The directors present the strategic report for the year ended 30 June 2024.
H.D. Holdings (Peterborough) Limited was incorporated on 27 June 2018 to consolidate all operations and to expand in an efficient and structured manner. H.D. Holdings (Peterborough) Limited’s principal activity is of the sale of motor vehicle parts. It also focuses on acquisition, management, and rental of commercial and residential properties. Its subsidiaries are:
- Millfield Autoparts Limited
- Pro-Parts (Peterborough) Limited
- Battery City Limited.
Its main subsidiary, Millfield Autoparts Limited are a well-established distributor of parts and accessories for all cars, motorbikes, and commercial vehicles. The company's primary customer base is the independent automotive aftermarket - which includes garages, Bodyshop and key account customers - supported through its local branch network and supplied through its distribution centre in Peterborough.
On 1 March 2021, H.D. Holdings (Peterborough) Limited acquired 100% of the shareholding of Pro-Parts (Peterborough) Limited. Pro-Parts (Peterborough) Limited is also a well-known distributer of parts and accessories around Peterborough, Stamford, Bourne & the Deepings. The intention was to increase the trade and assets and to cover an expanded area of Peterborough.
On 25 August 2021, H.D. Holdings (Peterborough) Ltd acquired a 1.5 acre industrial /warehouse building at Clearview House, Blenheim Way, Market Deeping, Peterborough to which Millfield Autoparts Limited were able to open their first branch. This new expansion has created 25 new jobs and a greater reach nationwide.
The next plan for the Directors was to move the main branch away from Lincoln Road into a purpose-built unit at the new Bourges View business park off Maskew Avenue, in New England, Peterborough. Millfield Autoparts Limited had been at 429 Lincoln Road for over 40 years and they had outgrown the site, it was time for a change and the expansion was forthcoming. In the later part of 2024 the doors of Lincoln Road closed and Maskew Avenue opened.
The new unit is a brand-new detached trade counter/warehouse unit with delivery / dispatch area which is high-functioning, professional, and scalable. The environment will now support both immediate growth and long-term success by improving operational efficiency, attracting more customers, and creating a positive internal environment for staff.
According to the latest available figures from the Department for Transport (DfT), the total UK vehicle parc (the population of vehicles on the UK roads) was 41.7 million on June 2024 including 33.936 million passenger cars and 4.793 million light commercial vehicles. Vehicles 3-years-and-older remain important to the companies due to the annual MOT test required on most UK vehicles 3 years after initial registration. The first MOT often coincides with the end of tied vehicle manufacturer servicing and is seen as the entry point for the UK independent aftermarket.
The number of overall vehicle miles driven in the 12 months to June 2024 increased 1.7% compared to 2023: Cars and taxis were up 3.9% and light commercial vehicles 1.9%, These increases in vehicle mileage are favourable for the aftermarket industry, as higher vehicle usage typically leads to greater demand for repair and maintenance services.
Like many other businesses in the UK, after recovering from the impacts of COVID-19 in 2020 and 2021, in 2024 the business was faced by additional challenges relating to the Ukraine War and the cost-of-living crisis. Despite raw material shortages, supply chain challenges and various financial headwinds such as, high inflation and interest rate challenges, the business has continued to perform well.
The companies made sales during 2024 of £14,382,673 (2023: £13,466,904) and generated profit after tax of £342,629 (£1,269,497). Net assets as of 30 June 2024 were £7,874,924 (2023: £7,608,715). The Directors were satisfied with the underlying performance of the companies due to them having additional costs incurred with the purchase of the land and purpose built designing of Maskew Avenue unit and majority of the costs being utilized for the new branch. The performance was also benefited by:
A return to more normal trading patterns post-pandemic;
Further development and execution of added value services to increase customer stickiness such as training and technical evenings;
Further progress with digital capabilities, the companies continue to invest in new digital platforms to benefit its customers and improve delivery and service;
Significant levels of capital expenditure including the customer delivery fleet and improved systems to benefit employees and customers;
The groups gross margin moved from 46.8% in 2023 to 44.3% in 2024, because of the challenging market conditions impacting the pricing and cost strategies.
Operating profit for the year decreased from £1,630,495 in 2023 to £554,397 in 2024. This was due to increased wages costs and on-going investments into its customer services and the new facilities in Maskew Avenue.
Principal risks and uncertainties
The board uses these key performance indicators to assess the company’s mitigation of the following principal risks:
Business performance risk
The board manages the risk that the companies may not perform as expected either due to internal factors or external pressures quarterly monitoring of key performance measures against budget and forecast. It ensures that the appropriate management teams are in place, financial controls are operating effectively, prices are being monitored, response times are fast and strong relationships with customers and suppliers are being maintained.
Inflation risk
Inflationary trends for commodities, particularly steel, plastics/petrochemicals and energy are currently rising and may well increase further and would impact on the cost of goods purchased,
Wage inflation in the UK is expected to continue to rise, especially in the short term.
If inflation risks materialise, this would increase interest payments on the loan taken out to purchase and build the Maskew Avenue unit, affecting cash flow and profitability.
Customer risk
The board continues to encourage investment in digital products and training to ensure customers of the companies also continue to grow and adapt to new market conditions. No individual customers spend is so significant as a proportion of total revenues for the companies, to create a dependency risk.
Vehicle technology risks
Vehicle manufacturers are leveraging advanced technologies like multiplex electrical systems and embedded telematics to regain market share in the UK parts aftermarket. The companies provide technical training and support to help garages and customers adapt to new vehicle technologies. They also actively support trade bodies and participate in lobbying efforts to maintain a competitive aftermarket for the benefit of consumers.
Companies are adapting to the shift toward sustainability and carbon neutrality by addressing sourcing challenges for alternative-fuelled vehicle components. While meeting consumer demand for lower-emission vehicles, they recognize that the rise of hybrid, electric, and fuel cell vehicles—having fewer moving parts—could negatively impact sales of traditional engine and transmission components.
Vehicle parc risks
The performance of the UK new vehicle market, at least up to the COVID-19 pandemic, means that there is a large proportion of cars under 3 years old on the road. These cars are, but not exclusively, serviced by vehicle manufacturers' franchised dealers, particularly when their purchase is made by personal lease or with a servicing plan.
This trend is currently more than balanced by the increasing longevity of cars, resulting in forecasts that the average age of the UK car parc will continue to increase.
Credit risk
The company’s principal credit risk arises from the ability of its customers to meet their contractual obligation to pay their debts as and when they fall due. The Group's approach to managing this risk is to continually monitor debt collection, performing appropriate credit checks on new and existing customers using third party credit reference agencies to assess creditworthiness and set appropriate credit limits and payment terms.
Environmental Matters
The companies care about the impact its operations have on the environment, and it complies with all applicable environmental laws. The Group is committed to continuously improving its environmental practices.
Key accomplishments in 2024 include:
Continue to implement vehicle tracking software across the group's fleet, increasing efficiency and reducing fuel consumption.
Increase the digitization of paper-based processes via the implementation of new software to manage tasks such as employee onboarding and health and safety reporting.
Analysis of development and performance
The group has made a profit for the period and is continuing to invest in advancing into new areas. The group has continued to grow its local customer base as well as spreading further afield.
The board monitors the performance of the companies using the following key performance indicators (KPis): gross margin percentage, Current Ratio and Asset Turnover Ratio. Gross Margin Percentage looks at profitability and cost efficient on a branch level daily. Current Ratio assesses the short-term liquidity and the company’s ability to meet its obligations. Asset Turnover Ratio evaluates how efficiently the companies uses its assets to generate revenue.
The companies are maintaining consistent revenue generation relative to its asset base even though there is a slight decrease in gross margin which suggests higher costs in moving to the new premises and consistent selling prices due to competitive pressures.
The company’s current expectation is that trading will continue to be strong for the remainder of the year.
The board has concluded, based on the current trading results, analysis performed thereon, that the companies have adequate resources to continue in operation for at least 12 months from the date of approval of the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
On behalf of the board
The directors present their annual report and financial statements for the year ended 30 June 2024.
The results for the year are set out on page 11.
Ordinary dividends were paid amounting to £76,420. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
During the year, group made charitable donations totalling £17,350 (2023 - £31,585) These donations were made to various registered charities excluding any political parties.
On 3rd March 2025 AE Finance Ltd were appointed as auditors to the group.
As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
We have audited the financial statements of H.D. Holdings (Peterborough) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for 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 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
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector
in which it operates. We determined the following laws and regulations of most significance were : Companies
Act 2006, UK GAAP and UK Corporate tax laws.
We obtained an understanding of how the company complies with those legal and regulatory frameworks by
making inquiries of management.
We assessed the susceptibility of the company's financial statements to material misstatement, including how
fraud might occur.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £114,315 (2023 - £1,107,494 profit).
H.D. Holdings (Peterborough) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .
The group consists of H.D. Holdings (Peterborough) Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The consolidated group financial statements consist of the financial statements of the parent company H.D. Holdings (Peterborough) Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 30 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The whole of the revenue was received from activity in the United Kingdom.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
Investment income includes the following:
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
The fair value of the investment property has been arrived at by the directors and is based on cost.
The long-term loans are secured by fixed charges over a property at Maskew Avenue, Peterborough.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.