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REG-Fuller, Smith & Turner PLC Fuller, Smith & Turner PLC: Publication of the Annual Report and Accounts for the 52 weeks ending 27 March 2021 and Notice of Annual General Meeting 2021

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   Fuller, Smith & Turner PLC (FSTA)
   Fuller, Smith & Turner PLC: Publication of the Annual Report and Accounts
   for the 52 weeks ending 27 March 2021 and Notice of Annual General Meeting
   2021

   04-Aug-2021 / 11:30 GMT/BST
   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

   ══════════════════════════════════════════════════════════════════════════

                 FULLER, SMITH & TURNER P.L.C. ("the Company")

                                        

    Publication of the Annual Report and Accounts for the 52 weeks ending 27
              March 2021 and Notice of Annual General Meeting 2021
                                        

   FULLER, SMITH & TURNER P.L.C. announces that the following documents are
   being posted to shareholders today:

     • Annual Report and Accounts for the 52 weeks ending 27 March 2021
     • Notice of Annual General Meeting 2021
     • Form of Proxy

   The Annual General Meeting will be held at The George IV, 185 Chiswick
   High Road, London, W4 2DR on Thursday, 23 September at 11 a.m., subject to
   the prevailing Government guidance and restrictions on physical gatherings
   at that time. Any changes to the arrangements for the AGM will be
   communicated to shareholders before the AGM through the Company's website
   and, where appropriate, announced to the London Stock Exchange. To the
   extent shareholders wish to attend in person and can do so safely and in
   accordance with the prevailing Government guidance at the date of the
   meeting, shareholders are requested to pre-register their intentions to
   attend by emailing FullersAGM@fullers.co.uk by no later than 5 p.m. on
   Monday, 20 September 2021.

   Copies of the above documents are available on the Company's website at
   www.fullers.co.uk/corporate/investors/general-meetings and in accordance
   with LR 9.6.1R, have been submitted  to the National Storage Mechanism and
   will shortly be available for inspection
   at:  1 https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

   In compliance with DTR 6.3.5, the following information is extracted from
   the Annual Report and Accounts 2021 and should be read in conjunction with
   the Company's Full Year Results Announcement issued on 8 July 2021.
   Together, these constitute the material required by DTR 6.3.5 to be
   communicated to the media in full unedited text through a Regulatory
   Information Service. This material is not a substitute for reading the
   full Annual Report and Accounts 2021 and page numbers and cross-references
   in the extracted information below refer to page numbers and
   cross-references in the Annual Report and Accounts 2021.

   For further information, please contact:

   Rachel Spencer

   Company Secretary 

   020 8996 2073

   Date: 4 August 2021

    

   Appendix

    1. Statement of Directors' Responsibilities in Respect of the Financial
       Statements

   The Directors are responsible for preparing the Strategic Report, the
   Annual Report, the Remuneration Report and the Group and Company financial
   statements in accordance with applicable United Kingdom 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 international accounting
   standards in conformity with the requirements of the Companies Act 2006.
   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 and profit or loss of the Group and Company for the financial
   period. Under the Financial Conduct Authority's Disclosure Guidance and
   Transparency Rules, Group financial statements are required to be prepared
   in accordance with international financial reporting standards ("IFRSs")
   adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the
   European Union.

   In preparing the Group and Company financial statements, the Directors are
   required to:

     ◦ select suitable accounting policies in accordance with IAS 8
       Accounting policies, changes in accounting estimates and errors and
       then apply them consistently;
     ◦ present information, including accounting policies, in a manner that
       provides relevant, reliable, comparable and understandable
       information;
     ◦ provide additional disclosures when compliance with the specific
       requirements in IFRSs is insufficient to enable users to understand
       the impact of particular transactions, other events and conditions on
       the group and company financial position and financial performance;
     ◦ make an assessment of the Company's ability to continue as a going
       concern;
     ◦ state that the Group and Company have complied with international
       accounting standards in conformity with the requirements of the
       Companies Act 2006 and IFRSs adopted pursuant to Regulation (EC) No
       1606/2002 as it applies in the European Union), subject to any
       material departures disclosed and explained in the financial
       statements; and
     ◦ make judgements and estimates that are reasonable and prudent.

   The Directors are responsible for keeping adequate accounting records that
   are sufficient to show and explain the Group's transactions and disclose
   with reasonable accuracy at any time the financial position of the Group
   and Company and enable them to ensure that the financial statements and
   the Remuneration Report comply with the Companies Act 2006 and applicable
   regulations, including the requirements of the Listing Rules and the
   Disclosure and Transparency Rules ("DTR") and in the case of the Group
   financial statements, with Article 4 of the IAS Regulation. They are also
   responsible for safeguarding the assets of the Group and hence for taking
   reasonable steps for the prevention and detection of fraud and other
   irregularities.

   The Directors are responsible for preparing the Annual Report in
   accordance with applicable law and regulations. The Directors are
   responsible for the maintenance and integrity of the corporate and
   financial information included on the Company's website. Legislation in
   the United Kingdom governing the preparation and dissemination of
   financial statements may differ from legislation in other jurisdictions.

   Statement as to Preparation of Financial Statements

   The Directors confirm, to the best of their knowledge:

     ◦ that these financial statements, prepared in accordance with
       international accounting standards in conformity with the requirements
       of the Companies Act 2006 and IFRSs adopted pursuant to Regulation
       (EC) No 1606/2002 as it applies in the European Union, give a true and
       fair view of the assets, liabilities, financial position and profit of
       the Group and Company taken as a whole;
     ◦ that the Annual Report and the Strategic Report includes a fair review
       of the development and performance of the business and the position of
       the Group and Company taken as a whole, together with a description of
       the principal risks and uncertainties that they face; and
     ◦ that they consider the Annual Report and the financial statements,
       taken as a whole, provides the information necessary to assess the
       Company's performance, business model and strategy and is fair,
       balanced and understandable.

   The Directors of Fuller, Smith & Turner P.L.C. are listed on pages 40 and
   41.

   Directors' Statement as to Disclosure of Information to Auditors

   The Directors who were members of the Board at the time of approving the
   Directors' Report are listed on pages 40 and 41. Having made enquiries of
   fellow Directors and of the Company's auditors, each of these Directors
   confirms that:

     ◦ to the best of each Director's knowledge and belief, there is no
       information relevant to the preparation of this report of which the
       Company's auditors are unaware; and
     ◦ each Director has taken all the steps a Director might reasonably be
       expected to have taken to be aware of any relevant audit information
       and to establish that the Company's auditors are aware of that
       information.

   On behalf of the Board

   Michael Turner

   Chairman

   8 July 2021

    

   2. Principal Risks and Uncertainties

   The following sets out the principal risks the business faces at present
   that may impact future performance. This analysis is not intended to be a
   comprehensive list of all risks actively managed by the business. The key
   financial risks are detailed in note 28 to the financial statements.

   Emerging Risks

   Description                        Risk Mitigation
   UK ECONOMY
                                      The risk is kept under review as we
   There has been a severe impact to  implement our strategy. It informs the
   the UK (and global) economy from   level of liquidity we target to keep in
   coronavirus the full impact of     the business, the way in which we
   which has yet to be understood. In invest in our diversified estate to
   addition, the measures which the   manage fluctuations in different parts
   Government has put in place have   of the economy and the flexibility we
   cost billions of pounds, all of    look for in future leasing
   which will eventually be recouped  arrangements.
   through taxation.

    

   Strategic Risks

   Description                         Risk Mitigation
                                       We have undertaken a significant
                                       rightsizing activity across our estate
                                       and central support office to reduce
                                       our ongoing cost base. We have taken
                                       advantage of the Government support
   CORONAVIRUS AND FUTURE PANDEMIC     for business through the job retention
                                       scheme, business rates holiday for the
   The coronavirus outbreak has had a  hospitality sector, made use of the
   seismic impact on our industry.     Bank of England Covid Corporate
   This has most obviously been        Financing Facility and increased our
   through the closure of all our pubs liquidity levels through an equity
   and hotels to help limit the spread raise. We continue to partake in
   of the virus, followed by the       discussions with Government and trade
   enforced social distancing and      bodies to influence the future
   other restrictions as we have       imposing and lifting of any
   reopened. The guidelines (now laws  restrictions.
   in some cases) and Government
   restrictions have changed regularly We continue to monitor our cost base
   and are likely to continue to       on a monthly and weekly basis. On a
   change. There are changes in the    site level we review weekly
   behaviour of our customers and in   profitability and review the cost of
   their patterns in visiting our      closure and subsequent reopening
   different sites.                    versus slower trading periods to make
                                       the optimal decisions.
   The health and safety of our team
   members is critical and we have     We have introduced clear coronavirus
   implemented appropriate measures    procedures for all our sites which are
   for them to carry out their roles   reviewed regularly.
   safely.
                                       Going forward we are closely
   There is an increased likelihood of monitoring our cash flow to ensure we
   subsequent pandemics, either        maintain appropriate level of
   entirely new strains of a virus or  liquidity, continue to keep a
   evolutions of the current strain.   diversified estate and review the
   The impact of another pandemic is   composition in the light of current
   likely to be similar to the         events, negotiating more flexibility
   experience of the current crisis.   into leases going forward, keeping
                                       strong ties with Government, building
                                       on our current pandemic response plan,
                                       and maintaining and enhancing our
                                       flexibility in customer offering and
                                       operational procedures.
                                       Management monitor and research
   CONSUMER DEMAND SHIFTS              consumer trends and run trials of new
                                       technologies.
   The business's success is
   attributable to its ability to      We gather consumer feedback through
   anticipate and react to consumer    Net Promoter Score surveys, customer
   demand.                             complaints and online and social media
                                       reviews.
   There have been accelerated changes
   caused by the impact of coronavirus We analyse retail pricing and market
   including, but not limited to,      share data to ensure we are
   working from home, cashless, people competitive but still premium.
   buying alcohol for consumption in
   the home, demand shift in city      In addition, through the experience of
   venues versus rural; and a          dealing with coronavirus, the business
   continued trend towards healthy and has become more flexible in dealing
   lifestyle choices.                  with changes in operational measures,
                                       product and service offerings.
                                       We have a comprehensive training
                                       programme in place for our employees
                                       covering all aspects of health and
                                       safety.

                                       All sites complete a risk assessment
   HEALTH AND SAFETY                   and are required to undertake detailed
                                       weekly and monthly compliance checks
   The health and safety of our        which are then subject to review by
   employees and customers is a key    our in-house health and safety team.
   priority for us.                    Live risk assessments and appropriate
                                       adjustments to sites to comply with
   Operating a large number of sites   Government guidelines and restrictions
   increases the challenge of ensuring in response to coronavirus are in
   the highest health and safety       place. The allergen procedures we have
   standards are adhered to.           implemented to manage the risks are
                                       over and above what is legally
   There is a risk of a customer       required, and are continuously
   suffering from failure to deliver   reviewed, to ensure controls remain
   our allergens policies and          appropriate.
   procedures.
                                       We continue to utilise the services of
                                       expert third party health and safety
                                       auditors to undertake annual audits on
                                       all our sites and perform detailed
                                       investigations in instances where an
                                       incident does occur.
                                       We have succession plans in place for
                                       key senior management roles and have
                                       drawn upon these when selecting an
                                       Executive Team to deliver the Board's
                                       strategy for the new pubs and hotels
                                       focused business.

   RECRUITMENT AND RETENTION OF        Given the competition for high quality
   EMPLOYEES                           candidates across our sites, we have
                                       plans in the year ahead to
   The recruitment and retention of    significantly improve the process and
   high calibre employees is           systems surrounding our recruitment
   fundamental to our ability to       strategy to ensure that our offer to
   deliver a distinctive experience    all employees is attractive. We
   for our customers, and to support   provide support for staff from the EU
   our growth agenda. In particular    and have increased the number of chef
   this applies to the roles held by   apprentice positions for UK
   the support office staff, who may   candidates. By investing in our
   view a career within hospitality as employees and offering them real
   less attractive than other parts of career paths, we are able to
   the economy currently.              differentiate ourselves from the
                                       competition and ensure that we remain
                                       the employer of choice in a
                                       challenging market.

                                       We continue to review and improve the
                                       entire reward scheme to ensure that it
                                       is competitive in both pay and
                                       benefits for all team members.
   INFORMATION TECHNOLOGY              Our IT function has a range of
                                       facilities and controls in place to
   The Group is increasingly reliant   ensure that in the event of an issue
   on its information systems to       normal operation would be restored
   operate, and trading would be       quickly. These include a formal IT
   affected by any significant or      Recovery Plan, online replication of
   prolonged failures and/or data      systems and failover datacentres, and
   loss. In addition, the              external support for hardware and
   sophistication of cyber attacks     software. We continue to introduce
   continues to increase.              more preventive measures to reflect
                                       the increased risk.
                                       We have a good relationship with our
                                       current bankers and, given the
   FINANCING                           predominantly freehold nature of our
                                       business, we have the ability to offer
   The current funding arrangements of more certainty than many in our sector
   the business are due to expire in   when raising finance. Alternative
   2022 and there is a risk that we    financing approaches are available,
   are unable to find suitable         including equity, as evidenced by the
   financing. In addition, interest    recent funding.
   rates may increase, adversely
   impacting profit, and/or there      Interest rate costs have been managed
   could be a risk of breaching        through our long-term financing
   financial covenants.                arrangements and we have successfully
                                       waived covenants and agreed new
                                       measures that have minimised any risk
                                       of breach.
                                       Our preference is to have long-term
                                       agreements in place with our suppliers
                                       linking any price rises to CPI. We
                                       have a Long-Term Supply Agreement in
                                       place with Asahi Europe Ltd for the
   COST INFLATION                      supply of beer, cider and other
                                       beverages, which limits increases to
   Market uncertainty and increasing   CPI. Other suppliers are also linked
   demand leads to cost pressures in   to CPI with long-term agreements.
   several areas, such as food and
   drink production, utilities and     We regularly monitor prices using
   staff costs.                        relevant commodity databases, review
                                       forward looking inflation and all
   The Long-Term Supply Agreement with contracts are competitively tendered.
   Asahi Europe Ltd is now embedded in
   our business model and the impact   The margin is monitored internally and
   of Brexit broadly understood.       our retail pricing is monitored
                                       quarterly, compared to our
                                       competitors.

                                       The implementation of a new property
                                       maintenance system has improved
                                       controls on property costs.
                                       We have a Long-Term Supply Agreement
                                       in place with Asahi Europe Ltd for the
                                       supply of beer, cider and other
                                       beverages. This ensures that products
                                       will meet certain brand performance
   SUPPLY CHAIN                        metrics, and the supply service is
                                       subject to key performance indicators
   There is a risk that poor           ("KPI"s).
   performance by our suppliers may
   damage customer satisfaction and    All other key suppliers are subject to
   could impact the profitability of   service and quality KPIs which are
   the Company. Any large scale issue  monitored on a monthly basis.
   with out of stock items could have
   a big impact on trade in our        Our preference is for long-term
   Businesses. This risk includes any  agreements and strong relationships.
   impact from Brexit that has yet to  The relationship with Asahi and
   fully emerge due to hospitality     Fuller's is now more mature, and we
   closure either in the UK or EU.     work with smaller suppliers to ensure
                                       that they grow healthy, sustainable
                                       businesses outside of their agreement
                                       with Fuller's. The supply chain has
                                       successfully survived the Covid
                                       crisis, which gives us confidence in
                                       its ongoing robustness.
                                       We have developed a sustainability
   SUSTAINABILITY                      programme and continue to enhance
                                       this. We consider the impact of ESG as
   There is risk that the failure to   part of customer, people, supplier and
   manage climate change risk could    Tenanted strategies and policies going
   impact profitability through        forward.
   taxation, regulation and supply
   chain uncertainty, in addition to   For more details, see the Corporate
   reputational damage.                Social Responsibility statement on
                                       pages 34 to 38.
                                       We aim to mitigate the risk of such
   WAGE COST INFLATION                 increases through a combination of
                                       improved operational efficiency and
   Future labour cost increases may    passing the cost on through the prices
   impact the profitability of the     we charge. Without these
   business. The principal drivers of  opportunities, the business would
   such increases are projections for  suffer a reduction in profitability
   future increases in the National    across both pubs and hotels.
   Living Wage, coupled with any
   potential for a tightening of       Operational efficiency measures
   labour supply. The risk to the      include the rightsizing exercises, use
   business remains despite the        of technology (Order & Pay app) and
   pandemic, as unemployment, which    modelling labour per time of day to
   although high during the last year  optimise staffing levels. The
   of lockdowns, has already begun to  introduction of pay banding as part of
   fall.                               the reward review will ensure
                                       consistency of pay and provide an
                                       effective way to manage costs.

    
    

   3. Related Party Transactions

   Group and Company

   During the current and prior years the Company provided various
   administrative services to the Fuller, Smith & Turner Pension Plan free of
   charge. In addition, the Company settled costs totalling £368,000 (2020:
   £497,000) relating to the provision of actuarial, consulting and
   administrative services by third parties to the Fuller, Smith & Turner
   Pension Plan.

                                                            52 weeks 52 weeks

                                                               ended    ended
   Compensation of key management personnel (including
   Directors)                                               27 March 28 March

                                                                2021     2020

                                                                  £m       £m
   Short-term employee benefits                                  3.0      4.3
   Termination benefits                                          0.1      1.1
   Post-employment benefits                                      0.3      0.4
   Share-based payments                                            -      0.2
                                                                 3.4      6.0

    

   Company Only

   During the year the Company entered into the following related party
   transactions:

                  Sales to Purchases   Interest due Interest Amounts  Amounts
                   related      from   from related   due to  due to due from
   52 weeks ended  parties   related        parties  related related  related
   27 March 2021             parties                 parties parties  parties
                        £m                       £m
                                  £m                      £m      £m       £m
   Subsidiaries          -      21.0              -      4.2 (133.1)        -

    

                  Sales to Purchases   Interest due Interest Amounts  Amounts
                   related      from   from related   due to  due to due from
   52 weeks ended  parties   related        parties  related related  related
   28 March 2020             parties                 parties parties  parties
                        £m                       £m
                                  £m                      £m      £m       £m
   Subsidiaries        0.3      76.4            1.7      4.4 (132.2)      7.5

    

   Interest is payable on the majority of the amounts due to subsidiaries at
   3% above the Bank of England base rate. All amounts outstanding are
   unsecured and repayable on demand.

   The Company received rental income from subsidiaries of £nil during the
   year (2020: £0.3 million). The Company also incurred rental expenses from
   subsidiaries of £0.3 million (2020: £10.1 million).

   In addition, the Company has recharged an amount of £nil (2020: £1.4
   million) to its subsidiaries and incurred £0.1 million (2020: £0.1
   million) of recharges from its subsidiaries during the year.

   Subsidiaries of parent companies established within the European Economic
   Area are exempt from an audit if a guarantee is provided by the parent for
   the subsidiary liabilities and the shareholders are in unanimous
   agreement. The Group will be exempting the following companies from an
   audit in 2021 for the period ended 27 March 2021 under Section 479A of the
   Companies Act 2006, all of which are fully consolidated in these financial
   statements:

   Company                           Company Number
   Griffin Catering Services Limited 01577632
   Jacomb Guinness Limited           02934979
   George Gale & Company Limited     00026330
   45 Woodfield Limited              04279254
   Grand Canal Trading Limited       04271734
   B&D Country Inns I Limited        07292333
   B&D Country Inns II Limited       08029280
   B&D (Cookham) Limited             07320065
   B&D (Odiham) Limited              08377459
   B&D (Reading) Limited             07309587
   B&D (Win) Limited                 07320245
   B&D (Farnham) Limited             08392963
   B&D (Kingsclere) Limited          08975762
   RSH 200 Limited                   12035987
   Cotswold Inns and Hotels Limited  03309179

    

   The Group will be exempting the following companies from the preparation
   and delivering of accounts to Companies House under Section 394A of the
   Companies Act 2006, all of which are fully consolidated in these financial
   statements:

   Company                                Company Number
   Griffin Inns Limited                   00495934
   Ringwoods Limited                      00178536
   F.S.T. Trustee Limited                 03163480
   Fuller, Smith & Turner Estates Limited 01831674

    

   ══════════════════════════════════════════════════════════════════════════

   ISIN:           GB00B1YPC344
   Category Code:  ACS
   TIDM:           FSTA
   LEI Code:       213800C7ACOFMRCQQW76
   OAM Categories: 1.1. Annual financial and audit reports
   Sequence No.:   119183
   EQS News ID:    1224015


    
   End of Announcement EQS News Service

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