Registered number:
FOR THE YEAR ENDED 31 MARCH 2023
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BENNETT OPIE LIMITED
COMPANY INFORMATION
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BENNETT OPIE LIMITED
CONTENTS
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BENNETT OPIE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The Directors present their strategic report for the period ended 31st March 2023.
Principal activities The Company's principal activities during the period continued to be the manufacture, import, marketing and distribution of premium ambient food and beverage products.
The Directors consider the trading results to be satisfactory for the period whilst acknowledging that they are down against the exceptionally strong previous year.
Turnover was maintained and reached £44.5 million for the year, as referenced in last year’s report and as expected, cost increases and pressures seen across nearly all areas of the business impacted the profitability level for the year. The measures already taken by the Board together with the anticipated fall in inflation and some cost components should hopefully benefit this area. The well reported cost of living crisis, generally challenging economic climate and the ongoing conflict in Eastern Europe all have the potential to impact future trading results. Investment plans for the manufacturing operations are well in progress with the benefits expected to be seen from the middle of 2024. The Directors continue to see opportunities for growth within both our manufacturing, import and distribution business. The Company is an attractive partner for brand owners seeking to benefit from our wide-ranging and well developed customer relationships and these opportunities will continue to be given due consideration as they occur.
The Board has identified several key risks and continues to monitor and manage these on an ongoing basis:
∙Foreign exchange – the Company imports a large proportion of its materials and product range in both Euro and US Dollar currencies. Variations in foreign exchange rates will have an impact on the Company’s profitability.
∙Brexit – the challenges resulting from the decision to leave the EU and it's possible impacts is a key concern for the Directors, with the impact on supply chain, regulation and additional costs.
∙Economic environment – the Company operates in a dynamic environment where factors such as rising inflation, consumer confidence and customer consolidation can impact performance.
∙Competition – the Company operates in a competitive market and the Directors are aware of the continued need to offer a commercially attractive package together with the highest level of quality and customer service.
∙Covid-19 – the pandemic caused unparalleled economic and social turmoil across the globe and the Company is not immune to the risks faced by such disruption. In particular whilst our customer base has to some extent recovered there are ongoing challenges throughout our supply chain where managing costs and capacity constraints are significant. Directors have considered the risks to finances and operations arising from Covid-19 and have identified no material uncertainties that cast significant doubt on the Company’s ability to continue as a going concern.
∙Ukraine conflict – the ongoing conflict in Eastern Europe has resulted in some very specific impacts on both our direct supply chain and at a wider level across certain key commodities that we are exposed to indirectly. The uncertain nature of this event and risks associated with it will need to be monitored closely on an ongoing basis.
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BENNETT OPIE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
The Directors monitor a number of key performance indicators to ensure the business continues to create value for its shareholders and stability of employment for its employees.
The Directors are aware of their duty under s.172 of the Companies Act 2006 to act in a way that they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders, which includes having regard to other stakeholders.
This report was approved by the board and signed on its behalf.
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BENNETT OPIE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The directors present their report and the financial statements for the year ended 31 March 2023.
The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements and then apply them consistently;
∙make judgements and accounting 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;
∙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 to 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 profit for the year, after taxation, amounted to £1,541,857 (2022 - £3,011,174).
Dividends of £384,000 (2022 - £752,000) were paid during the period. These were paid to the parent company Bennett Opie Holdings Limited.
The directors who served during the year were:
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BENNETT OPIE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
The board are extremely pleased with the results for the period. The directors' policy is one of continued investment in our key brands leading to continued growth of the business. We also look at expanding into new market sectors where appropriate to broaden the base of the Company.
Initial Review
An environmental committee exists within the business to review our current energy usage, set out our aspirations & meet regularly to discuss performance levels & appropriate courses of action. A suitable overall metric has been established, which allows our stakeholders to review at a glance our performance in this area. Due to the significant growth levels achieved by the business over the last 2 years, it was decided CO2 per £000 sales turnover continues to be the most relevant measure. Carbon Usage Efficiency
Methodology
In order to determine the energy usage levels over the period of assessment, data was obtained from our energy suppliers / brokers to accurately report on the (KWH) energy used. Energy levels were subsequently converted into CO2 levels using standard conversion tables that defined 1KWH as equivalent to 0.233kg of CO2 for electricity & 0.185kg for gas. Petrol & Diesel defined each litre of fuel as equivalent to 2.4kg of CO2. Since 2021/22 was the first period where Streamlined Energy & Carbon Reporting (SECR) was reported on within our business, the baseline period chosen remains at 2020/21. This period is considered most appropriate, despite it covering the period of Covid lockdown experienced across the UK, since food production & operations continued during this time & was comparable with other periods in most respects.
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BENNETT OPIE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Further Reporting
Additional information relating to the metrics used, which express energy usage in terms of KWH are reported below & show the actual & relative levels of energy used within the business.
Carbon and Energy Reduction Plans
A 4th production line was added during the year & although CO2 output increased versus the previous year, it still managed to remain below our comparative base year. The ambitions for the business in terms of our carbon emissions are to reduce our scope 1 & 2 levels by a further 10% over the next 3 years, relative to the size of our business. It is the intention of the environmental committee to explore all the ways in which carbon emissions can be reduced. Existing plans are to replace all remaining lighting throughout the business with lower energy usage light bulbs & continue to explore the feasibility of installing solar panels to help generate some of the power required to service our business. Further capital projects under consideration include the introduction of recirculating heat pumps that could provide factory heating during the winter months & upgrading both boilers with cleaner, more efficient gas burners.
Certain items required under Schedule 7 to be disclosed in the Directors' Report are set out in the Strategic Report in accordance with S.414C(II) of the Companies Act 2006; these being the Company's principle risks and uncertainties.
There have been no significant events affecting the Company since the year end.
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BENNETT OPIE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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BENNETT OPIE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BENNETT OPIE LIMITED
We have audited the financial statements of Bennett Opie Limited (the 'Company') for the year ended 31 March 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, 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).
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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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.
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.
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BENNETT OPIE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BENNETT OPIE LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙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; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Directors' report.
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BENNETT OPIE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BENNETT OPIE LIMITED (CONTINUED)
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 an Auditor's report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙Enquiry of management, those charged with governance around actual and potential litigation and claims;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
∙Reviewing minutes of meetings of those charged with governance;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
∙Maintaining professional scepticism throughout the course of our audit work.
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.
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 Auditor's report.
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BENNETT OPIE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BENNETT OPIE LIMITED (CONTINUED)
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.
for and on behalf of
Statutory Auditor
United Kingdom
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
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BENNETT OPIE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
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BENNETT OPIE LIMITED
REGISTERED NUMBER: 00124503
BALANCE SHEET
AS AT 31 MARCH 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 39 form part of these financial statements.
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BENNETT OPIE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
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BENNETT OPIE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
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BENNETT OPIE LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
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BENNETT OPIE LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2023
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BENNETT OPIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Bennett Opie Limited is a private company limited by shares incorporated in England and Wales in the United Kingdom. The address of the registered office is Chalkwell Road, Sittingbourne, Kent, ME10 2LE.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The directors have considered all available relevant information including annual budgets and forecasts, future cashflows and the potential impact of subsequent events in making their assessment.
Based on this assessment and having regard to the resources available to the Company, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing these accounts.
Functional and presentation currency
Transactions and balances
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BENNETT OPIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only. Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
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BENNETT OPIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Defined benefit pension plan
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BENNETT OPIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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BENNETT OPIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Land is not depreciated.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the methods below.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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BENNETT OPIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance sheet.
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BENNETT OPIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
- The apportionment of values between land and buildings. - The useful expected lives of assets. - The stock provisioning. - The bad debt provision. The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include: - The defined benefit scheme accounting. - Allocation of overhead costs to the value of manufactured stock items.
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BENNETT OPIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The whole of the turnover is attributable to the principal activity of the company.
Analysis of turnover by country of destination:
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BENNETT OPIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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BENNETT OPIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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BENNETT OPIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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BENNETT OPIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
13.Taxation (continued)
Legislation has been introduced in the Finance Bill 2021 to effect an increase in the Corporation Tax main rate to 25% for the financial year beginning 1 April 2023.
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BENNETT OPIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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BENNETT OPIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
15.Tangible fixed assets (continued)
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BENNETT OPIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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BENNETT OPIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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BENNETT OPIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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BENNETT OPIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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BENNETT OPIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The Company operates a Defined benefit pension scheme.
The Company contributes to three money purchase pension schemes for certain employees. Employers contribution are charged to profit and loss account as they fall due. Contributions payable by the Company for the period were £Nil (2022 - £Nil).
The Company operates a defined benefit pension scheme in the UK. This is a separate trustee administered fund holding the pension scheme assets to meet long term pension liabilities. A full actuarial valuation was carried out at 31 March 2020 and updated to 31 March 2023 by a qualified actuary, independent of the scheme's sponsoring employer. The major assumptions used by the actuary are shown below. This most recent actuarial valuation showed a deficit of £429,000. Bennett Opie Limited has agreed with the trustees that it will aim to eliminate the deficit over a period of 3 years and 4 months from 1 April 2021 by the payment of monthly contributions of £7,000 increasing at 3% per annum from 1 April 2022 in respect of the deficit. In addition and in accordance with the actuarial valuation, Bennett Opie Limited has agreed with the trustees that it will pay contributions of 35% of pensionable salaries, and member contributions will be 10% of pensionable salaries. In addition, the employer will pay amounts into the scheme equal to the levy payments made by the scheme to the Pension Protection Fund.
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BENNETT OPIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
25.Pension commitments (continued)
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BENNETT OPIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
25.Pension commitments (continued)
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BENNETT OPIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
25.Pension commitments (continued)
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BENNETT OPIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
27.Other financial commitments
At the year end the Company was financially committed to make payment for raw materials and finished goods to the value of £1,746,261 (2022 - £812,944).
The Company's parent company and controlling party is
The smallest and largest group in which the results of the Company are consolidated is that headed by Bennett Opie Holdings Limited, whose financial statements are available from Bennett Opie Limited, Chalkwell Road, Sittingbourne, Kent, ME10 2LE.
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