Registered number:
12025781
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2021
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COMPANY INFORMATION
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CONTENTS
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GROUP BUSINESS HIGHLIGHTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Hat Trick would like to highlight the following achievements:
∙
Adjusted Profit after Tax of £2.8m.
∙
HTM Television, our joint venture with Jed Mercurio, had four programmes in production:
Trigger Point, DI Ray, Stephen
and
Bloodlands S2.
∙
Trigger Point
,
DI Ray
and
Bloodlands S2
aired after year end, with
Trigger Point
being ITV’s most watched drama of 2022 to date. Both series have been recommissioned for a 2nd series.
∙
Our long-running entertainment programmes continue to go from strength to strength, having produced the 61st and 62nd series of
Have I Got News For You,
11th series of
Whose Line is it Anyway?
for The CW and 11th series of
Dinner Date
.
∙
We continue to win commissions in scripted comedy with programmes for the BBC, ITV and C4.
∙
Our unparalleled catalogue continues to underpin our rights income, with 2021 being our second highest year after 2020.
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GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The directors present their Strategic Report for the year ended 31 December 2021.
Business review
With a library of long-running, award-winning television programming, we are an industry-leading content creator and rights owner. Our goal remains simple; to make highly successful programmes for profit. We do this in two ways. We develop, create and exploit content in the areas of Comedy, Drama and Entertainment. We also use our substantial creative and business support experience to take investments in early-stage content creation companies with a view to helping them reach their full potential more quickly than they otherwise might be able to. Content creation Hat Trick produced programmes for BBC1, BBC2, ITV, ITVBe, Channel 4, Channel 5, Dave, and The CW in 2021. In entertainment, we delivered the 61st and 62nd series of Have I Got News For You and co-produced Mastermind with Hindsight Productions for the BBC, we produced the 11th series of Dinner Date and Whose Line is it Anyway? for ITV and The CW respectively and went into pre-production on the 4th series of Hypothetical for Dave. HTM Television, our joint venture with Jed Mercurio, had its best ever year, with four programmes in production; Trigger Point, Stephen and DI Ray for ITV, whist it started pre-production of the 2nd series of Bloodlands for the BBC. In comedy, we produced the 3rd series of Derry Girls for Channel 4 and went into pre-production of a new series Stuck, written by and starring Dylan Moran, for the BBC and the 2nd series of Kate and Koji for ITV. Rights exploitation We continue to exploit the majority of our extensive programming catalogue in-house through Hat Trick International (HTI), although as the costs of scripted programming continue to rise, we continue to expand our network of distribution and financing partners to meet increasing deficits. HTI continues to benefit from Hat Trick’s strong production pipeline, as well as through its relationships with other production companies. Investments Plum Pictures continues to work with some of TV’s biggest names, producing James May: Our Man in Italy , George Clarke’s Amazing Spaces, The Great Cookbook Challenge with Jamie Oliver and Johnny Vegas: Carry on Glamping. Emporium Productions continue to have a strong relationship with Channel 5 (Rich House, Poor House / Supermarket Secrets Revealed) and Netflix (The World’s Toughest Prisons) whilst also producing two programmes for Channel 4: Prue’s Great Garden Plot and The World’s Most Beautiful Landscapes. Livewire Pictures continues to televise some of the nation’s biggest musical events including The Proms and Global Citizen Live for the BBC. COVID-19 pandemic The TV industry continued to be significantly impacted by COVID in 2021, particularly within scripted programming with many shows having temporary closedowns.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
We took the decision to postpone two of our programmes
Stephen
and
Kate and Koji
which were due to go into production as we experienced the second wave. We have also seen the cost of production increase dramatically as the industry works through the backlog of productions. We estimate that these two factors reduced profit by at
least £1m in 2021. As highlighted in last year’s report, rights income will continue to be affected for several years to come as the additional costs incurred due to COVID are shared by us, the broadcaster and the distributor through recoupable advances, which in turn reduces the net receipts owed to us as the producer. On a more positive note, as we move through 2022, the additional costs incurred have continued to fall.
Foreign exchange risk
The Group operates primarily within the UK and so has limited exposure to foreign exchange movements. However, any material exposure is hedged on a case by case basis. Credit risk A large percentage of the Group's programming is conducted with the BBC and other established broadcasters. Therefore, the company does not have a significant exposure to credit defaults. Liquidity risk The Group has sufficient cash reserves to cover day to day working capital requirements. The working capital of the business is closely monitored to ensure these commitments are met.
Hat Trick uses Adjusted Profit after Tax (profit after tax, excluding amortisation and share options charge) as its key performance indicator.
Adjusted profit after tax was £2.8m in the period, £1.4m lower than the previous year.
We consider the number of series in production and delivered in the year to be Hat Trick’s main non-financial key performance indicators.
There were thirteen series in production in 2021, with eight series delivered to broadcasters.
This report was approved by the board on 28 September 2022
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 who served during the year were:
The profit for the year, after taxation, amounted to £
1,863,763
(2020 -
£
4,129,920
)
.
The directors have paid interim dividends of £1,100,193 (2020 - £2,500,160). The directors do not recommend the payment of a final dividend.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the
consolidated
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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Hat Trick benefits from a raft of returning series, as well as a strong pipeline of new programming in various stages of development.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
The Group has continued throughout the year to provide employees with relevant information and to seek their views on matters of common concern. Priority is given to ensuring that employees are aware of all significant matters affecting the Group.
Under section 487(2) of the Companies Act 2006, Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board on
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAT TRICK HOLDINGS (2019) LIMITED
In our opinion the financial statements:
∙
give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2021 and of the Group's loss for the year then ended;
∙
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙
have been prepared in accordance with the requirements of the Companies Act 2006.
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 Group 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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAT TRICK HOLDINGS (2019) LIMITED (CONTINUED)
The directors are responsible for the other information. The other information comprises the information included in the directors's report and financial statements, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Group 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 Group 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 identified material misstatements in the Group Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAT TRICK HOLDINGS (2019) LIMITED (CONTINUED)
As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 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 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 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:
∙
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 identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the television programmes production industry;
∙
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
∙
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
∙
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company’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;
∙
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
∙
understanding the design of the Company’s remuneration policies.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAT TRICK HOLDINGS (2019) LIMITED (CONTINUED)
To address the risk of fraud through management bias and override of controls, we:
∙
performed analytical procedures to identify any unusual or unexpected relationships;
∙
tested journal entries to identify unusual transactions; and
∙
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙
agreeing financial statement disclosures to underlying supporting documentation;
∙
enquiring of management as to actual and potential litigation and claims; and
∙
reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors.
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 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 Auditors
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
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CONSOLIDATED 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 on 28 September 2022
.
The notes on pages 17 to 39 form part of these financial statements.
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COMPANY 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 on
The notes on pages 17 to 39 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2021
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2021
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021
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CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2021
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
The Group is an industry leading content creator and rights owner with a library of long running award winning television programmes.
Hat Trick Holdings (2019) Limited is a limited company incorporated in England and Wales, with its registered office address at 7 Savoy Court, London, WC2R 0EX. The principal activity of the Company is that of a holding company.
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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
As part of a group restructure, the Company became the ultimate holding company for the interests of Hat Trick Holdings Limited, a company registered in England and Wales. This transaction has been accounted for as a group reconstruction, using the principles of merger accounting, as set out in FRS 102.
The acquired assets and liabilities are stated at historical cost, and are included in the consolidated financial statements from the beginning of the earliest period presented as if the entities and business acquired had always formed a group. As such, the figures have been presented to reflect the financial position and results as though Hat Trick Holdings (2019) Limited had always been the parent company. The consolidated financial statements present the results of the Company and its subsidiaries (together "the Group") as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Statement of Financial Position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition. Any premium on acquisition is dealt with in accordance with the goodwill policy. Turnover comprises production fees and amounts receivable for the exploitation of rights and royalties net of VAT. Production turnover and gross profit are recognised over the period of production on a stage of completion and straight line basis respectively. Fees in respect of services provided are recognised over the period of the service agreement on a stage of completion basis. Sums receivable from distribution by related parties are recognised when receivable. Where third party distributors are used, turnover is recognised on a receivable basis in accordance with distribution statements, unless an advance is received, in which case turnover is then recognised on the later of the license period start date or completion of all deliverables. Royalties receivable are accounted for on a royalty earnings basis as part of turnover. Non-returnable, recoupable advances are accounted for on a completion of delivery requirements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. Goodwill is amortised over its useful life of ten years. Format licences Acquired format licences are initially recognised at cost as an intangible asset. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. 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.
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.
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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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
Participating interests The Group's share of profits less losses of associated undertakings is included in the Consolidated Statement of Comprehensive Income and the Group's share of their net assets is included in the Consolidated Statement of Financial Position. These amounts are taken from the latest financial statements of the undertakings concerned. Joint ventures are accounted for using the gross equity method. Other investments Investments held as fixed assets are shown at cost less any provision for impairment. Fair value is measured by use of the Black-Scholes pricing model. The principal assumptions made in the model are described in note 30.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
The Group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.
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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
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
In preparing these financial statements, the directors have considered the following key sources of estimation uncertainty: Tangible and intangible assets are depreciated over their useful 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 and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and estimated disposal values.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
A Dugdale, K Wilson, J Sharkey and P Cohen, who are directors of the Company are part of the Hat Trick Enterprise Management Incentive Plan. The scheme was approved by the shareholders of Hat Trick Holdings (2019) Limited on 5 August 2019 and the options were granted on the same date. The scheme comprises an option to subscribe for ordinary shares of £1 each in Hat Trick Holdings (2019) Limited for an exercise price of £242 and £390 per ordinary share. The awards become exercisable on or after the earlier of an exit event and any date(s) as specified in the option agreement. Under the scheme rules, an exit event is defined as the earlier of a share sale, a listing or a trade sale.
Analysis of turnover by country of destination:
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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
13.
Taxation (continued)
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £
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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
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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
The Group contributes to a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £278,290 (2020 - £231,585). Contributions totalling £8,357 (2020 - £12,650) were payable to the fund at the Statement of Financial Position date and are included in creditors.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Share premium account
Capital redemption reserve
Share option reserve
Merger Reserve
Profit and loss account
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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
The directors regard
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