Registered number:
FOR THE YEAR ENDED 30 NOVEMBER 2023
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
The director presents his strategic report for the year ended 30 November 2023.
The results for the year show an decrease in turnover from £17m in 2022 to £11m for the current year. The decrease in turnover was mainly attributable to the actors strike which ran from July 2023 to November 2023 during which period no productions took place.
The results for the year were a loss before tax of £81k (2022 - profit before tax £1.6m) The financial position of the Company remains positive with reserves of £1.6m (2022 - £1.8m) at the year end. However, as set out in Note 19 to the accounts, on 15 March 2022 a fire occurred on a film set at Pinewood Studios, involving an individual engaged by the Company, resulting in substantial damage to third party property and equipment. As of the date of the preparation of these financial statements, the director has determined that there is a contingent liability associated with potential costs and obligations arising from this incident. Although the Company maintains comprehensive insurance, including coverage for fire damage, business interruption and liability claims, the adequacy of insurance coverage to fully offset all potential costs and obligations arising from the fire incident is subject to the terms and conditions of the policies, including deductibles, coverage limits, exclusions and other provisions. Due to the inherent uncertainty as to the final determination of costs, insurance claims processing, potential legal proceedings and other factors, it is challenging to reliably estimate the ultimate final impact of the fire incident at this time.
The principal risks and uncertainties faced by the Company are:
Market Demand Fluctuations: The Company is highly dependent on the demand for films and related content. Fluctuations in consumer preferences, economic conditions, and technological advancements can significantly impact the demand for films, leading to uncertain revenue streams for suppliers. Competition: The film industry is highly competitive, with numerous suppliers vying for contracts with production companies, studios, and distributors. Competition can lead to pricing pressures and reduced profit margins. Regulatory Compliance: The Company must adhere to various regulations and industry standards related to labour practices, and safety protocols. Non-compliance with regulations can result in fines, legal actions, and reputational damage. Supply Chain Disruptions: The Company relies on a network of vendors, subcontractors, and partners to deliver its materials and or services. Disruptions in the supply chain, such as resource shortages, can lead to delays, and increased costs. Financial Risks: The Company faces financial risks related to budget overruns, payment delays, and project cancellations by clients. Dependence on a small number of clients or projects can amplify these risks, particularly if a major client experiences financial difficulties. Global Economic Factors: Economic downturns, currency fluctuations, and geopolitical tensions can impact the film industry's overall health and affect the Company's' ability to secure contracts. Environmental and Sustainability Concerns: Increasing awareness of environmental issues and sustainability practices is prompting stakeholders in the film industry to prioritise eco-friendly production methods, waste reduction, and energy efficiency. The Company needs to demonstrate its commitment to sustainability to remain competitive and mitigate reputational risks.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
The director considers the key performance indicators of the business to be turnover and operating profit.
This report was approved by the board on 27 November 2024 and signed on its behalf.
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DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
The director presents his report and the financial statements for the year ended 30 November 2023.
The loss for the year, after taxation, amounted to £64,131 (2022 - profit £1,276,714).
The total distribution of dividends for the year ended 30 November 2023 was £105,000 (2022 - £105,000).
The director who served during the year was:
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
There are no future developments that affect the Company.
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DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
There have been no significant events affecting the Company since the year end.
Under section 487(2) of the Companies Act 2006, Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board on
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GREENS TEAM LTD
We have audited the financial statements of Greens Team Ltd (the 'Company') for the year ended 30 November 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
The director is responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GREENS TEAM LTD (CONTINUED)
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.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of director's remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
As explained more fully in the Director's Responsibilities Statement set out on page 3, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GREENS TEAM LTD (CONTINUED)
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we identified the laws and regulations applicable to the Company through discussions with the director and other management, and from our commercial knowledge and experience of the client's business;
∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation, employment, environmental and health and safety legislation;
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
∙understanding the design of the Company’s remuneration policies.
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙tested journal entries to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
∙investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙enquiring of management as to actual and potential litigation and claims; and
∙reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GREENS TEAM LTD (CONTINUED)
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023
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STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 24 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
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STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 NOVEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
Greens Team Limited is a private company, limited by shares, incorporated in England and Wales. Its registered office address is 5 Elstree Gate, Elstree Way, Borehamwood, WD6 1JD and its principal place of business is Cotswold, Perrymead, Bath, BA2 5AX.
The principal activity of the Company is that of landscape construction. The Company's functional and presentational currency is £ sterling.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
As set out further in Note 19 to the financial statements, the Company is subject to a potential loss claim in respect of a fire that occurred on 15 March 2022, resulting in significant damage to third party property and equipment. As a consequence, a contingent liability has arisen, subjecting the Company to potential financial obligations.
The director, in collaboration with the Company's insurance and legal advisors, has conducted an initial assessment of the contingent liability. This includes a review of insurance coverage, estimation of potential costs, and implementation of risk mitigation measures. However, due to the inherent uncertainty surrounding this contingent liability, the ultimate financial impact of the fire incident remains subject to change. The Company maintains comprehensive property insurance coverage, including provisions for fire damage, business interruption, and liability claims. However, the adequacy of insurance coverage to fully offset all potential costs and obligations arising from the fire incident is subject to the terms and conditions of the Company's insurance policies, including deductibles, coverage limits, and exclusions. In assessing the Company's ability to continue as a going concern, the director has considered the potential financial impact of the fire incident. While the contingent liability presents a risk, he believes that the Company's financial position, cash flows, and operational capabilities remain sufficient to support normal ongoing operations. The director is committed to taking necessary actions to address the contingent liability and ensure the Company's long-term viability.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2.Accounting policies (continued)
Turnover is recognised on delivery of services.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Defined contribution pension plan
The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2.Accounting policies (continued)
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
a) The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and b) Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The company only enters into transactions that result in the recognition of basic financial assets and basic financial liabilities.
Basic financial assets, such as trade and other debtors, are initially recognised at the transaction price less attributable transaction costs. Basic financial liabilities, such as trade and other creditors, are initially recognised at the transaction price plus attributable transaction costs. Subsequently, they are measured at amortised cost using the effective interest method, less any impairment losses in the case of basic financial assets. Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial assets and liabilities are offset and the net amounts presented in the financial statements
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2.Accounting policies (continued)
when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Estimates and underlying assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are reasonable under the circumstances. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. In preparing these financial statements the directors have made the following judgements: - Whether the Company's intangible assets indicate impairment. Decisions are made based on considering factors such as the economic viability and expected future financial performance of the asset. - Whether trade debtors are recoverable and provision for bad debts is adequate. Payment history of debtors is reviewed and post reporting date events are monitored for potential bad debts.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
10.Taxation (continued)
There were no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
16.Deferred taxation (continued)
Capital redemption reserve
Profit and loss account
On 15 March 2022 a fire occurred on a film set at Pinewood Studios, involving an individual engaged by the Company, resulting in substantial damage to third party property and equipment. As of the date of the preparation of these financial statements, the director has determined that there is a contingent liability associated with potential costs and obligations arising from this incident. The director, in consultation with the Company's insurance and legal advisors, has conducted an initial assessment of this contingent liability including consideration of potential costs relating to property damage, business interruption and third party liability claims including all stakeholders affected by the fire. The Company maintains comprehensive insurance, including coverage for fire damage, business interruption and liability claims. However, the adequacy of insurance coverage to fully offset all potential costs and obligations arising from the fire incident is subject to the terms and conditions of the policies, including deductibles, coverage limits, exclusions and other provisions. Due to the inherent uncertainty as to the final determination of costs, insurance claims processing, potential legal proceedings and other factors, it is challenging to reliably estimate the ultimate final impact of the fire incident at this time. The director will continue to monitor and update the position if and when additional information becomes available.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
The Company contributes to defined contributions pension schemes for its employees. The assets of the schemes are held separately from those of the Company in independently administered funds. The pension cost charge represents contributions payable by the Company to the funds and amounted to £181,973 (2022 - £190,253). There was £3,676 (2022 - £17,012) owed at the reporting date.
From 12 July 2024 the Company became a fully owned subsidiary of GT Films Limited, a company registered in England and Wales. The ultimate controlling party remains P J Hooper, the director of the Company, by virtue of his shareholding in GT Films Limited.
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