REG - Lok'nStore Group - Preliminary results for the year ended 31 July 17 <Origin Href="QuoteRef">LOK.L</Origin> - Part 2
30/10/2017 07:05
- Part 2: For the preceding part double click ID:nRSd8962Ua
Number Number
Opening shares in issueShares issued for the exercise of options 29,109194 28,447662
Closing shares in issueShares held in treasuryShares held in EBT 29,303 - (623) 29,109(2,467)(623)
Closing shares for NAV purposes 28,680 26,019
Adjusted net asset value per share after deferred tax provision £3.51 £3.17
Adjusted net asset value per share before deferred tax provision
Adjusted net assets 100,612 82,553
Deferred tax liabilities and assets recognised by the Group 16,363 15,361
Deferred tax arising on revaluation of leasehold properties1 2,354 2,432
Adjusted net assets before deferred tax 119,329 100,346
Closing shares for NAV purposes 28,680 26,019
Adjusted net asset value per share before deferred tax provision £4.16 £3.86
1 A deferred tax adjustment in respect of the uplift in the value of the leasehold properties has been included. Although
this is a memorandum adjustment as leasehold properties are included in the Group's financial statements at cost and not at
valuation, this deferred tax adjustment is included in the adjusted net asset value calculation in order to maintain a
consistency of tax treatment between freehold and leasehold properties.
Summary
Lok'nStore is a robust business with an excellent credit model, low debt and gearing and which is strongly cash generative
from an increasing asset base. The business operates within the UK self-storage sector which is still relatively immature.
With a low loan to value and flexible bank facilities through to 2023 this market presents an excellent opportunity for
further growth of the business. Recently opened landmark stores in Broadstairs, Bristol, Southampton and Chichester, and
our strong pipeline of more landmark stores demonstrate the Group's ability to use those strengths to exploit the
opportunities available.
Principal Risks and Uncertainties in operating our Business
Credit Risk
Lok'nStore's self-storage credit model is strong with customers paying four weekly in advance in addition to an initial
four weeks rental deposit. We retain a legal lien over customers' goods which can be sold to cover their unpaid bills.
Credit control remains tight with only £33,900 (2016: £33,210) of bad debts recognised during the year representing around
0.20% of Group revenue (2016: 0.21%). There was £6,159 of additional costs associated with recovery (2016: £8,116). Given
the tight credit conditions in the wider economy our own credit control indicators are resilient, showing no appreciable
signs of weakening during the year.
Tax Risk
We regularly monitor proposed and actual changes in legislation in the tax regime particularly in corporation tax, capital
gains tax, VAT and Stamp Duty Land Tax (SDLT). We work with our professional advisors and through trade bodies to
understand and mitigate or benefit from their effects.
Corporate Social Responsibility and Employee Risk
The Corporate Social Responsibility and Employee Risk within the business are discussed within the Corporate Responsibility
Report.
Reputational Risk
Lok'nStore's business reputation is very important to the Group. Our management and staff work hard to protect and develop
it. We always try to communicate clearly with our customers, suppliers, local authorities and communities, employees and
shareholders and to listen and take account of their views. The Lok'nStore Group websites (www.loknstore.co.uk
www.loknstore.com and www.saracendatastore.co.uk) are important avenues of communication and a source of information for
employees, customers and investors. Employee communication is augmented by quarterly staff newsletters.
Approved by the Board of Directors and authorised for issue on 27 October 2017 and signed on its behalf by:
Andrew Jacobs Ray Davies
Chief Executive Officer Finance Director
Consolidated Statement of Comprehensive Income
For the year ended 31 July 2017
Notes GroupYear ended 31 July 2017£'000 GroupYear ended 31 July 2016£'000
Revenue 1a 16,654 16,056
Total property, staff, distribution and general costs 2a (10,161) (9,761)
Adjusted EBITDA1 6,493 6,295
Amortisation of intangible assets 10a (165) (165)
Depreciation and loss on sale 10b (1,856) (1,537)
Equity settled share based payments 21a (97) (182)
Property disposal costs 2c (15) (123)
Store relocation costs 2c (29) -
Net settlement proceeds 2c - 1,940
Director retirement costs 2c (69) -
(2,231) (67)
Operating profit1 4,262 6,228
Finance income 3 309 313
Finance cost 4 (606) (1,048)
Profit before taxation 5 3,965 5,493
Income tax expense 7 (904) (1,211)
Profit for the year 3,061 4,282
Profit attributable to:
Owners of the parent 22 3,061 4,282
Other Comprehensive Income
Items that will not be reclassified to profit and loss
Increase in property valuation 7,772 17,651
Deferred tax relating to change in property valuation (932) (2,387)
6,840 15,264
Items that may be subsequently reclassified to profit and loss
Increase in fair value of cash flow hedges 37 83
Deferred tax relating to cash flow hedges - (21)
37 62
Other comprehensive income 6,877 15,326
Total comprehensive income for the year 9,938 19,608
Attributable to owners of the parent 9,938 19,608
Earnings per share
Basic 9 11.02p 16.60p
Diluted 9 10.64p 16.24p
1 Adjusted EBITDA and operating profit are defined in the accounting policies section of the notes to the financial
statements.
Consolidated Statement of Changes in Equity
For the year ended 31 July 2017
Attributable to owners of the Parent
Sharecapital£'000 Sharepremium£'000 Otherreserves£'000 Revaluationreserve£'000 Retainedearnings£'000 Totalequity£'000
1 August 2015 285 2,614 8,685 32,239 9,146 52,969
Profit for the year - - - - 4,282 4,282
Other comprehensive income:
Increase in property valuation net of deferred tax - - - 15,264 - 15,264
Decrease in fair value of cash flow hedges net of deferred tax - - 62 - - 62
Total comprehensive income for the year - - 62 15,264 4,282 19,608
Transactions with owners:
Dividend paid - - - - (2,147) (2,147)
Share based payments - - 182 - - 182
Transfers in relation to share based payments - - (401) - 401 -
Deferred tax credit relating to share options - - (96) - - (96)
Exercise of share options 6 953 - - - 959
Total transactions with owners 6 953 (315) - (1,746) (1,102)
Transfer realised gains on asset disposal - - - (1,639) 1,639 -
Transfer additional dep'n on revaluation net of deferred tax - - - (262) 262 -
31 July 2016 291 3,567 8,432 45,602 13,583 71,475
Profit for the year - - - - 3,061 3,061
Other comprehensive income:
Increase in property valuation net of deferred tax - - - 6,840 - 6,840
Decrease in fair value of cash flow hedges net of deferred tax - - 37 - - 37
Total comprehensive income for the year - - 37 6,840 3,061 9,938
Transactions with owners:
Dividend paid - - - - (2,637) (2,637)
Share based payments - - 97 - - 97
Transfers in relation to share based payments - - (139) - 139 -
Deferred tax credit relating to share options - - 42 - - 42
Sale of shares from treasury (net of costs) - 6,150 - - 3,741 9,891
Exercise of share options 2 311 - - - 313
Total transactions with owners 2 6,461 - - 1,243 7,706
Transfer additional dep'n on revaluation net of deferred tax - - - (277) 277 -
31 July 2017 293 10,028 8,469 52,165 18,164 89,119
Company Statement of Changes in Equity
For the year ended 31 July 2017
Sharecapital£'000 Sharepremium£'000 Retainedreserves (deficit)£'000 Otherreserves£'000 Total£'000
1 August 2015 285 2,614 (8) 2,180 5,071
Loss for the year - - (276) - (276)
Equity settled share based payments - - - 182 182
Transfer in relation to share based payments - - 401 (401) -
Exercise of share options 6 953 - - 959
31 July 2016 291 3,567 117 1,961 5,936
Profit for the year - - 5,547 - 5,547
Equity settled share based payments - - - 97 97
Transfer in relation to share based payments - - 139 (139) -
Sale of shares from treasury (net of costs) - 6,150 - - 6,150
Exercise of share options 2 311 - - 313
Dividends paid - - (2,637) - (2,637)
31 July 2017 293 10,028 3,166 1,919 15,406
Consolidated Statements of Financial Position
31 July 2017 Company Registration No.
04007169
Notes Group2017£'000 Group2016£'000 Company2017£'000 Company2016£'000
Assets
Non-current assets
Intangible assets 10a 3,428 3,593 - -
Property, plant and equipment 10b 116,901 104,363 - -
Investments 11 - - 2,385 2,288
Development loan capital 12 3,463 3,159 - -
123,792 111,115 2,385 2,288
Current assets
Inventories 13 203 165 - -
Trade and other receivables 14 4,266 4,952 13,021 3,648
Cash and cash equivalents 16 11,386 5,335 - -
Total current assets 15,855 10,452 - -
Total assets 139,647 121,567 15,406 5,936
Liabilities
Current liabilities
Trade and other payables 15 (5,032) (5,794) - -
Current tax liabilities (463) (173) - -
Derivative financial instruments 17b - (37) - -
(5,495) (6,004) - -
Non-current liabilities
Borrowings 17a (28,670) (28,727) - -
Deferred tax 18 (16,363) (15,361) - -
(45,033) (44,088) - -
Total liabilities (50,528) (50,092) - -
Net assets 89,119 71,475 15,406 5,936
Equity attributable to owners of the parent
Called up share capital 19 293 291 293 291
Share premium 10,028 3,567 10,028 3,567
Other reserves 21a 8,469 8,432 1,919 1,961
Retained earnings 22 18,164 13,583 3,166 117
Revaluation reserve 52,165 45,602 - -
Total equity attributable to owners of the parent 89,119 71,475 15,406 5,936
As permitted by section 408 Companies Act 2006, the parent company's statement of comprehensive income has not been
included in these financial statements. The profit for the year ended 31 July 2017 was £5.55 million (2016: loss
£276,288).
Approved by the Board of Directors and authorised for issue on 27 October 2017 and signed on its behalf by:
Andrew Jacobs Ray Davies
Chief Executive Officer Finance Director
Consolidated Statement of Cash Flows
For the year ended 31 July 2017
Notes Group2017£'000 Group2016£'000
Operating activities
Cash generated from operations 24a 5,523 3,774
Income tax paid (502) (961)
Net cash generated from operations 5,021 2,813
Investing activities
Development loan capital (304) (380)
Purchase of property, plant and equipment (6,628) (6,988)
Net proceeds from disposal of property, plant and equipment - 8,399
Bank interest received 25 14
Net cash generated from investing activities (6,907) 1,045
Financing activitiesProceeds from new borrowingsRepayment of borrowings - - 28,816(27,701)
Loans repaid from projects under management contracts 944 -
Finance costs paid (574) (885)
Equity dividends paid (2,637) (2,147)
Proceeds from issue of ordinary shares (net) 313 959
Proceeds from sale of shares from treasury (net of expenses) 9,891 -
Net cash used in financing activities 7,937 (958)
Net increase in cash and cash equivalents in the year 6,051 2,900
Cash and cash equivalents at beginning of the year 5,335 2,435
Cash and cash equivalents at end of the year 11,386 5,335
No statement of cash flows is presented for the Company as it had no cash flows in either year.
Accounting Policies
General Information
Lok'nStore Group plc is an AIM listed company incorporated and domiciled in England and Wales. The address of the
registered office is One Fleet Place, London, EC4M 7WS, UK. Copies of this Annual Report and Accounts may be obtained from
the Company's head office at 112 Hawley Lane, Farnborough, Hants, GU14 8JE or the investor section of the Company's website
at http://www.loknstore.co.uk.
The preliminary financial information does not constitute full statutory accounts within the meaning of section 434 of the
Companies Act 2006 but is derived from statutory accounts for the years ended 31 July 2017 and 31 July 2016, both of which
are audited. The preliminary announcement is prepared on the same basis as set out in the statutory accounts for the year
ended 31 July 2017. While the financial information included in this preliminary announcement has been prepared in
accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS), as adopted
by the European Union (EU), this announcement does not in itself contain sufficient information to comply with IFRSs.
The statutory accounts for the year ended 31 July 2017 will be delivered to the Registrar of Companies following the
Company's Annual General Meeting and can be obtained from the investor section of the Company's website at
http://www.loknstore.co.uk. Statutory accounts for the year ended 31 July 2016 have been filed with the Registrar of
Companies. The auditor's report for the year ended 31 July 2017 was unqualified, did not include a reference to any matter
to which the auditor drew attention by way of emphasis without qualifying their report and did not contain any statement
under section 498(2) or (3) of the Companies Act 2006.
Basis of accounting
The annual financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS)
and International Financial Reporting Interpretations Committee (IFRIC) Interpretations as adopted by the European Union
and comply with those parts of the Companies Act 2006 that are applicable to companies reporting under IFRS. The Group has
applied all accounting standards and interpretations issued by the International Accounting Standards Board and
International Financial Reporting Interpretation Committee relevant to its operations and effective for accounting periods
beginning on or after 1 August 2016.
The financial statements have been prepared on the historic cost basis except that certain trading properties and
derivative financial instruments are stated at fair value.
Standards in issue but not yet effective
At the date of approval of these financial statements, the following principal standards and interpretations which were in
issue but not yet effective:
Standards, interpretations and amendmentsNotYetEndorsed Effectivedate: Periods commencing onorafter
IFRS9 FinancialInstruments 1Jan 2018
IFRS15 Revenue fromcontracts withcustomers 1Jan 2018
IFRS 2 Amendments, classification and measurement of share based payment transactions 1 Jan 2018
IFRS 16 Leases 1 Jan 2019
IFRIC 23 Uncertainty over income tax treatments 1 Jan 2019
Subject to the adoption in due course of IFRS 16, the directors do not anticipate that the adoption of these Standards will
have a significant impact on the financial statements of the Group. With regard to IFRS 16, the Directors are currently
assessing the impact on the financial statements.
There were no other Standards or Interpretations, which were in issue but not yet effective at the date of authorisation of
these financial statements, that the Directors anticipate will have a material impact on the financial statements of the
Group.
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the
Company (its subsidiaries) made up to 31 July each year. Control is achieved where the Company has power over the investee,
exposure or rights to variable returns from the investee and the ability to use its power to vary those returns.
Intra-group transactions, balances, and unrealised gains and losses on transactions between Group companies are eliminated
on consolidation, except to the extent that intra-group losses indicate an impairment.
Going concern
The Directors can report that, based on the Group's budgets and financial projections, they have satisfied themselves that
the business is a going concern. The Board has a reasonable expectation that the Company and the Group have adequate
resources and facilities to continue in operational existence for the foreseeable future based on Group cash balances and
cash equivalents of £11.4 million (2016: £5.3 million), undrawn committed bank facilities at 31 July 2017 of £11.2 million
(2016: £11.2 million), and future cash generated from operations (2017 £5.5 million: 2016: £3.8 million).
Following the agreement of a two-year extension to its facilities with Royal Bank of Scotland on equivalent terms, the
Group will now operate its £40 million revolving credit facility with RBS plc for a further 6 years. The facility has been
in place since 15 January 2016 and will now run until 14 January 2023. The Group is fully compliant with all bank covenants
and undertakings and is not obliged to make any repayments prior to expiration. The financial statements are therefore
prepared on a going concern basis.
Critical accounting estimates and judgements
The preparation of consolidated financial statements under EU-IFRS requires management to make estimates and assumptions
that may affect the application of accounting policies and the reported amounts of assets and liabilities, income and
expenses. Actual outcomes may differ from these estimates and assumptions. The estimates and assumptions that have a
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next
financial year are discussed below.
a) Estimate of fair value of trading properties
The Group values its self storage stores using a discounted cash flow methodology which is based on current and projected
net operating income. Principal assumptions underlying management's estimation of the fair value are those relating to
stabilised occupancy levels; expected future growth in storage rents and operating costs, maintenance requirements,
capitalisation rates and discount rates. A more detailed explanation of the background and methodology adopted in the
valuation of the Group's trading properties is set out in note 10b. The carrying value of land and buildings held at
valuation at the reporting date was £87.5 million (2016: £81 million) as shown in the table in note 10b.
b) Assets in the course of construction and land held for pipeline store development ('Development property assets')
The Group's development property assets are held in the statement of financial position at historic cost and are not valued
externally. In acquiring sites for redevelopment into self-storage facilities, the Group estimates and makes judgements on
the potential net lettable storage space that it can achieve in its planning negotiations, together with the time it will
take to achieve maturity occupancy level. In addition, assumptions are made on the storage rent that can be achieved at the
store by comparison with other stores within the portfolio and within the local area. These judgements, taken together with
estimates of operating costs and the projected construction cost, allow the Group to calculate the potential net operating
income at maturity, projected returns on capital invested and hence to support the purchase price of the site at
acquisition. Following the acquisition, regular reviews are carried out taking into account the status of the planning
negotiations, and revised construction costs or capacity of the new facility, for example, to make an assessment of the
recoverable amount of the development property. The Group reviews all development property assets for impairment at each
reporting date in the light of the results of these reviews. Once a store is opened, it is valued as a trading store.
The carrying value of development property assets at the reporting date was £5.1 million (2016: £0.5 million). Please see
note 10b for more details.
c) Estimate of fair value of intangible assets acquired in business combination
The relative size of the Group's intangible assets, excluding goodwill, makes the judgements surrounding the estimated
useful lives important to the Group's financial position and performance. At 31 July 2017 intangible assets, excluding
goodwill, amounted to £2.32 million (2016: £2.48 million). The valuation method used and key assumptions are described in
note 10a.
The useful life used to amortise intangible assets relates to the expected future performance of the assets acquired and
management's judgement of the period over which economic benefit will be derived from the asset. The estimated useful life
of customer relationships principally reflects management's view of the average economic life of the customer base and is
assessed by reference to customer churn rates. Typically, the customer base for a serviced archive business is relatively
inert. Corporate customers do not tend to switch service providers and indeed they incur box withdrawal charges should they
do so. An increase in churn rates may lead to a reduction in the estimated useful life and an increase in the amortisation
charge.
Notes to the Financial Statements
For the year ended 31 July 2017
1a Revenue
Analysis of the Group's revenue is shown below:
Group2017 Group2016
Self-storage £'000 £'000
Self-storage revenue 12,343 11,931
Other storage related revenue 1,550 1,510
Ancillary store rental revenue 14 3
Total self-storage revenue 13,907 13,444
Management fees 420 439
Sub-total 14,327 13,883
Serviced archive & records management revenue 2,327 2,173
Total revenue per statement of comprehensive income 16,654 16,056
1b Segmental information
IFRS 8 Operating Segments requires operating segments to be identified on the basis of internal reports about components of
the Group that are regularly reviewed by the Board to allocate resources to the segments and to assess their performance.
All of the Group's activities occur in the United Kingdom.
Financial information is reported to the Board with revenue and profit analysed between self-storage activity and serviced
document storage activity. Segment revenue comprises of sales to external customers and excludes gains arising on the
disposal of assets and finance income. Segment profit reported to the Board represents the profit earned by each segment
before acquisition costs and other non-recurring set-up costs, finance income, finance costs and tax. For the purposes of
assessing segment performance and for determining the allocation of resources between segments, the Board uses a measure of
adjusted EBITDA (as defined in the accounting policies) and reviews the non-current assets attributable to each segment as
well as the financial resources available. All assets are allocated to reportable segments. Assets that are used jointly
by segments are allocated to the individual segments on a basis of revenues earned. All liabilities are allocated to
individual segments other than borrowings and tax. Information is reported to the Board of Directors on a product basis as
management believe that the activity of self-storage and the activity of serviced document storage expose the Group to
differing levels of risk and rewards due to the length, nature, seasonality and customer base of their respective operating
cycles.
The segment information for the year ended 31 July 2017 is as follows:
2017 Self-storage 2017£'000 Serviced archive & records management2017£'000 Total2017£'000
Revenue from external customers 14,327 2,327 16,654
Adjusted EBITDA 5,933 560 6,493
Management charges 25 (25) -
Segment Adjusted EBITDA 5,958 535 6,493
DepreciationAmortisation of intangible assets (1,760) - (96) (165) (1,856) (165)
Equity settled share based payments (97) - (97)
Store relocation costs (29) - (29)
Property disposal costs - (15) (15)
Director retirement costs (69) - (69)
Segment operating profit per the income statement 4,003 259 4,262
Central costs not allocated to segments:
Finance income 309
Finance costs (606)
Profit before taxation 3,965
Income tax expense (904)
Consolidated profit for the financial year 3,061
The segment information for the year ended 31 July 2016 is as follows:
2016 Self-storage 2016£'000 Serviced archive & records management2016£'000 Total2016£'000
Revenue from external customers 13,883 2,173 16,056
Adjusted EBITDA 5,708 587 6,295
Management charges 72 (72) -
Segment Adjusted EBITDA 5,780 515 6,295
DepreciationAmortisation of intangible assets (1,436) - (101) (165) (1,537) (165)
Equity settled share based payments (182) - (182)
Net settlement proceeds - Reading site 1,940 - 1,940
Disposal costs - Swindon store(s) (123) - (123)
Segment operating profit per the income statement 5,979 249 6,228
Central costs not allocated to segments:
Finance income 313
Finance costs (1,048)
Profit before taxation 5,493
Income tax expense (1,211)
Consolidated profit for the financial year 4,282
Corporate transactions and the treasury function are managed centrally and therefore are not allocated to segments. Sales
between segments are carried out at arm's length. The serviced archive segment with over 490 customers has a greater
customer concentration with its ten largest corporate customers accounting for 34.4% (2016: 34.6%) of revenue, its top 50
customers accounting for 61.1% (2016: 61.7%) and its top 100 customers accounting for 76.2 % (2016: 77.0%) of revenue. The
self-storage segment with over 9,670 (2016: 9,200) customers has no individual self-storage customer accounting for more
than 1% of total revenue and no group of entities under common control (e.g. Government) accounts for more than 10% of
total revenues.
2017 Self-storage2017£'000 Serviced archive &records management2017£'000 Total2017£'000
Segment assets 133,457 6,190 139,647
Segment liabilities (21,189) (669) (21,858)
Borrowings (28,670)
Total liabilities (50,528)
Capital expenditure (note 10b). 6,459 169 6,628
2016 Self-storage2016£'000 Serviced archive &records management2016£'000 Total2016£'000
Segment assets 115,253 6,314 121,567
Segment liabilities (20,727) (601) (21,328)
Borrowings (28,727)
Derivative financial instruments not allocated to segments (37)
Total liabilities (50,092)
Capital expenditure (note 10b). 6,629 359 6,988
The amounts presented to the Board with respect to total assets and total liabilities are measured in a manner consistent
with the financial statements and are allocated based on the operations of the segment. Borrowings are managed centrally on
a Group basis and are therefore not allocated to segments.
2a Property, staff, distribution and general costs
Group2017£'000 Group2016£'000
Property and premises costs 4,179 3,913
Staff costs 4,389 4,232
General overheads 1,098 1,128
Distribution costs 171 170
Retail products cost of sales (see note 2b) 324 318
10,161 9,761
2b Cost of sales of retail products
Cost of sales represents the direct costs associated with the sale of retail products (boxes, packaging etc.), and the
ancillary sales of insurance cover for customer goods, all of which fall within the Group's ordinary activities.
Group2017£'000 Group2016£'000
Retail 128 118
Insurance 37 51
Other 2 2
167 171
Serviced archive consumables and direct costs 157 147
324 318
2c Other Income and costs
Group2017£'000 Group2016£'000
Property disposal costs1 - 123
Net settlement proceeds2 - (1,940)
Property disposal costs3 15 -
Director retirement costs4 69 -
Store relocation costs5 29 -
113 (1,817)
1 Property disposal costs relate to the sale and manage back of the Swindon store.
2 Net settlement proceeds relate to an additional £2 million received for sale of old Reading store net of costs.
3 Property disposal costs relate to the closure and surrender of the lease on Unit 4 Leatherhead site and the consolidation
of its warehouse capacity into Unit 6 Leatherhead.
4 Directors retirement costs relate to the retirement of CM Jacobs on 4 July 2017
5 Store relocation costs relate to the closure and surrender of the lease on the Staines store and the relocation of
customers to alternative stores within the store portfolio.
3 Finance income
Group2017£'000 Group2016£'000
Bank interest 25 14
Other interest 284 299
309 313
Interest receivable arises on cash and cash equivalents (see note 16) and on development loan capital deployed.
4 Finance costs
Group2017£'000 Group2016£'000
Bank interest 520 797
Non-utilisation fees and amortisation of bank loan arrangement fees 86 251
606 1,048
5 Profit before taxation
Group2017£'000 Group2016£'000
Profit before taxation is stated after charging:
Depreciation and amounts written off property, plant and equipment:
Owned assets 1,856 1,537
Amortisation of intangible assets 165 165
Operating lease rentals - land and buildings 1,488 1,529
Amounts payable to RSM UK Audit LLP and their associates for audit and non-audit services:
Audit services
- UK statutory audit of the Company and consolidated accounts 50 48
Other services
-the auditing of accounts of associates of the Company pursuant to legislation 14 14
Other services supplied pursuant to such legislation
- interim review 10 7
Tax services
- compliance services 28 26
- advisory services 18 2
120 97
Comprising:
Audit services 64 62
Non-audit services 56 35
120 97
6 Employees
Group2017No. Group2016No.
The average monthly number of persons (including Directors) employed by the Group during the year was:
Store management 131 121
Administration 31 29
162 150
Group2017£'000 Group2016£'000
Costs for the above persons:
Wages and salaries 3,724 3,425
Social security costs 453 532
Pension costs 96 92
4,273 4,049
Share based remuneration (options) 97 182
4,370 4,231
Share based remuneration is separately disclosed in the statement of comprehensive income. Wages and salaries of £138,137
(2016: £133,669) have been capitalised as additions to property, plant and equipment as they are directly attributable to
the acquisition of these assets. All other employee costs are included in staff costs in the statement of comprehensive
income.
In relation to pension contributions, there was £11,949 (2016: £11,705) outstanding at the year-end.
There were no employees employed by the Company in the year. (2016 :nil)
Directors' remuneration
2017 Emoluments£ Bonuses£ Benefits£ Sub total£ Gains onshare options£ Total£
Executive:
A Jacobs 212,242 14,000 3,403 229,645 - 229,645
RA Davies 123,838 12,000 3,551 139,389 78,503 217,892
Neil Newman-Shepherd 71,592 29,704 1,826 103,122 27,296 130,418
CM Jacobs1 115,284 - 2,593 117,877 35,250 153,127
Non-Executive:
SG Thomas 53,060 - 3,228 56,288 143,437 199,725
RJ Holmes 21,224 - - 21,224 - 21,224
ETD Luker 26,530 - - 26,530 -
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