baxterstorey limited annual report 2013 · to choose us and are featured throughout this report....

BaxterStorey Limited Annual Report 2013

Registered Company Number 01962583

3

4 CHAIRMAN’S STATEMENT

6 CO-CHIEF EXECUTIVES’ STATEMENT

32 STRATEGIC REPORT

34 DIRECTORS’ REPORT

36 STATEMENT OF DIRECTORS’

RESPONSIBILITIES

37 INDEPENDENT AUDITOR’S REPORT TO

THE MEMBERS OF BAXTERSTOREY LIMITED

39 PROFIT AND LOSS ACCOUNT

40 BALANCE SHEET

41 NOTES TO THE FINANCIAL STATEMENTS

CONTENTS

4

STOREYCHAIRMAN

5 5

“Our year on year growth of over 10% is testament to the confidence that our customers and clients continue to place in us, coupled with our determination to provide the quality and variety of food that our customers demand.

The hospitality market is developing and we are addressing these changes by becoming ever more retail focused. We understand that every day our customers have choices. Only by providing fresh, seasonal, local food, cooked and presented creatively, on-site, by well trained staff, will we tempt our customers to eat with us time and again.

We place great value on the many lasting relationships we have built with our clients all around the UK. They trust us with their premises and trust us to maximise the impact of their restaurants by providing excellent service.

Our people are at the heart of everything we do – their support and skills coupled with our commitment to providing excellent training make a perfect combination!

These results are a great reflection of how we continue to deliver the quality of service that our customers and clients want. I am incredibly proud of our philosophy and what we have achieved together.”

ALASTAIR STOREYCHAIRMAN

statement

“I AM DELIGHTED TO REPORT THAT 2013 SAW BAXTERSTOREY GROW BY MORE THAN 10%“

“Our core values are clear. We source local, fresh and seasonal produce. We provide specialist training and expert advice to equip our people to serve delicious and varied dishes that customers enjoy every day. We want our people to enjoy learning new skills and to feel proud of our environmentally friendly approach.

Our values, we feel, help embody the reasons to choose us and are featured throughout this report. Our clients trust us to provide catering services on their premises and we don’t take this responsibility lightly.

Our new 5* Housekeeping programme is designed to ensure we comply with the highest standards and make every single BaxterStorey location a safe place to work.

We have continued to invest in our training Academies for our chefs, baristas and front of house personnel, as only well trained staff provide the services our customers demand.

We look forward to another challenging year in 2014 but feel confident that, by remaining true to our core values, these will be the recipe for future success.”

CEOS’ STATEMENT

“WE ARE PLEASED TO REPORT ANOTHERSUCCESSFUL YEAR FOR BAXTERSTOREY”

6

new clients are now enjoying fresh food, locally sourced.

additional members joinedour team bringing the total

to 7,064.

up £27.6m on 2012

44918£303.5MNEW CLIENTSEMPLOYEESTURNOVER

NOEL MAHONYCO-CHIEF EXECUTIVE

JOHN BENNETTCO-CHIEF EXECUTIVE

7

BENNETTCO-CHIEF EXECUTIVE

MAHONYCO-CHIEF EXECUTIVE

8

WITHSOULSOULWITH

8

9

FOR LIFECAREER

TalentAND

GREEN IS OUR

FAVOURITECOLOUR

KEEPING IT

& SEASONAL

NOT JUST FOOD

10

RETAILERSCATERERS

11

COFFEE

is triple certified and ethically sourced

our

is made with free range eggs

MAYONNAISEour

11

WE RECOGNISE THAT OUR KEY COMPETITOR IS THE HIGH STREET, WHERE FOOD TRENDS SEEM TO MOVE ALMOST AS QUICKLY AS FASHION.

WE HAVE EMBRACED THIS CHALLENGE BY FOCUSING ON SERVICE DELIVERY, PROMOTIONAL EVENTS AND INNOVATION.

WE INVEST TIME IN DEVELOPING AND TASTING NEW RECIPES WHILST REMAINING FAITHFUL TO DELIVERING DISHES WITH FRESH, LOCALLY

SOURCED INGREDIENTS. THIS WAY, OUR CUSTOMERS CAN TRY GREAT FOOD THAT IS PART OF THE LATEST FOOD TREND.

RETAILERSCATERERS

12 12

FRESHFOOD

at our

13

WE LIVE AND BREATHE FRESH FOOD, USING QUALITY INGREDIENTS, BRITISH PRODUCE WITH PROVENANCE. SOURCING THE BEST INGREDIENTS IS WHAT GETS US UP IN THE MORNING. EVERY DAY, BAXTERSTOREY USES ONLY THE FRESHEST INGREDIENTS - PICKED AND DELIVERED DIRECTLY TO OUR CHEFS.

Our obsession surrounding food provenance stretches far beyond using just the nearest suppliers. We want to know how the vegetable fields are cared for, how the animals are kept, what the livestock is fed and what the travelling time is from field to slaughter. Our vision for procuring only exceptional ingredients is felt throughout our business and is of paramount importance to our chefs.

275TONNES

OF BACON WE SOURCE IS FROM UK FARMS THAT ARE RED TRACTOR ACCREDITED

100% OF THE

13

WE SERVE HAS BEEN POLE AND LINE CAUGHT

TUNAALL CANNED

14

KEEPINGIT LOCAL

AND SEASONAL

15

FRUIT& VEGTHAN ANY OTHER PRODUCT CATEGORY

WE SPEND MORE ON

IS SOURCED FROM ESTABLISHED, HIGH QUALITY DAIRIES IN THE UK

OF OUR MILK100%

15

OUR LOCAL MANAGEMENT TEAMS RUN THE SERVICES DAY-TO-DAY SO OUR TEAMS ON-SITE CAN GET FRESH IDEAS, INNOVATION

AND TRAINING EVERY WEEK. THIS MEANS BETTER FOOD AND BRIGHTER SERVICE FOR OUR CUSTOMERS.

YOU DON’T OFFER VARIETY OR VALUE FOR MONEY BY ORDERING THE SAME INGREDIENTS WEEK IN, WEEK OUT. SO BAXTERSTOREY

CHEFS HAVE FREEDOM TO CHOOSE ACCREDITED SUPPLIERS AND BUY THE FINEST PRODUCE THAT IS SEASONAL AND LOCAL TO

THEM. IN THIS WAY, OUR FOOD IS FRESHER, TASTIER AND MORE NUTRITIOUS, AS WELL AS REDUCING TIME AND ENERGY TO MOVE

PRODUCE FROM FIELD TO FORK.

KEEPINGIT LOCAL

AND SEASONAL

17

By the very nature of the suppliers we work with, collaboration is key. We work hard to build long standing relationships with our key suppliers and encourage our chefs to spend time with them - livestock farmers, fishermen

and fruit and vegetable farmers. This leads to mutual respect between supplier and chef, resulting in the supply of quality produce at the correct price on a consistent basis.

IS SOURCED FROM THE UKWe only source New Zealand lamb

when UK lamb is out of season.

OF OUR MEAT98%WE TRADED WITH OVER

IN 2013

&BUTCHERS GROCERS50 50

all providing regional solutions to sites.

BAXTERSTOREY OPERATES A HIGHLY DECENTRALISED SUPPLY CHAIN WHERE WE TARGET OURSELVES TO PURCHASE FROM

SUPPLIERS WITHIN A 100 MILE RADIUS. THIS SHORTENING OF THE SUPPLY CHAIN, BOTH IN TERMS OF ACCESS AND PROXIMITY TO SOURCE, ENABLES US TO BE FLEXIBLE IN MANAGING INFLATION

AND TAKING ADVANTAGE OF SEASONAL PRODUCE.

17

18

SUPPORTINGA CAREER FOR

19

OUR PEOPLE HAVE ALWAYS BEEN CRITICAL TO OUR SUCCESS AND GROWTH, THROUGH THE MIXTURE OF TALENT, SKILL AND EXPERIENCE THAT THEY BRING.

We understand that happy teams equal happy customers and if we keep our customers happy then our clients will be happy too. Over the years we’ve made huge investments in the development of our people, so that they can enjoy long and successful careers with us. To us it’s just common sense. Our reputation means we are able to attract new team members who want to join us because of the great development opportunities we offer.

OF OUR GRADUATES FOLLOWING COMPLETION OF THE MOMENTUM GRADUATE SCHEME80%

WE RETAIN18WE HAVE TRAINED

within our business to create links with schools and colleges

ambassadorsnew

SUPPORTINGA CAREER FOR

20

APPRENTICESHIPS

20

21

We offer a huge range of culinary, leadership and personal development opportunities through our Academies and our elective learning programme. One example is our Barista Academy where we have trained over 2,000 baristas and managers since its inception. Last year, Don Altizo achieved 6th place at the UK Barista Championship finals - a fantastic result for us as we are the only food service company to compete in this prestigious event. Our coffee standards are amongst the highest in the hospitality sector.

WE LOVE THIS BUSINESS. ONE OF THE MAIN REASONS IS SIMPLY THAT BAXTERSTOREY HAS EXTRAORDINARY PEOPLE WHO ARE THE STRENGTH BEHIND OUR UNIQUE PRODUCT. WITHOUT DOUBT, OUR PEOPLE ARE THE MOST IMPORTANT INGREDIENT IN OUR LONG TERM SUSTAINABILITY.

21

22

GREEN

COLOUR

IS OUR FAVOURITE

22

23

By using local suppliers our chefs know they are supporting the environment through reduced transportation, environmentally sensitive farming methods and have specific initiatives to promote wildlife habitats.

Everyone at BaxterStorey is committed to minimising the environmental impact of our operations, from creating new biodegradable packaging to running our vans on recycled cooking oil. We’ve even won awards for it!

20%WE’VE REDUCED PACKAGING BY

SAVED BY DIVERTING FOODWASTE FROM LANDFILL

across our business147

TONNES OF C02

23

WE WHOLEHEARTEDLY BELIEVE THAT DOING BUSINESS RESPONSIBLY IS THE ONLY WAY. OUR

ENVIRONMENTAL STANDING AND INNOVATIONS ARE NOT SOMETHING WE SIMPLY PAY LIP SERVICE TO, THEY ARE AT THE CORE OF OUR BUSINESS.

nurtures young talent

ApprenticeshipScheme

OUR OUR

INDUSTRY-LEADING TRAINING

provides opportunities for every level of team member

THE REACH AND TALENT OF OUR TEAMS HELPS US TO DRAW ONAN EXTENSIVE POOL OF EXPERTISE. THIS ENABLES US TO SHARE

AND DISTRIBUTE BEST PRACTICE BOTH LOCALLY AND ACROSSTHE COUNTRY.

FROM OUR SIGNATURE CHEFS TO OUR AWARD WINNING BARISTAS, OUR HIGH-PERFORMING, HIGH-POTENTIAL PEOPLE ARE GIVEN THE OPPORTUNITY TO SHARE THEIR KNOWLEDGE,

SKILLS AND EXPERTISE TO HELP OTHERS TO DEVELOP.

25

26

CHEFSWE VALUE OUR UNIQUE RELATIONSHIPS WITH OUR SIGNATURE

CHEFS WHO POSSESS SOME OF THE FINEST CULINARY EXPERTISEIN THE UK TODAY. THEIR EXPERTISE, KNOWLEDGE AND ABILITY

TO CONNECT WITH OUR CHEFS THROUGH THEIR FANTASTICMASTER CLASSES HELPS US TO SET THE HIGHEST STANDARDS

ACROSS OUR BUSINESS.

Tom Kitchin Nigel Haworth John Campbell Mark Hix

26

Service

BAXTERSTOREY REALLY VALUES THE POWER OF GOOD SERVICE. WE HAVE TEAMED UP WITH FRED SIRIEIX, FRONT OF HOUSE GURU,

IN CREATING A SPECIALLY ADAPTED VERSION OF HIS GAME, THE ART OF SERVICE.

THIS GAME COACHES OUR FRONT OF HOUSE TEAMS IN THE VERY BEST SERVICE FOR CUSTOMERS, BRINGING MICHELIN-STAR QUALITY TO OUR FINE DINING AND HOSPITALITY. FRED IS PASSIONATE ABOUT RAISING THE BAR AND AIMS TO MAKE

EXCELLENCE A HABIT.

27

28

ARE 18%

OUR REPORTABLE

BELOW THE INDUSTRY AVERAGE

ACCIDENTS

WE’RE COMMITTED TO PROVIDING A SAFE ENVIRONMENT FOR OUR EMPLOYEES AND CUSTOMERS ALIKE. OUR 5* HOUSEKEEPING PROGRAMME

IS OUR WAY OF LOOKING OUT FOR EACH OTHER AND ENCOMPASSES EVERYTHING WE DO FROM THE BACK OF HOUSE TO THE RESTAURANT FLOOR.

IT IS ABOUT ESTABLISHING A CULTURE FOCUSED ON ERADICATING POTENTIAL DANGERS BY EMPOWERING OUR TEAMS TO TAKE OWNERSHIP,

RESPONSIBILITY AND ACCOUNTABILITY FOR SAFETY.

OUR FOCUS ON MAINTAINING THE SAFETY AND WELL-BEING OF OUR COLLEAGUES IS CERTAINLY WORKING. IN 2013 WE HAVE SEEN A 22%

REDUCTION IN REPORTABLE ACCIDENTS, WHICH CONTINUES OUR TREND OF YEAR ON YEAR REDUCTIONS SINCE 2008.

28

29

A SAFER PLACE TO

AND THESE HAVEREDUCED KNIFE CUTS BY

72% IN 2013 ALONE

AND BY

93% SINCE THEIR

INTRODUCTION

WE INTRODUCED

IN 2009

KNIFE GLOVES

29

AND FOR DESSERT…THE RESULTS

30

32

PRINCIPAL ACTIVITIESThe company’s principal activities during the year continue to be the provision of catering and hospitality services.

FUTURE DEVELOPMENTSThe directors are pleased with the company’s overall performance and are confident that following significant investment in overheads the business is adequately structured to realise the benefits from the opportunities forecast for 2014.

BUSINESS REVIEWThe directors are delighted to announce that despite the challenging UK economy and the competitive nature of contract catering that the business grew by over 10% in 2013. Commensurate with the turnover growth our gross profits have also increased by over 10% enabling us to invest more capital to support the operation and its infrastructure and to invest more in training our staff:

• Turnover in 2013 grew to £303.5m, representing an increase of £27.6m on 2012. Our year on year growth has been under-pinned by winning several significant contracts in new market sectors, whilst also delivering solid growth in our existing contracts.

• In 2013 we worked with 351 clients and operated from over 670 locations.

• Our operating profit before other operating income rose by £1.3m to £19.8m.

• Profit before tax rose to £20.9m.

Our commercial success in 2013 has enabled us to continue to invest in our back office systems, technology and most importantly in our people through our investment in training programmes. We are resolute in our commitment to training and development of our staff at all levels as this approach is fundamental to BaxterStorey’s continuing success.

With net assets of £44m, £12.8m of cash on the balance sheet at the year-end and a healthy working capital position we are confident that we have the financial resources to sustain future growth.

PRINCIPAL RISKS AND UNCERTAINTIESThe directors recognise that the degree of exposure to certain risks and the business’s ability to manage those risks effectively will influence how successful the business is. The board of directors has significant experience in the sector, trading independently in the catering services industry in the United Kingdom since 1985 and prior to this time for larger corporates. Corporate governance, risk management and control systems have been continually developed by the company over these years. During 2013 a leading risk consulting practice was engaged to refine our processes in this area. The directors are therefore confident that the strategic, financial and health and safety risks faced by the group are identified and managed appropriately.

Strategic and financial risksThe board of directors meet four times a year to review the strategy of the business. The Chief Executive and Chief Financial Officer conduct formal monthly monitoring of performance with the key executives where actual performance is compared to budget and forecast. The business has designated levels of authority for all capital investments. The business finances its borrowings from commercial banks and subordinated long term loan notes, where covenants apply there is significant headroom. Cash flows are monitored on a daily basis with active cash and debt management ensuring borrowing levels and interest rates are minimised.

The audit committee, which includes a non-executive director, considers the adequacy and effectiveness of the risk management and control systems of the company and reports the results back to the board. It reviews the scope and results of the external audit, its cost effectiveness and the objectivity of the auditors. The audit committee considers the non-audit work performed by the auditors to help ensure that the independence of the auditors is maintained.

The directors present their strategic report for the 52 week period ended 27 December 2013.

STRATEGIC REPORT

33

Health and safetyThe board has appointed a risk management sub-committee headed by the Chairman along with one of our non-executive directors and Director of HSE to ensure our health, safety and hygiene systems comply fully with legislative requirements. We recognise that in most of our client premises, it is the catering facilities which present the greatest number of hazards and risks within the building. Many of these hazards e.g. slips and trips, machinery and manual handling, cannot be practicably avoided due to the nature of the work activity and must therefore be controlled by a safe system of work. To achieve this we operate a comprehensive and fully documented health and safety management system that exceeds current legislative requirements. We also insist our catering operations are independently audited on an annual basis by The European Safety Bureau, so as to give our clients an open and transparent view of our operations.

To give our clients added confidence in our safety management systems, we are also independently accredited to the SAFE Contractor Scheme and to the British Standards Institute (BSi) to OHSAS 18001:2007 & ISO 14001, which recognise the highest standards of safety, health and environmental performance in business. In 2013 we have improved our safety performance measure by achieving a 22% year on year reduction in RIDDOR reportable accidents even though we have experienced significant growth in our employee numbers. This measure puts us 18% below the industry average for RIDDOR reportable accidents.

Economic uncertaintyWe recognise the impact that the economy can have on our business. Our contract base is varied and covers both public and private sectors thus giving us greater ability to withstand economic downturns. Our contracts enable us to review pricing to reflect inflationary movements whilst we seek to ensure that the costs of our products, services and labour are kept to a minimum whilst retaining client choice and exceeding our service levels.

We believe in providing our clients with exceptional service and exceptional food whilst respecting their individuality and investing time and energy in getting to know them and understanding their needs.

PeopleThe remuneration committee which also includes a non-executive director determines and agrees the framework and policy for the general company and executive remuneration packages, including bonuses, share options, incentive awards and pension arrangements. 2013 saw the introduction of a new equity scheme allowing even more members of the team to have direct equity participation in our parent company.

We seek to retain our people through training, development and creating environments where they can develop their talents.

By order of the Board

MARC BRADLEYChief Financial Officer

STRATEGIC REPORT (continued)

34

DIRECTORS The directors who held office during the period and to the date of this report were as follows:

A STOREYChairman

M BRADLEYChief Financial Officer

C MAHONYCo-Chief Executive

J BENNETTCo-Chief Executive

S ESNERUK Sales Director

S FENNELLFinance Director

J WOODRegional Managing Director

M THOMASRegional Managing Director

S MILLERRegional Managing Director

R HOLROYDNon-Executive Director (resigned 15 November 2013)

L GRAHAMHR & Training Director (resigned 17 March 2014)

DIVIDENDS PAID There were no dividends paid or proposed during the period (2012: £47m).

STRATEGIC REPORT In accordance with Section 414C(11) of the Companies Act 2006, the principal risks and uncertainties and future developments of the group are included within the strategic report on page 7.

REORGANISATIONUntil 15 November 2013, Westbury Street Holdings Limited was the ultimate parent company of BaxterStorey Limited. On the 15 November 2013, Westbury Street Holdings Limited was acquired by WSH Hospitality Limited. As a result, Boxford Investments Limited became the ultimate and controlling parent company.

DIRECTORS’ ASSESSMENT OF GOING CONCERNAfter making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

EMPLOYEE INVOLVEMENTOur policy is to actively consult and discuss with our employees, through employee forums, union representation (where applicable) and at meetings, any matters likely to affect their interests.

Information on matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group’s performance.

The directors present their annual report for the 52 week period ended 27 December 2013.

DIRECTORS’ REPORT

35

POLITICAL AND CHARITABLE DONATIONSDirect donations to charities by the company in the period amounted to £1.1m (2012: £0.2m). The company made no political donations in the period (2012: £nil).

In order to galvanise our charitable activities we formed the BaxterStorey Foundation beneath the umbrella of our parent company’s charitable foundation, the WSH Foundation. The WSH Foundation was set up during 2008 to channel charitable funds towards local communities and charitable causes that are consistent with the company’s core values. Total funds raised to date by the Foundation stand at £1.5m. Historically the Foundation has raised the bulk of its funds from the Down to Earth coffee initiative, whereby a penny per cup of coffee sold by BaxterStorey is donated to the Foundation, and individual charitable events. However 2013 saw a considerable increase in charitable contributions including a donation out of operating profits of BaxterStorey Limited of more than £1m. The trustees of the Foundation include directors of BaxterStorey Limited.

Donations by the Foundation to date stand at £1.4m. In 2013, these included a donation of £1m to The House of St Barnabas, a charity in Soho that supports London’s homeless people back into work through employment with particular focus on training and development – a core principle of the BaxterStorey business. Other donations included £38,000 to Action Against Hunger and a continuation of donations to the ‘School Kitchen Garden Project’, a project that supports schools in establishing kitchen gardens in order to educate children on the importance of fresh food and provenance.

DISABLED PERSONSOur policy is to recruit disabled workers for those vacancies that they are able to fulfil with the required workplace adjustments. All necessary assistance with training is given.

Arrangements are made, wherever possible, for retraining employees who become disabled, to allow them to perform work which is appropriate to their aptitudes and abilities.

We are a member of the Business Disability Forum.

DISCLOSURE OF INFORMATION TO THE AUDITORSSo far as each person who was a director at the date of approving this report is aware, there is no relevant audit information, being information needed by the auditor in connection with preparing its report, of which the auditor is unaware. Having made enquiries of fellow directors and the group’s auditor, each director has taken all the steps that he/she is obliged to take as a director in order to have made himself/herself aware of any relevant audit information and to establish that the auditor is aware of that information.

AUDITORSPursuant to section 485 of the Companies Act 2006, the auditors will be reappointed and Ernst & Young LLP will therefore continue in office.

By order of the Board

M BRADLEYSecretary

Date: 13 May 2014

TVP2, 300 Thames Valley Park Drive, Reading, Berkshire RG6 1PT

Registered number 01962583

DIRECTORS’ REPORT (continued)

36

Company law requires the directors to prepare financial statements for each financial period. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for preparing the Strategic Report, the Directors’ Report and the financial statements in accordance with applicable law and regulations.

STATEMENT OF DIRECTORS’ RESPONSIBILITIES

37

We have audited the financial statements of BaxterStorey Limited for the 52 weeks ended 27 December 2013 which comprise the Profit and Loss Account, the Balance Sheet, and the related notes 1 to 25. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITORAs explained more fully in the Directors’ Responsibilities Statement set out on page 10, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). These standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors.

SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTSAn audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Directors’ report and financial statements to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

OPINION ON FINANCIAL STATEMENTSIn our opinion the financial statements:

• give a true and fair view of the state of the company’s affairs as at 27 December 2013 and of its profit for the period then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BAXTERSTOREY LIMITED

38

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006In our opinion the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTIONWe have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

Kevin Harkin (Senior statutory auditor)for and on behalf of Ernst & Young LLPStatutory AuditorReading

14 May 2014

Notes:

The maintenance and integrity of the BaxterStorey Limited web site is the responsibility of the directors; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the web site.

Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BAXTERSTOREY LIMITED(continued)

1.

2.

39

TurnoverCost of sales

Gross profitAdministrative expenses

Operating profit before other operating incomeOther operating income

Operating profit

Interest receivable and similar incomeInterest payable and similar charges

Profit on ordinary activities before taxation

Tax on profit on ordinary activities

Profit on ordinary activities after taxation

Note

2

3

78

4

9

20

52 week period ended

27 December 2013£’000

303,463(264,479)

38,984(19,190)

19,7941,141

20,935

13(15)

20,933

(932)

20,001

52 weekperiod ended

28 December 2012£’000

275,838(240,455)

35,383(16,928)

18,455-

18,455

12(17)

18,450

(1,937)

16,513

for the period ended 27 December 2013PROFIT & LOSS ACCOUNT

All results relate to continuing activities. The company had no recognised gains or losses other than the results stated above.

40

Fixed assetsIntangible fixed assetsTangible fixed assetsInvestments

Current assetsStocksDebtorsCash at bank and in hand

Creditors: amounts falling due within one year

Net current assets

Total assets less current liabilities

Creditors: amounts falling due after more than one year

Net assets

Capital and reservesCalled up share capitalShare premium accountProfit and loss account

Shareholder’s funds

Note

1011

12

1314

15

16

182020

21

27 December 2013£’000

16,4824,165

1

20,648

3,283150,31412,802

166,399

(118,484)

47,915

68,563

(24,318)

44,245

3209

44,033

44,245

28 December 2012£’000

16,6092,507

1

19,117

2,938130,597

7,139

140,674

(111,229)

29,445

48,562

(24,318)

24,244

3209

24,032

24,244

at 27 December 2013BALANCE SHEET

These financial statements were approved by the Board of Directors on 13 May 2014 and were signed on its behalf by:

M BRADLEYDirector

41

BASIS OF PREPARATIONThe financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards in the United Kingdom and with the Companies Act 2006.

The company prepares its financial statements to the closest Friday to 31 December each year. These financial statements are for the 52 week period ended 27 December 2013, with comparative values for the 52 week period ended 28 December 2012.

The company is exempt by virtue of section 401 of the Companies Act 2006 from the requirement to prepare group accounts. These financial statements present information about the company as an individual undertaking and not about its group.

As the company is a wholly owned subsidiary of Westbury Street Holdings Limited, the company has taken advantage of the exemption contained in Financial Reporting Standard 8 and has therefore not disclosed transactions or balances with entities which form part of the group. The consolidated financial statements of Westbury Street Holdings Limited and its subsidiaries can be obtained from TVP 2, 300 Thames Valley Park Drive, Reading, Berkshire RG6 1PT.

The most significant accounting policies, which have been applied consistently throughout the period, are described below.

CASH FLOW STATEMENTUnder Financial Reporting Standard 1 the company is exempt from the requirement to prepare a cash flow statement on the grounds that the parent undertaking includes the company in its own published consolidated financial statements.

REVENUE RECOGNITIONRevenue is recognised to the extent that the company obtains the right for consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding trade discounts, VAT and other sales taxes or duty.

GOODWILL Positive goodwill (representing the excess of the fair value of the consideration given over the fair value of the separable net assets acquired) arising from acquisitions since 1 January 1998 is capitalised. Positive goodwill is amortised on a straight line basis over its estimated useful life up to a presumed maximum of 20 years. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

TANGIBLE FIXED ASSETS AND DEPRECIATIONTangible fixed assets are stated at cost less accumulated depreciation and provision for impairment. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset evenly over their estimated useful economic life, as follows:

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

LEASING AND HIRE PURCHASE COMMITMENTSAssets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases are charged against income on a straight-line basis over the lease term.

Computer equipment

Fixtures, fittings and equipment

Motor vehicles

3 to 5 years straight line

3 to 7 years straight line

4 years straight line

–

–

–

NOTES TO THE FINANCIAL STATEMENTS1. ACCOUNTING POLICIES

42

INVESTMENTSFixed asset investments are stated at cost less provision for diminution in value.

STOCKStock is stated at the lower of cost and net realisable value.

PROVISIONS FOR LIABILITIESA provision is recognised when the company has a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefit will be required to settle the obligation.

PENSIONSThe company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The amount charged to the profit and loss account represents the contributions payable to the scheme in respect of the accounting period.

DEFERRED TAXATIONDeferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more or a right to pay less, tax in the future have occurred at the balance sheet date, with the following exception:

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

SHARE BASED PAYMENTSThe share option programme allows employees to acquire shares of Westbury Street Holdings Limited. The cost of equity-settled transactions with employees is measured by reference to the fair value at the date at which they are granted

and is recognised as an expense over the vesting period, which ends on the date on which the relevant employees become fully entitled to the award. Fair value is determined using an appropriate pricing model. In valuing equity-settled transactions, no account is taken of any vesting conditions, other than conditions linked to the price of the shares of the company (market conditions). No expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition, which are treated as vesting irrespective of whether or not the market condition is satisfied, provided that all other performance conditions are satisfied.

At each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and management’s best estimate of the achievement or otherwise of non-market conditions and of the number of equity instruments that will ultimately vest or in the case of an instrument subject to market condition, be treated as vesting as described above. The movement in cumulative expense since the previous balance sheet date is recognised in the profit and loss account.

Where the terms of an equity-settled award are modified, the cost based on the original award terms continues to be recognised over the original vesting period. In addition, an expense is recognised over the remainder of the new vesting period for the incremental fair value of any modification, based on the difference between the fair value of the original award and the fair value of the modified award, both as measured on the modification date. No reduction is recognised if this difference is negative.

FOREIGN EXCHANGETransactions denominated in foreign currencies are recorded at the exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date, or, where appropriate, at the rate of exchange in a related forward exchange contract. Any gain or loss arising from a change in exchange rates subsequent to the date of the transaction is included as an exchange gain or loss in the profit and loss account.

1. ACCOUNTING POLICIES (continued)

NOTES TO THE FINANCIAL STATEMENTS (continued)

43

Profit on ordinary activities is stated after charging:Amortisation (see Note 10)

Depreciation of tangible assets (see Note 11)- owned

Operating lease rentals- plant and machinery- land and buildings- other assets

Auditors’ remuneration

Turnover represents the amounts (excluding value added tax) derived from the provision of goods and services to customers. The turnover of the company for the period has been derived from its principal activity in the UK.

Other operating income is exceptional income in the period relating to the release of provisions which no longer meet the requirement of FRS12 Provisions, Contingent Liabilities and Contingent Assets.

2. TURNOVER

3. OTHER OPERATING INCOME

4. PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION

5. REMUNERATION OF DIRECTORS

Directors’ emoluments

Company contributions to money purchase pension schemes

Directors’ emoluments

The number of directors for whom retirement benefits are accruing under money purchase pension schemes amounted to 8 (2012: 9). At the balance sheet date, no directors held share options under the Westbury Street Holdings Limited long term incentive scheme (2012: 4). None of these are exercisable at the balance sheet date (2012: nil).

Emoluments disclosed above include the following amounts paid to the highest paid director:

2013£’000

1,240

1,580

157243556

50

2013£’000

1,234

75

1,309

2013£’000

210

2012£’000

1,107

1,173

100283594

43

2012£’000

1,299

76

1,375

2012£’000

227

44

The average monthly number of persons employed by the company (including directors) during the period, analysed by category, was as follows:

The aggregate payroll costs of these persons were as follows:

Included in wages and salaries is a total charge of share based payments of £5,428 (2012: £6,644), all of which arises from transactions accounted for as equity-settled share-based transactions.

6. STAFF NUMBERS AND COSTS

Office and management

Production

Wages and salaries

Social security costs

Other pension costs (see Note 17)

Bank interest

Other interest

Bank loans and overdrafts

2013

140

6,308

6,448

2013£’000

114,835

9,260

940

125,035

2013£’000

3

10

13

2013£’000

15

Number of Employees2012

122

5,669

5,791

2012£’000

105,887

8,638

639

115,164

2012£’000

1

11

12

2012£’000

17

7. INTEREST RECEIVABLE AND SIMILAR INCOME

8. INTEREST PAYABLE AND SIMILAR CHARGES


45

9. TAXATION

a) TAX ON PROFIT ON ORDINARY ACTIVITIES

UK Corporation tax

Current tax on income for the period

Adjustments in respect of prior periods

Total current tax charge

Deferred tax

Origination and reversal of timing differences current period

Origination and reversal of timing differences prior period

Effect of decreased tax rate on opening asset

Total deferred tax credit

Tax on profit on ordinary activities

Profit on ordinary activities before taxation

Tax on profit on ordinary activities in the period at the standardrate of corporation tax of 23.5% (2012: 24.5%)

Deduction in respect of share options exercised

Expenses non deductible for tax purposes

Depreciation in excess of capital allowances

Other short-term timing differences

Group relief

Adjustment in respect of prior periods

Total current tax charge

b) FACTORS AFFECTING CURRENT TAX CHARGE IN THE PERIOD

The tax for the period is lower than (2012: lower) the standard rate of corporation tax of 23.5% (2012: 24.5%). The differences are explained below:

2013£’000

-

1,018

1,018

(218)

81

51

(86)

932

2013£’000

20,935

4,920

(1,932)

306

211

53

(3,558)

1,018

1,018

2012£’000

1,670

308

1,978

(73)

(16)

48

(41)

1,937

2012£’000

18,450

4,520

-

302

21

43

(3,216)

308

1,978

46

c) DEFERRED TAX

Deferred tax asset at beginning of the period

Credit to the profit and loss account for the period

Deferred tax asset end of the period

The amounts provided under FRS 19 ‘Deferred tax’ are set out below:

Deferred tax

Arising on difference between accumulated depreciation and capital allowances

Other short term timing differences

Deferred tax asset – (See Note 14)

d) FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

The Finance Act 2013, which provides for reductions in the main rate of corporation tax from 23% to 21% effective from 1 April 2014 and to 20% effective from 1 April 2015, was substantially enacted on 2 July 2013. These rate reductions have been reflected in the calculation of deferred tax at the balance sheet date.

2013£’000

589

86

675

2013£’000

540

135

675

2012£’000

548

41

589

2012£’000

574

15

589

9. TAXATION (continued)


47

10. INTANGIBLE FIXED ASSETS

Cost

At 28 December 2012

Additions in the period

At 27 December 2013

Amortisation

At 28 December 2012

Charge for period

At 27 December 2013

Net book valueAt 27 December 2013

At 28 December 2012

Goodwill

£’000

22,145

-

22,145

5,536

1,107

6,643

15,502

16,609

Software Development

£’000

-

1,113

1,113

-

133

133

980

-

Total Group

£’000

22,145

1,113

23,258

5,536

1,240

6,776

16,482

16,609

11. TANGIBLE FIXED ASSETS

Cost

At 28 December 2012

Additions

At 27 December 2013

Depreciation

At 28 December 2012

Charge for period

At 27 December 2013

Net book valueAt 27 December 2013

At 28 December 2012

Motor vehicles

£’000

37

-

37

37

-

37

-

-

Computerequipment

£’000

2,751

380

3,131

2,307

287

2,594

537

444

Total

£’000

10,006

3,238

13,244

7,499

1,580

9,079

4,165

2,507

Fixtures, fittings and equipment

£’000

7,218

2,858

10,076

5,155

1,293

6,448

3,628

2,063

48

12. INVESTMENTS IN GROUP UNDERTAKINGS

Cost and net book valueAt beginning and end of the period

The investments in which the company’s interest at the period end is greater than 20% are as follows:

*Indirect subsidiaries.

Shares in group undertakings

£’000

1

Subsidiary undertakings

Portico Corporate Reception Management Limited

BaxterStorey Ireland Limited

BaxterStorey Scotland Limited

BaxterStorey Norway A.S.*

BaxterStorey France S.A.S.*

Principal activity

Reception services

Catering services

Catering services

Catering services

Catering services

Class and percentage

of shares held

100% ordinary

100% ordinary

100% ordinary

100% ordinary

100% ordinary

Country of incorporation

UK

ROI

UK

Norway

France

13. STOCKS

14. DEBTORS

Finished goods and goods for resale

Trade debtors

Amounts owed by group undertakings

Corporation tax

Deferred tax asset

Other debtors

Prepayments and accrued income

2013£’000

3,283

2013£’000

25,935

109,329

3,063

675

462

10,850

150,314

2012£’000

2,938

2012£’000

24,120

95,692

-

589

36

10,160

130,597


49

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Amounts owed to group undertakings

The amounts owed to group undertakings do not attract an interest charge.

Trade creditors

Amounts owed to group undertakings

Corporation tax

Other taxes and social security costs

Other creditors

Accruals and deferred income

2013£’000

24,318

2013£’000

31,635

53,844

-

10,232

10,640

12,133

118,484

2012£’000

24,318

2012£’000

25,120

54,492

802

9,903

8,921

11,991

111,229

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charge to the profit and loss account represents contributions payable by the company to the fund and amounted to £940,464 for the period ended 27 December 2013 (2012: £639,156).

Contributions amounting to £367,954 (2012: £141,947) were payable to the scheme at the period end and are included within other creditors.

17. PENSION SCHEME

50

18. CALLED UP SHARE CAPITAL

19. DIVIDENDS

20. SHARE PREMIUM AND RESERVES

21. RECONCILIATION OF MOVEMENTS IN SHAREHOLDER’S FUNDS

Allotted, called up and fully paid3,162 ordinary shares of £1 each

Declared and paid during the yearDividends paid: £nil (2012:£14,864.01 per share)

Total dividends paid

At beginning of period

Profit for the period

At end of period

Opening shareholder’s funds

Profit for the period

Dividends paid

Closing shareholder’s funds

2013£’000

3

2013£’000

-

-

Sharepremium

£’000

209

-

209

2013£’000

24,244

20,001

-

44,245

2012£’000

3

2012£’000

47,000

47,000

Profit andloss account

£’000

24,032

20,001

44,033

2012£’000

54,731

16,513

(47,000)

24,244


51

Share based paymentsThe group operates two share option schemes which allows employees to acquire shares in other group companies. Depending on the nature of the option granted, schemes in place during the year allowed certain employees to acquire either Ordinary Shares in Westbury Street Holdings Limited, or Preferred Ordinary Shares in Westbury Street Holdings Limited or Boxford Investments Limited. Beneficiaries may only exercise the share options following the 3rd anniversary of the grant of the options, and may exercise in full by the 10th anniversary of the grant. Further details are given below.

Options over Ordinary SharesDuring the year the following grants of options over Ordinary Shares in Westbury Street Holdings Limited were in place:

On the 15 November 2013, as part of the wider restructuring of the group, conditions were met within the option scheme rules allowing certain of the option holders to exercise their options. On 15 November 2013, 108,960 options were exercised at a market value of £33.72 per share.

Those options not held for three years were rolled into options over Preferred Ordinary Shares in Boxford Investments Limited, the ultimate parent company.

At the Balance Sheet date there were therefore no grants of options outstanding over Ordinary Shares in any group company.

Grant date/ Employees entitled/ nature of scheme

Equity-settled award to 35 employees granted by Westbury Street Holdings Limited on 11 April 2008

Equity-settled award to 1 employee granted by Westbury Street Holdings Limited on 16 July 2008

Equity-settled award to 12 employees granted by Westbury Street Holdings Limited on 17 May 2009

Equity-settled award to 16 employees granted by Westbury Street Holdings Limited on 18 March 2010

Options held for 3 or more years

Equity-settled award to 44 employees granted by Westbury Street Holdings Limited on 28 June 2011

Equity-settled award to 16 employees granted by Westbury Street Holdings Limited on 27 June 2012


Options held for less than 3 years

Options exercised in the period

Options rolled into options over preferred ordinary shares in Boxford Investments Limited

Contractuallife of options

10 April 2018

15 July 2018

16 May 2019

17 March 2020

27 June 2021

26 June 2022

1 May 2023

Vesting conditions

See below

See below

See below

See below

See below

See below

See below

See below

See below

Number of instruments

48,602

7,000

42,900

10,458

108,960

25,540

7,550

20,986

54,076

(108,960)

(54,076)

-

22. EMPLOYEE SHARE SCHEMES

52

Options over Preferred Ordinary SharesDuring the year the following grants of options over Preferred Ordinary Shares in Westbury Street Holdings Limited and other group companies were in place:

On the 15 November 2013, as part of the wider restructuring of the group, conditions were met within the option scheme rules allowing certain of the option holders to exercise their options. On 15 November 2013, 3,983,577 options were exercised at a market value of £33.72 per share .

Those options not held for three years were rolled into options over Preferred Ordinary Shares in Boxford Investments Limited, the ultimate parent company. The Preferred Ordinary Shares in Boxford Investments Limited differ from the Westbury Street Holdings Limited Ordinary Shares by having a dividend entitlement (assuming certain conditions are met) of 6% per annum. Other than the dividend rights, the Preferred Ordinary Shares have no right to participate in the profits of Boxford Investments Limited.

The number and weighted average exercise prices of share options are as follows:

Grant date/ Employees entitled/nature of schemeEquity-settled award to 35 employees granted by Westbury Street Holdings Limited on 11 April 2008

Equity-settled award to 1 employee granted by Westbury Street Holdings Limited on 16 July 2008


Equity-settled award to 16 employees granted by Westbury Street Holdings Limited on 18 March 2010

Options exercised in the period

Equity-settled award to 73 employees rolled over to Boxford Investments Limited on 15 November 2013

Outstanding at start of periodGranted during the periodForfeited during the periodTransferred during the periodExercised during the period

Outstanding at the end of the period

Exercisable at the end of the period

Contractuallife of options

10 April 2018

15 July 2018

16 May 2019

17 March 2020

27 June 2021- May 2023

2012Number

of options

4,287,3577,750

(101,152)274,714

-

4,468,699

-

Vesting conditions

See below

See below

See below

See below

See below

2012Weighted

average exercise price

£

0.042.660.060.03

-

0.04

-

Number of instruments

1,776,889

255,920

1,568,424

382,344

(3,983,577)

54,076

54,076

2013Number

of options

4,468,66920,986

(343,041)-

(4,092,538)

54,076

-

2013Weighted

average exercise

price£

0.0410.770.07

-0.03

5.02

-

22. EMPLOYEE SHARE SCHEMES (continued)


53

The fair value of equity settled share options granted are measured by reference to the fair value of share options granted. The estimate of the fair value of the services received is measured based on a Black Scholes model.

For the options modified in the period, the fair value of each of the original awards was measured on the modification date of 15 November 2013 based on a Black Scholes model using the assumptions below for each grant date. The fair value of the modified award was measured on the modification date using an expected value basis, applying a discount rate of 0.5%. As there was no material change in value as a result of the modification, no adjustment has been recognised.

The total expenses recognised for the period arising from share based payments are as follows:

For the options granted in the period, the following assumptions have been used:

Fair value at measurement date (2 May 2013)Weighted average share price

Exercise price

Expected share price volatility

Option life

Dividend yield

Risk free interest rate (based on national government bonds)

Equity settled share based payments

2012

£2.86£2.66£2.66

64.66%5 yrs

0%2%

2012£’000

7

2013

£2.72£10.77£10.7722.5%

6.5 yrs0%

1.05%

2013£’000

5

22. EMPLOYEE SHARE SCHEMES (continued)

Assumptions for fair value of original award using Black Scholes

Weighted average share price on 15 November 2013

Exercise price on grant date

Expected share price volatility

Option life

Dividend yield

Risk free interest rate (based on national government bonds)

Fair value of original award on rollover date

Assumptions for fair value of modified award using Expected Value

Share price at award of modified option

Exercise price

Fair value of modified award on rollover date

28 June2011

£33.72

£1.00

22.5%

6 yrs

0%

1.96%

£32.83

£33.72

£1.00

£31.76

27 June2012

£33.72

£2.66

22.5%

6 yrs

0%

1.96%

£31.36

£33.72

£2.66

£30.14

Grant date of original award2 May

2013

£33.72

£10.77

22.5%

6 yrs

0%

1.96%

£24.18

£33.72

£10.77

£22.27

54

At 28 December 2013, the company had annual commitments under non-cancellable operating leases as follows:

The loans within WSH Hospitality Limited, an intermediate parent entity, are secured against the assets of its UK-based trading subsidiaries, including BaxterStorey Limited.

Until 15 November 2013, Westbury Street Holdings Limited was the ultimate parent company of the group. On the 15 November 2013, Westbury Street Holdings Limited was acquired by WSH Hospitality Limited. As a result, Boxford Investments Limited became the ultimate and controlling parent company. The smallest undertaking which consolidates these financial statements is Westbury Street Holdings Limited. These can be obtained from Westbury Street Holdings Limited, TVP 2, 300 Thames Valley Park Drive, Reading, Berkshire, RG6 1PT.

Expiry date:

Within one year

Between 2 and 5 years

More than 5 years

Total

£’000

115

714

334

1,163

Land and buildings

£’000

-

20

334

354

Other

£’000

128

606

-

734

Other

£’000

115

694

-

809

Total

£’000

143

606

334

1,083

Land and buildings

£’000

15

-

334

349

2013 2012

23. FINANCIAL COMMITMENTS

24. GUARANTEES

25. ULTIMATE PARENT UNDERTAKING OF LARGER GROUP OF WHICH THE COMPANY IS A MEMBER


TVP 2300 Thames Valley Park DriveReading, BerkshireRG6 1PT

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