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Registered number: 05031424
Meirion Davies & Co. Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 March 2023
Financial Statements
Contents
Page
Strategic Report 1
Directors' Report 2—3
Independent Auditor's Report 4—5
Profit and Loss Account 6
Statement of Comprehensive Income 7
Balance Sheet 8
Statement of Changes in Equity 9
Statement of Cash Flows 10
Notes to the Statement of Cash Flows 11
Notes to the Financial Statements 12—18
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 March 2023 .
Review of the Business
We aim to present a fair review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and nature of our business, and is written in the context of the risks and uncertainties we face.
Turnover has increased substantially by 20% to £14.3 million compared with £11.9 million in 2022, due largely to significant increases in the price of feeds and fertiliser during the year. The gross profit margin reflects an increase of 10% since the previous year, resulting in operating profits of £2.3 million compared with £0.9 million in 2022.
Overheads have increased markedly during the year due mainly to wage increases and high maintenance activity. 
The balance sheet continues to present a very solid position, with net assets increasing from £5.4 miliion to £7.5 million, and balances at the bank totalling £1.1 million. One further freehold property was purchased during the year.
The directors would like to thank all employees for their commitment and hard work over the last 12 months.
Principal Risks and Uncertainties
The business environment in which the company operates continues to be very challenging with great uncertainty surrounding farming in the UK.
The longer term impacts of post Brexit and the COVID-19 pandemic remain unknown. The war in Ukraine continues to cause volatility in the prices of feeds and fertiliser, and energy costs. Consequently future trading remains uncertain
On behalf of the board
Mr Robert Davies
Director
07/12/2023
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 March 2023 .
Principal Activity
The company's principal activity continues to be that of Agricultural Retailing.
Future Developments
Although trading conditions in the current climate remain challenging, the directors continue to investigate opportunities to grow the business and extend the range of services offered.
Directors
The directors who held office during the year were as follows:
Mr Hywel Davies
Mr Robert Davies
Statement of Directors' Responsibilities
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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Page 2
Page 3
Independent Auditors
The auditors, Richard Williams & Co, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr Robert Davies
Director
07/12/2023
Page 3
Page 4
Independent Auditor's Report
Opinion
Although the company is only required to file a Balance Sheet, requires the accompanying Report of the Auditors to be a copy of our report to the members on the company's full Financial Statements and Report of the Directors. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors , referred to in the copy of our Report of the Auditors are not required to be filed with the Registrar of Companies.
We have audited the financial statements of Meirion Davies & Co. Limited (the 'company') for the year ended 31 March 2023 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of 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 FRS 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 31 March 2023 ;
  • 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 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 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 Strategic Report and the Report of the Directors, 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.
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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
Page 4
Page 5
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 or 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 2—3, 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.
Auditor's 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 Auditor's 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: 
Assessing the design and implementation of controlss which management has in place, to prevent and detect fraud.
Challenging the assumptions and judgemenmt made by management where significant accounting estimates were made, such as the useful economic lives of assets and residual values.
Assessing the extent of compliance with relevant laws and regulation as part of our procedures on the related financial statement.
In assessing the potential risk of material misstatement, we obtained an understanding of the company's operations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website 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.
Richard Williams (Senior Statutory Auditor)
for and on behalf of Richard Williams & Co , Statutory Auditor
07/12/2023
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Profit and Loss Account
2023 2022
Notes £ £
TURNOVER 14,241,324 11,906,918
Cost of sales (10,805,272 ) (10,392,933 )
GROSS PROFIT 3,436,052 1,513,985
Administrative expenses (1,185,640 ) (755,912 )
Other operating income 159,413 114,488
OPERATING PROFIT 4 2,409,825 872,561
Profit on disposal of fixed assets 7,832 1,152
Other interest receivable and similar income 9 3,375 11
Interest payable and similar charges 10 (16,692 ) (7,072 )
PROFIT BEFORE TAXATION 2,404,340 866,652
Tax on Profit 11 (472,993 ) (165,161 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 1,931,347 701,491
The notes on pages 11 to 18 form part of these financial statements.
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Statement of Comprehensive Income
2023 2022
£ £
PROFIT FOR THE FINANCIAL YEAR 1,931,347 701,491
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,931,347 701,491
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Balance Sheet
Registered number: 05031424
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 13 2,997,764 1,805,176
2,997,764 1,805,176
CURRENT ASSETS
Stocks 14 2,901,931 2,499,250
Debtors 15 2,365,525 2,907,414
Cash at bank and in hand 1,000,309 475,005
6,267,765 5,881,669
Creditors: Amounts Falling Due Within One Year 16 (1,918,265 ) (2,078,197 )
NET CURRENT ASSETS (LIABILITIES) 4,349,500 3,803,472
TOTAL ASSETS LESS CURRENT LIABILITIES 7,347,264 5,608,648
Creditors: Amounts Falling Due After More Than One Year 17 (169,865 ) (211,413 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 19 (56,167 ) -
NET ASSETS 7,121,232 5,397,235
CAPITAL AND RESERVES
Called up share capital 21 62 82
Other reserves (1,105,475 ) (1,105,495 )
Profit and Loss Account 8,226,645 6,502,648
SHAREHOLDERS' FUNDS 7,121,232 5,397,235
On behalf of the board
Mr Robert Davies
Director
07/12/2023
The notes on pages 11 to 18 form part of these financial statements.
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Statement of Changes in Equity
Share Capital Other reserves Profit and Loss Account Total
£ £ £ £
As at 1 April 2021 82 (1,105,495 ) 6,076,990 4,971,577
Profit for the year and total comprehensive income - - 701,491 701,491
Dividends paid - - (275,833) (275,833)
As at 31 March 2022 and 1 April 2022 82 (1,105,495 ) 6,502,648 5,397,235
Profit for the year and total comprehensive income - - 1,931,347 1,931,347
Dividends paid - - (207,350) (207,350)
Movements in other reserves - 20 - 20
As at 31 March 2023 62 (1,105,475 ) 8,226,645 7,121,232
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Statement of Cash Flows
2023 2022
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 2,242,355 413,200
Interest paid (16,692 ) (7,072 )
Tax paid (165,236 ) (115,542 )
Net cash generated from operating activities 2,060,427 290,586
Cash flows from investing activities
Purchase of tangible assets (1,322,367 ) (193,804 )
Proceeds from disposal of tangible assets 13,899 13,687
Interest received 3,375 10
Net cash used in investing activities (1,305,093 ) (180,107 )
Cash flows from financing activities
Equity dividends paid (207,350 ) (275,833 )
Repayment of bank borrowings (211,413 ) (79,214 )
Proceeds from new other loans 169,865 -
Amount introduced by directors 18,868 14,550
Net cash used in financing activities (230,030 ) (340,497 )
Increase/(decrease) in cash and cash equivalents 525,304 (230,018 )
Cash and cash equivalents at beginning of year 2 475,005 705,023
Cash and cash equivalents at end of year 2 1,000,309 475,005
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Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2023 2022
£ £
Profit for the financial year 1,931,347 701,491
Adjustments for:
Tax on profit 472,993 165,161
Interest expense 16,692 7,072
Interest income (3,375 ) (11 )
Depreciation of tangible assets 123,712 72,699
Profit on disposal of tangible assets (7,832) (1,152)
Movements in working capital:
Increase in stocks (402,681 ) (200,750 )
Decrease/(increase) in trade and other debtors 542,057 (645,945 )
(Decrease)/increase in trade and other creditors (430,558 ) 314,635
Net cash generated from operations 2,242,355 413,200
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2023 2022
£ £
Cash at bank and in hand 1,000,309 475,005
3. Analysis of changes in net funds
As at 1 April 2022 Cash flows As at 31 March 2023
£ £ £
Cash at bank and in hand 475,005 525,304 1,000,309
Debts falling due after more than one year (211,413) 41,548 (169,865)
263,592 566,852 830,444
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Notes to the Financial Statements
1. General Information
Meirion Davies & Co. Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05031424 . The registered office is Colomendy Industrial Estate, Rhyl Road, Denbigh, Denbighshire, LL16 5TA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 0%
Plant & Machinery 20% straight line
Motor Vehicles 20% straight line
Fixtures & Fittings 20% straight line
Computer Equipment 20% straight line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.6. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Other Operating Income
2023 2022
£ £
Royalties and similar income 7,361 10,877
Rental income 28,992 7,670
Other operating income 123,060 95,941
159,413 114,488
4. Operating Profit
The operating profit is stated after charging:
2023 2022
£ £
Bad debts 91,616 -
Depreciation of tangible fixed assets 123,712 72,699
5. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2023 2022
£ £
Audit Services
Audit of the company's financial statements 8,300 -
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6. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2023 2022
£ £
Wages and salaries 450,227 411,415
Other pension costs 48,338 25,362
498,565 436,777
7. Average Number of Employees
Average number of employees, including directors, during the year was: 20 (2022: 19)
20 19
8. Directors' remuneration
2023 2022
£ £
Emoluments 24,199 24,000
Company contributions to defined benefit pension schemes 56,800 16,800
80,999 40,800
The number of directors to whom retirement benefits were accruing was as follows:
2023 2022
Money purchase pension schemes 56800 -
9. Interest Receivable and Similar Income
2023 2022
£ £
Bank interest receivable 3,375 11
3,375 11
10. Interest Payable and Similar Charges
2023 2022
£ £
Bank loans and overdrafts 14,927 5,312
Finance charges payable under finance leases and hire purchase contracts 1,749 1,738
Other finance charges 16 22
16,692 7,072
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11. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2023 2022
2023 2022 £ £
Current tax
UK Corporation Tax 19.0% - 416,826 165,161
Deferred Tax
Deferred Taxation - Changes in tax rates 24,651 -
Deferred Taxation - Origination and reversal of timing differences 31,516 -
56,167 -
Total tax charge for the period 472,993 165,161
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2023 2022
£ £
Profit before tax 2,404,340 866,652
Tax on profit at 19% (UK standard rate) 456,824 164,664
Goodwill/depreciation not allowed for tax 22,018 15,114
Capital allowances (62,016 ) (14,617 )
Short term timing differences 31,516 -
Difference in tax rates 24,651 -
Total tax charge for the period 472,993 165,161
12. Intangible Assets
Goodwill
£
Cost
As at 1 April 2022 375,600
As at 31 March 2023 375,600
Amortisation
As at 1 April 2022 375,600
As at 31 March 2023 375,600
Net Book Value
As at 31 March 2023 -
As at 1 April 2022 -
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13. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2022 1,531,577 361,642 499,296 71,008 2,463,523
Additions 1,067,097 115,431 139,839 - 1,322,367
Disposals - (8,739 ) (62,797 ) - (71,536 )
As at 31 March 2023 2,598,674 468,334 576,338 71,008 3,714,354
Depreciation
As at 1 April 2022 - 274,935 325,628 57,784 658,347
Provided during the period - 48,876 61,612 13,224 123,712
Disposals - (4,363 ) (61,106 ) - (65,469 )
As at 31 March 2023 - 319,448 326,134 71,008 716,590
Net Book Value
As at 31 March 2023 2,598,674 148,886 250,204 - 2,997,764
As at 1 April 2022 1,531,577 86,707 173,668 13,224 1,805,176
14. Stocks
2023 2022
£ £
Finished goods 2,901,931 2,499,250
2,901,931 2,499,250
15. Debtors
2023 2022
£ £
Due within one year
Trade debtors 2,358,266 2,880,817
Other debtors 7,091 18,973
VAT - 7,624
Net wages 168 -
2,365,525 2,907,414
16. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 1,284,693 1,792,749
Other creditors 121,909 111,674
Corporation tax 416,826 165,236
Taxation and social security 85,714 7,715
Accruals and deferred income 9,123 823
1,918,265 2,078,197
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17. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans - 211,413
HSBC Loan - 2 Lon Parcwr 169,865 -
169,865 211,413
18. Loans
An analysis of the maturity of loans is given below:
2023 2022
£ £
Amounts falling due between one and five years:
Bank loans - 211,413
Other loans 169,865 -
169,865 211,413
19. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Other timing differences 56,167 -
20. Provisions for Liabilities
Deferred Tax Total
£ £
Additions 56,167 56,167
Balance at 31 March 2023 56,167 56,167
21. Share Capital
2023 2022
Allotted, called up and fully paid £ £
60 Ordinary Shares of £ 1.000 each 60 82
2 Ordinary B shares of £ 1.000 each 2 -
62 82
22. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £-8,462 (2022: £8,562).
At the balance sheet date contributions of £1,529 (2022: £0) were due to the fund and are included in creditors.
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23. Dividends
2023 2022
£ £
On equity shares:
Final dividend paid 207,350 275,833
207,350 275,833
Page 18