Registered number:
FOR THE YEAR ENDED 31 MARCH 2021
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ALDERFORCE SC LIMITED
COMPANY INFORMATION
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ALDERFORCE SC LIMITED
CONTENTS
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ALDERFORCE SC LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2021
We aim to present a balanced and comprehensive review of the development and performance of the business during the year and our position at the year end by reflection of the size and non-complex nature of the business.
During the year, the company continued to operate as a KFC franchisee.
The Director is pleased to report an increase in profits and a strong recovery off the back of a challenging start to the financial year. Upon the outbreak of COVID-19 the company closed its stores stores for a period of time to ensure customers and staff remained safe and we began reopening stores throughout May 2020 where we considered it safe to do so. The results for the year are encouraging and demonstrate the resilience of the KFC brand as well as the British economy. Turnover in the year decreased from £17,254,988 to £16,446,166 and this is directly attributable to store closures as outlined above, as well as reduced footfall in city centres. Once stores have reopened, the company has experienced year on year sales growth for the majority of its stores due to an increase in delivery sales and a reduction in VAT rates sales. The company recorded an operating profit of £1,551,380 (2020: £740,681) and the increase has been aided by the change in VAT rates, business rates relief as well as government grants received by the company which have assisted in the company to retain staff and invest in its stores to ensure they remain a safe place for our staff and customers. The company recorded a net cash inflow from operating activities of £762,689 (2020: £1,058,161) as the company recorded strong profits whilst increasing its loans to related related companies. Net assets at the balance sheet date amounted to £2,778,185 (2020: £1,601,525).
The principal risks of the company are changes in consumer spending habits, the entry of new competitors within geographical areas in which the company operates and changes in government controls and policies towards the fast food industry. The company continues to monitor this and KFC has continued to evolve its menu and set appropriate recommended prices.
COVID-19 The impact of COVID-19 was apparent throughout the year and due to the changes in government policy throughout March and after the year end the business has had to be reactive to the scenarios presented to it. KFC has focused its attention onto its delivery platforms and drive thru's to ensure that franchisees have been able to provide a safer offering to a wider customer base and remain competitive in the food industry. The company took decisive action to reduce its cost base, capital expenditure and cash commitments. The company immediately reacted to government initiatives such as the business rates holiday, tax and VAT deferrals, colleagues were furloughed in line with the Coronavirus Job Retention Scheme. Whilst there continues to be uncertainty due to new variations of the COVID virus, the company and its management remain confident that the company can continue to adapt to the challenges that face the industry. COVID-19 has presented the industry with many new challenges and the company together with the franchisor have maintained innovative ways of ensuring customers' needs are met through increased online ordering and partnering with various delivery platforms whilst ensuring both customers and employees health and wellbeing are prioritised. The company has ensured it is making full use if government incentives and assistance to ensure that stores can remain open and operational.
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ALDERFORCE SC LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
Financial Key Performance Indicators for the stores are the level of turnover, gross profit and EBITDA.
Turnover: £16,446,166 (2020: £17,254,988) Gross profit for the period is £4,697,033 (2020: £5,258,924). EBITDA: £2,171,848 (2020: £1,394,175)
The principal non-financial key performance indicator is the performance against inspections by Kentucky Fried Chicken, and the company continues to achieve satisfactory performance throughout the year.
This report was approved by the board on 24 February 2022
and signed on its behalf.
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ALDERFORCE SC LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2021
The director presents his report and the financial statements for the year ended 31 March 2021.
The director is responsible for preparing the Strategic Report, the Director's Report and the
financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year
. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:
∙
select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙
make judgments and accounting estimates that are reasonable and prudent;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 £
1,176,761
(2020 -
£
503,160
)
.
The Director has recommended that no dividends be paid in respect of the current year.
The director who served during the year was:
As a result of the impacts of COVID-19 the company has identified the importance and strength of both the offering of delivery and operating drive thru stores. The Director continues to look for future store openings which will maximise these opportunities.
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ALDERFORCE SC LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
The company uses a variety of financial instruments, including cash, inter-company debt and trade creditors that arise from its operations. The main purpose of these financial instruments are to provide working capital for the company's operations.
The company is financed with appropriate short-term finance to match the need of the business and enable the company to utilise its working capital in the most effective way.
The company's policy is to consult and discuss with employees, at meetings, matters likely to affect employees' interests.
Information of matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance. COVID-19 All employees classified as vulnerable or living with a vulnerable family member were identified early on and special measures have been put in place to support and safeguard them. The company has adopted all government and public health authority guidelines, including but not limited to, erecting safety screens at stores to protect its staff, increased cleaning regimes, social distancing and managing shifts to reduce the number of different employees mixing throughout each week.
Information previously included in the directors' report in respect of the business review, key performance indicators and principal risks and uncertainties can now be found in the strategic report in accordance with S414C(11) of the Companies Act 2006.
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ALDERFORCE SC LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
This report was approved by the board on
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ALDERFORCE SC LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALDERFORCE SC LIMITED
We have audited the financial statements of Alderforce SC Limited (the 'Company') for the year ended 31 March 2021, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, 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 Auditors' 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 director's 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 director with respect to going concern are described in the relevant sections of this report.
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ALDERFORCE SC LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALDERFORCE SC LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Strategic Report and the Director's 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 Director's Report.
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ALDERFORCE SC LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALDERFORCE SC LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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:
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:
We obtained an understanding of the legal and regulatory framework applicable to the company, through discussions with the Directors and from our general commercial experience. We determined which laws and regulations were of most significance in the context of the company and which are directly relevant to specific assertions in the financial statements, being United Kingdom Accounting Standard (Financial Reporting Standards 102), and applicable law (the Companies Act 2006 and tax legislation's). We understood how the company is complying with those legal and regulatory frameworks, by making enquiries of the Directors of known or suspected instances of non-compliance with laws and regulations. We corroborated our enquiries through our review of legal expenses incurred during the year. We reviewed the financial statement disclosures to assess compliance with the relevant laws and regulations discussed above. We remained alert to any indications of non-compliance throughout the audit . We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by discussing with the Directors to understand where it is considered there was a susceptibility of fraud. We evaluated managements incentives and opportunities for fraudulent manipulation of the financial statements, and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial results and management bias in accounting estimates. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. Other audit procedures performed in response to the assessment above include:discussions with management of known of suspected instances of fraud' reconciliation of sales from tills to the accounting system, review and reconciliation of the cash control accounts and challenging the assumptions made by management in their significant accounting estimates.
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.
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ALDERFORCE SC LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALDERFORCE SC LIMITED (CONTINUED)
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
291 Green Lanes
London
N13 4XS
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ALDERFORCE SC LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2021
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ALDERFORCE SC LIMITED
REGISTERED NUMBER:
08932017
BALANCE SHEET
AS AT
31 MARCH 2021
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ALDERFORCE SC LIMITED
REGISTERED NUMBER:
08932017
BALANCE SHEET
(CONTINUED)
AS AT
31 MARCH 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 16 to 29 form part of these financial statements.
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ALDERFORCE SC LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 MARCH 2021
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ALDERFORCE SC LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2021
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ALDERFORCE SC LIMITED
ANALYSIS OF NET DEBT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2021
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ALDERFORCE SC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Alderforce SC Limited is a private company limited by share capital, incorporated in England and Wales, registration number 08932017. The address of its registered office is 34-36 London Road, Wembley, HA9 7EX.
The company's principal activity is that of operating as a KFC franchisee.
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 judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
Turnover from the sale of food, beverages and merchandise is recognised at the point of sale. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
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ALDERFORCE SC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.
Accounting policies (continued)
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ALDERFORCE SC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.
Accounting policies (continued)
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:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method and reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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ALDERFORCE SC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.
Accounting policies (continued)
obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Profit and Loss Account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.child Dilapidation provisions are added to the book value of the assets at the point of fitting out a store and is depreciated through the Statement of Comprehensive Income over the term of the lease. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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ALDERFORCE SC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
On an ongoing basis, the company evaluates its estimates using historical experience, consultation with experts and other methods considered reasonable in the particular circumstances. Actual results may differ significantly from the estimates, the effect of which is recognised in the period in which the facts that give rise to the revision become known. Management has made judgment over the following accounting policies: - The estimated useful economic lives of fixtures, fittings and equipment (note 13); and - Dilapidation provisions which are calculated by management based on their expectations of costs in reference to store type and size (note 20).
The whole of the turnover is attributable to the company's principal activity.
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ALDERFORCE SC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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ALDERFORCE SC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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ALDERFORCE SC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
11.
Taxation (continued)
The Corporation Tax main rate for 1 April 2021 is set at 19% and it is at this rate until 31 March 2023. From 1 April 2023, the Corporation Tax main rate for non-ring fenced profits will be increased to 25% applying to profits over £250,000. This will effect the company's corporation tax charges accordingly.
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ALDERFORCE SC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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ALDERFORCE SC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
12.
Intangible assets (continued)
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ALDERFORCE SC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Page 26
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ALDERFORCE SC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Page 27
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ALDERFORCE SC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Page 28
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ALDERFORCE SC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £58,305 (2020: £57,619). Contributions totalling 1,355 (2020: £3,991) were payable to the fund at the balance sheet date and are included in creditors.
Throughout the current and prior year the company was under the control of Mr Raja Adil.
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