Registered number:
FOR THE PERIOD ENDED 31 MARCH 2020
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ALDERFORCE HOLDINGS LIMITED
COMPANY INFORMATION
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ALDERFORCE HOLDINGS LIMITED
CONTENTS
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ALDERFORCE HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2020
The Director presents the strategic report together with the audited financial statements for the period ended 31 March 2020.
Alderforce Holdings Limited was incorporated on 19 November 2019 and acquired a 55% interest its subsidiary, Alderforce Limited, on 11 December 2019. The results therefore represent the trading form this date to 31 March 2020.
The group operates KFC stores in the UK under franchise agreements with Kentucky Fried Chicken (Great Britain) Limited.
During the period of trade from 11 December 2019 until the COVID-19 was declared a worldwide pandemic, the group was trading strongly and as expected. The UK entered into a national lockdown on 23 March 2020, with the retail and hospitality industry heavily impacted by government restrictions which resulted in the group temporarily closing its stores by the date of the lockdown. The Director consider the results for the period to be satisfactory given the challenges presented from COVID-19 so soon after the acquisition of Alderforce Limited. Given this challenging backdrop the Group recorded sales of £5,498,995 which is slightly below expectations due to the period of store closures and EBITDA loss of £45,823. The loss for the period was £400,849. Net assets of the group as at 31 March 2020 were £3,034,963 and the loss recorded in the period has not significantly impacted the strength of the group balance sheet.
The principal risks of the group 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 group 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 March 2020 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 thrus 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. The impact of COVID-19 on the business is explained in the various parts of the Strategic and Directors' Report.
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ALDERFORCE HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
Financial Key Performance Indicators for the stores are level of sales, gross profit and EBITDA.
Turnover: £5,498,995 Gross Profit: £3,507,774 EBITDA: Loss of £45,823
The principal non-financial key performance indicator is the performance against inspections by Kentucky Fried Chicken, and the group achieved a strong performance throughout the period.
This report was approved by the board on 13 August 2021
and signed on its behalf.
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ALDERFORCE HOLDINGS LIMITED
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 31 MARCH 2020
The director presents his report and the financial statements for the period ended 31 March 2020.
The director is responsible for preparing the Group Strategic Report, the Director's Report and the
consolidated
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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the director is required to:
∙
select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the period, after taxation and minority interests, amounted to £
408,061.
No dividends have been recommended to be paid for the current year.
The director who served during the period was:
As a result of the impacts of COVID-19 the group 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 HOLDINGS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
The group uses a variety of financial instruments, including cash, loans, 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 group's operations.
The Director considers the main risk arising from the group's financial instruments to be interest rate risk, liquidity risk and therefore sets and reviews policies for managing the risk as below. These policies have remained unchanged from the previous year. Interest Rate Risk Bank loans are secured at a commercial interest rate and on terms which reflect the cash flow profile of the business. Interest rate risk is carefully managed and mitigated through the terms agreed. Liquidity Risk The company seeks to manage financial risk by ensuring liquidity is available to meet foreseeable needs and to invest cash assets safely. Cash is monitored on a weekly basis and funding is secured for significant new acquisitions before any commitment is made. Other Risks The director continues to assess risks arising from food and wage inflation by budgeting and reducing wastage and targeting sales growth to counter act reducing margins. The director has considered the effect of the continued uncertainty around Brexit and the conclude they expect the most significant risk to be the availability of staff the effects on the supply chain. Due to the increased unemployment figures as a result of COVID-19, the effects are likely to be counter balanced. The supply chain is primarily controlled by the franchisor, Kentucky Fried Chicken (Great Britain) Limited and the Director continues to liaise with them on a regular basis to assess and understand and potential risks to the group. COVID-19 has presented the industry with many new challenges and the group 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 group has ensured it is making full use if government incentives and assistance to ensure that stores can remain open and operational.
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 group 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.
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ALDERFORCE HOLDINGS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
From March 2020 the UK has faced much uncertainty and disruptions to the day to day lives of people and businesses. There has been a series of lockdowns and changing Tiers throughout the UK which has created ever changing restrictions and rules which have prohibited the full functionality of the business. Throughout the Strategic and Directors' Report the uncertainties surrounding COVID-19 and the actions implemented by the company have been noted.
The Director has reviewed the going concern of the business for the next twelve months after the approval of the financial statements. The support by the UK government to retail business and the response of KFC has enabled the group to operate well since reopening stores in May 2020 with several stores reporting record weekly sales during the early periods of reopening. The group has seen a strong return to profitability since the reopening of stores and there the Director believes the company will continue to trade strongly.
The auditors, Hurkan Sayman & Co, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board on
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ALDERFORCE HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALDERFORCE HOLDINGS LIMITED
We have audited the financial statements of Alderforce Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 31 March 2020, which comprise the Group Statement of Comprehensive Income, the Group and Company Balance Sheets, the Group Statement of Cash Flows, the Group and Company 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 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.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙
the director
's use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙
the director has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Group's or the parent Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
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ALDERFORCE HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALDERFORCE HOLDINGS LIMITED (CONTINUED)
The director is responsible for the other information. The other information comprises the information included in the Annual Report, 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 Director's Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙
the Group 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 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 Director's Report.
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ALDERFORCE HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALDERFORCE HOLDINGS 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 Group financial statements.
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
Enfield
N13 4XS
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ALDERFORCE HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2020
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ALDERFORCE HOLDINGS LIMITED
REGISTERED NUMBER:
12321596
CONSOLIDATED BALANCE SHEET
AS AT
31 MARCH 2020
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ALDERFORCE HOLDINGS LIMITED
REGISTERED NUMBER:
12321596
CONSOLIDATED BALANCE SHEET
(CONTINUED)
AS AT
31 MARCH 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 August 2021
.
The notes on pages 18 to 36 form part of these financial statements.
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ALDERFORCE HOLDINGS LIMITED
REGISTERED NUMBER:
12321596
COMPANY BALANCE SHEET
AS AT
31 MARCH 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 18 to 36 form part of these financial statements.
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ALDERFORCE HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED
31 MARCH 2020
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ALDERFORCE HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED
31 MARCH 2020
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ALDERFORCE HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2020
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ALDERFORCE HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
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ALDERFORCE HOLDINGS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 MARCH 2020
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ALDERFORCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
Alderforce Holdings Limited is a private company limited by share capital, incorporated in England and Wales, registration number 12321596. The address of the registered office is given on the company information page and the nature of the company's operations and its principal activity is set out in the strategic report.
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 judgment 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:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The group's accounts have been prepare don a going concern basis.
The Director has reviewed the going concern of the business for the next twelve months after the approval of the financial statements. The support by the UK government to retail business and the response of KFC has enabled the group to operate well since reopening stores in May 2020 with several stores reporting record weekly sales during the early periods of reopening. The group has seen a strong return to profitability and has built up strong cash reserves since the reopening of stores and this is forecast to continue for a period of at least twelve months from the date in which these financial statements have been issued.
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ALDERFORCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
2.
Accounting policies (continued)
Revenue from the sales of food, beverages and merchandise is recognised at the point of sale.
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ALDERFORCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
2.
Accounting policies (continued)
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ALDERFORCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
2.
Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line 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 HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
2.
Accounting policies (continued)
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ALDERFORCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
2.
Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Group 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. When payments are eventually made, they are charged to the provision carried in the Balance Sheet. On an ongoing basis, the group evaluates its estimate 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. Goodwill (Note 13) The estimated useful economic lives of goodwill is based on management's judgment and experience. When management identifies that actual useful economic lives differ materially from the estimates used to calculate amoritsation, that charge is adjusted prospectively and any impairment charge deemed necessary is accounted for. Tangible fixed assets (Note 14) The estimated useful economic lives of tangible fixed assets are based on management's judgment and experience. When management identifies that actual useful economic lives differ materially from the estimates used to calculate depreciation, that charge is adjusted prospectively. Dilapidation Provisions (Note 23) The Directors make a best estimate of the expected future dilapidation costs based on historic costs, each store's size and nature.
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ALDERFORCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
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ALDERFORCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
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ALDERFORCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
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ALDERFORCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
12.
Taxation (continued)
The Corporation Tax main rate for 1 April 2020 is set at 19% and it is at this rate until 31 March 2023. From 1 April 2023, the Corporation Tax main rate will be increased to 25% applying to profits over £250,000. This will effect the group's corporation tax charges accordingly.
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ALDERFORCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
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ALDERFORCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
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ALDERFORCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
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ALDERFORCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
Loan repayments of £54,133 are repayable on a monthly basis plus interest charges at 2.25% above LIBOR per annum.
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ALDERFORCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
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ALDERFORCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
During the period the Alderforce Holdings Limited allotted 100 Ordinary shares of £1 each which were called up and fully paid.
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ALDERFORCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
25.
Business combinations (continued)
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ALDERFORCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
25.
Business combinations (continued)
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 £73,460 (2019: - £53,530). Contributions totalling £1,210 (2019 - £1,578) were payable to the fund at the balance sheet date and are included in creditors.
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ALDERFORCE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
The ultimate controlling party throughout the period is Rafay Ahmed Adil.
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