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 |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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.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. |
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: |
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. |
for and on behalf of |
Statutory Auditors and |
Chartered Accountants |
Cawley House |
149-155 Canal Street |
Nottingham |
Nottinghamshire |
NG1 7HR |
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 |
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 |
CURRENT ASSETS |
Cash at bank |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Revaluation reserve | 17 |
Retained earnings | 17 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | - | - |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Balance at 30 December 2022 |
Changes in equity |
Balance at 29 December 2023 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Improvements to property | - |
Plant and machinery | - |
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 |
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 |
NET BOOK VALUE |
At 29 December 2023 |
At 30 December 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
29/12/23 | 30/12/22 |
£ | £ |
Aggregate capital and reserves |
Profit for the period |
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: | £ | £ |
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. |