Company registration number:
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COMPANY INFORMATION
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CONTENTS
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GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023
The principal activity of the Group in the year under review was that of international freight management, customs clearance, compound service and lorry parking facilities. The Group has subsidiaries in the UK, Hong Kong, China, and the USA.
During the year, the Group has continued to work with its network of global partners to give our clients a high quality of service. With air, sea and overland freight management, warehousing capabilities, and customs clearance, we have provided smart solutions that meet our customers’ requirements. With an innovative and creative management team, we continue to win customers with a high level of service and pricing which some of our larger competitors cannot match. This year, the Group’s performance is in line with the directors’ expectations in the two main subsidiaries, ChannelPorts Ltd and World Transport Agency Limited. The extraordinary business conditions of 2021/22 driven by the impact of COVID on the global logistics business was not replicated in 2022/23. This impacted both main subsidiaries. ChannelPorts Ltd saw a decline in Turnover of 7% without an associated drop in Cost of Sales. As such, ChannelPorts Ltd posted a £11.5 million Gross Profit, down £1.1 million from 2021/22. Administrative Expenses reduced in line with Turnover and the result was a Profit Before Tax of £5.2 million (a 14% decrease vs 2021/22). In December 2022, ChannelPorts purchased the freehold of their headquarters, a motorway service station (STOP24, Folkestone) as both an investment and to ensure continued delivery lorry parking services. A sense of normality returned to global logistics in 2022/23 with freight rates returning to near pre pandemic levels. It was, however, evident that companies had been stockpiling, and as such, volumes were down. Turnover in World Transport Agency Limited fell from £84.3M to £53.5M driven by an associated drop in Cost of Sales (2022/23 £45.5 million vs 2021/22 £76.3 million) meaning that Gross Profit in 2022/23 remained flat at £8.0 million. Administration costs increased primarily driven by investments in Technology, wage inflation and the addition of new group senior leaders to drive the business into its next stage of development. Correspondingly, Profit Before Tax was £1.9M in 2022/23, a decrease of 28%. The Group continues to remain financially strong with Net Assets of £24 million and a high level of liquidity.
The Group will continue to develop its business activities by increasing its expertise and focus on selected industries and investing in the digitalisation of all its service products, whilst evaluating efficiency opportunities.
The investment in customs clearance digital software has put the Group in a market leading position to exploit the ongoing opportunities for UK/EU RORO custom clearances. The Global Economic and Political landscape is complex and ever-changing resulting in uncertainty and price pressure as customers seek to maintain margins. The Group continually reviews its geographic footprint to align with changes in customer strategies around geographic production risk. The Group has been positively impacted by higher interest rates as the strength of the liquid assets do not require the Group to borrow.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
The management of the business and the execution of the Group’s strategy are subject to a number of risks.
The principal risks and uncertainties faced by the Group are operational risk, reputation risk and product warranty risk. To a lesser extent, the Group also faces credit and liquidity risk. Operational risk is managed and mitigated through the maintenance of appropriate systems, processes and controls and training of staff to maintain the quality of the services provided. Operational risk is further mitigated by professional indemnity and public liability insurance. Credit risk is managed by ensuring the credit worthiness of clients and institutions where cash is deposited. Liquidity risk is mitigated by daily monitoring of cash requirements to ensure sufficient cash reserves are in place to meet actual and forecast requirements of the Group. Whilst the Group is not immune to the effects of a macro-level recession of the economy, the business model is long term and historic performance has shown that demand for the product is sustainable.
The Group monitors its performance against strategic objectives by means of key performance indicators. The main KPIs it uses are orientated around gross profit to net profit margins, staff costs to gross profit and sales growth. These are summarised thus:
Non-financial KPIs are not produced here because, given the nature of the business, the Group’s directors are of the opinion that analysis using key performance indicators is not necessary for an understanding of the development, performance or position of the entity.
Section 172 of the Companies Act 2006 requires Directors to take into consideration the interests of stakeholders and other matters in their decision making. The Board of Directors consider that the decisions they have made during the financial year and the way they have acted have promoted the success of the Company for the benefit of its members as a whole, having regard for the stakeholders and matters set out in s172 (1) (a-f) of the Act.
The Company engages with its employees, customers, and suppliers through a variety of means, including: Employees – internal updates regarding Company trading performance, strategy, key decisions and developments, provision of training and wellness support. Customers – website, technical support, newsletters / blogs, market and account reviews, in order to foster strong long term relationships. Suppliers – joint trading reviews and market updates to grow sales and determine opportunities, to foster strong long term supply arrangements.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
The directors present their report and the financial statements for the year ended 30 June 2023.
The directors who served during the year were:
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are 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;
∙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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation and minority interests, amounted to £5,668,085 (2022 - £7,707,140).
Particulars of dividends paid are detailed in the notes to the financial statements.
The Group has taken the option to exclude from its report any energy and carbon information relating to a subsidiary which would not itself be obliged to include reporting in its own financial statements. The parent company's energy consumption in the United Kingdom for the year is 40,000kWh or lower and therefore is a low energy user, and so is not required to make energy disclosures. Therefore, no disclosures are required in relation to Green House Gas Emissions, Energy Consumption and Energy Efficiency Action.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
The Group has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the Group's Strategic Report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. This includes information that would have been included in the business review and the principal risks and uncertainies.
The Directors would like to thank all Group employees for the contribution they make to the Group's success.
It is group policy to achieve and maintain a high standard of health and safety at work and proper attention is paid to training and work prospects of people who become disabled during their employment with the group or who are disabled at the time of applying for employment.
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditor 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 AUDITOR'S REPORT TO THE MEMBERS OF SOMMER HOLDINGS LTD
We have audited the financial statements of Sommer Holdings Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the 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).
The audit evidence was limited because whilst the directors of the company instructed an actuary to prepare an actuarial report for the pension scheme which was compliant with the requirements of FRS 102, including the relevant assumptions, as at 30 June 2023, the same was not prepared for the year ended 30 June 2021 or 30 June 2022. As a result the financial statements do not comply with FRS 102 as the liability and other entries required to correctly record the scheme are not included in the financial statements.
The statement of financial position does not include the pension scheme liability as at 30 June 2023 and comprehensive income includes the contributions paid to the scheme in the year. The contributions paid to the scheme will be different to the entries that would have been made to comprehensive income had an actuarial report been obtained. Accordingly, we are unable to obtain sufficient audit evidence in relation to the year end pension scheme assets, liabilities and surplus of £1,969,000 as disclosed in note 23 of the financial statements.
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 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 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 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 directors with respect to going concern are described in the relevant sections of this report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SOMMER HOLDINGS LTD (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 Group 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 Group 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 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 Directors' Report.
Arising solely from the limitation on the scope of our work relating to the defined benefit pension scheme, referred to above;
∙We have not obtained all the information and explanations that we consider necessary for the purpose of our audit; and
∙We were unable to determine whether adequate accounting records have been kept
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SOMMER HOLDINGS LTD (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 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. We determined that the following laws and regulations were most significant including:
∙The Companies Act 2006;
∙Financial Reporting Standard 102;
∙UK employment legislation;
∙UK health and safety legislation; and
∙General Data Protection Regulations
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
We understood how the Group are complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. 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:
∙Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud;
∙Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
∙Challenging assumptions and judgments made by management in its significant accounting estimates; and
∙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:
∙Posting of journals to the accounting software which are of a non-routine nature in terms of timing and amount;
∙Timing of revenue recognition; and
∙The use of management override of controls to manipulate results.
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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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SOMMER HOLDINGS LTD (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
Chartered Accountants
Statutory Auditor
1st Floor
Midas House
62 Goldsworth Road
Surrey
GU21 6LQ
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
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 37 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
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CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
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CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Sommer Holdings Ltd is a private Company limited by shares, incorporated in the United Kingdom under the Companies Act 2006, and is registered in England and Wales. The address of its registered office and principal place of business 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 Statement of Comprehensive Income in these financial statements.
The Group's functional and presentational currency is GBP.
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 Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
Goodwill
Other intangible assets
Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting date.
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:
Computer software - 3 years
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
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 YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
The directors considered that it would be an unreasonable drain on the company's resources to obtain a valuation report each year and do not consider there is sufficient internal resources to determine accurate directors' valuation with neither scenario providing commensurate benefit to the shareholders or stakeholders in the business. In addition, the group operates a defined contribution pension scheme, the contributions of which are charged to the profit and loss account as they fall due.
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that: * The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; * Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and * Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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. The directors do not consider the FRS 102 pension scheme valuation materially accurate as the scheme valuation has not been done to the year ended 30 June 2023. Therefore the liability has not been recognised within the Statement of Financial Position and no movements have impacted Other Comprehensive Income. See accounting policy 2.10 for more details. The directors do not consider there to be any judgments or estimation uncertainty which materially impact these financial statements.
The whole of the turnover is attributable to the one principal activity of the group.
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
14.Tangible fixed assets (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Revaluation reserve
Capital redemption reserve
Foreign exchange reserve
Profit and loss account
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
The Group operates a Defined benefit pension scheme.
The disclosures set out below are based on the calculations carried out as at 30 June 2023 by a qualified independent actuary. The reconciliations below show the movement in the pension scheme between 30 June 2020 and 30 June 2023.
The pension scheme assets are held in a separate Trustee-administered fund to meet the long-term pension liabilities to past and present employees. The trustees of the scheme are required to act in the best interests of the scheme's beneficiaries. The appointment of the trustee to the scheme is determined by the schemes trust documentation. The liabilities of the defined benefit scheme are measured by discounting the best estimate of future cashflows to be paid out of the scheme using the projected unit credit method. As at 30 June 2023, contributions were payable to the scheme by the company at the rates set out in the schedule of contributions dated 30 September 2009. During the year ended 30 June 2023, the group was scheduled to make contributions of £247,000 (2022: £247,000) to the pension scheme. These contributions have not been reflected in a change to the present value of plan assets below as the value of such assets as at 30 June 2023 is unknown.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
23.Pension - defined benefit scheme (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
23.Pension - defined benefit scheme (continued)
The group operates a defined contribution pension scheme into which contributions of £456,436 (2022 - £507,248) were made during the year.
The total value of pension commitments included in the balance sheet at the year end was £31,296 (2022 - £81,894).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
There is no unlitmate controlling party.
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