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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END
IR DKPBNOBKKAND
(END) Dow Jones Newswires
March 15, 2021 03:41 ET (07:41 GMT)
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