Registered number:
FOR THE PERIOD ENDED 29 OCTOBER 2023
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SCRIVENS LIMITED
COMPANY INFORMATION
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SCRIVENS LIMITED
CONTENTS
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SCRIVENS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 29 OCTOBER 2023
The directors present their strategic report on the affairs of the company together with the financial statements and auditor's report for the period ended 29 October 2023.
We continue to invest significantly in the design and upgrade of our stores in order to provide customers with a pleasing environment in which to shop.
The results show a pre-tax profit for the trading period of £2,666,745 (2022: £4,152,319). The company has net assets of £12,192,920 (2022: £11,964,479). The company operates in a competitive market sector, the assessment and analysis of market trends and competitor activity is, therefore, an essential part of the company's risk management strategy. Current economic conditions are such that the company's focus is at all times concentrated on delivering a high quality service at value for money prices in order to maximise customer attraction and retention. The company operates a closed defined benefit pension scheme and the directors are satisfied that they have, in conjunction with the Trustees of the Scheme, carried out necessary steps to mitigate the impact such a Scheme may have on the trading of the company in the event that the Scheme liabilities and assets' returns disappoint. The key financial performance indicators are gross profit and operating profit: 2023 2022 2021 Gross profit £50,069,341 £47,834,646 £48,325,779 Operating profit £2,683,745 £4,185,319 £10,012,047
The company's principal financial instruments comprise bank balances, bank overdrafts, trade creditors, trade debtors, loans to the company and finance lease agreements. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations.
Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below. In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the pooling of excess bank balances in the group. The group makes use of short term investments and money market facilities with the excess funds. In respect of loans these comprise loans from group companies. The company manages the liquidity risk by ensuring there are sufficient funds to meet the payments. The company is a lessee in respect of finance leased assets. The liquidity risk in respect of these is managed in the same way as loans above. Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
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SCRIVENS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 OCTOBER 2023
Section 172 of the Companies Act 2006 requires a director of a company to act in the way they consider, in good faith, would most likely promote the success of the company for the benefit of its members as a whole. In doing this, section 172 requires a director to have regard, amongst other matters, to the:
• likely consequences of any decisions in the long-term; • interests of the company’s employees; • need to foster the company’s business relationships with suppliers, customers and others; • impact of the company’s operations on the community and environment; • desirability of the company maintaining a reputation for high standards of business conduct; and • need to act fairly as between members of the company. In discharging our section 172 duties we have regard to the factors set out above. In concluding our decisions due regard is given to what is in the long term company interest, while bearing in mind other stakeholders, for example employees, the environment, customers, to ensure a rounded view. While we acknowledge that every decision we make will not necessarily result in a positive outcome for all of our stakeholders, by considering the company’s mission statement, strategic aims and core values and having a process in place for decision making, we do, however, aim to make sure that our decisions are consistent. During the period the company received information to help it understand the interests and views of the company’s key stakeholders and other relevant factors when making decisions. This was disseminated in a wide variety of ways and covered financial and operational performance, non-financial KPIs, risk, environmental, social and outcomes of specific pieces of engagement. As a result of this, the company has an overview of engagement with stakeholders and other relevant factors which allows it to understand the nature of stakeholders’ concerns and to comply with its section 172 duty to promote the success of the company.
This report was approved by the board on 23 July 2024 and signed on its behalf.
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SCRIVENS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 29 OCTOBER 2023
The directors present their report and the financial statements for the period ended 29 October 2023.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make 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 company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the period, after taxation, amounted to £2,134,941 (2022 - £4,152,319).
Dividends amounting to £2,000,000 (2022: £3,250,000) were paid during the period.
The directors who served during the period were:
The directors are confident that the business will continue to grow organically and by acquisition with the emphasis on offering added value to the current portfolio of services offered.
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SCRIVENS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 OCTOBER 2023
During the period the policy of providing employee with information about the company has been continued through the notice board at the head office.
The directors regularly review how the group maintains positive relationships with all of its stakeholders including suppliers, customers and others.
The directors understand the importance of the company's supply chain in delivering the long-term plans for the company. One of the ways we can ensure effective relationships is to pay on time and in accordance with agreed terms. The directors are committed to providing our customers with excellent service and clinical excellence. Each Scrivens branch is run by a highly professional team whose aim is to bring the highest standards of service and expertise. Branch teams are highly trained to become customer champions and are always striving to offer the best in eye and hearing care. We are constantly reviewing and developing how we engage with customers including using new formats and channels to promote health, style and wellbeing and to receive feedback. The directors actively seek information on the interaction with stakeholders to ensure that they have sufficient information to reach appropriate conclusions about the risks faced by the company and how these are reflected in the long-term plans.
There have been no significant events affecting the company since the year end.
The auditors, Nyman Libson Paul LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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SCRIVENS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCRIVENS LIMITED
We have audited the financial statements of Scrivens Limited (the 'company') for the period ended 29 October 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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SCRIVENS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCRIVENS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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SCRIVENS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCRIVENS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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:
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risk, including obtaining audit evidence that is sufficient and appropriate to provide as basis for our opinion. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have: • considered the nature of the industry and sectors, control environment and business performance; • made enquiries of management about their own identification and assessment of the risk and irregularities • performed audit work over the risk of management override on controls, involving testing of journal entries and other adjustments for appropriateness and reviewing accounting estimates for bias; • undertaken appropriate sample based testing of bank transactions; • identified and evaluated compliance with relevant laws and regulations and made enquiries of any instances of non-compliance; and • discussed matters among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indictors of fraud
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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SCRIVENS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SCRIVENS LIMITED (CONTINUED)
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
124 Finchley Road
NW3 5JS
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SCRIVENS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 29 OCTOBER 2023
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SCRIVENS LIMITED
REGISTERED NUMBER: 00377588
STATEMENT OF FINANCIAL POSITION
AS AT 29 OCTOBER 2023
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SCRIVENS LIMITED
REGISTERED NUMBER: 00377588
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 OCTOBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 32 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 29 OCTOBER 2023
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STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 OCTOBER 2022
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SCRIVENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
Scrivens Limited is a limited liability company, incorporated in the United Kingdom, registered at and trading from Scrivens House, 60 Islington Row Middleway, Edgbaston, Birmingham, B15 1PH. The company trades as opticians.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).
The company's presentational currency is GBP, rounded to the nearest £1.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3). In preparing these financial statements, the company has taken advantage of disclosure exemptions permitted by Section 1.12 of FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" as follows: • Section 7 Statement of Cash Flows; • Section 11 Basic Financial Instruments; and • Section 33 Related Party Disclosures. This information is included in the consolidated financial statements of the company's ultimate parent undertaking for the period ended 29 October 2023, as disclosed in note 26 to these financial statements. Copies of the consolidated financial statements may be obtained from the UK Companies House website: https://beta.companieshouse .gov.uk/.
The following principal accounting policies have been applied:
The company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
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SCRIVENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
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SCRIVENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
2.Accounting policies (continued)
Defined benefit pension plan
The company also operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
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SCRIVENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
2.Accounting policies (continued)
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over its useful economic life.
The useful economic life of goodwill for each acquisition is assessed separately and amortized over 10, 15 or 20 years as appropriate.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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SCRIVENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
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.
Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the asset's fair value less costs to sell.
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SCRIVENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
2.Accounting policies (continued)
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. Financial Position.
The company only enters into basic financial instrument 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 ordinary shares.
Accounts are drawn up for periods of 52 weeks (and, where necessary, 53 weeks) ending on the last
Sunday in October.
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SCRIVENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
The following are the company's key accounting estimates and assumptions: Tangible assets Tangible assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the assets' lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Intangible assets Intangible assets consist of goodwill amortised over its useful economic life. The estimated life of goodwill is assessed annually to ensure it is appropriate. This assessment takes into account the ability of related cash generating units (which upon their acquisition generated an intangible asset of goodwill) to continue to generate future cash flows for the company, and their estimated useful economic lives. Impairment of debtors Trade debtors are recorded in the accounts at cost. Some debtors may not pay part or all of the balance due, and thus the debtor balance in the financial statements will need to be amortised to reflect the lower of cost and market value. The company records a provision for bad debts to estimate the total impact of non-payments, considering factors such as the credit rating of customers, the ageing profile of debtors and historical experience. Defined benefit obligation When calculating the defined benefit pension scheme obligation, management have made financial and demographic assumptions about inflation-linked increases, salary growth, materiality and other demographic assumptions. The defined obligation is the cash flows discounted to the obligation date at the assumed discount rate. Discount rates are determined by reference to market yields on high quality corporate bonds of the same term as scheme cash flows. Other assumptions are based on official government statistics and related market information. Dilapidations provision The provision recorded in the accounts for dilapidation costs is an estimated cost of repairing retail premises occupied by the company to the state they were at prior to the lease commencing. This provision is re-assessed on an annual basis, considering factors such as unit square footage, length of lease and time remaining until lease expiry.
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SCRIVENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
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SCRIVENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
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SCRIVENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
There were no factors that may affect future tax charges.
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SCRIVENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
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SCRIVENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
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SCRIVENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
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SCRIVENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
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SCRIVENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
19.Deferred taxation (continued)
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SCRIVENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
Defined contribution
The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £563,638 (2022 - £655,878). At the period end contributions totalling £91,759 (2022: £85,661) were outstanding.
Defined Benefits
The company operates a defined benefit pension scheme.
The assets of the scheme are held separately from the company.
The scheme was closed to new entrants on 31 December 1991 and to future accrual of benefit on 31 January 2004. A full actuarial valuation of the Scrivens Limited Retirement Benefit Scheme was carried out at 1 January 2020 and updated to 31 October 2023 by a qualified independent actuary. As the scheme is closed to new members, under the projected unit method the current service cost will increase as the members of the scheme approach retirement. The scheme provides benefits for selected employees of Scrivens Limited and Mersona Limited. Mersona Limited is a fellow subsidiary undertaking of the company's immediate parent company Seamap Limited. The company has accounted for 100% of the net costs and net position of the total scheme as the liability of the scheme is solely that of Scrivens Limited.
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SCRIVENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
22.Pension commitments (continued)
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SCRIVENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
22.Pension commitments (continued)
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SCRIVENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
The immediate and ultimate parent company is Seamap Limited, a company under the control of N J and M A Georgevic, directors of the company.
The company has taken advantage of exemptions provided in the Companies Act 2006 not to prepare consolidated accounts. Group financial statements are prepared by Seamap Limited and can be obtained from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.
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