Company registration number:
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COMPANY INFORMATION
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CONTENTS
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GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2022
The director presents his strategic report of the Group for the period ended 31 December 2022.
The principal activity of the Group in the period under review was that of a specialist soft fruit grower. The Company's principal activity is that of a holding company for The New Forest Fruit Company Limited.
The Group performed well in 2022 increasing turnover to £21.3 million, giving a year-on-year increase of 8.8%. The increased turnover is part of the Group's long-term strategy to maximise output and profit from all production areas. Asparagus production continues to expand, with production increasing by 18% in 2022.
Operating profit fell to £1.7M in 2022 (£2.5M in 2021). Despite the increase in turnover it was impossible to absorb the 14% increase in labour rate. Margins and profits both decreased as a result of the labour cost increase. The impact of the unprecedented rate increase was partially offset by our continuing efforts to utilise resources as efficiently and effectively as possible. The Directors of The New Forest Fruit Company remain positive and very confident in the business. They are acutely aware of the pressures of ever-increasing wage costs and increased efficiency and lean operation remain a top focus. Our long-term strategic plans, budgets and cash flows support this view. The Group's net asset position has increased from £9.5M to £10.5M. The trading subsidiary's net asset position has also increased from £7.8M to £9.0M.
Weather
Being in the UK the farm will always be at some risk from our ever-changing, unpredictable weather systems. The storms encountered in the early part of 2022 caused some structural damage, thankfully covered by insurance and fortunately, early enough in the season that the Group did not suffer plant/fruit loss. Over the years, the Group has invested in strengthening polytunnels and has been successful in obtaining insurance. Whilst this cannot totally eliminate the risk a major storm presents; it does afford the Group some protection from the catastrophic effects of extreme weather systems. Labour Costs The biggest challenge of 2022 was the increase in labour rate. The minimum wage increased to £9.50 and the Home Office imposed a minimum of £10.10 for all SAWS (Seasonal Agricultural Workers), added to this was the additional 1.25% in employers NI. Efficiencies and productivity gains could not offset this huge increase. Cost of labour is of critical importance to the business, being the largest single element of our cost base. The Group continues to strive to make labour savings by increasing efficiencies and reviewing tasks to ensure relevance, necessity, and ultimately a benefit to production. The Group constantly scrutinise activities & processes to find savings. The Group measures all tasks, monitor, and analyse data at the lowest level of detail. Labour Supply Supply of labour is always a concern for a business which is heavily labour intensive. The Seasonal Agricultural Workers Scheme (SAWS) has been effective in ensuring sufficient “top up” of our workers when required. The Group continue to invest in improving staff accommodation and social areas, making The New Forest Fruit Company an attractive place to work. Euro Exchange Rate The GBP/EUR exchange rate is an uncertainty but there was a slight improvement in the average rate in 2022. The Group monitors the euro exchange rate daily and whenever possible will buy when sterling is strong against the euro to protect against any sudden adverse movement.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
During 2022, the Group has continued its study into the utilisation of robots. The results are promising and improving constantly. Our aim is to have a team of robots able to complete a variety of tasks, thereby reducing our dependency on a labour force that is increasing in cost and decreasing in availability.
One of the strengths of the business is the volume of analysis and data that is readily available. Over the years a variety of systems have been developed, providing up to the minute management information that is used to monitor performance against budget and previous years, and assist managers with decision making. Harvest results are reported daily. KPI’s are issued to all management staff every week. The KPI monitors fruit picked/sold, alongside direct & indirect labour costs. As labour accounts for half of all costs, the Company focus strongly on this area of expenditure. Directors review a 13 week cashflow forecast every week. The management accounts are reviewed monthly, alongside profit projections. Individual managers receive expenditure reports for their relevant areas, giving actual vs budget comparisons and a line-by-line breakdown of the current month. Each manager is expected to understand their budget and be accountable and able to explain any variances to the directors.
This report was approved by the board and signed on its behalf.
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DIRECTOR'S REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2022
The Director presents his report and the financial statements for the period ended 31 December 2022.
The Director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the Director to prepare financial statements for each financial year. Under that law the Director has 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 Director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the Director is required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the period, after taxation, amounted to £1,519,204 (2021 - £1,969,117).
The total distribution of dividends for the year ended 31 December 2022 was £668,131 (2021 - £64,200).
The Director who served during the period was:
The commitment and enthusiasm of senior and middle management is excellent, as witnessed by longevity of service. We continue to expand and strengthen our management team and recruit from within, wherever possible.
Regarding our general staff relations, we take all our statutory responsibilities very seriously, and go well beyond the mandatory. We understand that employment is a competitive business and the better we treat our staff the greater the chance of maintaining the very high returnee rate currently enjoyed. We have two dedicated managers to oversee our on-site accommodation with responsibility for pastoral care as well as health & safety. We have a well-defined, confidential complaints procedure, as well as a suggestions box. We operate a zero-tolerance policy for any form of discrimination.
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DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
The Group and Company have chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the Strategic report Information required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008.
This includes information that would have been included in the business review and details of the principal risks and uncertainties. The director is are aware of the matters set out in section 172(1)(a) to (f) (duty to promote the success of the company) when performing their duties and do so appropriately.
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
• so far as the director is aware, there is no relevant audit information of which the Company and Group's auditors are unaware, and • the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and Group's auditors are aware of that information.
There have been no significant events affecting the Group since the year end.
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOOTH HOLDINGS LIMITED
We have audited the financial statements of Booth Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 31 December 2022, which comprise the Group Statement of Comprehensive Income, the Group and Company Statements of Financial Position, the Group Statement of Cash Flows, the Group and Company 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 Director's 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 Group's or the parent 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 Director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Director is 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOOTH HOLDINGS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Director's Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's Report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOOTH HOLDINGS 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 Auditors' 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 Group 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:
• The Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, and general regulations such as health and safety, general data protection regulation and copyright law. There are no industry specific laws and regulations which would be deemed to have a significant impact on the financial statements. We assessed the extent of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement items. • We understood how the Group is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures and the company secretary. We corroborated our inquiries through our review of Board minutes. • The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area. • We assessed the susceptibility of the Group's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: o Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; o Understanding how those charged with governance considered and addressed the potential for override ofcontrols or other inappropriate influence over the financial reporting process; o Challenging assumptions and judgments made by management in its significant accounting estimates; and o Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. • As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:o Posting of unusual journals and complex transactions; o Misappropriation of funds through fraudulent supplier ledger and payroll activity; and o Manipulation of amounts subject to significant judgement or estimate.
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 Auditors' Report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BOOTH HOLDINGS 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 Auditors' 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
Chartered Accountants
Statutory Auditor
3000a Parkway
Hampshire
PO15 7FX
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2022
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 36 form part of these financial statements.
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 36 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2022
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2021
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2022
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2021
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2022
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CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 DECEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
These financial statements have been prepared in compliance with FRS102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
Booth Holdings Limited is a private company limited by shares, registered in England and Wales. The address of its registered office, which is the same as the trading address, is disclosed on the company information page.
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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 17 October 2017.
In common with many other entities, the Group has carefully considered the impact of the coronavirus pandemic & social distancing measures put in place during the year end, have had on its business. The director is confident that the measures taken mitigate the Group's operational and financial risk, and the Group has been able to continue trading successfully throughout. The director has prepared and reviewed budgets & forecasts for the 12 month period from the date that these financial statements are authorised for issue. He has concluded that the Group remains a going concern and there is no material uncertainty surrounding this. Accordingly, the accounts have been drawn up on a going concern basis.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance methods.
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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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the reporting 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 Statement of Financial Position.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Fixed asset residual values: The director has reviewed the asset lives and associated residual values of all fixed asset classes and have concluded that asset lives and residual values are appropriate. Impairment of stocks: The director has assessed stocks held at the reporting date for impairment and have concluded the basis of valuation is appropriate.
The whole of the turnover is attributable to the sale of produce.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
12.Taxation (continued)
There were no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
15.Tangible fixed assets (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
The interest rate aplied to the first bank loan is the base rate plus 1.9%, the new loan taken out within the year has an interest rate applied of the base rate plus 2%.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
Share premium account
Profit and loss account
The Group operates a defined contributions pension scheme. The assets of the scheme are held seperately from thise of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £197,717 (2021 - £190,532). Contributions totalling £12,996 (2021 - £45,406) were payable to the fund at the reporting date are included in creditors.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
The Company's controlling party is S Booth, who is the Company's director, by virtue of his shareholding.
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