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REGISTERED NUMBER: 01285847 (England and Wales)












Group Strategic Report, Report of the Directors and

Consolidated Financial Statements

for the Period 31 December 2022 to 29 December 2023

for

T.P. Hopwell (Holdings) Limited

T.P. Hopwell (Holdings) Limited (Registered number: 01285847)






Contents of the Consolidated Financial Statements
for the period 31 December 2022 to 29 December 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Consolidated Statement of Comprehensive
Income

10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


T.P. Hopwell (Holdings) Limited

Company Information
for the period 31 December 2022 to 29 December 2023







DIRECTORS: Mrs L Hopwell
T C Hopwell
M P Field





SECRETARY: M P Field





REGISTERED OFFICE: Glaisdale Drive
Bilborough
Nottingham
Nottinghamshire
NG8 4LU





REGISTERED NUMBER: 01285847 (England and Wales)





AUDITORS: Clayton & Brewill
Statutory Auditors and
Chartered Accountants
Cawley House
149-155 Canal Street
Nottingham
Nottinghamshire
NG1 7HR

T.P. Hopwell (Holdings) Limited (Registered number: 01285847)

Group Strategic Report
for the period 31 December 2022 to 29 December 2023

The directors present their strategic report of the company and the group for the period 31 December 2022 to 29 December 2023.

REVIEW OF BUSINESS
The company supplies frozen food primarily into the Schools and Hospitality sectors. 2023 saw a rise in both Turnover and profitability for the company.

2023 saw ongoing pressure in respect of availability and costs of both commodities and supplies for resale. The sector continues to suffer price pressure from suppliers therefore the company is keeping under review the availability of products and pricing and maintaining a dialogue with key customers in respect of such matters.

The Directors have reviewed the cash requirements of the business in the light of the ongoing trading environment and are confident that the company has sufficient cash resources to enable it to continue to trade for the foreseeable future.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors have assessed the main strategic risks facing the business as:
- The performance of the UK economy and the shortage of available staff following the pandemic on the Hospitality sector, to mitigate this the company's business is split circa 50:50 between public sector contracts and private sector business;

- The impact of the War in Ukraine and the Red Sea Shipping issues on pricing and availability of products and commodities; the company is keeping under review product availability and pricing and where possible is sourcing alternative products to cover shortfalls;

- Credit risk, the company continuously monitors customers debt levels against credit referencing data and requires payment in advance or on delivery where appropriate;

- Loss of one or more contracts contract customers; the company continuously monitors performance levels on key contracts and has regular review meetings with these contracts.

KEY PERFORMANCE INDICATORS
The Directors regularly review the company's performance against key performance indicators, the main KPI's are Turnover, profitability, cashflow, service levels.

FUTURE DEVELOPMENTS
The Directors continue to look for opportunities to expand both the geographical footprint serviced and the range of products offered in order to grow the business, 2024 will see the launch of Ambient Goods range across much of the company's geographic foot print. In addition, the company continues to invest in new technologies, equipment and staff.


T.P. Hopwell (Holdings) Limited (Registered number: 01285847)

Group Strategic Report
for the period 31 December 2022 to 29 December 2023

SECTION 172(1) STATEMENT
Hopwells Limited is a family owned and managed business. The directors have acted in the way they consider, in good faith, promotes the success of the company for the benefit of its stakeholders as a whole.

BUSINESS RELATIONSHIPS
The directors recognise the need to build strong long-standing relationships with both customers and suppliers is fundamental to the success of the company. The company continues to develop strategies to maintain and expand our customer base and strengthen our supplier relationships.
The company agrees terms of payments with our suppliers on an annual basis in line with normal trade practices and provided a supplier performs in accordance with the agreement abides by such terms.

OUR PEOPLE
As a family owned and managed business the company is committed to being a responsible business. The company's behaviour is based upon our traditional family values and is aligned with the expectations of our people, customers, shareholders, communities and society as a whole. People are at the heart of delivering a quality service both internally and externally. The company has for many years looked to actively develop our own people in order to wherever possible progress our employees through the business.

HEALTH AND SAFETY
The company promoted the health and safety of all its employees as well as suppliers, customers and visitors whilst on our premises. We are committed as a company to prevent injury and ill health and strive towards continual improvement in all our activities.

DISABLED EMPLOYEES
Applications for employment by disabled persons are always fully considered where the requirements of the role can be adequately fulfilled by a disabled person. In the event of a member of staff becoming disabled every effort is made to ensure that their employment with the company continues and that appropriate training is provided . It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

EMPLOYEE INVOLVEMENT
The board believed that although successful employee involvement requires support and impetus from management, the key to its effectiveness lies in giving it a local focus. Rather than relying wholly, however, on formal systems and structures, great importance is attached to the managerial style and the quality of direct contact and relationship with employees.

COMMUNITY, CHARITY AND ENVIRONMENT
The company looks to create positive change for the people and communities in which we operate as and when opportunities arise.

The company recognises the importance of its environmental responsibilities.

CULTURE AND VALUES
The directors recognise the importance of having the right corporate culture. The long-term success of the company is dependant on achieving our strategic goals in such a way as to look after the best interests of our shareholders, customers, suppliers, employees and other stakeholders.

SHAREHOLDERS
All shareholders are also directors of the company and through attendance at board meetings are kept informed of the company's progress.

POLITICAL DONATIONS
The company does not make any donations to any political party or organisation.


T.P. Hopwell (Holdings) Limited (Registered number: 01285847)

Group Strategic Report
for the period 31 December 2022 to 29 December 2023



STREAMLINED ENERGY AND CARBON REPORTING
The table below summaries the greenhouse gas emissions for the year ended 31 December 2023. The company has been assessing its greenhouse gas emissions since 2013.

2023 2022
kWh kWh

Total Energy Consumption 16,716,890 14,899,500

2023 2022
tCO2e tCO2e
Scope 1
Company lorries 3,022,85 2,220.89
Refrigerants 639,77 298.53
Company car travel 116,31 79.97
Van transport 70,45 29.61
Natural gas 35.15 27.11

3,884.53 2.656.13
Scope 2
Electricity generation 732.08 706.94

Scope 3
Electricity transmission & distribution 66.97 62.56
Company vehicles off-site charging 0.14 0.00

Gross total tonnes of CO2e 4,683.71 3,425.62

SECR elements only (excludes refrigerants and electricity
transmission and distribution)

3,976.97

3,064.53

Tonnes of CO2e per employee 18.66 13.93

Tonnes of CO2e per £m turnover 67.88 69.42

Carbon offsets - -

Net total of tonnes of CO2e 4,683.71 3,425.62

The GHG emissions have been assessed following the ISO 14064-1:2018 standard and has used the 2022 emission conversion factors published by Department for Environment, Food and Rural Affairs (Detra) and the Department for Business, Energy & Industrial Strategy (BEIS). The assessment follows the dual reporting approach for assessing Scope 2 emissions from electricity usage. The operational control approach has been used.

ON BEHALF OF THE BOARD:





T C Hopwell - Director


2 July 2024

T.P. Hopwell (Holdings) Limited (Registered number: 01285847)

Report of the Directors
for the period 31 December 2022 to 29 December 2023

The directors present their report with the financial statements of the company and the group for the period 31 December 2022 to 29 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the period under review was that of frozen food distribution.

DIVIDENDS
No dividends will be distributed for the period ended 29 December 2023.

FUTURE DEVELOPMENTS
The directors do not foresee any changes to the principal activities of the company.

DIRECTORS
The directors shown below have held office during the whole of the period from 31 December 2022 to the date of this report.

Mrs L Hopwell
T C Hopwell
M P Field

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 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 and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

T.P. Hopwell (Holdings) Limited (Registered number: 01285847)

Report of the Directors
for the period 31 December 2022 to 29 December 2023


AUDITORS
The auditors, Clayton & Brewill, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





T C Hopwell - Director


2 July 2024

Report of the Independent Auditors to the Members of
T.P. Hopwell (Holdings) Limited

Opinion
We have audited the financial statements of T.P. Hopwell (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 29 December 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 of the parent company affairs as at 29 December 2023 and of the group's profit for the period then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 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 and 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
T.P. Hopwell (Holdings) Limited


Matters on which we are required to report by exception
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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept 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 five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

- Enquiry of management and those charged with governance around actual and potential litigation and claims;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
T.P. Hopwell (Holdings) Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Neil South BA FCA (Senior Statutory Auditor)
for and on behalf of Clayton & Brewill
Statutory Auditors and
Chartered Accountants
Cawley House
149-155 Canal Street
Nottingham
Nottinghamshire
NG1 7HR

2 July 2024

T.P. Hopwell (Holdings) Limited (Registered number: 01285847)

Consolidated
Statement of Comprehensive
Income
for the period 31 December 2022 to 29 December 2023

Period Period
31/12/22 to 29/12/23 1/1/22 to 30/12/22
Notes £    £    £    £   

TURNOVER 3 71,900,650 66,247,937

Cost of sales 54,776,451 50,051,591
GROSS PROFIT 17,124,199 16,196,346

Distribution costs 10,690,312 10,232,411
Administrative expenses 4,625,493 4,480,233
15,315,805 14,712,644
OPERATING PROFIT 5 1,808,394 1,483,702

Interest receivable and similar income 94,290 21,548
PROFIT BEFORE TAXATION 1,902,684 1,505,250

Tax on profit 6 569,984 279,761
PROFIT FOR THE FINANCIAL
PERIOD

1,332,700

1,225,489

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

1,332,700

1,225,489

Profit attributable to:
Owners of the parent 939,769 841,499
Non-controlling interests 392,931 383,990
1,332,700 1,225,489

Total comprehensive income attributable to:
Owners of the parent 1,332,700 1,225,489

T.P. Hopwell (Holdings) Limited (Registered number: 01285847)

Consolidated Balance Sheet
29 December 2023

29/12/23 30/12/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 5,000,000 -
Tangible assets 9 3,039,964 482,773
Investments 10 48,400 -
8,088,364 482,773

CURRENT ASSETS
Stocks 11 4,893,700 3,978,912
Debtors 12 8,999,084 7,346,893
Cash at bank and in hand 1,818,893 6,937,798
15,711,677 18,263,603
CREDITORS
Amounts falling due within one year 13 10,409,284 6,780,998
NET CURRENT ASSETS 5,302,393 11,482,605
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,390,757

11,965,378

PROVISIONS FOR LIABILITIES 15 132,679 -
NET ASSETS 13,258,078 11,965,378

CAPITAL AND RESERVES
Called up share capital 16 100,000 100,000
Capital reserve arising on consolidation 17 (8,389 ) (8,389 )
Retained earnings 17 8,399,751 7,459,982
SHAREHOLDERS' FUNDS 8,491,362 7,551,593

NON-CONTROLLING INTERESTS 18 4,766,716 4,413,785
TOTAL EQUITY 13,258,078 11,965,378

The financial statements were approved by the Board of Directors and authorised for issue on 2 July 2024 and were signed on its behalf by:





T C Hopwell - Director


T.P. Hopwell (Holdings) Limited (Registered number: 01285847)

Company Balance Sheet
29 December 2023

29/12/23 30/12/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 - -
Investments 10 7,525,887 7,525,887
7,525,887 7,525,887

CURRENT ASSETS
Cash at bank 503 503
NET CURRENT ASSETS 503 503
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,526,390

7,526,390

CAPITAL AND RESERVES
Called up share capital 16 100,000 100,000
Revaluation reserve 17 7,337,387 7,337,387
Retained earnings 17 89,003 89,003
SHAREHOLDERS' FUNDS 7,526,390 7,526,390

Company's profit for the financial year - -

The financial statements were approved by the Board of Directors and authorised for issue on 2 July 2024 and were signed on its behalf by:





T C Hopwell - Director


T.P. Hopwell (Holdings) Limited (Registered number: 01285847)

Consolidated Statement of Changes in Equity
for the period 31 December 2022 to 29 December 2023

Capital
reserve
Called up arising
share Retained on
capital earnings consolidation
£    £    £   
Balance at 1 January 2022 100,000 6,618,483 (8,389 )

Changes in equity
Total comprehensive income - 841,499 -
Balance at 30 December 2022 100,000 7,459,982 (8,389 )

Changes in equity
Total comprehensive income - 939,769 -
Balance at 29 December 2023 100,000 8,399,751 (8,389 )
Non-controlling Total
Total interests equity
£    £    £   
Balance at 1 January 2022 6,710,094 4,413,785 11,123,879

Changes in equity
Total comprehensive income 841,499 - 841,499
Balance at 30 December 2022 7,551,593 4,413,785 11,965,378

Changes in equity
Total comprehensive income 939,769 - 939,769
Balance at 29 December 2023 8,491,362 4,413,785 12,905,147

T.P. Hopwell (Holdings) Limited (Registered number: 01285847)

Company Statement of Changes in Equity
for the period 31 December 2022 to 29 December 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 100,000 89,003 7,337,387 7,526,390

Changes in equity
Balance at 30 December 2022 100,000 89,003 7,337,387 7,526,390

Changes in equity
Balance at 29 December 2023 100,000 89,003 7,337,387 7,526,390

T.P. Hopwell (Holdings) Limited (Registered number: 01285847)

Consolidated Cash Flow Statement
for the period 31 December 2022 to 29 December 2023

Period Period
31/12/22 1/1/22
to to
29/12/23 30/12/22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (2,734,834 ) 751,787
Tax paid (71,790 ) -
Net cash from operating activities (2,806,624 ) 751,787

Cash flows from investing activities
Purchase of tangible fixed assets (2,366,571 ) (72,883 )
Interest received 94,290 21,548
Net cash from investing activities (2,272,281 ) (51,335 )

Cash flows from financing activities
Dividends paid to minority interests (40,000 ) (40,000 )
Net cash from financing activities (40,000 ) (40,000 )

(Decrease)/increase in cash and cash equivalents (5,118,905 ) 660,452
Cash and cash equivalents at
beginning of period

2

6,937,798

6,277,346

Cash and cash equivalents at end
of period

2

1,818,893

6,937,798

T.P. Hopwell (Holdings) Limited (Registered number: 01285847)

Notes to the Consolidated Cash Flow Statement
for the period 31 December 2022 to 29 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
Period Period
31/12/22 1/1/22
to to
29/12/23 30/12/22
£    £   
Profit before taxation 1,902,684 1,505,250
Depreciation charges 222,394 309,404
Finance income (94,290 ) (21,548 )
2,030,788 1,793,106
Increase in stocks (914,788 ) (1,075,746 )
Increase in trade and other debtors (5,465,670 ) (729,898 )
Increase in trade and other creditors 1,614,836 764,325
Cash generated from operations (2,734,834 ) 751,787

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 29 December 2023
29/12/23 31/12/22
£    £   
Cash and cash equivalents 1,818,893 6,937,798
Period ended 30 December 2022
30/12/22 1/1/22
£    £   
Cash and cash equivalents 6,937,798 6,277,346


3. ANALYSIS OF CHANGES IN NET FUNDS

At 31/12/22 Cash flow At 29/12/23
£    £    £   
Net cash
Cash at bank and in hand 6,937,798 (5,118,905 ) 1,818,893
6,937,798 (5,118,905 ) 1,818,893
Total 6,937,798 (5,118,905 ) 1,818,893

T.P. Hopwell (Holdings) Limited (Registered number: 01285847)

Notes to the Consolidated Financial Statements
for the period 31 December 2022 to 29 December 2023

1. STATUTORY INFORMATION

T.P. Hopwell (Holdings) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when the risks and rewards of ownership have transferred to the end customer.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business was reviewed for impairment and fully written down during the year.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Straight line over 3 years, Straight line over 15 years, Straight line over 10 years and Straight line over 11 years
Plant and machinery - Straight line over 3 years, Straight line over 4 years, Straight line over 5 years, Straight line over 24 years, Straight line over 10 years, Straight line over 30 years and Straight line over 25 years

Depreciation is provided at varying rates on cost in order to write off each asset over its estimated useful life.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is based on the cost of the purchase on an average costing basis.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


T.P. Hopwell (Holdings) Limited (Registered number: 01285847)

Notes to the Consolidated Financial Statements - continued
for the period 31 December 2022 to 29 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

Period Period
31/12/22 1/1/22
to to
29/12/23 30/12/22
£    £   
United Kingdom 71,900,650 66,247,937
71,900,650 66,247,937

4. EMPLOYEES AND DIRECTORS
Period Period
31/12/22 1/1/22
to to
29/12/23 30/12/22
£    £   
Wages and salaries 7,517,651 7,240,599
Other pension costs 551,117 507,687
8,068,768 7,748,286

The average number of employees during the period was as follows:
Period Period
31/12/22 1/1/22
to to
29/12/23 30/12/22

Administration 51 39
Sales 44 38
Delivery and warehouse 215 168
310 245

T.P. Hopwell (Holdings) Limited (Registered number: 01285847)

Notes to the Consolidated Financial Statements - continued
for the period 31 December 2022 to 29 December 2023

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees by undertakings that were proportionately consolidated during the period was 310 (2022 - 245 ) .

Period Period
31/12/22 1/1/22
to to
29/12/23 30/12/22
£    £   
Directors' remuneration 466,904 525,011
Directors' pension contributions to money purchase schemes 64,500 64,500

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 5 5

Information regarding the highest paid director is as follows:
Period Period
31/12/22 1/1/22
to to
29/12/23 30/12/22
£    £   
Emoluments etc 128,750 127,099
Pension contributions to money purchase schemes 24,500 24,500

5. OPERATING PROFIT

The operating profit is stated after charging:

Period Period
31/12/22 1/1/22
to to
29/12/23 30/12/22
£    £   
Depreciation - owned assets 222,393 311,603
Other non- audit services 32,136 28,632

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
Period Period
31/12/22 1/1/22
to to
29/12/23 30/12/22
£    £   
Current tax:
UK corporation tax 64,322 309,663

Deferred tax 505,662 (29,902 )
Tax on profit 569,984 279,761

UK corporation tax has been charged at 23.50 % .

T.P. Hopwell (Holdings) Limited (Registered number: 01285847)

Notes to the Consolidated Financial Statements - continued
for the period 31 December 2022 to 29 December 2023

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period Period
31/12/22 1/1/22
to to
29/12/23 30/12/22
£    £   
Profit before tax 1,902,684 1,505,250
Profit multiplied by the standard rate of corporation tax in the UK
of 23.500 % (2022 - 19 %)

447,131

285,998

Effects of:
Capital allowances in excess of depreciation (29,629 ) -
Depreciation in excess of capital allowances - 23,665
year
Utilisation of losses brought forwards (353,180 ) -
Deferred tax movement 505,662 (29,902 )
set off
Total tax charge 569,984 279,761

7. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


8. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
Additions 5,000,000
At 29 December 2023 5,000,000
NET BOOK VALUE
At 29 December 2023 5,000,000

T.P. Hopwell (Holdings) Limited (Registered number: 01285847)

Notes to the Consolidated Financial Statements - continued
for the period 31 December 2022 to 29 December 2023

8. INTANGIBLE FIXED ASSETS - continued

Group

On 29 December 2023 the trade and assets of Ortoncrest Holdings Limited were transferred to the company for a consideration equal to the fair value of the assets transferred. The assets and liabilities transferred to the company were:


Fair value
on
transfer
£   

Tangible assets 413
Investments 48
Debtors 2,544
Creditors: amounts falling due within one year (1,163 )
Corporation tax (238 )
Net assets transferred 1,604

Consideration 6,604
Goodwill arising 5,000

9. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery Totals
£    £    £    £   
COST
At 31 December 2022 - 671,810 3,794,649 4,466,459
Additions 2,100,000 144,990 121,581 2,366,571
Reclassification/transfer - - 1,629,320 1,629,320
At 29 December 2023 2,100,000 816,800 5,545,550 8,462,350
DEPRECIATION
At 31 December 2022 - 601,327 3,382,359 3,983,686
Charge for period - 32,058 190,335 222,393
Reclassification/transfer - - 1,216,307 1,216,307
At 29 December 2023 - 633,385 4,789,001 5,422,386
NET BOOK VALUE
At 29 December 2023 2,100,000 183,415 756,549 3,039,964
At 30 December 2022 - 70,483 412,290 482,773

T.P. Hopwell (Holdings) Limited (Registered number: 01285847)

Notes to the Consolidated Financial Statements - continued
for the period 31 December 2022 to 29 December 2023

10. FIXED ASSET INVESTMENTS

Group
Shares in
group
undertakings
£   
COST
Reclassification/transfer 48,400
At 29 December 2023 48,400
NET BOOK VALUE
At 29 December 2023 48,400
Company
Shares in
group
undertakings
£   
COST
At 31 December 2022
and 29 December 2023 7,525,887
NET BOOK VALUE
At 29 December 2023 7,525,887
At 30 December 2022 7,525,887

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Hopwells Limited
Registered office:
Nature of business: Frozen food distribution
%
Class of shares: holding
Ordinary 84.25
Director's
29/12/23 30/12/22
£    £   
Aggregate capital and reserves 13,257,617 11,964,875
Profit for the period 1,332,742 1,225,489


11. STOCKS

Group
29/12/23 30/12/22
£    £   
Consumables 80,843 83,750
Goods for resale 4,812,857 3,895,162
4,893,700 3,978,912

T.P. Hopwell (Holdings) Limited (Registered number: 01285847)

Notes to the Consolidated Financial Statements - continued
for the period 31 December 2022 to 29 December 2023

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
29/12/23 30/12/22
£    £   
Trade debtors 5,334,689 3,937,327
Other debtors 2,913,369 2,625,222
VAT 191,855 117,666
Deferred tax asset - 372,983
Prepayments 559,171 293,695
8,999,084 7,346,893

Deferred tax asset
Group
29/12/23 30/12/22
£    £   
Deferred tax - 372,983

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
29/12/23 30/12/22
£    £   
Trade creditors 3,876,211 2,804,261
Amounts owed to group undertakings 1,783,044 -
Corporation tax 302,195 309,663
Social security and other taxes 304,282 234,999
Accruals and deferred income 4,143,552 3,432,075
10,409,284 6,780,998

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
29/12/23 30/12/22
£    £   
Within one year 36,090 36,090
Between one and five years 57,143 93,233
93,233 129,323

15. PROVISIONS FOR LIABILITIES

Group
29/12/23 30/12/22
£    £   
Deferred tax 132,679 -

T.P. Hopwell (Holdings) Limited (Registered number: 01285847)

Notes to the Consolidated Financial Statements - continued
for the period 31 December 2022 to 29 December 2023

15. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 31 December 2022 (372,983 )
Provided during period 129,938
Utilised during period 375,724
Balance at 29 December 2023 132,679

Company

Deferred tax for which provision has not been made in the financial statements in respect of revaluation gains, are as follows:

2023 2022
£ £

Share valuation 1,394,104 1,394,104


16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29/12/23 30/12/22
value: £    £   
100,000 Ordinary £1 100,000 100,000

17. RESERVES

Group
Capital
reserve
arising
Retained on
earnings consolidation Totals
£    £    £   

At 31 December 2022 7,459,982 (8,389 ) 7,451,593
Profit for the period 939,769 939,769
At 29 December 2023 8,399,751 (8,389 ) 8,391,362

Company
Retained Revaluation
earnings reserve Totals
£    £    £   

At 31 December 2022 89,003 7,337,387 7,426,390
Profit for the period - -
At 29 December 2023 89,003 7,337,387 7,426,390


T.P. Hopwell (Holdings) Limited (Registered number: 01285847)

Notes to the Consolidated Financial Statements - continued
for the period 31 December 2022 to 29 December 2023

18. NON-CONTROLLING INTERESTS

2023 2022
£ £

Minority interests reserves brought forward 4,413,785 4,069,795

Profit/(loss) for the period attributable
to minority interest shareholders 392,931 383,990

Dividends paid to minority
interest shareholders only (40,000 ) (40,000 )
4,766,716 4,413,785

19. PENSION COMMITMENTS

The subsidiary company, Hopwells Limited operates a contributory pension scheme. It is a defined contribution scheme and contributions are charged in the profit and loss account of Hopwells Limited as they accrue. The charge for the period was £486,617 (2022: £443,187).

20. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
29/12/23 30/12/22
£    £   
Sales 61,179 46,626
Purchases 3,159,850 2,813,462
Amount due to related party 1,783,044 75,231

21. ULTIMATE CONTROLLING PARTY

The group is controlled by Hopwells Group Limited, having acquired 100% of the share capital of T.P Hopwell (Holdings) Limited on the 27th December 2023.