City Pub Group (The) - Interim Results
21/09/2022 07:00
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RNS Number : 0499A City Pub Group PLC (The) 21 September 2022
The City Pub Group PLC
(the "City Pub Group", the "Company" or the "Group")
INTERIM RESULTS FOR THE 26 WEEK PERIOD ENDED 26 JUNE 2022
The City Pub Group is pleased to announce its unaudited results for the six
month period to 26 June, 2022. The Group operates a predominately freehold
estate of 40 trading pubs.
Since the last statement in June, the business has strengthened its financial
position and trading has returned to pre-Covid levels albeit with a rising
cost burden. Net debt is very low delivering one of the lowest levels of
gearing in the sector. This will allow the Group to take advantage of the
opportunities that will arise from these most challenging times, when
appropriate.
In the meantime, further efficiencies have helped to mitigate inflationary and
other cost pressures. The Company is well placed with a strong platform from
which to develop and grow in due course.
H1 update
· Trading on an upward trajectory: revenue of £26.1 million (H1 2021: £8.9
million)
· Pre-IFRS16 adjusted EBITDA* of £3.4 million (H1 2021: (£0.0) million)
· Adjusted profit / (loss) before tax** of £1.3 million (H1 2021: (£2.0)
million)
· Opened new sites The Oyster House in Mumbles, Damson and Wilde in Bury St
Edmunds and The Tivoli in Cambridge.
* Pre-IFRS16 Adjusted earnings before exceptional items, share option
charge, interest, taxation, depreciation and amortisation.
** Pre-IFRS16 Adjusted profit / (loss) before tax is the profit / (loss)
before tax, share option charge and exceptional items.
Share buy back
· Intention to commence a share buyback of up to £3m over the next 12 months.
Current trading and Outlook
· Trading across the summer since the half year end has remained positive and
following the Government's announcement of the Energy Price Cap we anticipate
that trading will remain resilient for the rest of the year
· In the face of macroeconomic challenges, the focus currently is on the
existing estate, albeit with intention to purchase further shares in the
Mosaic Pub and Dining Group (currently have a 37% stake) to give control in
2023.
Clive Watson, Chairman of City Pub Group said:
"Trading volumes, as anticipated, have returned to pre Covid levels and are
holding up in a very challenging cost environment. Inflation continues to
impact our business.
The disposal of 6 pubs in April for £17m has put the Company in an even
stronger position with very low net debt and what we believe is amongst the
lowest gearing in the sector, however we continue to urge the Government to do
more for hospitality particularly on business rates and providing 2-3 year
visas to alleviate the labour shortages.
City Pub Group is a dynamic business which benefits from having a wonderful
estate of high-quality freehold pubs. From our position of strength, we will
adopt an entrepreneurial approach to retailing and embrace technology. We will
continue to run our existing business ever more efficiently, our current
focus, before turning our attention to building the Company by acquisition
when the time is right. "
21 September 2022
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.
Enquiries:
City Pub Today: via Instinctif
Group
Clive Watson, Executive Chairman
Holly Elliott, CFO
Instinctif Partners +44 (0) 20 7457 2020
Matthew Smallwood
Liberum (Nomad & Joint Broker) +44 (0) 20 3100 2000
Chris Clarke
Edward Thomas
Peel Hunt (Joint broker) +44 (0)78 9520 5644
George Sellar
Andrew Clark
For further information on City Pub Group pubs visit www.citypubcompany.com
(http://www.citypubcompany.com)
CHAIRMAN'S STATEMENT
Since my last update at the AGM in June, the Company has strengthened its
position. Sales are continuing to improve; debt remains at a very low level
and operational efficiencies continue to be delivered and further savings
sought. The impact of Omicron at the beginning of the period seems like a long
time ago, and consumer confidence with regard to visiting pubs has returned to
pre-Covid levels.
For the first 37 weeks of the year trading has returned to 2019 levels despite
reduced trading hours and in some cases, lessened food offers and the recent
and on-going train strikes.
Due to the large number of freeholds in the estate, the Company has strong
asset backing and high operating margins, which gives us some protection from
the impact of the increased costs in food, energy and labour that the sector
is experiencing. The Company benefits from the some of the lowest levels of
gearing in the sector.
In light of the current and near term macroeconomic conditions, the Company is
adopting a cautious expansion programme and is maintaining its strong
financial position in order to take advantage of the right opportunities at
the right time and at the right price, which the Directors believe will
present themselves in due course. The Board believes that despite the current
availability of assets this is not the right time to significantly gear the
balance sheet. However, the Board does believe, and this remains the Company's
priority, further organic sales growth can be achieved from the existing
estate.
Trading Estate
The Group currently operates 40 trading sites, with the Bath Cider House
(formerly The Nest) due to open in October. A further 2 sites are in legals.
We have opened the following sites in 2022:
- Oyster House, Mumbles
- The Tivoli, Cambridge
- Damson & Wilde, Bury St Edmunds
Since my last statement in June, we have continued to invest and maintain our
existing estate, upgrading the following pubs:
- Cliftonville, Cromer: ground floor beverage areas refurbished,
terrace area created and a section of bedrooms on 1(st) floor upgraded
- Pride of Paddington, London: ground floor refurbishment
- Alfie's, Winchester: garden overhauled
- Roundhouse, London: outside terrace area currently being created
Mosaic Investments
We currently have a 37% equity investment in the Mosaic Pub and Dining Group.
At a total cost of approximately £4.2 million (value of c.£6.1m), the
intention is to take our stake above 50% at the end of the tax year.
Disposals
As announced on 22 March 2022, a portfolio of 6 pubs were sold for a cash
consideration of c.£17 million and 1 further lease, Prince Street Social, has
also been subsequently disposed of. This has focussed the estate and allows us
to concentrate on the key principle trading areas: London, West of
England/South Wales and East Anglia, where we have built up strong presence
and retail expertise.
Financial Highlights
Summary for the 26 weeks ended 26 June 2022:
• Revenue up 194% to £26.1 million (H1 2021: £8.9 million)
• Pre-IFRS 16 adjusted EBITDA* of £3.4 million (H1 2021: (£0.0) million)
• Adjusted profit/(loss) before tax** of £1.3 million (H1 2021: (£2.0)
million)
• Reported profit/(loss) of £0.1 million (H1 2021: (£1.3) million)
Key Metrics
Post IFRS 16 Pre IFRS 16 Post IFRS 16 Pre IFRS 16
26 weeks to 26 weeks to 26 weeks to 26 weeks to Change
26.06.22 26.06.22 27.06.21 27.06.21 Pre IFRS 16
£m £m £m £m %
Revenue 26.1 26.1 8.9 8.9 194%
Adjusted EBITDA 4.4 3.4 0.9 (0.0) N/A
Adjusted Profit/(loss) before tax 1.2 1.3 (2.2) (2.0) 163%
Pre-IFRS16 Adjusted earnings before exceptional items, share option charge,
interest, taxation, depreciation and amortisation.
Pre-IFRS16 Adjusted profit / (loss) before tax is the profit / (loss) before
tax, share option charge and exceptional items.
These strong trading figures reflect the hard work everyone at the Company has
undertaken to get the business back on track following a challenging start to
the year with Omicron, followed by the current high inflation cost environment
which continues to be very demanding. In the face of such challenges the
Board is pleased with the progress made in the first half of the year, and
these numbers demonstrate the resilience of our business model.
Bank Facilities
As of today's date, net debt is c.£5.5 million (c.£1.8 million as at 26 June
2022) and the Director's valuation of the estate was c.£150 million at 26
December 2021. Using that valuation as a benchmark, net asset value is c.145p
per share.
We have undrawn credit facilities of £27 million, to be drawn only for the
right acquisitions at the right price. We are currently operating comfortably
within our banking covenants.
ESG
Following the establishment of the ESG Committee, chaired by Emma Fox, in
2021, the Company made good progress in developing its ESG Strategy and
Reporting, to operate as an even more responsible and transparent business.
The Company engaged with ESG consultancy, Inspired, to produce its first
annual ESG Report, and to report against the recommendations of the Task Force
on Climate-Related Financial Disclosures (TCFD) and create a standalone TCFD
Report for the first time. Both the ESG Report and TCFD Report are available
on the Company's website. As a PLC, the Company also complies with Energy
Saving Opportunity Scheme (ESOS) and reports annually under Streamlined Energy
and Carbon Reporting (SECR), which enables the Group to assess and report on
energy usage, associated emissions, energy efficiency action and energy
performance.
The Board agreed to set an ambitious target of being net-zero by 2040, in line
with UK Hospitality Roadmap, and the Company will continue to progress its
plans to achieve this target and update annually.
The ESG Committee meets at least bi-annually to monitor and evaluate various
ongoing projects under the ESG strategy, including:
- CAPEX and behavioural change energy efficiency project
- Community engagement initiatives
- Charitable work
- Mandatory and voluntary ESG reporting
- Development of ESG policies
- Stakeholder engagement with the Company's ESG journey
Share Buybacks/Dividends
The Board intends to commence a share buyback programme of up to £3 million
as it believes the share price does not reflect the value of the Company.
The Board believes that share buybacks are, at this time, a more-effective way
of creating shareholder value than dividends and therefore the buyback
programme will be instead of a dividend.
A subsequent announcement will be made in the coming weeks. When the Company's
share price returns to a level which the Board believe is more reflective of
the value of the business, the Company expects to return to paying dividends.
Industry Issues
As we have moved on from the ravages of Covid, we now face the challenges of
inflation, and particularly energy costs. We welcome the Government's recent
announcement helping to offset some of these rises, but much damage has
already been inflicted on the sector with energy costs continuing to threaten
the hospitality industry. We have worked hard on reducing our energy
consumption and we will continue to do so.
Other challenges include rising food prices, rising labour cost and rising
construction costs. We delayed increasing prices of our food and rooms in our
pubs, but have recently had to modestly increase rates to offset some of the
increasing costs. Labour shortages continue to be a challenge for our sector
in particular, and we would urge Government to consider issuing more 2-3-year
work visas to alleviate these shortages.
We also continue to call for reform of the Business rates system. This kind of
taxation needs to be reformed quickly to prevent further shrinkage and
reduction of the number of retail outlets. The pub remains an important hub of
any community and has been continually overtaxed. If the status quo
continues there will be fewer and fewer pubs in this country as the lack of
profitability of many will force closure.
Outlook
The Group is in its strongest financial position since inception, with very
low bank borrowings and low financial commitments due to the largely freehold
nature of its estate. We are totally focussed on running the most efficient
business that we can and mitigating as much of the increased costs we are
facing to take advantage of the opportunities that will exist in the
marketplace as others less fortunate than us seek solutions to their corporate
situations. We are monitoring the market more closely than ever before.
The culture within City Pub Group is strong, reflecting the hard work with
management continuing to support our staff and looking at ways to increase
support over the challenging months ahead. We introduced weekly bonuses to all
staff to help improve their pay as well as encouraging them to engage
entrepreneurially.
We look forward to the next year when we will be in a position to acquire
further shares in Mosaic giving us a majority stake and bringing their estate
under our control. Mosaic consists of 9 freeholds and 2 leaseholds and is a
high-quality estate similar and complementary to our own.
The pub is a resilient and robust part of British life, but pub owners and
operators need to continually adapt and evolve to and ever-changing
environment. For our part we have recognised that we need to adopt a more
entrepreneurial approach to how we retail our pubs and how we further embrace
technology. Our head office team will continue to be developed to make sure
that it can spot every trend, learn from the best and use every technique to
improve retail performance
The Board is pleased with the progress the Company has continued to make but
recognises that there are still further improvements to be made. Between now
and our trading statement update in January, tangible improvements will be
prioritised to achieve a positive impact on our sales levels.
Clive Watson
Executive Chairman
21 September 2022
Consolidated Statement of Profit or Loss
For the 26 weeks ended 26 June 2022
Unaudited Unaudited Audited
26 weeks ended 26 weeks ended 52 weeks ended
26 June 2022 27 June 2021 26 December 2021
Notes £'000 £'000 £'000
Revenue 26,127 8,872 35,364
Costs of sales (6,285) (2,228) (8,273)
Gross profit 19,842 6,644 27,091
Other operating income 2 184 4,921 5,084
Administrative expenses (19,350) (12,623) (35,126)
Operating profit/(loss) 676 (1,058) (2,951)
Reconciliation to adjusted EBITDA*
Operating profit/(loss) 676 (1,058) (2,951)
Depreciation 7 & 8 2,571 2,645 4,881
Share option charge 419 304 703
Exceptional items 3 714 (954) 3,288
*Adjusted earnings before exceptional items, share option charge, interest, 4,380 937 5,921
taxation and depreciation
Share of losses of associate (76) - (78)
Other financial items - - 943
Finance costs (523) (512) (1,041)
Profit/(loss) before tax 77 (1,570) (3,127)
Tax credit 4 - 242 259
Profit/(loss) for the period and total comprehensive income 77 (1,328) (2,868)
Earnings/(loss) per share
Basic earnings/(loss) per share (p) 5 0.07 (1.28) (2.76)
Diluted earnings per share (p) 5 0.07 n/a n/a
All activities comprise continuing operations.
The accompanying notes are an integral part of these interim financial
statements.
Consolidated Statement of Comprehensive Income
For the 26 weeks ended 26 June 2022
Unaudited Unaudited Audited
26 weeks ended 26 weeks ended 52 weeks ended
26 June 2022 27 June 2021 26 December 2021
£'000 £'000 £'000
Profit/(loss) for the period 77 (1,328) (2,868)
Other comprehensive income
Items that will not be reclassified to profit or loss
Changes in the fair value of equity investments at fair value through other (225) - 18
comprehensive income
Income tax relating to these items 56 - (3)
Other comprehensive income for the period, net of tax (169) - 15
Total comprehensive income for the period (92) (1,328) (2,853)
All of the total comprehensive income for the period is attributable to the
owners of The City Pub Group plc and all arise from continuing operations.
The accompanying notes are an integral part of these interim financial
statements.
Consolidated Statement of Financial Position
As at 26 June 2022
Unaudited Unaudited Audited
26 weeks ended 26 weeks ended 52 weeks ended
26 June 2022 27 June 2021 26 December 2021
Assets Notes £'000 £'000 £'000
Non-current
Intangible assets 2,250 3,282 2,250
Property, plant and equipment 7 93,641 108,770 107,367
Right-of-use assets 8 16,354 18,442 17,875
Deferred tax assets 1,071 745 1,018
Financial assets at fair value through OCI 655 4,053 254
Investments accounted for using the equity method 6,068 - 4,248
Total non-current assets 120,039 135,292 133,012
Current
Inventories 921 909 1,048
Trade and other receivables 4,439 3,190 3,331
Cash and cash equivalents 3,805 9,775 12,510
Total current assets 9,165 13,874 16,889
Total assets 129,204 149,166 149,901
Liabilities
Current liabilities
Trade and other payables (11,758) (10,146) (12,214)
Financial liabilities - lease liabilities (1,863) (2,013) (1,912)
Total current liabilities (13,621) (12,159) (14,126)
Non-current
Borrowings (5,630) (24,820) (24,750)
Financial liabilities - lease liabilities (15,078) (16,892) (16,473)
Deferred tax liabilities (2,460) (2,181) (2,464)
Total non-current liabilities (23,168) (43,893) (43,687)
Total liabilities (36,789) (56,052) (57,813)
Net assets 92,415 93,114 92,088
Equity
Share capital 9 31,276 31,275 31,276
Share premium 9 59,475 59,376 59,475
Own shares (JSOP) (3,272) (3,272) (3,272)
Other reserve 2,434 1,770 2,184
Retained earnings 2,502 3,965 2,425
Total equity 92,415 93,114 92,088
The accompanying notes are an integral part of these interim financial
statements
Consolidated Statement of Changes in Equity
For the 26 weeks ended 26 June 2022
Share capital Share premium Own shares (JSOP) Other reserve Retained earnings Total
£'000
£'000
£'000
£'000
£'000
£'000
Balance at 27 December 2020 (Audited) 31,275 59,303 (3,272) 1,466 5,293 94,065
Employee share-based compensation - - - 304 - 304
Issue of new shares - 73 - - - 73
Transactions with owners - 73 - 304 - 377
Loss for the period - - - - (1,328) (1,328)
Total comprehensive income for the period - - - - (1,328) (1,328)
Balance at 27 June 2021 (Unaudited) 31,275 59,376 (3,272) 1,770 3,965 93,114
Employee share-based compensation - - - 399 - 399
Issue of new shares 1 99 - - - 100
Transactions with owners 1 99 - 399 - 499
Loss for the period - - - - (1,540) (1,540)
Other comprehensive income - - - 15 - 15
Total comprehensive income for the period - - - 15 (1,540) (1,525)
Balance at 26 December 2021 (Audited) 31,276 59,475 (3,272) 2,184 2,425 92,088
Employee share-based compensation - - - 419 - 419
Transactions with owners - - - 419 - 419
Profit for the period - - - - 77 77
Other comprehensive income - - - (169) - (169)
Total comprehensive income for the period - - - (169) 77 (92)
Balance at 26 June 2022 (Unaudited) 31,276 59,475 (3,272) 2,434 2,502 92,415
The accompanying notes are an integral part of these interim financial
statements.
Consolidated Statement of Cashflows
For the 26 weeks ended 26 June 2022
Unaudited Unaudited Audited
26 weeks ended 26 weeks ended 52 weeks ended
26 June 2022 27 June 2021 26 December 2021
£'000 £'000 £'000
Cash flows from operating activities
Profit/(loss) for the period 77 (1,328) (2,868)
Taxation - (242) (259)
Finance costs 523 512 1,041
Results from equity accounted investment 76 - 78
Associate revaluation - - (943)
Operating profit/(loss) 676 (1,058) (2,951)
Adjustments for:
Depreciation 2,571 2,645 4,881
Gain on disposal of property, plant and equipment - - 125
Share-based payment charge 419 304 703
Impairment - - 3,690
Change in inventories 127 (206) (345)
Change in trade and other receivables (1,108) (126) (571)
Change in trade and other payables (454) 1,738 3,800
Cash generated from operations 2,231 3,297 9,332
Tax received - - 651
Net cash generated from operating activities 2,231 3,297 9,983
Cash flows from investing activities
Purchase of property, plant and equipment (4,715) (1,980) (5,493)
Acquisition of new property sites - - (1,600)
Purchase of investments (2,522) (2,744) (2,309)
Proceeds from disposal of property, plant and equipment 16,687 - 2,163
Net cash generated from/(used in) investing activities 9,450 (4,724) (7,239)
Cash flows from financing activities
Proceeds from issue of share capital - 73 73
Repayment of borrowings (19,151) - (91)
Principal elements of lease payments (648) (647) (1,416)
Interest paid (includes implied interest under IFRS 16) (587) (555) (1,131)
Net cash used in financing activities (20,386) (1,129) (2,565)
Net change in cash and cash equivalents (8,705) (2,556) 179
Cash and cash equivalents at the start of the period 12,510 12,331 12,331
Cash and cash equivalents at the end of the period 3,805 9,775 12,510
The accompanying notes are an integral part of these interim financial
statements.
Notes to the Financial Statements
For the 26 weeks ended 26 June 2022
1 Basis of preparation
This interim report was approved by the board on 21 September 2022. The
interim financial statements are unaudited and are not the Group's statutory
accounts as defined in section 434 of the Companies Act 2006.
The consolidated interim financial statements have been prepared under IFRS as
adopted by the European Union and on the basis of the accounting policies set
out in the statutory accounts of The City Pub Group plc, for the period ended
26 June 2022. The financial statements have not been prepared (and are not
required to be prepared) in accordance with IAS 34: 'Interim Financial
Reporting'. They do not include any of the information required for full
annual financial statements and should be read in conjunction with the
consolidated financial statements of the Group for the period ended 26
December 2021.
Statutory accounts for the period ended 26 December 2021 have been delivered
to the Registrar of Companies. These accounts contain an unqualified audit
report under Section 495 of the Companies Act 2006, which did not make any
statements under Section 498 of the Companies Act 2006.
The interim report is presented in Great British Pounds and all values are
rounded to the nearest thousand pounds, except where otherwise indicated.
This interim report has been prepared in accordance with the AIM Rules issued
by the London Stock Exchange.
2 Other operating income
During the interim period the Group has continued to receive Government grants
in relation to grants received from Councils. Further analysis of other
operating income
is set out below.
Unaudited Unaudited Audited
26 weeks ended 26 weeks ended 52 weeks ended
26 June 2022 27 June 2021 26 December 2021
£'000 £'000 £'000
Coronavirus Job Retention Scheme - 2,911 2,972
Other government grants 184 1,010 1,112
Insurance claim - 1,000 1,000
184 4,921 5,084
3 Exceptional items
Unaudited Unaudited Audited
26 weeks ended 26 weeks ended 52 weeks ended
26 June 2022 27 June 2021 26 December 2021
£'000 £'000 £'000
Pre opening costs 295 7 37
Impairment of a pub site - - 3,690
Receivables impairments 89 - -
Other non recurring items 330 39 561
Insurance claim - (1,000) (1,000)
714 (954) 3,288
For the purposes of this interim announcement and annual report and accounts,
Exceptional items are highlighted as part of the use of alternative
non-Generally Accepted Accounting Practice ('non-GAAP') financial measures
which are not defined within IFRS. The Directors use these measures in order
to assess the underlying operational performance of the Group and as such,
these measures are important and should be considered alongside the IFRS
measures.
The insurance claim is recognised within other operating income and all the
other exceptional items are recorded within administrative expenses line in
the statement of profit or loss.
4 Tax charge/(credit) on profit/(loss) on ordinary activities
During the period ended 26 June 2022, deferred tax arising on accelerated
capital allowances is considered to be offset by increases in available tax
losses and therefore no tax charge or credit has been recognised in the
consolidated profit and loss.
5 Earnings/(loss) per share
Unaudited Unaudited Audited
26 weeks ended 26 weeks ended 52 weeks ended
26 June 2022 27 June 2021 26 December 2021
£'000 £'000 £'000
Earnings/(loss) for the period attributable to Shareholders
77 (1,328) (2,868)
Earnings/(loss) per share:
Basic earnings/(loss) per share (p) 0.07 (1.28) (2.76)
Diluted earnings per share (p) 0.07 n/a n/a
Weighted average number of shares: Number of shares Number of shares Number of shares
Weighted average shares for basic EPS 103,868,430 103,764,494 103,795,354
Effect of share options in issue 5,054,524 n/a n/a
Weighted average shares for diluted earnings per share 108,922,954 n/a n/a
6 Dividends
The Directors did not propose a dividend in relation to the year ended 26
December 2021 due to the Coronavirus pandemic (2020: Nil).
7 Property, plant and equipment
Freehold & leasehold property Fixtures, fittings and computers
Group
Total
Cost £'000 £'000 £'000
At 27 December 2020 (Audited) 96,782 31,464 128,246
Additions 1,155 869 2,024
Disposals - (20) (20)
At 27 June 2021 (Unaudited) 97,937 32,313 130,250
Additions 250 3,309 3,559
Acquisitions 1,600 50 1,650
Disposals (3,175) (725) (3,900)
At 26 December 2021 (Audited) 96,612 34,947 131,559
Additions 1,169 3,610 4,779
Disposals (17,121) (2,982) (20,103)
At 26 June 2022 (Unaudited) 80,660 35,575 116,235
Depreciation
At 27 December 2020 (Audited) 5,374 14,299 19,673
Provided during the period 372 1,455 1,827
Disposals - (20) (20)
At 27 June 2021 (Unaudited) 5,746 15,734 21,480
Provided during the period 215 1,248 1,463
Impairment 967 1,582 2,549
Disposals (921) (379) (1,300)
At 26 December 2021 (Audited) 6,007 18,185 24,192
Provided during the period 423 1,397 1,820
Disposals (1,294) (2,124) (3,418)
At 26 June 2022 (Unaudited) 5,136 17,458 22,594
Net book value
At 26 June 2022 (Unaudited) 75,524 18,117 93,641
At 26 December 2021 (Audited) 90,605 16,762 107,367
At 27 June 2021 (Unaudited) 92,191 16,579 108,770
At 27 December 2020 (Audited) 91,408 17,165 108,573
8 Right-of-use assets
Right-of-use assets
Cost £'000
At 27 December 2020 (Audited) 21,200
Additions -
Disposals (418)
At 27 June 2021 (Unaudited) 20,782
Additions 1,192
Disposals (1,222)
Impairment (59)
At 26 December 2021 (Audited) 20,693
Additions -
Disposals (842)
Impairment -
At 26 June 2022 (Unaudited) 19,851
Depreciation
At 27 December 2020 (Audited) 1,635
Provided during the period 818
Disposals (113)
At 27 June 2021 (Unaudited) 2,340
Provided during the period 773
Disposals (295)
At 26 December 2021 (Audited) 2,818
Provided during the period 751
Disposals (72)
At 26 June 2022 (Unaudited) 3,497
Net book value
At 26 June 2022 (Unaudited) 16,354
At 26 December 2021 (Audited) 17,875
At 27 June 2021 (Unaudited) 18,442
At 27 December 2020 (Audited) 19,565
The disposal during the current period relates to Brighton Beach Club, and
therefore no ongoing ROU asset required.
9 Share capital
There have been no changes in share capital during the period.
10 Events after the reporting period
- Disposal of Prince St Social on 30 July 2022 for consideration
of £54,863, giving a gain on disposal of £23,200.
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