REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Financial Statements |
for the Period |
30 January 2022 to 28 January 2023 |
for |
Oldrid & Co.,Limited |
REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Financial Statements |
for the Period |
30 January 2022 to 28 January 2023 |
for |
Oldrid & Co.,Limited |
Oldrid & Co.,Limited (Registered number: 00284283) |
Contents of the Financial Statements |
for the Period 30 January 2022 to 28 January 2023 |
Page |
Company Information | 1 |
Chairperson's Statement | 2 |
Strategic Report | 5 |
Report of the Directors | 6 |
Report of the Independent Auditors | 8 |
Income Statement | 12 |
Other Comprehensive Income | 14 |
Statement of Financial Position | 15 |
Statement of Changes in Equity | 17 |
Statement of Cash Flows | 18 |
Notes to the Statement of Cash Flows | 19 |
Notes to the Financial Statements | 21 |
Oldrid & Co.,Limited |
Company Information |
for the Period 30 January 2022 to 28 January 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Newland House |
The Point |
Weaver Road |
LINCOLN |
Lincolnshire |
LN6 3QN |
BANKERS: |
53-54 Market Place |
BOSTON |
Lincolnshire |
PE21 6LS |
Oldrid & Co.,Limited (Registered number: 00284283) |
Chairperson's Statement |
for the Period 30 January 2022 to 28 January 2023 |
Trading |
Having successfully navigated the coronavirus pandemic and put the business in the best possible position to trade into the future, the year ending January 2023 was the first uninterrupted trading year since the pandemic with all retail stores fully open. |
However, global events throughout 2022 presented a further set of headwinds for the business, including a cost-of-living crisis, increasing inflation, an unprecedented increase in energy costs as well as significant increases in raw materials. |
The management team have implemented a number of initiatives to reduce the use of energy across the business. There has also been a focus on maintaining margins whilst remaining competitive as supplier costs have increased throughout the period. |
A further impact on the business resulted from the renegotiation of the sale price of the Strait Bargate property in Boston which created a write down of £1,000,000. This exceptional item has resulted in the Company reporting an overall loss of £968,971. However, on a continuing operating basis the Company reported a profit of £31,029. |
Online |
The Online business has experienced challenging trading compared to prior years which reflects customers returning to physical stores. We have continued to refine our Online operation which has included moving to a new platform and a change of domain name to downtownstores.co.uk. |
Financial Key Performance Indicators |
28 January 2023 | 29 January 2022 |
Turnover | £28,171,281 | £26,030,696 |
Gross Margin | £11,480,196 | £10,174,846 |
Gross Margin % | 40.75 | 39.09 |
Creditor days | 29 | 50 |
Stock days | 108 | 102 |
Average number of employees FTE |
253 |
282 |
Downtown Grantham Designer Outlet |
The Board has continued to progress the plans for the redevelopment and regeneration of our Grantham site, including the proposed construction of Downtown Grantham Designer Outlet. Planning consent was granted by the Local Authority in April 2022. |
Capital Expenditure |
Capital expenditure for the year totalled £222,223 (£448,266 LY). The Board has continued to look for opportunities to dispose of non-core assets, and to acquire strategically important land adjacent to our Grantham site in order to protect the future potential of this asset. |
Oldrid & Co.,Limited (Registered number: 00284283) |
Chairperson's Statement |
for the Period 30 January 2022 to 28 January 2023 |
Pension Scheme |
The pension scheme showed a surplus under FRS 102 of £6.1 million (£8.0 million LY). This surplus has been recognised due to its material nature and because the Company was not required to make any contributions to the scheme during the year. As was the case last year, the Company will not be required to make any additional contributions to the pension scheme. |
Board of Directors |
There were no changes to the Board during the year. |
Dividend |
The Board continues to propose not to pay a dividend. |
Principal Risks and Uncertainties |
The Company's core activity is retail. In common with many businesses carrying out similar activities, the principal risks and uncertainties it faces are consumer spending downturn and retail competition. |
The company continues to experience on going pressures in terms of increasing labour costs. The business continues to respond to changing market conditions and to restructure our operations to drive business efficiencies and profitability. |
Greenhouse Gas Emissions, energy consumption and energy efficiency action |
In line with the UK Government's Streamlined Energy & Carbon Reporting (SECR) framework, the table below shows the Company's operational energy and carbon footprint. Electricity, gas and water usage is metered. Vehicle fuel usage was calculated using details of fuel usage and deliveries to the warehouse. Wastage has been confirmed through tonnes collected. Electricity, gas, water, fuel and wastage have been converted to CO2e using recognised conversion factors. |
28 January 2023 | 29 January 2022 |
Energy consumption breakdown; |
Electricity (kWh) | 3,733,513 | 3,407,219 |
Gas (kWh) | 1,686,129 | 2,054,563 |
Water usage (m3) | 3,189 | 4,704 |
Transport (litres) | 36,506 | 38,659 |
Transport passenger (miles) | 30,643 | 71,964 |
Waste (tonnes) | 425 | 342 |
Emissions in tonnes of carbon dioxide equivalent (CO2e) |
Electricity | 722.0 | 723.5 |
Gas | 310.2 | 376.3 |
Water usage | 0.5 | 0.7 |
Transport | 98.5 | 104.6 |
Transport passenger | 8.7 | 20.4 |
Waste | 198.5 | 159.8 |
Total Gross CO2e | 1,338.4 | 1,385.3 |
Oldrid & Co.,Limited (Registered number: 00284283) |
Chairperson's Statement |
for the Period 30 January 2022 to 28 January 2023 |
Intensity ratio: kgCO2e/£Turnover per square foot | 3.2 | 2.9 |
Stakeholder Engagement |
The Board promotes the success of the Company under section 172 (1) of the Companies Act 2006 in a number of ways. |
The Board engage with employees both directly when in the stores and via the wider leadership team. |
The Board meet with shareholders at shareholder forum meetings three times a year. |
There is regular communication with both employees and shareholders via the issuing of Company bulletins. The Company is a member of a number of different buying groups which meet and exchange information regularly with suppliers. The Company monitors customer satisfaction via customer surveys and feedback via a number of channels. The Board actively engage with the community and local organisations and the Company supports a number of local charities chosen by the employees. |
Summary and Outlook |
It was another challenging year for the Company, with significant headwinds as a consequence of global events. The Company has returned an operating profit on continuing operations which would have been significantly more were it not for the unprecedented increases in the cost of energy. |
Overall, the Company has a robust balance sheet and strong reserves and the Directors are confident that there are no going concern issues. |
Oldrid & Co.,Limited (Registered number: 00284283) |
Strategic Report |
for the Period 30 January 2022 to 28 January 2023 |
The directors present their strategic report for the period 30 January 2022 to 28 January 2023. |
REVIEW OF BUSINESS |
A review of the business is included within the Chairperson's Statement and assesses financial risk. |
ON BEHALF OF THE BOARD: |
24 May 2023 |
Oldrid & Co.,Limited (Registered number: 00284283) |
Report of the Directors |
for the Period 30 January 2022 to 28 January 2023 |
The directors present their report with the financial statements of the company for the period 30 January 2022 to 28 January 2023. |
PRINCIPAL ACTIVITIES |
The principal activities of the company in the period under review were those of non-food retail distribution with restaurant, garden centre and travel shop. The subsidiary companies are dormant and have no activities. |
DIVIDENDS |
There were no dividends paid or proposed. |
FUTURE DEVELOPMENTS |
A review of future developments is included within the Chairperson's statement. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 30 January 2022 to the date of this report. |
EMPLOYMENT POLICY |
The average number of persons employed (partners) in the company (including directors) during the period was 122 (2022 - 134) full-time and 231 (2022 - 265) part-time, (excluding those in leased departments) and their aggregate remuneration including NI was £6,570,843 (2022 - £6,551,798). |
The average number of full time equivalent employees during the year were 253 (2022 - 282). |
The welfare, health and safety of all employees is actively promoted by the provision of good facilities, and their motivation by training, consultation and participation in the company's results, given through performance. |
The defined contribution pension scheme takes in all employees including part-timers and cost the company £190,144 (2022 - £192,758) in the period. The defined benefit pension scheme cost to the company is £162,700 (2022 - £105,511). |
The company is committed to its equal opportunities policies, which include promoting training and career development for all partners. Full and fair consideration for all vacancies will be given to men and women, people with disabilities and those from ethnic minorities, regardless of marital status, age, religion or sexual orientation. |
Oldrid & Co.,Limited (Registered number: 00284283) |
Report of the Directors |
for the Period 30 January 2022 to 28 January 2023 |
DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Nicholsons Audit (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Oldrid & Co.,Limited |
Opinion |
We have audited the financial statements of Oldrid & Co.,Limited (the 'company') for the period ended 28 January 2023 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 28 January 2023 and of its loss 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. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Annual Report, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Report of the Independent Auditors to the Members of |
Oldrid & Co.,Limited |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We 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. |
Responsibilities of directors |
As explained more fully in the Directors' Responsibilities Statement set out on page seven, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Oldrid & Co.,Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (Financial Reporting Standards and the Companies Act 2006) and the relevant company tax compliance. |
We understood how the company is complying with those frameworks by making enquiries of management and those charged with governance, and we corroborated our enquiries by reviewing board minutes and reviewing third party correspondence, including any correspondence with HMRC and Companies House. |
We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur by meeting with management to understand where they considered there was susceptibility to fraud. We considered the controls the company has established to address risks identified, or that otherwise prevent, deter and detect fraud and also reviewed how these had operated in the year. |
Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk along with procedures to identify non-compliance with such laws and regulations identified in the paragraphs above along with areas where management override of controls may be relevant. These procedures included assessing the appropriateness of presentation of separately disclosed items with a focus on manual journals and journals indicating large or unusual transactions based on our understanding of the company. These procedures were designed to provide reasonable assurance that the financial statements were free from material fraud or error. |
We considered the risks associated with completeness of income, stock valuation, completeness of creditors and property valuations along with accounting estimates. Due to the potential impact on the accounts, additional work was targeted in these areas. |
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The audit was planned to ensure that the more complex areas were performed by more experienced members of the audit team and there were no areas of the audit which were considered to require external experts to be appointed by the audit team. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
Report of the Independent Auditors to the Members of |
Oldrid & Co.,Limited |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
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 a Report of the Auditors 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. |
for and on behalf of |
Newland House |
The Point |
Weaver Road |
LINCOLN |
Lincolnshire |
LN6 3QN |
Oldrid & Co.,Limited (Registered number: 00284283) |
Income Statement |
for the Period 30 January 2022 to 28 January 2023 |
2023 | 2023 | 2023 |
Continuing | Discontinued | Total |
Notes | £ | £ | £ |
TURNOVER | 28,171,281 | - | 28,171,281 |
Cost of sales | (16,691,085 | ) | - | (16,691,085 | ) |
GROSS PROFIT | 11,480,196 | - | 11,480,196 |
Administrative expenses | (12,601,411 | ) | (1,000,000 | ) | (13,601,411 | ) |
(1,121,215 | ) | (1,000,000 | ) | (2,121,215 | ) |
Other operating income | 3 | 1,317,091 | - | 1,317,091 |
OPERATING PROFIT/(LOSS) | 5 | ( |
) | ( |
) |
Interest receivable and similar income |
69,061 |
- |
69,061 |
Gain/loss on revaluation of assets | - | - | - |
Interest payable and similar expenses |
6 |
(232,908 |
) |
- |
(232,908 |
) |
Other finance costs | 22 | (1,000 | ) | - | (1,000 | ) |
PROFIT/(LOSS) BEFORE TAXATION |
31,029 |
(1,000,000 |
) |
( |
) |
Tax on profit/(loss) | 7 | - | - | - |
PROFIT/(LOSS) FOR THE FINANCIAL PERIOD |
31,029 |
(1,000,000 |
) |
( |
) |
Oldrid & Co.,Limited (Registered number: 00284283) |
Income Statement |
for the Period 30 January 2022 to 28 January 2023 |
2022 | 2022 | 2022 |
Continuing | Discontinued | Total |
Notes | £ | £ | £ |
TURNOVER | 25,585,810 | 444,886 | 26,030,696 |
Cost of sales | (15,433,404 | ) | (422,446 | ) | (15,855,850 | ) |
GROSS PROFIT | 10,152,406 | 22,440 | 10,174,846 |
Administrative expenses | (10,862,986 | ) | (358,116 | ) | (11,221,102 | ) |
(710,580 | ) | (335,676 | ) | (1,046,256 | ) |
Other operating income | 3 | 1,641,959 | 296,400 | 1,938,359 |
OPERATING PROFIT/(LOSS) | 5 | ( |
) |
Interest receivable and similar income |
43,098 |
- |
43,098 |
Gain/loss on revaluation of assets | - | - | - |
Interest payable and similar expenses |
6 |
(244,974 |
) |
- |
(244,974 |
) |
Other finance costs | 22 | (1,000 | ) | - | (1,000 | ) |
PROFIT/(LOSS) BEFORE TAXATION |
728,503 |
(39,276 |
) |
Tax on profit/(loss) | 7 | - | - | - |
PROFIT/(LOSS) FOR THE FINANCIAL PERIOD |
728,503 |
(39,276 |
) |
Oldrid & Co.,Limited (Registered number: 00284283) |
Other Comprehensive Income |
for the Period 30 January 2022 to 28 January 2023 |
Period | Period |
30.1.22 | 31.1.21 |
to | to |
28.1.23 | 29.1.22 |
Notes | £ | £ |
(LOSS)/PROFIT FOR THE PERIOD | ( |
) |
OTHER COMPREHENSIVE INCOME |
Pension scheme actuarial gain/(loss) | ( |
) |
Effect of limit on recognisable surplus |
Experience gain/(loss) on liabilities | ( |
) |
Changes to demographic assumptions |
Income tax relating to components of other comprehensive income |
OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX |
( |
) |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
( |
) |
Oldrid & Co.,Limited (Registered number: 00284283) |
Statement of Financial Position |
28 January 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
Investments | 10 |
Investment property | 11 |
CURRENT ASSETS |
Inventories | 12 |
Debtors | 13 |
Investments | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
PENSION ASSET | 22 |
NET ASSETS |
Oldrid & Co.,Limited (Registered number: 00284283) |
Statement of Financial Position - continued |
28 January 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Share premium | 21 |
Treasury stock | 21 | ( |
) | ( |
) |
Pension reserve | 21 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Oldrid & Co.,Limited (Registered number: 00284283) |
Statement of Changes in Equity |
for the Period 30 January 2022 to 28 January 2023 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 31 January 2021 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 29 January 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) | - |
Balance at 28 January 2023 |
Treasury | Pension | Total |
stock | reserve | equity |
£ | £ | £ |
Balance at 31 January 2021 | ( |
) |
Changes in equity |
Total comprehensive income |
Balance at 29 January 2022 | ( |
) |
Changes in equity |
Total comprehensive income | ( |
) | ( |
) |
Balance at 28 January 2023 | ( |
) |
Oldrid & Co.,Limited (Registered number: 00284283) |
Statement of Cash Flows |
for the Period 30 January 2022 to 28 January 2023 |
Period | Period |
30.1.22 | 31.1.21 |
to | to |
28.1.23 | 29.1.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New loans during year |
Loan repayments in year | ( |
) | ( |
) |
Compound interest and dividends | - | 407 |
Finance lease | ( |
) |
Government Grants |
Net cash from financing activities | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of period |
2 |
1,557,058 |
Cash and cash equivalents at end of period |
2 |
3,446,724 |
3,808,502 |
Oldrid & Co.,Limited (Registered number: 00284283) |
Notes to the Statement of Cash Flows |
for the Period 30 January 2022 to 28 January 2023 |
1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period | Period |
30.1.22 | 31.1.21 |
to | to |
28.1.23 | 29.1.22 |
£ | £ |
(Loss)/profit before taxation | (968,971 | ) | 689,227 |
Depreciation charges |
Loss/(profit) on disposal of fixed assets | ( |
) |
Pension charges | 134,000 | 76,000 |
Investment adjustment | 1,424 | 5,525 |
Government grants | ( |
) |
Finance costs | 233,908 | 245,974 |
Finance income | (69,061 | ) | (43,098 | ) |
809,272 | 848,896 |
(Increase)/decrease in inventories | ( |
) |
Decrease in trade and other debtors |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Period ended 28 January 2023 |
28.1.23 | 30.1.22 |
£ | £ |
Cash and cash equivalents | 3,446,724 | 3,808,502 |
Period ended 29 January 2022 |
29.1.22 | 31.1.21 |
£ | £ |
Cash and cash equivalents | 3,808,502 | 1,557,058 |
Oldrid & Co.,Limited (Registered number: 00284283) |
Notes to the Statement of Cash Flows |
for the Period 30 January 2022 to 28 January 2023 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 30.1.22 | Cash flow | At 28.1.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 3,808,502 | (361,778 | ) | 3,446,724 |
3,808,502 | ( |
) | 3,446,724 |
Liquid resources |
Current asset investments | - | 200,000 | 200,000 |
- | 200,000 | 200,000 |
Debt |
Debts falling due within 1 year | (380,300 | ) | (3,985,802 | ) | (4,366,102 | ) |
Debts falling due after 1 year | (5,569,568 | ) | 4,294,568 | (1,275,000 | ) |
(5,949,868 | ) | 308,766 | (5,641,102 | ) |
Total | (2,141,366 | ) | 146,988 | (1,994,378 | ) |
Oldrid & Co.,Limited (Registered number: 00284283) |
Notes to the Financial Statements |
for the Period 30 January 2022 to 28 January 2023 |
1. | STATUTORY INFORMATION |
Oldrid & Co.,Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
Preparation of consolidated financial statements |
The financial statements contain information about Oldrid & Co Limited as an individual company and do not contain consolidated financial information as the parent of a group on the basis that the two dormant subsidiaries are immaterial. |
Oldrid & Co.,Limited (Registered number: 00284283) |
Notes to the Financial Statements - continued |
for the Period 30 January 2022 to 28 January 2023 |
2. | ACCOUNTING POLICIES - continued |
Critical accounting judgements and key sources of estimation uncertainty |
Estimates and judgements are continually evaluated by the directors and are based on historical experience and other relevant factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Tangible fixed asset lives and residual values |
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. Judgement is applied in determining the residual values of fixed assets by assessing the amount that the company would currently obtain for disposing of the asset in the condition it is expected to be in at the end of its useful life. The estimation of useful lives is based on historic performance as well as expectations about future use. Useful lives are reviewed to reflect current estimates of technological advancement, future investment policy, economic utilisation and the physical condition of the asset. |
Tangible fixed assets acquired on finance agreements are depreciated over the lease term even when the intention is to use them for a longer period. The estimate of residual value at the end of the lease is based on what the depreciated amount would have been at this date if the asset was depreciated over its useful life using a residual value at the end of its useful life. |
The properties included in tangible fixed assets are considered for impairment and where indicators of an impairment is identified value in use calculations are carried out to ensure that the value in the accounts is appropriate. |
Investment properties |
The directors use the rental yield basis taking into account the length of the leases and the rent review breaks to ascertain the fair value of the investment properties. |
Defined benefit pension scheme |
The company has obligations to pay pension benefits to employees within the scheme. The cost of these benefits and the present value of the obligation depend on various factors including; life expectancy, salary increases, asset valuations and the discount rate on corporate bonds. These factors are estimated in determining any net pension obligation and assumptions made reflect historical experience and current trends. |
Oldrid & Co.,Limited (Registered number: 00284283) |
Notes to the Financial Statements - continued |
for the Period 30 January 2022 to 28 January 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable and represents net invoiced sales of goods and commissions on concessions in the normal course of business, excluding value added tax and trade and staff discounts. Cash turnover is recognised at the point of sale, non cash turnover is recognised at the point of delivery of the goods. Any customer deposits received on the sale of goods are included in other creditors. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Amortisation is provided at rates, calculated to write off the cost less residual value of each asset over its expected useful life, as follows: |
Intangible assets (non goodwill) - 20% on straight line |
Tangible fixed assets |
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows: |
Freehold properties | - | Value less residual value over 50 years |
Fixtures and fittings | - | 5%, 7.5 %, 10%, 15%, 5 and 15 years on straight line |
Computers | - | 4 or 6 years on straight line |
Cars | - | 20% on straight line |
Vans and lorry boxes | - | 25% on straight line |
Cars and vans have been shown together as Motor vehicles in the fixed assets note (Note 9). All other equipment, fixtures and computers have been shown together as Fixtures and fittings. |
Fixtures and fittings, Computers and Motor vehicles are stated at cost less accumulated depreciation. Cost is defined to include the original purchase price of the assets and the costs attributable to bringing the asset to its working condition for its intended use. |
Freehold properties are valued at cost. In accordance with FRS 102 an impairment review is carried out at the end of each reporting period on freehold properties. |
Investment property |
Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Inventories |
Inventories are stated at the lower of cost and net realisable value. Cost is determined on an average cost basis and is based on unit stock including all other costs incurred in bringing them to their current location and condition. Net realisable value is the estimated selling price in the ordinary course of the business less the estimated costs necessary to make the sale. |
Oldrid & Co.,Limited (Registered number: 00284283) |
Notes to the Financial Statements - continued |
for the Period 30 January 2022 to 28 January 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises of current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined benefit pension scheme which was closed to new entrants and future accruals on 24 April 2010. The regular pension cost is charged to the income statement and is based on the expected pension costs over the service life of the employees. |
After the above closure the company started to operate a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate. The assets of the scheme are held separately from those of the company in an independently administered fund. |
Operating leases |
Rental income from operating leases is recognised on a straight line basis over the term of the lease. |
Oldrid & Co.,Limited (Registered number: 00284283) |
Notes to the Financial Statements - continued |
for the Period 30 January 2022 to 28 January 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under finance leases are capitalised in the balance sheet and are depreciated over their estimated useful lives or the lease term, which ever is the shorter. |
The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease. |
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. |
Provisions |
Provisions are recognised when there is a present obligation, either legal or constructive, as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. |
Financial instruments |
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows: |
Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. |
Cash at bank is classified as a basic financial instrument and is measured at transaction price. |
Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest. |
Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument. |
Government grants |
Government grants which have been accounted for under the accruals model in respect of a revenue nature are credited to income so as to match them with the expenditure to which they relate. |
Oldrid & Co.,Limited (Registered number: 00284283) |
Notes to the Financial Statements - continued |
for the Period 30 January 2022 to 28 January 2023 |
3. | OTHER OPERATING INCOME |
Period | Period |
30.1.22 | 31.1.21 |
to | to |
28.1.23 | 29.1.22 |
£ | £ |
Rents receivable and car park |
receipts |
Reverse premium |
Fixed asset investment income |
Government grants |
1,317,091 | 1,938,359 |
During the year government grants of £NIL were received (2022: £586,323). These grants relate to use of the Coronavirus Job Retention Scheme and are accrued for based on the dates they became eligible for claim. The company receives a credit against PAYE each month in relation to the apprenticeship levy. |
4. | EMPLOYEES AND DIRECTORS |
Period | Period |
30.1.22 | 31.1.21 |
to | to |
28.1.23 | 29.1.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the period was as follows: |
Period | Period |
30.1.22 | 31.1.21 |
to | to |
28.1.23 | 29.1.22 |
Full-time | 122 | 134 |
Part-time | 231 | 265 |
The average number of full time equivalent employees is 253 (2022: 282). |
Oldrid & Co.,Limited (Registered number: 00284283) |
Notes to the Financial Statements - continued |
for the Period 30 January 2022 to 28 January 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
Period | Period |
30.1.22 | 31.1.21 |
to | to |
28.1.23 | 29.1.22 |
£ | £ |
Directors' remuneration |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Defined benefit schemes |
Information regarding the highest paid director is as follows: |
Period | Period |
30.1.22 | 31.1.21 |
to | to |
28.1.23 | 29.1.22 |
£ | £ |
Emoluments etc |
Included within directors remuneration is pension contributions in relation to a defined contribution scheme of £31,590 (2022: £30,200). |
Key management personnel are all directors of the company. |
Included in the above amount is pension contributions in relation to the highest paid director amounting to £16,164 (2022 : £15,146). |
5. | OPERATING (LOSS)/PROFIT |
The operating loss (2022 - operating profit) is stated after charging/(crediting): |
Period | Period |
30.1.22 | 31.1.21 |
to | to |
28.1.23 | 29.1.22 |
£ | £ |
Depreciation - owned assets |
Loss/(profit) on disposal of fixed assets | ( |
) |
Auditors' remuneration |
Auditors' remuneration for non audit work |
Foreign exchange differences | ( |
) |
Income from other operating leases | ( |
) | ( |
) |
Defined contribution pension costs |
Oldrid & Co.,Limited (Registered number: 00284283) |
Notes to the Financial Statements - continued |
for the Period 30 January 2022 to 28 January 2023 |
5. | OPERATING (LOSS)/PROFIT - continued |
Included in the total depreciation charged above is depreciation charged on assets which were held under finance lease agreements that finished during the prior period, this amounts to £NIL (2022: £7,059). |
Included in the total depreciation charged above is depreciation charged on assets which were held under hire purchase agreements that finished during the prior period, this amounts to £NIL (2022: £308). |
Included within the loss on disposal of fixed assets is a £1,000,000 loss on the sale of freehold property. This relates to the sale of property in Boston in February 2021 being renegotiated during the period and is in addition to the £2,019,007 loss already accounted for in the accounts to 30 January 2021. This has the tax effect of increasing the capital loss to be carried forward against future capital gains. |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period | Period |
30.1.22 | 31.1.21 |
to | to |
28.1.23 | 29.1.22 |
£ | £ |
Interest on loans and saving |
bonds |
232,908 | 244,974 |
Included in the above is interest on bank loans and overdrafts amounting to £183,769 (2022: £204,159). Interest on other loans amounts to £49,139 (2022: £38,825). Finance charges on HP and other leases amounts to £NIL (2022: £1,990). |
7. | TAXATION |
Analysis of the tax charge |
No liability to UK corporation tax arose for the period ended 28 January 2023 nor for the period ended 29 January 2022. |
Oldrid & Co.,Limited (Registered number: 00284283) |
Notes to the Financial Statements - continued |
for the Period 30 January 2022 to 28 January 2023 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
Period | Period |
30.1.22 | 31.1.21 |
to | to |
28.1.23 | 29.1.22 |
£ | £ |
(Loss)/profit before tax | ( |
) |
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Excess of depreciation over capital allowances | ( |
) |
Distribution from JOPT |
Pension scheme adjustment for expenses |
Tax on losses carried forward | ( |
) |
Total tax charge | - | - |
Tax effects relating to effects of other comprehensive | income |
30.1.22 to 28.1.23 |
Gross | Tax | Net |
£ | £ | £ |
Pension scheme actuarial gain/(loss) | ( |
) | - | (1,793,000 | ) |
Effect of limit on recognisable surplus | - | 184,000 |
Experience gain/(loss) on liabilities | ( |
) | - | (620,000 | ) |
Changes to demographic assumptions | - | 450,000 |
(1,779,000 | ) | - | (1,779,000 | ) |
31.1.21 to 29.1.22 |
Gross | Tax | Net |
£ | £ | £ |
Pension scheme actuarial gain/(loss) | - | 5,129,000 |
Effect of limit on recognisable surplus | - | 44,000 |
Experience gain/(loss) on liabilities |
5,173,000 | - | 5,173,000 |
Oldrid & Co.,Limited (Registered number: 00284283) |
Notes to the Financial Statements - continued |
for the Period 30 January 2022 to 28 January 2023 |
8. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
Additions |
Disposals | ( |
) |
At 28 January 2023 |
NET BOOK VALUE |
At 28 January 2023 |
During the period website development costs were capitalised, however by the period end it was determined that the website was unsuitable for use and was fully amortised pending the launch of a new website after the balance sheet date. Amortisation is included within administrative expenses on the income statement. |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 30 January 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 28 January 2023 |
DEPRECIATION |
At 30 January 2022 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
At 28 January 2023 |
NET BOOK VALUE |
At 28 January 2023 |
At 29 January 2022 |
Oldrid & Co.,Limited (Registered number: 00284283) |
Notes to the Financial Statements - continued |
for the Period 30 January 2022 to 28 January 2023 |
9. | TANGIBLE FIXED ASSETS - continued |
During the period a proportion of floor space was available to let under operating leases. These are let out under various terms and conditions as operating leases. The amounts received during the period in relation to floor space let out amounts to £1,240,628 (2022: £1,052,762). It is not practical to ascertain a cost price of the floor space let out. |
The following minimum amounts are due from tenants under non-cancellable operating leases: |
2023 | 2022 |
£ | £ |
Within one year | 1,211,136 | 1,225,280 |
Between one and five years | 3,765,931 | 4,742,194 |
Over five years | - | 196,523 |
4,977,067 | 6,163,997 |
Total |
10. | FIXED ASSET INVESTMENTS |
Share in |
subsidiary | Unlisted |
undertaking | investments | Totals |
£ | £ | £ |
COST |
At 30 January 2022 | 128,800 |
Share of profit/(loss) | - | 5,636 | 5,636 |
Dividends received | - | (7,060 | ) | (7,060 | ) |
At 28 January 2023 | 127,376 |
NET BOOK VALUE |
At 28 January 2023 | 127,376 |
At 29 January 2022 | 128,800 |
The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Registered office: Downtown Store, Gonerby Moor, GRANTHAM, NG32 2AB |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Oldrid & Co.,Limited (Registered number: 00284283) |
Notes to the Financial Statements - continued |
for the Period 30 January 2022 to 28 January 2023 |
10. | FIXED ASSET INVESTMENTS - continued |
Registered office: Downtown Superstore, Wyberton Chain Bridge, BOSTON, PE21 7NL |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Unlisted investments are as follows:- | 2023 | 2022 |
£ | £ |
Combined Independents (Holdings) Limited | 127,274 | 128,698 |
127,274 | 128,698 |
11. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 30 January 2022 |
Reclassification/transfer | (200,000 | ) |
At 28 January 2023 |
NET BOOK VALUE |
At 28 January 2023 |
At 29 January 2022 |
During the period the investment property was let or available for let under operating leases. At the balance sheet date the property was being held for sale, the market value being £200,000, the investment property has therefore been transferred to current asset investments. |
If the investment property was sold at the revalued amount of £200,000 (2022 - £200,000) the maximum additional corporation tax due would be no more than £33,190 (2022 - £25,224). If the property was included on the balance sheet at historical cost the value would be £19,206. |
At 6 March 2015 Montagu Evans LLP, Chartered Surveyors valued the investment property at £230,000 using the open market basis. At 30 January 2016 the directors of Oldrid & Co., Limited revalued this property at a fair value of £250,000, the directors used the rental yield basis and applied a rental yield of 5.75%. As at 26 January 2019 the directors reassessed the values of this property and believe that the fair value amounted to £235,000. The directors reassessed the value of the investment property as at 30 January 2021 to be £200,000 using the rental yield basis. The directors believe there has been no change in fair value at 28 January 2023. |
Oldrid & Co.,Limited (Registered number: 00284283) |
Notes to the Financial Statements - continued |
for the Period 30 January 2022 to 28 January 2023 |
12. | INVENTORIES |
2023 | 2022 |
£ | £ |
Trading inventories |
Consumable stocks | 54,929 | 54,930 |
13. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
14. | CURRENT ASSET INVESTMENTS |
2023 | 2022 |
£ | £ |
Other |
Other current asset investments relates to investment property transferred from fixed asset investments as it was held out for sale at the balance sheet date. Further information in note 11. |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 17) |
Other loans (see note 17) |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Loan from The John Oldrid |
Partnership Trust |
Other creditors | 1,218,579 | 1,226,860 |
Accruals and deferred income |
Oldrid & Co.,Limited (Registered number: 00284283) |
Notes to the Financial Statements - continued |
for the Period 30 January 2022 to 28 January 2023 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Debentures (see note 17) |
Bank loans (see note 17) |
17. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Unsecured loans | 71,534 | 71,460 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Debentures - 2-5 years |
Included in the above are secured bank loans amounting to £4,294,568. The secured loans are repayable over a period between 2 and 10 years from their respective draw downs with interest being charged at 2.4% above Bank of England Base Rate. The overdraft facility is repayable on demand. |
The security on these loans comprises a legal charge relating to fixed and floating charges over all assets of the company. |
Furthermore included in the above is a debenture in the form of a loan of £1,275,000. This loan is repayable within 2 years with interest being charged at 2.5% above Bank of England Base Rate. The security on this debenture comprises a second legal charge over the freehold land and buildings at Gonerby Moor Grantham. |
Oldrid & Co.,Limited (Registered number: 00284283) |
Notes to the Financial Statements - continued |
for the Period 30 January 2022 to 28 January 2023 |
18. | LEASING AGREEMENTS |
The leases below are classified as operating leases. |
Non- cancellable |
operating leases |
2023 | 2022 |
£ | £ |
Within one year | 48,759 | 58,263 |
Between one and five years | 19,075 | 27,735 |
67,834 | 85,998 |
During the year £101,011 (2022: £166,289) of operating leases were recognised as an expense in the accounts. |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans | 4,294,568 | 4,603,408 |
Debenture | 1,275,000 | 1,275,000 |
The bank loan securities are detailed in note 17 of the financial statements. |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary A | £1 | 7,789,008 | 7,789,008 |
Ordinary B | £1 | 1,357,718 | 1,357,718 |
9,146,726 | 9,146,726 |
Included above are 1,357,718 of Ordinary B shares with no voting rights attached to this class of share. |
Oldrid & Co.,Limited (Registered number: 00284283) |
Notes to the Financial Statements - continued |
for the Period 30 January 2022 to 28 January 2023 |
21. | RESERVES |
Retained | Share | Treasury | Pension |
earnings | premium | stock | reserve | Totals |
£ | £ | £ | £ | £ |
At 30 January 2022 | ( |
) | 25,808,488 |
Deficit for the period | ( |
) | ( |
) |
Pension deficit/surplus | - | - | - | (1,914,000 | ) | (1,914,000 | ) |
Pension gain/(loss) | 135,000 | - | - | - | 135,000 |
At 28 January 2023 | ( |
) | 23,060,517 |
Included within retained earnings is an amount of £306,679 (2022: £308,103) which relates to an upward revaluation of investment properties and investment profit earned on unlisted investments, this amount does not represent distributable reserves. |
22. | EMPLOYEE BENEFIT OBLIGATIONS |
Oldrid & Co.,Limited (the Company) operates a defined benefit pension arrangement called the Oldrid & Co.,Limited Retirement Benefits Scheme (the Scheme). The Scheme provides benefits based on final salary and length of service on retirement, leaving service or death. The following disclosures exclude any allowance for defined contribution schemes operated by the Company. The defined benefit liability value makes no allowance for discretionary benefits. |
The Scheme is subject to the Statutory Funding Objective under the Pensions Act 2004. A valuation of the Scheme is carried out at least once every three years to determine whether the Statutory Funding Objective is met. As part of the process the Company must agree with the Trustees of the Scheme the contributions to be paid to meet any shortfall against the Statutory Funding Objective. |
The most recent comprehensive actuarial valuation of the Scheme was carried out as at 31 January 2023 and the next valuation of the Scheme is due as at 31 January 2024. In the event that the valuation reveals a deficit the Company may be required to pay contributions to the Scheme in future. |
The Company does not expect to make any contributions to the Scheme in the year to 31 January 2024. |
The Scheme is managed by a Trustee company whose directors are appointed in part by the Company and in part from elections by members of the Scheme. The Trustee has responsibility for obtaining valuations of the fund, administering benefit payments and investing the Scheme's assets. The Trustee delegates some of these functions to their professional advisers where appropriate. |
There were no Scheme amendments, curtailments or settlements during the period. |
The weighted average duration of the defined benefit obligation is around 20 years. |
Oldrid & Co.,Limited (Registered number: 00284283) |
Notes to the Financial Statements - continued |
for the Period 30 January 2022 to 28 January 2023 |
22. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
The amounts recognised in profit or loss are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
£ | £ |
Current service cost |
Net interest from net defined benefit asset/liability |
(183,000 |
) |
(43,000 |
) |
Curtailments |
Administration costs | 134,000 | 76,000 |
Effect of limit on recognisable surplus |
184,000 |
44,000 |
135,000 | 77,000 |
Actual return on plan assets | ( |
) |
Changes in the present value of the defined benefit obligation are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
£ | £ |
Opening defined benefit obligation |
Interest cost |
Actuarial losses/(gains) | ( |
) | ( |
) |
Benefits paid | ( |
) | ( |
) |
Remeasurements: |
Actuarial (gains)/losses from changes in demographic assumptions |
(450,000 |
) |
- |
Experience (losses) / gains | 620,000 | - |
Oldrid & Co.,Limited (Registered number: 00284283) |
Notes to the Financial Statements - continued |
for the Period 30 January 2022 to 28 January 2023 |
22. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
Changes in the fair value of scheme assets are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
£ | £ |
Opening fair value of scheme assets |
Administration charge | (134,000 | ) | (76,000 | ) |
Expected return | 1,391,000 | 917,000 |
Actuarial gains/(losses) | ( |
) |
Benefits paid | (1,843,000 | ) | (1,425,000 | ) |
The amounts recognised in other comprehensive income are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
£ | £ |
Actuarial (gains)/losses from changes in demographic assumptions |
450,000 |
- |
Experience (losses) / gains | (620,000 | ) | - |
Actuarial (losses)/gains | ( |
) |
Effect on limit of recognisable surplus |
184,000 |
44,000 |
(1,779,000 | ) | 182,000 |
The major categories of scheme assets as a percentage of total scheme assets are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
Equities | 14.20% | 17.00% |
LDI and liquidity | 71.80% | 69.00% |
Other | 14.00% | 14.00% |
100.00% | 100.00% |
Oldrid & Co.,Limited (Registered number: 00284283) |
Notes to the Financial Statements - continued |
for the Period 30 January 2022 to 28 January 2023 |
22. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
Principal actuarial assumptions at the balance sheet date (expressed as weighted averages): |
2023 | 2022 |
Discount rate |
Future pension increases pre 1996 fixed |
Future pension increases (5% LPI) |
Future pension increases (2.5% LPI) |
Inflation (CPI) | 2.20% | 2.70% |
Inflation (RPI) | 3.20% | 3.70% |
23. | CAPITAL COMMITMENTS |
During the year the company committed to purchasing fixed assets costing £35,681 (2022: £NIL) which are not included on the balance sheet. Of which £21,450 relates to intangible assets and £14,231 relates to plant and equipment. |
24. | RELATED PARTY DISCLOSURES |
Oldrid (North Lincolnshire) Limited is a subsidiary wholly owned by Oldrid & Co., Limited by the virtue of the fact they hold 100% of the issued share capital. Mr M J Isaac and Mr P E Isaac are also directors of Oldrid (North Lincolnshire) Limited. |
Included within creditors is an amount owing from Oldrid & Co., Limited to Oldrid (North Lincolnshire) Limited of £100 (2022 : £100). |
Oldrid & Co. Pension Trustee Limited is a subsidiary wholly owned by Oldrid & Co., Limited by the virtue of the fact they hold 100% of the issued share capital. Mr M J Isaac is also a Director of Oldrid & Co. Pension Trustee Limited. |
Included within creditors is an amount owing from Oldrid & Co., Limited to Oldrid & Co. Pension Trustee Limited of £2 (2022 : £2). |
Mr P E Isaac is also a director and in control of the John Oldrid Partnership Trust Limited. The John Oldrid Partnership Trust Limited in turn acts as the trustee of the John Oldrid Partnership Trust. |
At the period end the balance owing from Oldrid & Co., Limited to The John Oldrid Partnership Trust is £107,380 (2022 : £107,380). This loan is an unsecured loan on an interest free basis and is repayable on demand. |
25. | ULTIMATE CONTROLLING INTEREST |
There is no ultimate controlling party. |