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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Nightcap Plc | LSE:NGHT | London | Ordinary Share | GB00BLKGVD49 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.25 | 4.00 | 4.50 | 4.25 | 4.25 | 4.25 | 4,496 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Wine & Alcoholic Bev-whsl | 46.86M | -4.17M | -0.0210 | -2.02 | 8.43M |
TIDMNGHT
RNS Number : 2351S
Nightcap PLC
15 March 2021
15 March 2021
Nightcap plc
("Nightcap", the "Company" or the "Group")
Interim results for the period ended 31 December 2020
Chief Executive Officer's statement
I am pleased to present the unaudited interim results for the period from 23 September 2020 to 31 December 2020 for Nightcap plc.
Nightcap's successful fund raising and the admission to trading on the AIM market of the London Stock Exchange plc ("AIM") completed in January 2021 during the worst crisis faced by the UK hospitality industry in our lifetime. We believe that drinks-led hospitality will come back stronger than ever during 2021, helping us on our mission to be one of the UK's leading bar groups.
On the back of the UK Government's successful vaccine programme and its roadmap to start re-opening hospitality from mid-April onwards the opportunities for Nightcap are enormous. With an experienced, driven team and 10 venues ready and waiting to once again serve the "millennial pound", we look forward to delivering our commitment to capitalise on this opportunity.
Nightcap has been set up to acquire, re-capitalise and develop drinks-led concepts with significant potential across the UK. The impact of the COVID-19 pandemic on the hospitality industry has been immense and we are well placed to support entrepreneurs and businesses that have suffered during the pandemic. We are proud to be part of the hospitality industry's road to recovery. As we forecast on IPO, we are already seeing evidence of the unprecedented opportunity to develop and grow fundamentally sound businesses which have been adversely affected by the events of the past 12 months. These businesses still have strong and motivated leadership teams but lack the capital to grow. With targeted investment and a highly experienced team, we are confident that our prospects for growth through acquisition and organic roll out are excellent.
Since the acquisition of The London Cocktail Club Limited ("LCC"), management is putting in place a roll-out programme to expand from the existing 10 sites to up to approximately 40 sites over the next five years and we are currently in negotiations on several new leases inside and outside of London. In line with our expectations, the damage done to the property and hospitality sectors by the pandemic is allowing us access to new sites in prime locations with better rents, increased incentives and lower capital costs per site than previously experienced. We are confident of our ability to provide even better returns on our capital employed than historically.
But above all, we look forward to continuing to do what we do best - looking after our customers, showing them a great time, opening new sites and giving great people meaningful careers.
Results
Nightcap was incorporated on 23 September 2020 to take advantage of the significant changes taking place within the premium bars segment and the hospitality industry more generally in the UK. On 13 January 2021, Nightcap's ordinary shares were admitted to trading on AIM and on the same day the Company acquired the entire share capital of LCC for an initial consideration of GBP5.7 million (subject to adjustment in accordance with the terms of the acquisition agreement). Over 97% of this initial consideration was satisfied by the issue of 55,378,837 new Nightcap ordinary shares, with a small cash component of GBP162,116 paid.
The Company's admission document (the "Admission Document"), which is available from Nightcap's website (www.nightcapplc.com), sets out details regarding Nightcap, its strategy and LCC, including historical financial information on LCC for the three 52-week periods ended 28 June 2020, 30 June 2019 and 1 July 2018 and the thirteen-week periods ended 27 September 2020 and 29 September 2019, as well as historical financial information on Nightcap for the period from incorporation (23 September 2020) to 30 November 2020.
The results that follow are for the unaudited period from incorporation on 23 September 2020 to 31 December 2020 for Nightcap. These financial statements are drawn up before Nightcap's successful admission to trading on AIM and the acquisition of the entire issued share capital of LCC, both of which occurred on 13 January 2021. During the period from incorporation to 31 December 2020, Nightcap had no turnover and incurred costs of GBP318,342, which predominantly represented accrued fees in connection with the admission of the Company's ordinary shares to trading on AIM.
Note 12 to the financial statements below sets out the interim results for LCC for the 26-week period ended 27 December 2020 and for the comparable 26-week period to 29 December 2019.
Current trading
As dictated by the UK Government, all of LCC's bars remain closed under the nationwide lockdown restrictions put in place on 4 January 2021. LCC's management have worked hard to reduce all business costs to keep its cash burn to the lowest possible amount. Continuing from the first nationwide lockdown in the first half of 2020 LCC has benefited from certain UK Government support schemes including, amongst others, the Coronavirus Job Retention Scheme, the Coronavirus Business Interruption Loan Scheme, VAT deferral and hospitality business rates relief at applicable locations.
As described in the Admission Document, since the start of the COVID-19 pandemic, LCC has re-negotiated the majority of its property leases, securing rent reductions for periods when its estate has been closed, as well as reducing the rent liability going forward.
Nightcap has also taken other steps to mitigate the effects of the UK Government's current national lockdown, which has included Directors salary sacrifices and cost reductions.
As at 28 February 2021, the Group had unaudited cash resources of approximately GBP3.75 million and had total borrowings of approximately GBP1.35 million. LCC has recently agreed a continuation of its overdraft facility and a further six-month payment holiday from its main loan provider.
Outlook
On 22 February 2021, the UK Government announced a provisional roadmap for the reopening of the hospitality sector. Whilst much of LCC's estate does not have any outside space, we are planning to open five sites on 12 April 2021. For the remainder of the estate, we are planning to reopen on 17 May 2021, in line with the UK Government's current guidance.
During 2020, LCC reopened its venues twice, in July and December following the lifting of the UK Government restrictions in place at those times. The Board was encouraged by these reopening processes, which saw numerous customers returning to all venues, demonstrating the popularity of LCC's venues. The Board believes that this is a positive indicator for when LCC's venues are able to reopen in due course.
The opportunities that Nightcap is seeing in the hospitality sector, in terms of available sites and potential business acquisitions, are even stronger than the Board had anticipated at the time of the Company's admission to AIM. The Board is confident that the current dynamics in the hospitality property market will allow the Group to secure new sites at significantly reduced rents and with lower capital costs per site.
The Board look forward to the future with optimism.
UNAUDITED INTERIM FINANCIAL STATEMENTS ON NIGHTCAP PLC
UNAUDITED CONDENSED STATEMENT OF COMPREHENSIVE INCOME
Period from incorporation to 31 December 2020 Note GBP Revenue - Cost of goods sold - -------------------------- Gross profit -------------------------- Administrative expenses 3 (318,342) -------------------------- Operating loss (318,342) Finance income - -------------------------- Loss before taxation (318,342) Tax - -------------------------- Total comprehensive loss for the period (318,342) ========================== Earnings per share attributable to equity owners Basic and diluted loss per share (pence) 5 (1.05)
All of the results above are from continuing operations and there is no Other Comprehensive Income for the period.
This information is presented for Nightcap Plc (company only information).
UNAUDITED CONDENSED STATEMENT OF FINANCIAL POSITION
As at 31 December 2020 Note GBP Assets Current assets Trade and other receivables 6 769,977 Cash and cash equivalents 1,094,656 ----------- Total assets 1,864,633 =========== Liabilities Current liabilities Trade and other payables 7 (938,975) ----------- Total current liabilities (938,975)
=========== Net assets 925,658 =========== Equity Called up share capital 8 398,800 Share premium 8 845,200 Retained earnings (318,342) ----------- Total equity attributable to the owners 925,658 ===========
UNAUDITED CONDENSED STATEMENT OF CHANGES IN EQUITY
Share Share premium Retained Total capital earnings equity GBP GBP GBP GBP At incorporation - - - - -------------------------- --------- -------------- ---------- ---------- Transactions with equity owners Issue of ordinary shares 398,800 845,200 - 1,244,000 --------------------------- --------- -------------- ---------- ---------- Total transactions with equity owners 398,800 845,200 - 1,244,000 --------------------------- --------- -------------- ---------- ---------- Total comprehensive loss for the period Loss for the period - - (318,342) (318,342) --------------------------- --------- -------------- ---------- ---------- Total comprehensive loss for the period - - (318,342) (318,342) --------------------------- --------- -------------- ---------- ---------- As at 31 December 2020 398,800 845,200 (318,342) 925,658 --------------------------- --------- -------------- ---------- ----------
UNAUDITED CONDENSED STATEMENT OF CASH FLOWS
The Statement of Cash Flows of the Company is as follows:
Period from incorporation to 31 December 2020 Note GBP Cash flow from operating activities Loss for the period (318,342) Adjustments for: Increase in trade and other receivables 6 (769,977) Increase in trade and other payables 7 938,975 ------------------ Net cash flows from operating activities (149,344) ------------------ Cash flows from financing activities Proceeds from the issue of shares 8 1,244,000 ------------------ Net cash inflows from financing activities 1,244,000 ------------------ Net increase in cash and cash equivalent 1,094,656 ================== Cash and cash equivalents at beginning of period - Cash and cash equivalents at end of period 1,094,656 ==================
NOTES TO THE HISTORICAL FINANCIAL INFORMATION
1 General information
Nightcap Plc ("the Company") was incorporated on 23 September 2020 as a public limited company in England and Wales with Registered Number 12899067 under the Companies Act 2006. As at 31 December 2020, the Company had not yet commenced business and no dividends have been declared or paid since the date of incorporation. The principal activity of the Company is to acquire and grow hospitality concepts in the premium bars segment and the hospitality industry more generally in the UK.
The address of its registered office is 201 Bishopsgate, London, EC2M 3AB.
Post 31 December 2020 the Company listed on the AIM market on 13 January 2021 and acquired the entire share capital of The London Cocktail Club Ltd ("The London Cocktail Club").
2 Basis of preparation
The condensed interim financial statements prepared in accordance with IAS 34 cover the period from incorporation on 23 September 2020 to 31 December 2020 for Nightcap Plc. Note 12, includes the unaudited condensed consolidated interim financial statements for the 26-week period to 27 December 2020 for The London Cocktail Club.
The condensed interim financial statements have not been audited or reviewed by the Company's auditors. The financial information shown does not constitute statutory financial statements within the meaning of section 434 of the Companies Act 2006.
The financial information is presented in Pounds Sterling, which is the Company's functional and presentational currency and has been prepared under the historical cost convention.
The Directors consider that the principal risks and uncertainties that the Group faces remain as those set out in the Admission Document.
The accounting policies adopted in the preparation of the condensed interim financial statements are consistent with those applied to the period ended 30 November 2020 as disclosed in the Admission Document. The Company has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.
Use of judgements and estimates
In preparing these condensed interim financial statements management has made judgements and estimates that affect the application of accounting policies and measurement of assets and liabilities, income and expense provisions. Actual results may differ from these estimates.
The key judgements and key estimates can be found in the Admission Document in the Company's historical financial information for the period ended 30 November 2020.
Split of fundraising costs
The Company has incurred various costs during the fund raising and the admission to trading on AIM. The directors have reviewed the costs and where the transaction costs relate to the issuing of new shares, these have been accounted for as a deduction from equity to the extent they are incremental costs directly attributable to the equity transaction that otherwise would have been avoided. Where the transaction costs relate to the stock market listing, these have been accounted for as an expense in the statement of profit or loss and other comprehensive income. In the instances where the cost relates to both the issuing of new shares and the stock market listing, the directors have used their judgement to determine that a 50:50 allocation is reasonable.
Going concern
The condensed interim financial information has been prepared on the assumption that the Company will continue as a going concern. Under the going concern assumption, an entity is ordinarily viewed as continuing in business for the foreseeable future with neither the intention nor the necessity of liquidation, ceasing trading or seeking protection from creditors pursuant to laws or regulations.
Following the review of cash flows prepared as part of the AIM Admission process and the successful IPO fundraising the Directors believe that the Company and its newly acquired subsidiary have adequate cash resources, with the net proceeds of the Fundraising, to continue in operational existence for the foreseeable future. At 28 February 2021, the Group had cash resources of approximately GBP3.75m and borrowings of GBP1.35m. In line with current UK Government guidance the Board anticipate that the Group's bars will be reopened on or around 17 May 2021. The Board believe that the Company is financially strong and, with the proceeds of the IPO fundraising, would be able to survive an extended period of lock down should the UK Government decide to impose it.
The Company acquired The London Cocktail Club on 13 January 2021 and has presented its condensed interim consolidated financial statements in note 12.
As part of the adoption of the going concern basis the Company has considered the uncertainty caused by the Covid-19 pandemic which impacts The London Cocktail Club, which put the following measures in place:
-- minimise costs and cash outflows -- use of Coronavirus Job Retention Scheme -- taking advantage of rates reliefs and grants -- negotiating rent concessions
-- secured a GBP500k 5-year term 3.1% interest loan under the Coronavirus Business Interruption Loan Scheme
-- agreed capital repayment holidays with our bankers
The Company monitors cash balances and prepares regular forecasts, which are reviewed by the Board. Following the Government announcement on 22 February 2021, with the provisional reopening road map, and with full unrestricted hospitality expected to be able to open on 21 June 2021, the Directors believe that it remains appropriate to prepare the financial statements on a going concern basis.
3 Loss from operations Period from incorporation Operating loss is stated to after charging: 31 December 2020 Unaudited GBP Professional costs incurred in respect of listing of the Company 318,342 4 Taxation
The actual charge for the period can be reconciled to the expected charge based on the profit or loss and the standard rate of tax as follows:
The Company is subject to income tax at a rate of 19 per cent, as at 31 December 2020.
Tax charged:
as at 31 December 2020 Unaudited GBP Current taxation - Deferred taxation - ------------------- - =================== Period from incorporation to 31 December 2020 GBP Loss before tax (318,342) Corporation tax at 19% (60,485) Disallowed expenses - Losses for which no deferred tax is recognised 60,485 Total tax charge - ===================
The Company has tax losses available to be carried forward against trading profits arising in future periods. At this time, a deferred tax asset has not been recognised due to insufficient certainty over the level of future profits to utilise against this amount.
5 Earnings per share
The calculation for earnings per ordinary share (basic and diluted) is based on the profit or loss after income tax attributable to equity Shareholders for the period and is as follows:
Period from incorporation to 31 December 2020 Unaudited Loss for the period attributable to equity holders (GBP) (318,342) Weighted average number of shares in issue 30,242,425 ------------------ Basic and diluted loss per share (pence) (1.05) ------------------
Earnings and diluted earnings per ordinary share are calculated using the weighted average number of ordinary shares in issue during the period. There were no dilutive potential ordinary shares outstanding during the periods.
6 Trade and other receivables As at 31 December 2020 GBP Prepayments 739,888 Vat Debtor 30,089 Total 769,977 ---------- 7 Trade and other payables As at 31 December 2020 GBP Trade payables 42,000 Accruals 896,975 ---------- Total 938,975 ---------- 8 Share capital Share Share Number of shares capital premium Total GBP GBP GBP ----------------- --------- --------- ---------- At incorporation 2 - - - Issued 39,879,999 398,800 845,200 1,244,000 At 31 December 2020 39,880,001 398,800 845,200 1,244,000 ================= ========= ========= ==========
On incorporation, the Company issued 2 ordinary shares for consideration of GBP0.01 per share at nominal value.
On 2 October 2020, the Company issued 24,999,999 ordinary shares of GBP0.01 for consideration of GBP499,999.98 cash.
On 11 November 2020, the Company issued 14,880,000 ordinary shares of GBP0.01 for consideration of GBP744,000.00 cash.
9 Controlling party
As at 31 December 2020, Michael and Sarah Willingham-Toxvaerd held 25,000,001 shares (representing 63% of the then issued share capital) and were considered to be the Company's controlling party as at the period end.
10 Related party transactions
Michael and Sarah Willingham-Toxvaerd were the sole directors of Nightcap Plc during the period and were issued a total of 25,000,001 ordinary shares of GBP0.01 for a total consideration of GBP500,000.
11 Post balance sheet events
On 6 November 2020, Nightcap Plc made an offer to purchase the entire issued share capital of The London Cocktail Club.
On 13 January 2021, Nightcap Plc was successful in its Admission to the AIM market raising funds of GBP4m via a placement of 40 million ordinary shares.
On 13 January 2021, as part of the AIM Admission process Nightcap Plc purchased the entire share capital of The London Cocktail Club Limited. The London Cocktail Club and its subsidiaries and Nightcap Plc as its parent form the "Group" from 13 January 2021. The London Cocktail Club was purchased for an initial consideration of GBP5.7 million (subject to adjustment in accordance with the terms of the acquisition agreement). Over 97% of this initial consideration was satisfied by the issue of 55,378,837 new Nightcap ordinary shares, with a small cash component of GBP162,116.
Nightcap Plc was formed on 23 September 2020 with the purpose of acquiring The London Cocktail Club and seeking admission to the AIM market and identifying opportunities for expansion.
The transaction is considered a reverse acquisition in accordance with IFRS3. Details of the legally acquired group, The London Cocktail Club are given in note 12.
12 The London Cocktail Club
The London Cocktail Club, is an award-winning independent operator of 10 individually themed cocktail bars in nine London locations and one location in Bristol, targeting customers aged between 26 to 40 years old. The London Cocktail Club is a well-established brand which the Directors believe is highly scalable.
The principal activity of The London Cocktail Club and its subsidiaries is the operation of cocktail bars. The London Cocktail Club is incorporated and domiciled in England. The address of its registered office is 29 Sclater Street, London, England, E1 6LB.
The unaudited condensed interim financial statements for the 26 weeks ended 27 December 2020 of The London Cocktail Club have been presented below.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 26 weeks ended 26 weeks ended 27 Dec 2020 29 Dec 2019 Note GBP GBP ------------------------- ----- ----------------- ----------------- Revenue 1 1,968,681 3,949,135 Cost of goods sold (454,642) (888,307) ------------------------- ----- ----------------- ----------------- Gross profit 1,514,039 3,060,828 Other income 2 25,000 - Administrative expenses (1,588,163) (2,759,492) ------------------------- ----- ----------------- ----------------- Operating (loss)/ profit 2 (49,124) 301,336 Finance cost (206,435) (204,203) ------------------------- ----- ----------------- ----------------- Loss before tax (255,559) 97,133 ------------------------- ----- ----------------- ----------------- Tax (expense)/credit - - ------------------------- ----- ----------------- ----------------- Loss for the period (255,559) 97,133 ------------------------- ----- ----------------- -----------------
There is no other comprehensive income for the 26 weeks to 27 December 2020 (26 weeks to 29 December 2019: nil).
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 27 As at 28 Dec 2020 June 2020 Note GBP GBP ------------------------------- ----- ----------- ------------ Non-current assets Intangible assets 6,586 7,318 Property, plant and equipment 2,011,225 2,219,507 Right of use assets 3 4,540,131 4,711,230 ------------------------------- ----- ----------- 6,557,942 6,938,055 ------------------------------- ----- ----------- ------------ Current assets Trade and other receivables 579,731 701,379 Inventories 130,312 139,726 Cash and cash equivalents 127,943 264,488 ------------------------------- ----- ----------- 837,986 1,105,593 ------------------------------- ----- ----------- ------------ Total assets 7,395,928 8,043,648 ------------------------------- ----- ----------- ------------ Current liabilities Trade and other payables 1,098,453 1,196,807 Borrowings 1,076,027 1,230,725 Lease liabilities 4 691,117 539,012 ------------------------------- ----- ----------- Total current liabilities 2,865,597 2,966,544
------------------------------- ----- ----------- ------------ Non-current liabilities Borrowings 402,287 488,070 Lease liabilities 4 4,483,150 4,688,581 Deferred tax provision 92,246 92,246 ------------------------------- ----- ----------- ------------ Total non-current liabilities 4,977,683 5,268,897 ------------------------------- ----- ----------- ------------ Total liabilities 7,843,280 8,235,441 ------------------------------- ----- ----------- ------------ Net liabilities (447,352) (191,793) ------------------------------- ----- ----------- ------------ Equity Share capital 10,248 10,248 Share premium 178,017 178,017 Share based payment reserve 92,429 92,429 Retained earnings (728,046) (472,487) ------------------------------- ----- ----------- ------------ Total equity attributable to owners of the parent (447,352) (191,793) ------------------------------- ----- ----------- ------------
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Other Share Retained capital reserves based earnings payment Total Reserve GBP GBP GBP GBP GBP ---------------------------- --------- ---------- --------- ---------- ---------- Balance as at 29 June 2019 10,248 178,017 92,429 159,707 440,397 Total comprehensive income for the period - - - (632,190) (632,190) ----------------------------- --------- ---------- --------- ---------- ---------- Balance as at 30 June 2020 10,248 178,017 92,429 (472,487) (191,793) ----------------------------- --------- ---------- --------- ---------- ---------- Total comprehensive income for the period - - - (255,559) (255,559) ----------------------------- --------- ---------- --------- ---------- ---------- Balance as at 27 December 2020 10,248 178,017 92,429 (728,046) (447,352) ----------------------------- --------- ---------- --------- ---------- ---------- Balance as at 1 July 2019 10,248 178,017 92,429 159,705 440,399 Total comprehensive income for the period - - - 97,133 97,133 ----------------------------- --------- ---------- --------- ---------- ---------- Balance as at 29 December 2019 10,248 178,017 92,429 256,838 537,532 ----------------------------- --------- ---------- --------- ---------- ---------- CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 26 weeks ended 26 weeks 27 December 2020 ended 29 December 2019 Note GBP GBP -------------------------------------- ------ ------------------- ----------- Cash flows from operating activities (loss)/ profit for the period before tax (255,558) 97,133 Adjustments for: Depreciation and amortisation 525,786 530,100 Losses on disposal of property plant and equipment - 121 Lease Concessions (177,448) Revaluation of Right of Use (108,697) - assets Interest on lease liabilities and borrowings 206,434 204,202 Decrease in trade and other receivables 121,648 165,216 Decrease/ (Increase) in inventories 9,414 (30,770) Decrease in trade and other payables (129,253) (50,260) ---------------------------------------------- ------------------- ----------- Cash generated from operations 192,326 915,742 Income taxes repaid/ (paid) 30,899 (65,548) ---------------------------------------------- ------------------- ----------- Net cash flows from operating activities 223,225 850,194 ---------------------------------------------- ------------------- ----------- Investing activities Purchase of property, plant and equipment (36,977) (124,470) Proceeds from sale of property, - - plant and equipment Net cashflow in investing activities (36,977) (124,470) ---------------------------------------------- ------------------- ----------- Financing activities Interest paid (77,625) (46,333) Shareholder loan repayments (229,863) (20,615) Loan repayments (10,618) (166,613) Repayment of lease obligations (4,687) (371,740) ---------------------------------------------- ------------------- ----------- Net cashflow in financing activities (322,793) (605,301) ---------------------------------------------- ------------------- ----------- Net (decrease)/ increase in cash and cash equivalents (136,545) 120,423 Cash and cash equivalents at beginning of period 264,488 238,302 ---------------------------------------------- ------------------- ----------- Cash and cash equivalents and end of period 127,943 358,725 ---------------------------------------------- ------------------- -----------
NOTES TO THE FINANCIAL INFORMATION
Basis of Preparation
The accounting policies applied in the unaudited condensed interim financial statements for the 26 weeks ended 27 December 2020 of The London Cocktail Club are the same as those adopted in the Admission Document for the period ended 28 June 2020. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.
Use of judgements and estimates
In preparing these condensed, consolidated interim financial statements management has made judgements and estimates that affect the application of accounting policies and measurement of assets and liabilities, income and expense provisions. Actual results may differ from these estimates.
The key judgements and key estimates can be found in the Admission Document for the period ended 28 June 2020.
1. Revenue 26 weeks 26 weeks ended 27 ended 29 Dec 2020 Dec 2019 Unaudited Unaudited GBP GBP -------------- ----------- ----------- Liquor Sales 1,968,681 3,949,135 ---------------------- ----------- ----------- 1,968,681 3,949,135 -------------- ----------- -----------
All of The London Cocktail Club's revenue was derived from the UK for each of the periods presented.
2. (Loss)/ profit from operations 26 weeks 26 weeks ended 27 ended 29 Dec 2020 Dec 2019 Operating (loss)/ profit is stated GBP GBP after charging: --------------------------------------- ---------- ---------- Depreciation of right of use assets 279,794 277,739 Depreciation of property, plant and equipment 245,259 251,572 Amortisation of intangibles 732 789 Loss on disposal of property, plant and equipment - 121 Lease Concessions (177,448) - Revaluation of Right of Use Asset (108,697) - Exceptional costs 150,582 3,989 Pre-opening costs 88,250 29,894 Staff costs 821,476 1,362,211 Craft manufacturing operations (now ceased) - 11,155 Craft head office costs (34,079) 15,248 -------------------------------------- ---------- ----------
During the 26 weeks ended 27 December 2020 staff costs include a credit of GBP256,104 which were paid to The London Cocktail Club under the Government Coronavirus Job Retention Scheme (2019: Nil).
Other Income
In the period to 27 December 2020, The London Cocktail Club received a discretionary grant of GBP25,000 through the local restrictions support grants (29 December 2019: nil) .
Exceptional costs
Exceptional costs of GBP150,582 for the 26 weeks ended 27 December 2020 are transaction costs relating to the AIM listing (Exceptional costs for the 26 weeks ended 29 December 2019 relate to transaction and other costs relating to a failed attempt to sell The London Cocktail Club). These costs are considered non-recurring and non-operational costs.
3. Right of Use Assets Right of use assets GBP ----------------------- ------------- Cost At 29 December 2019 6,064,555 ------------------------ ------------- Additions - Revaluations - At 28 June 2020 6,064,555 ------------------------ ------------- Additions - Revaluations 108,697 At 27 December 2020 6,173,252 ------------------------ ------------- Depreciation At 29 December 2019 1,071,725 ------------------------ ------------- Charge for the period 281,600 At 28 June 2020 1,353,325 ------------------------ ------------- Charge for the period 279,794 At 27 December 2020 1,633,121 ------------------------ ------------- Net book value ----------------------- ------------- At 27 December 2020 4,540,131 ------------------------ ------------- At 28 June 2020 4,711,230 ------------------------ ------------- At 29 December 2019 4,992,830 ------------------------ ------------- At 30 June 2019 5,045,799 ------------------------ ------------- 4. Lease Liabilities Lease liability --------------------- GBP --------------------- ------------------ At 30 June 2019 5,483,723 Additions 224,770 Interest expense 157,869 Lease payments (371,740) At 29 December 2019 5,494,622 --------------------- ------------------ Additions - Interest expense 120,860 Lease payments (387,889) At 28 June 2020 5,227,593 --------------------- ------------------ Additions Interest expense 128,809 Lease Concessions (177,448) Lease payments (4,687) At 27 December 2020 5,174,267 --------------------- ------------------
When leases have been renegotiated as a result of Covid-19 the gain has been taken to the income statement
Negotiations are ongoing for a number of leases which will be assessed when any commercial negotiations are concluded.
As at 27 As at 28 Lease liability December June 2020 2020 GBP GBP ----------------- ---------- ---------- Current 691,117 539,012 Non-current 4,483,150 4,688,581 ----------------- ---------- ---------- 5,174,267 5,227,593 ----------------- ---------- ---------- 5. Related parties Transactions with related parties 26 weeks 26 weeks 52 weeks to 27 December to 29 to 28 2020 December June GBP 2019 2020 GBP GBP ------------------------------------ ---------------- ---------------- --------- Purchase of inventories 1,100 - 2,175 Consultancy fees 12,000 - 12,000 13,100 - 14,175 ----------------------------------- ---------------- ---------------- --------- These transactions are split by related party as follows: CGCC Ltd 1,100 - 2,175 PAF Ventures Limited 12,000 - 12,000 13,100 - 14,175 ----------------------------------- ---------------- ---------------- ---------
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