REGISTERED NUMBER: |
REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
FOR |
EUROPRINT HOLDINGS LIMITED |
REGISTERED NUMBER: |
REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
FOR |
EUROPRINT HOLDINGS LIMITED |
EUROPRINT HOLDINGS LIMITED (REGISTERED NUMBER: 01528919) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Report of the Independent Auditors | 4 |
Income Statement | 7 |
Other Comprehensive Income | 8 |
Statement of Financial Position | 9 |
Statement of Changes in Equity | 10 |
Statement of Cash Flows | 11 |
Notes to the Statement of Cash Flows | 12 |
Notes to the Financial Statements | 13 |
EUROPRINT HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants |
& Statutory Auditors |
83 Cambridge Street |
London |
SW1V 4PS |
EUROPRINT HOLDINGS LIMITED (REGISTERED NUMBER: 01528919) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
The director presents his report with the financial statements of the company for the year ended 31st December 2022. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of selling of lottery games and related products. |
DIRECTOR |
The parent group has made qualifying third party indemnity provisions for the benefit of its director and these remain in force at the date of this report. |
DISCLOSURE IN THE STRATEGIC REPORT |
The company has taken advantage of the Companies Act 2006 exemption from preparing a Strategic Report. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Report of the Director and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements 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 company 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 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 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 director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, George Hay & Company, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
EUROPRINT HOLDINGS LIMITED (REGISTERED NUMBER: 01528919) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
EUROPRINT HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of Europrint Holdings Limited (the 'company') for the year ended 31st December 2022 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 31st December 2022 and of its profit for the year 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 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 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. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Report of the Director, 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 Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Director has been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
EUROPRINT HOLDINGS LIMITED |
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 Report of the Director. |
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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the director was not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
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: |
Based on our understanding of the holding company's operations, we identified that the principal risks of |
non-compliance with laws and regulations relate to employee benefits. We considered the extent to which |
non-compliance might have a material effect on the financial statements that results in the situation that no further |
pension schemes can be provided. We also considered the relevant laws and regulations that have a direct impact on the preparation of the financial statements. |
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements |
(including the risk of override of controls), and determined there were no principal risks directly impacting the holding |
company's income and management bias in accounting estimates. Audit procedures performed by the engagement team included: |
- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; |
- Evaluating management's controls designed to prevent and detect irregularities; |
- Identifying and testing transactions and balances, in particular those with unusual account combinations or with unusual descriptions; and |
- Challenging assumptions and judgements made by management in their critical accounting estimates. |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
EUROPRINT HOLDINGS LIMITED |
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 |
Chartered Accountants |
& Statutory Auditors |
83 Cambridge Street |
London |
SW1V 4PS |
EUROPRINT HOLDINGS LIMITED (REGISTERED NUMBER: 01528919) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
2022 | 2021 |
Notes | £'000 | £'000 |
TURNOVER |
Administrative expenses |
72 | 45 |
Exceptional Items |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
229 | 45 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
EUROPRINT HOLDINGS LIMITED (REGISTERED NUMBER: 01528919) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
2022 | 2021 |
Notes | £'000 | £'000 |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME |
Remeasurement on defined benefit pension | ( |
) | ( |
) |
Income tax relating to other comprehensive income |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
( |
) |
( |
) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
EUROPRINT HOLDINGS LIMITED (REGISTERED NUMBER: 01528919) |
STATEMENT OF FINANCIAL POSITION |
31ST DECEMBER 2022 |
2022 | 2021 |
Notes | £'000 | £'000 | £'000 | £'000 |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Share premium |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
EUROPRINT HOLDINGS LIMITED (REGISTERED NUMBER: 01528919) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
Called up | Capital |
share | Retained | Share | redemption | Total |
capital | earnings | premium | reserve | equity |
£'000 | £'000 | £'000 | £'000 | £'000 |
Balance at 1st January 2021 |
Changes in equity |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 31st December 2021 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31st December 2022 |
EUROPRINT HOLDINGS LIMITED (REGISTERED NUMBER: 01528919) |
STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
2022 | 2021 |
Notes | £'000 | £'000 |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Interest received |
Net cash from investing activities |
Cash flows from financing activities |
Cash contributions to pension fund | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
9 |
Cash and cash equivalents at end of year | 2 | 20 | 18 |
EUROPRINT HOLDINGS LIMITED (REGISTERED NUMBER: 01528919) |
NOTES TO THE STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2022 | 2021 |
£'000 | £'000 |
Profit before taxation |
Depreciation charges |
Pension past service costs | - | 2 |
Finance costs | 1 | 1 |
Finance income | (35 | ) | - |
196 | 49 |
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: |
Year ended 31st December 2022 |
31.12.22 | 1.1.22 |
£'000 | £'000 |
Cash and cash equivalents | 20 | 18 |
Year ended 31st December 2021 |
31.12.21 | 1.1.21 |
£'000 | £'000 |
Cash and cash equivalents | 18 | 9 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.22 | Cash flow | At 31.12.22 |
£'000 | £'000 | £'000 |
Net cash |
Cash at bank | 18 | 2 | 20 |
18 | 20 |
Total | 18 | 2 | 20 |
EUROPRINT HOLDINGS LIMITED (REGISTERED NUMBER: 01528919) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
1. | STATUTORY INFORMATION |
Europrint Holdings Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c). |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Fixtures and fittings | - |
Financial instruments |
The company only enters into basic financial transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Taxation |
Taxation for the year comprises 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. |
EUROPRINT HOLDINGS LIMITED (REGISTERED NUMBER: 01528919) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
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 year 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pensions |
For defined benefit plans, in accordance with FRS 102, the service cost of the pension provision relating to the year, together with the cost of any benefits relating to past service, is charged to the profit and loss account. The net interest element is determined by multiplying the net defined benefit liability by the discount rate, at the start of the period taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost. Under the projected unit method, the current service cost will increase as the members of the scheme approach retirement. |
The difference between the market value of the assets of the scheme and the present value of the accrued pension liabilities is shown as a liability in the balance sheet. Deferred tax assets on the pension liability are recognised to the extent that they are considered recoverable. Any difference between the expected return on assets and that actually achieved is recognised in the Statement of Comprehensive Income along with differences which are from experienced gains and losses and changes in assumptions. |
For defined contribution schemes, contributions are recognised in the profit and loss account in the period in which they become payable. |
Further information on pension arrangements is set out in note 12 to the financial statements. |
3. | EMPLOYEES AND DIRECTORS |
2022 | 2021 |
£'000 | £'000 |
Pension costs | 29 | 24 |
The average number of employees during the year was NIL (2021 - NIL). |
2022 | 2021 |
£ | £ |
Director's remuneration |
EUROPRINT HOLDINGS LIMITED (REGISTERED NUMBER: 01528919) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2022 | 2021 |
£'000 | £'000 |
Depreciation - owned assets |
Auditors' remuneration - current auditors |
5. | EXCEPTIONAL ITEMS |
2022 | 2021 |
£'000 | £'000 |
Exceptional items | 122 | - |
During the year management decided the provision of pension costs was no longer required. As a result, a write back of the accumulated balance was recorded to better reflect the company's liabilities and annual performance going forward. |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2022 | 2021 |
£'000 | £'000 |
Bank interest |
7. | TAXATION |
Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 31st December 2022 nor for the year ended 31st December 2021. |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2022 | 2021 |
£'000 | £'000 |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2021 - |
Effects of: |
Expenses not deductible for tax purposes |
Utilisation of tax losses | ( |
) | ( |
) |
recognised |
Total tax charge | - | - |
Tax effects relating to effects of other comprehensive income |
2022 |
Gross | Tax | Net |
£'000 | £'000 | £'000 |
Remeasurement on defined benefit pension | ( |
) | - | (192 | ) |
EUROPRINT HOLDINGS LIMITED (REGISTERED NUMBER: 01528919) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
7. | TAXATION - continued |
2021 |
Gross | Tax | Net |
£'000 | £'000 | £'000 |
Remeasurement on defined benefit pension | ( |
) | - | (192 | ) |
There is unrecognised deferred tax assets as at 31 December 2022 of £62,000 (2021: asset of £106,000). |
8. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£'000 |
COST |
At 1st January 2022 |
and 31st December 2022 |
DEPRECIATION |
At 1st January 2022 |
Charge for year |
At 31st December 2022 |
NET BOOK VALUE |
At 31st December 2022 |
At 31st December 2021 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£'000 | £'000 |
Amounts owed by parent undertaking |
The amount owed by a fellow subsidiary company of the ultimate parent undertaking represents funds which have been lent at a varying interest rate per annum. Repayment of this amount may be demanded by the company with a notice period of five days. |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£'000 | £'000 |
Trade creditors |
Social security and other taxes |
Accruals and deferred income |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £'000 | £'000 |
Ordinary | 10p | 9 | 9 |
EUROPRINT HOLDINGS LIMITED (REGISTERED NUMBER: 01528919) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
12. | EMPLOYEE BENEFIT OBLIGATIONS |
The company operates a defined benefit pension plan in the UK, the Europrint Holdings Limited Retirement Security Plan ("the Plan"). The Plan was closed to new entrants and future accrual with effect from 1st June 2004. The information set out below is based on calculations carried out as at 31st December 2022 by a qualified independent actuary. |
The Plan's assets are held in a separate trustee-administered fund to meet long-term pension liabilities to past and present employees. The trustees of the Plan are required to act in the best interest of the Plan's beneficiaries. The appointment of members of the trustee board is determined by the trust documentation. |
The liabilities of the Plan are measured by discounting the best estimate of future cash flows to be paid out of the Plan using the projected unit method. This amount is reflected in the deficit in the balance sheet. |
The liabilities set out in this note have been calculated based on the most recent full actuarial valuation at 31st July 2020, updated to 31st December 2022. The results of the calculations and assumptions adopted are shown below. |
At 31st December 2022, contributions are payable to the Plan by the company at the rates set out in the latest Schedule of Contributions. The company is expected to make contributions of £192,000 (payable in monthly instalments) in the year commencing 1st January 2023 in respect of the past service deficit in the Plan as well as paying the expenses of operating the Plan including the Pension Protection Fund levies. |
The amounts recognised in the balance sheet are as follows: |
Defined benefit |
pension plans |
2022 | 2021 |
£'000 | £'000 |
Present value of funded obligations | ( |
) | ( |
) |
Fair value of plan assets |
1,911 | 2,029 |
Present value of unfunded obligations |
Irrecoverable surplus | (1,911 | ) | (2,029 | ) |
Deficit |
Net liability |
The amounts recognised in profit or loss are as follows: |
Defined benefit |
pension plans |
2022 | 2021 |
£'000 | £'000 |
Current service cost |
Interest cost |
Expected return | - | - |
Past service cost |
Interest income | (124 | ) | (95 | ) |
- | 2 |
Actual return on Scheme assets | ( |
) |
EUROPRINT HOLDINGS LIMITED (REGISTERED NUMBER: 01528919) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
12. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
Changes in the present value of the defined benefit obligation are as follows: |
Defined benefit |
pension plans |
2022 | 2021 |
£'000 | £'000 |
Opening defined benefit obligation |
Past service cost |
Interest cost |
Actuarial losses/(gains) | ( |
) | ( |
) |
Benefits paid | ( |
) | ( |
) |
Changes in the fair value of scheme assets are as follows: |
Defined benefit |
pension plans |
2022 | 2021 |
£'000 | £'000 |
Opening fair value of scheme assets |
Interest income | 124 | 95 |
Contributions by employer |
Actuarial gains/(losses) | ( |
) |
Benefits paid | (178 | ) | (185 | ) |
The amounts recognised in the statement of recognised gains and losses are as follows: |
Defined benefit |
pension plans |
2022 | 2021 |
£'000 | £'000 |
Return on Scheme assets less interest and actuarial gains and losses |
( |
) |
Changes in the amount of irrecoverable debt | 2,345 | (1,270 | ) |
(192 | ) | (190 | ) |
Cumulative amount of actuarial gains/(losses) |
- |
- |
EUROPRINT HOLDINGS LIMITED (REGISTERED NUMBER: 01528919) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
12. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
The major categories of scheme assets as amounts of total scheme assets are as follows: |
Defined benefit |
pension plans |
2022 | 2021 |
£'000 | £'000 |
Equities |
Corporate Bonds | 1,314 | 1,613 |
Gilts | 1,967 | 2,807 |
Other |
6,252 | 8,463 |
Principal actuarial assumptions at the balance sheet date (expressed as weighted averages): |
2022 | 2021 |
Discount rate |
Future pension increases LPI (max 5%) |
Future pension increases LPI (max 3%) |
RPI inflation rate |
CPI inflation rate |
Future increases in deferred pensions |
Amounts for the current and previous four periods are as follows: |
2022 | 2021 | 2020 | 2019 | 2018 |
£'000 | £'000 | £'000 | £'000 | £'000 |
Defined benefit obligation | (4,341 | ) | (6,434 | ) | (7,144 | ) | (6,563 | ) | (5,480 | ) |
Fair value of scheme assets | 6,252 | 8,463 | 7,903 | 7,158 | 6,631 |
Surplus | 1,911 | 2,029 | 759 | 595 | 1,151 |
Experience adjustments on scheme liabilities |
- |
- |
- |
- |
- |
Experience adjustments on scheme assets |
- |
- |
- |
- |
- |
Defined contribution scheme |
With effect from 1st June 2004, employees of the company provided they fulfilled certain eligibility requirements were able to join a defined contribution Group Personal Pension Plan (the "Plan"). Company contributions to this Plan were either 10.5% or 8.0% of basic salary with the employees contribution 4.0% of the basic salary. The company ceased to employ staff on 31 December 2017. |
EUROPRINT HOLDINGS LIMITED (REGISTERED NUMBER: 01528919) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2022 |
13. | ULTIMATE CONTROLLING PARTY |
The company's immediate parent undertaking is IGT Global Solutions Corporation, a company incorporated in the USA. |
IGT Global Solutions Corporation is a wholly owned subsidiary company of International Game Technology PLC ("IGT PLC") a company incorporated in England and Wales whose shares are publicly traded on the New York Stock Exchange. The smallest publicly available group financial statements containing those of the company are those of IGT PLC. Copies of these financial statements are available from Marble Arch House, 66 Seymour Street, London, W1H 5BT. |
IGT PLC is controlled by De Agostini S.p.A. (a company incorporated in Italy) which directly and indirectly owns 45.03% of IGT PLC's shares. The remaining 54.97% of the shares are publicly held. IGT PLC's ultimate parent undertaking, and also that of the company is B&D Holding S.p.A ("B&D Holding") (incorporated in Italy). The largest publicly available group financial statements containing those of the company are those of B&D Holding S.p.A ("B&D Holding"). Copies of these financial statements are available from Via Giovanni da Verrazano 15, 28100 Novara, Italy. |
In the directors' opinion, at 31st December 2022, the company's ultimate controlling party is B&D Holding S.p.A ("B&D Holding"). |