41 – Retirement benefit schemes
42 – Contingent liabilities
Notes to the company financial statements
Keepmoat . com 79
41 – Retirement benefit schemes
Hybrid group pension scheme
The Company operates a defined contribution pension plan , the Keepmoat Limited Group Pension Plan (“ KPP ”), with assets held in independently administered funds . Some members of the KPP have a defined benefit promise , which , is separate to the benefits payable by the KPP , being an arrangement between Keepmoat Limited and the applicable employees . See note 22 for full details and disclosures of the hybrid scheme .
Defined contribution schemes
The pension cost charged to the income statement in respect of the defined contribution scheme during the year was £ 293,000 ( 2017 : £ 292,000 ) representing contributions payable in the year . Contributions due to the Keepmoat Group Pension Plan at the period end were £ 19,000 ( 2017 : £ nil ).
42 – Contingent liabilities
The Company has entered into performance guarantees in the normal course of business which , at 31 March 2018 , amounted to £ nil ( 2017 : £ 1.3m ). In the opinion of the directors , no loss will arise in respect of these guarantees .
The Company has given guarantees in respect of the bank borrowings in addition to performance and other guarantees . At 31 March 2018 the Group had bank borrowings under the revolving credit facility of £ 37,500,000 ( 2017 : £ 5,000,000 ) and bank overdrafts of £ 1,868,000 ( 2017 : £ 20,561,000 ). The guarantees are in the form of a floating charges over the assets of certain Group companies .
The Company is party to the Keystone Midco Limited Group (“ Midco Group ”) senior facility agreement whereby the Midco Group has a revolving credit facility with a maximum facility of £ 75,000,000 . At 31 March 2018 the Midco Group was in a net cash position ( 2017 : net cash position ).