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Registration number: 12766854

Cookson Holdings Ltd

Annual Report and Consolidated Financial Statements

for the Year Ended 31 October 2023

 

Cookson Holdings Ltd

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Consolidated Profit and Loss Account

8 to 9

Consolidated Statement of Comprehensive Income

10

Consolidated Balance Sheet

11

Balance Sheet

12

Statement of Changes in Equity

13

Consolidated Statement of Cash Flows

14

Statement of Cash Flows

15

Notes to the Financial Statements

16 to 30

 

Cookson Holdings Ltd

Company Information

Directors

Mr Martin Cookson

Mr Ryan Mark Cookson

Mr Luke Martin Cookson

Registered office

Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

Auditors

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

 

Cookson Holdings Ltd

Strategic Report for the Year Ended 31 October 2023

The directors present their strategic report for the year ended 31 October 2023.

Principal activity

The principal activity of the group is as fruit and vegetable wholesaler

Fair review of the business

It has been a successful period for the Cookson Holdings Group. In this accounting period, the Group has achieved operating profits of £408,001 (2022 £403,477) and has a strong balance sheet with closing net assets of £699,427 (2022 £489,073). This is an excellent position and the prospects for the Group continue to grow.

Key performance indicators include turnover of £20,880,230 (2022 £18,189,961) and gross profit of £2,471,624 (2022 £2,252,547) with a gross profit margin of 11.84%, which are impressive results taking into account industry averages.

The management buy-out by Cookson Holdings Ltd of the Sharrocks Fresh Produce Limited, has continued in line with agreements reached in August 2020.

During the period, and after the year end, investment in fixed assets has continued, which has strengthened the Group's ability to process, store and distribute product, and support sales growth.

Principal risks and uncertainties

The Group's accounting and reporting systems function very well, underpinned by a strong team of staff, sales margins are maintained and performance is closely monitored on a regular basis.

Capital expenditure during the period and since the year end have focused on product development and enhanced customer satisfaction, as well as new markets. The Group retains and where necessary adds to its very experienced workforce.

Approved and authorised by the Board on 29 July 2024 and signed on its behalf by:
 

.........................................
Mr Luke Martin Cookson
Director

 

Cookson Holdings Ltd

Directors' Report for the Year Ended 31 October 2023

The directors present their report and the for the year ended 31 October 2023.

Directors of the group

The directors who held office during the year were as follows:

Mr Martin Cookson

Mr Ryan Mark Cookson

Mr Luke Martin Cookson

Financial instruments

Objectives and policies

The Group has a strong sytem of internal control and the accounting and report systems continue to function very well. Sales margins are maintained and performance is monitored on a daily basis.

A knowledgeable and competent finance team remain in place.

Investment in capital expenditure continues in the period and after the year end, to support business growth and facilitate continued efficiency and profitability.

Price risk, credit risk, liquidity risk and cash flow risk

Key risks include maintaining gross profit margins through the use of pricing strategies, monitoring operating costs and overheads, and generating net cash inflows into the group.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 29 July 2024 and signed on its behalf by:
 

.........................................
Mr Luke Martin Cookson
Director

 

Cookson Holdings Ltd

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company 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 and apply them consistently;

make judgements 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; and

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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Cookson Holdings Ltd

Independent Auditor's Report to the Members of Cookson Holdings Ltd

Opinion

We have audited the financial statements of Cookson Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and 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 group's and the parent company's affairs as at 31 October 2023 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 auditor 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 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 group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Cookson Holdings Ltd

Independent Auditor's Report to the Members of Cookson Holdings Ltd

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor 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 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Cookson Holdings Ltd

Independent Auditor's Report to the Members of Cookson Holdings Ltd

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 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.

......................................
Peter Riley FCA (Senior Statutory Auditor)
For and on behalf of Crossley & Davis Chartered Accountants, Statutory Auditor

Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

29 July 2024

 

Cookson Holdings Ltd

Consolidated Profit and Loss Account for the Year Ended 31 October 2023

Note

2023
£

2022
£

Turnover

3

20,880,230

18,189,961

Cost of sales

 

(18,408,607)

(15,937,414)

Gross profit

 

2,471,623

2,252,547

Administrative expenses

 

(2,063,621)

(1,849,571)

Other operating income

-

501

Operating profit

4

408,002

403,477

Other interest receivable and similar income

2,758

1,425

Interest payable and similar expenses

(50,673)

(28,702)

   

(47,915)

(27,277)

Profit before tax

 

360,087

376,200

Tax on profit

8

(74,734)

(73,655)

Profit for the financial year

 

285,353

302,545

Profit/(loss) attributable to:

 

Owners of the company

 

265,347

271,470

Minority interests

 

20,006

31,075

 

285,353

302,545

 

Cookson Holdings Ltd

Consolidated Profit and Loss Account for the Year Ended 31 October 2023

The group has no recognised gains or losses for the year other than the results above.

 

Cookson Holdings Ltd

Consolidated Statement of Comprehensive Income for the Year Ended 31 October 2023

2023
£

2022
£

Profit for the year

285,353

302,545

Total comprehensive income for the year

285,353

302,545

Total comprehensive income attributable to:

Owners of the company

265,347

271,470

Minority interests

20,006

31,075

285,353

302,545

 

Cookson Holdings Ltd

(Registration number: 12766854)
Consolidated Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

9

3,189

(944)

Tangible assets

10

940,243

777,686

 

943,432

776,742

Current assets

 

Stocks

12

201,404

194,840

Debtors

13

2,497,797

2,123,564

Cash at bank and in hand

 

51,246

74,339

 

2,750,447

2,392,743

Creditors: Amounts falling due within one year

15

(2,624,877)

(2,349,813)

Net current assets

 

125,570

42,930

Total assets less current liabilities

 

1,069,002

819,672

Creditors: Amounts falling due after more than one year

15

(158,959)

(135,061)

Provisions for liabilities

16

(210,616)

(195,537)

Net assets

 

699,427

489,074

Capital and reserves

 

Called up share capital

18

90

90

Retained earnings

590,763

430,413

Equity attributable to owners of the company

 

590,853

430,503

Minority interests

 

108,574

58,571

Shareholders' funds

 

699,427

489,074

Approved and authorised by the Board on 29 July 2024 and signed on its behalf by:
 

.........................................
Mr Luke Martin Cookson
Director

 

Cookson Holdings Ltd

(Registration number: 12766854)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

11

350,001

344,445

Current assets

 

Debtors

13

155,945

90

Cash at bank and in hand

 

14,794

20,998

 

170,739

21,088

Creditors: Amounts falling due within one year

15

(420,067)

(264,458)

Net current liabilities

 

(249,328)

(243,370)

Total assets less current liabilities

 

100,673

101,075

Provisions for liabilities

16

(100,000)

(100,000)

Net assets

 

673

1,075

Capital and reserves

 

Called up share capital

18

90

90

Retained earnings

583

985

Shareholders' funds

 

673

1,075

The company made a profit after tax for the financial year of £74,598 (2022 - profit of £43,585).

Approved and authorised by the Board on 29 July 2024 and signed on its behalf by:
 

.........................................
Mr Luke Martin Cookson
Director

 

Cookson Holdings Ltd

Statement of Changes in Equity for the Year Ended 31 October 2023

Share capital
£

Retained earnings
£

Total
£

At 1 November 2022

90

985

1,075

Profit for the year

-

74,598

74,598

Dividends

-

(75,000)

(75,000)

At 31 October 2023

90

583

673

Share capital
£

Retained earnings
£

Total
£

At 1 November 2021

90

32,400

32,490

Profit for the year

-

43,585

43,585

Dividends

-

(75,000)

(75,000)

At 31 October 2022

90

985

1,075

 

Cookson Holdings Ltd

Consolidated Statement of Cash Flows for the Year Ended 31 October 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

285,353

302,545

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

291,039

193,401

Profit on disposal of tangible assets

(645)

(258)

Finance income

(2,758)

(1,425)

Finance costs

16,787

8,051

Income tax expense

8

74,734

73,655

 

664,510

575,969

Working capital adjustments

 

Increase in stocks

12

(6,564)

(38,032)

Increase in trade debtors

13

(371,649)

(114,695)

Increase in trade creditors

15

167,014

308,819

(Decrease)/increase in provisions

16

(27,500)

27,500

Cash generated from operations

 

425,811

759,561

Income taxes received/(paid)

8

18,529

(67,234)

Net cash flow from operating activities

 

444,340

692,327

Cash flows from investing activities

 

Interest received

2,758

1,425

Acquisitions of tangible assets

(452,778)

(647,614)

Proceeds from sale of tangible assets

 

1,250

250

Acquisition of intangible assets

9

(5,556)

(93,888)

Additional investments

 

-

(55,000)

Net cash flows from investing activities

 

(454,326)

(794,827)

Cash flows from financing activities

 

Interest paid

(16,787)

(8,051)

Payments to finance lease creditors

 

78,680

205,160

Dividends paid

(75,000)

(75,000)

Net cash flows from financing activities

 

(13,107)

122,109

Net (decrease)/increase in cash and cash equivalents

 

(23,093)

19,609

Cash and cash equivalents at 1 November

 

74,339

54,730

Cash and cash equivalents at 31 October

 

51,246

74,339

 

Cookson Holdings Ltd

Statement of Cash Flows for the Year Ended 31 October 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

74,598

43,585

Adjustments to cash flows from non-cash items

 

Income tax expense

8

15,298

10,413

 

89,896

53,998

Working capital adjustments

 

Increase in trade debtors

13

(143,000)

-

Increase in trade creditors

15

137,710

138,615

Cash generated from operations

 

84,606

192,613

Income taxes paid

8

(10,254)

(7,726)

Net cash flow from operating activities

 

74,352

184,887

Cash flows from investing activities

 

Acquisition of subsidiaries

11

(5,556)

(88,889)

Cash flows from financing activities

 

Dividends paid

(75,000)

(75,000)

Net (decrease)/increase in cash and cash equivalents

 

(6,204)

20,998

Cash and cash equivalents at 1 November

 

20,998

-

Cash and cash equivalents at 31 October

 

14,794

20,998

 

Cookson Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF
England

The principal place of business is:
Unit G2, Red Scar Industrial Estate
Tustin Way Off Longridge Road
Ribbleton
Preston
Lancashire
PR2 5LX

These financial statements were authorised for issue by the Board on 29 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 October 2022.
No profit or loss account is presented for the company as permitted by Section 408 of the Companies Act 2006. The Company made a profit after tax for the financial period of £43,585 (2021 £32,400).

 

Cookson Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 group operates and generates taxable income.

 

Cookson Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold land and Buildings

20% Straight Line

Plant and equipment

20% Straight Line

Fixtures & Fittings

20% Straight Line

Motor Vehicles

20% Straight Line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Cookson Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
There is goodwill arising on the purchase of trade and assets in a business in the same trading sector in the year: this is being amortised over 5 years, to accurately reflect its useful economic life.
There is goodwill arising on the parents purchase of shares in the subsidiary, Sharrocks Fresh Produce Limited, and this is amortised over a 10 year period, to accurately reflect the useful economic life of this business combination.

Asset class

Amortisation method and rate

Software

20% Straight Line

Goodwill

10 % Straight Line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Cookson Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Cookson Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2023
£

2022
£

Fruit and veg wholesale

20,793,155

18,133,240

Rendering of services

31,869

-

Rental income from investment property

24,996

24,996

Storage and distribution

30,210

31,725

20,880,230

18,189,961

The turnover by geographical market all relates to UK turnover.

The analysis of the group's Turnover for the year by class of business is as follows:

2023
£

2022
£

Class 1

20,880,230

18,189,961

4

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

289,616

195,996

Amortisation expense

1,423

(2,595)

Operating lease expense - plant and machinery

11,091

10,390

Operating lease expense - other

3,901

52,942

Profit on disposal of property, plant and equipment

(645)

(258)

 

Cookson Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

5

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

2,188,203

1,923,868

Social security costs

205,008

182,296

Pension costs, defined contribution scheme

41,187

36,936

Other employee expense

41,714

39,377

2,476,112

2,182,477

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Production

60

39

Administration and support

8

13

Other departments

12

10

80

62

6

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

146,974

107,142

Contributions paid to money purchase schemes

3,572

2,570

150,546

109,712

7

Auditors' remuneration

2023
£

2022
£

Audit of these financial statements

24,000

7,000


 

The company entered into a liability limitation agreement with the auditor on 23rd March 2021. The liability of the auditor in respect of any claim or claims made by the company is limited to £4,000,000 inclusive of interest and costs.

 

Cookson Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

8

Taxation

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of 25% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

360,087

376,200

Corporation tax at standard rate

90,021

71,478

Tax decrease from effect of capital allowances and depreciation

(57,866)

(89,008)

Tax decrease from other short-term timing differences

-

(2,152)

Deferred tax expense from unrecognised temporary difference from a prior period

42,579

93,337

Total tax charge

74,734

73,655

Tax charged/(credited) in the consolidated profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

32,187

(19,682)

UK corporation tax adjustment to prior periods

(33)

-

32,154

(19,682)

Deferred taxation

Arising from origination and reversal of timing differences

42,580

93,337

Tax expense in the income statement

74,734

73,655

Deferred tax

Group

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Accerelated capital allowances

-

210,616

-

210,616

2022

Asset
£

Liability
£

Accerelated capital allowances

-

168,037

-

168,037

 

Cookson Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

In the March 2021 Budget, a change to the future UK corporation tax rate was announced, indicating that the rate will increase to 25% from April 2023. Deferred tax balances at the reporting date are therefore measured at 25%.

9

Intangible assets

Group

Goodwill
 £

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 November 2022

(11,381)

5,514

(5,867)

Additions acquired separately

5,556

-

5,556

At 31 October 2023

(5,825)

5,514

(311)

Amortisation

At 1 November 2022

(5,718)

795

(4,923)

Amortisation charge

307

1,116

1,423

At 31 October 2023

(5,411)

1,911

(3,500)

Carrying amount

At 31 October 2023

(414)

3,603

3,189

At 31 October 2022

(5,663)

4,719

(944)

 

Cookson Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

10

Tangible assets

Group

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

374,468

594,749

969,217

Additions

222,212

230,566

452,778

Disposals

(47,244)

(46,449)

(93,693)

At 31 October 2023

549,436

778,866

1,328,302

Depreciation

At 1 November 2022

81,777

109,754

191,531

Charge for the year

101,180

188,436

289,616

Eliminated on disposal

(46,642)

(46,446)

(93,088)

At 31 October 2023

136,315

251,744

388,059

Carrying amount

At 31 October 2023

413,121

527,122

940,243

At 31 October 2022

292,691

484,995

777,686

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2023
£

2022
£

Plant & Machinery

-

-

Motor Vehicles

301,020

261,466

301,020

261,466

 

Cookson Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

11

Investments

Company

2023
£

2022
£

Investments in subsidiaries

350,001

344,445

Subsidiaries

£

Cost or valuation

At 1 November 2022

344,445

Additions

5,556

At 31 October 2023

350,001

Provision

Carrying amount

At 31 October 2023

350,001

At 31 October 2022

344,445

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

Sharrocks Fresh Produce Limited

Yorkshire Produce Centre
Pontefract Lane
Leeds
West Yorkshire
LS9 0PX

England

Ordinary A shares

90%

88%

Subsidiary undertakings

12

Stocks

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Raw materials and consumables

201,404

194,840

-

-

 

Cookson Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

13

Debtors

   

Group

Company

Current

Note

2023
£

2022
£

2023
£

2022
£

Trade debtors

 

2,247,779

1,923,146

-

-

Amounts owed by related parties

22

-

38,705

-

-

Other debtors

 

25,117

21,502

38,090

90

Prepayments

 

90,307

63,695

-

-

Accrued income

 

99,044

43,550

105,000

-

Income tax asset

8

35,550

32,966

12,855

-

   

2,497,797

2,123,564

155,945

90

14

Cash and cash equivalents

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Cash on hand

466

471

-

-

Cash at bank

50,780

73,868

14,794

20,998

51,246

74,339

14,794

20,998

15

Creditors

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Due within one year

 

Loans and borrowings

19

142,061

87,279

-

-

Trade creditors

 

1,721,407

1,602,203

-

-

Amounts due to related parties

22

-

62,667

374,081

251,371

Social security and other taxes

 

75,094

61,277

2,800

2,800

Other payables

 

309,948

359,079

-

-

Accruals

 

323,100

177,308

15,000

-

Income tax liability

8

53,267

-

28,186

10,287

 

2,624,877

2,349,813

420,067

264,458

Due after one year

 

Loans and borrowings

19

158,959

135,061

-

-

 

Cookson Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

The invoice discounting facility of £327,117 (£261,227) included within other creditors, is secured on the debtors to which it relates.

The obligations under finance leases are secured on the assets to which they relate.

16

Provisions for liabilities

Group

Deferred tax
£

Other provisions
£

Total
£

At 1 November 2022

168,037

27,500

195,537

Additional provisions

42,579

-

42,579

Provisions used

-

(27,500)

(27,500)

At 31 October 2023

210,616

-

210,616


The 'other provision' related to the an agreement to purchase the trade and assets of another business in the same trading sector. The remaining balance was paid in February 2023 and totalled £27,500. Therefore the purchase has now completed.

Company

Other provisions
£

Total
£

At 1 November 2022

100,000

100,000

At 31 October 2023

100,000

100,000

 

Cookson Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

17

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £41,187 (2022 - £36,936).

18

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

90

90

90

90

       

19

Loans and borrowings

Non-current loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Hire purchase contracts

158,959

135,061

-

-

Current loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Hire purchase contracts

142,061

87,279

-

-

The obligations under finance lease are secured against the assets to which they relate.

 

Cookson Holdings Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

20

Obligations under leases and hire purchase contracts

Group

Finance leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

142,061

87,279

Later than one year and not later than five years

158,059

111,130

Later than five years

-

23,931

300,120

222,340

21

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £833.33 per each Ordinary Shares

75,000

75,000

 

 

22

Related party transactions

Group

Loans are repayable upon demand and interst is charged at the official rate of interest on any balance that exceeds £10,000 throuhgout the year.

Company

Key management compensation

2023
£

2022
£

Salaries and other short term employee benefits

167,016

109,712

23

Parent and ultimate parent undertaking

The ultimate controlling parties are Mr Martin Cookson, Mr Luke Cookson and Mr Ryan Cookson .