date the group owed £9,337,259 (2020 - £8,974,168) to its parent undertaking, Seven Tides International LLC.
A the balance sheet date, included within other creditors are amount of £1,920,000 (2020 - £1,920,000) which were due to the directors. Total transactions with the directors were £nil (2020: £240,000). This balance relates to the accrued directors remuneration.
The immediate parent undertaking is Seven Tides International LLC, a company incorporated in the United Arab Emirates.
The ultimate controlling party is Sultan Ahmad Bin Sulayem.
The group made an insurance claim during the year for business interruption due to the COVID-19 pandemic. The claim has been settled by the insurance company, with settlement of the second part of the claim being confirmed and received in May 2021 for amounts of £1,250,000.