Registered number:
For the year ended
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John Hogg Technical Solutions Limited
Company Information
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John Hogg Technical Solutions Limited
Contents
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John Hogg Technical Solutions Limited
Strategic report
For the year ended 30 September 2024
The directors present their Strategic report on the company for the year ended 30 September 2024.
The principal activity of the company is the development, manufacture and supply of specialist additives and associated ancillary equipment and services for companies and governments involved in the international petroleum and speciality chemical industries.
JHTS recorded a turnover of £53.5m and pre-tax profits of £7.6m in the financial year 2023/24, which represented a good trading performance in an exceptional year of transition and re-stocking for key markets. The strategy of the business focuses on sustainable investment that delivers value to its customers and growth through developing new technologies and entering new markets. The directors consider the results for the year and the position of the Company at the year end to be satisfactory and expect the Company to maintain an acceptable level of activity in the foreseeable future.
The Company's operations expose it to a variety of financial risks that include the effects of changes in commodity prices, foreign exchange risk, liquidity risk and interest rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the Company by monitoring levels of debt finance and the related finance costs.
Financial risk management
Given the size of the Company, the directors have not delegated the responsibility of monitoring financial risk management to a sub committee of the board. The policies set by the board of directors are implemented by the Company's finance department. Price risk The Company is exposed to commodity price risk as a result of its operations, which can affect its financial performance. The Company’s policy is to draw on its extensive market knowledge to mitigate the impact of price changes wherever possible, and the directors will revisit the appropriateness of this policy should the Company's operation change in size or nature. The Company has no exposure to equity securities price risk as it holds no listed or other equity investments. Foreign exchange risk While a significant part of the Company's revenues and expenses are denominated in Sterling, the Company is exposed to some foreign exchange risk in the normal course of business, principally on purchases and sales in Euros and US Dollars. Currently the Company manages exposure to this risk by natural hedging and, whilst the Company does not use financial instruments currently to hedge foreign exchange exposure, this is constantly reviewed. Credit risk Credit risk arises from cash and cash equivalents with banks and financial institutions, as well as credit exposure to customers. The Company has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to individual customers is subject to a limit, which is reassessed regularly by the board. The financial position of banks and financial institutions utilised is regularly assessed by the board of directors.
Page 1
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John Hogg Technical Solutions Limited
Strategic report (continued)
For the year ended 30 September 2024
Liquidity risk
The Company actively maintains a mixture of long term and short term debt finance options that are designed to ensure the Company has sufficient available funds for operations and planned expansions.
Interest rate risk
The company has both interest bearing assets and interest bearing liabilities. Interest bearing assets consist of cash balances which earn interest at variable rates. Interest bearing liabilities consist of other loans, including loans from group undertakings on which the company pays interest at fixed rates. The company has a policy of maintaining debt at a mixture of fixed and variable rates. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.
The directors consider the key performance indicators to be turnover and operating profit. Turnover for the year was £53,517,122 (2023: £32,016,755) and operating profit was £7,544,322 (2023: £3,389,548).
This report was approved by the board on 6 March 2025 and signed on its behalf.
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John Hogg Technical Solutions Limited
Directors' report
For the year ended 30 September 2024
The directors present their report and the financial statements for the year ended 30 September 2024.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £5,864,339 (2023 - £2,925,853).
A dividend of £Nil (2023: £1,500,000) was paid during the financial year.
The directors who served during the year were:
The directors consider the results for the year and the position of the company at the year end to be satisfactory and expect the company to maintain its present level of activity in the foreseeable future.
The company is strongly committed to research and development activities in order to secure and enhance its position in the market.
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John Hogg Technical Solutions Limited
Directors' report (continued)
For the year ended 30 September 2024
Following the year end the company acquired Avocet Dye and Chemical Co. Limited, a company registered in England and Wales.
The auditor, Sumer Auditco NI Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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John Hogg Technical Solutions Limited
Independent Auditor's Report to the Members of John Hogg Technical Solutions Limited
We have audited the financial statements of John Hogg Technical Solutions Limited (the 'Company') for the year ended 30 September 2024, which comprise the Statement of comprehensive income, the Balance sheet, 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 Auditor's 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.
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 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.
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John Hogg Technical Solutions Limited
Independent Auditor's Report to the Members of John Hogg Technical Solutions Limited (continued)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the 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.
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 Directors' report.
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John Hogg Technical Solutions Limited
Independent Auditor's Report to the Members of John Hogg Technical Solutions Limited (continued)
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 gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which they operate, and considered the risk of acts by the Company that were contrary to applicable laws and regulations, including fraud. We considered the opportunities and incentives that may exist within the Company for fraud and identified the greatest potential for fraud in the following areas: management override of controls and fraud risk relating to revenue. We designed audit procedures to respond to these risks, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. Our audit procedures included: enquiries of management about their own identification and assessment of risks of irregularities, testing the design and implementation of controls relating to the risks, sample testing of journals posted during the year, revenue cut off testing and agreeing a sample of revenue items to dispatch documentation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditor's report.
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John Hogg Technical Solutions Limited
Independent Auditor's Report to the Members of John Hogg Technical Solutions Limited (continued)
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.
for and on behalf of
Statutory Auditors
Glendinning House
6 Murray Street
Belfast
BT1 6DN
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John Hogg Technical Solutions Limited
Statement of comprehensive income
For the year ended 30 September 2024
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John Hogg Technical Solutions Limited
Registered number: 00147014
Balance sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 27 form part of these financial statements.
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John Hogg Technical Solutions Limited
Statement of changes in equity
For the year ended 30 September 2024
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John Hogg Technical Solutions Limited
Notes to the financial statements
For the year ended 30 September 2024
The Company is a private company limited by shares and incorporated in England. The address of the registered office is Mellors Road, Newbridge, Trafford Park, Manchester, M17 1PB.
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 judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of John Hogg & Co, Limited as at 30 September 2024 and these financial statements may be obtained from Companies House.
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John Hogg Technical Solutions Limited
Notes to the financial statements
For the year ended 30 September 2024
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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John Hogg Technical Solutions Limited
Notes to the financial statements
For the year ended 30 September 2024
2.Accounting policies (continued)
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.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
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John Hogg Technical Solutions Limited
Notes to the financial statements
For the year ended 30 September 2024
2.Accounting policies (continued)
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
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 Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
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John Hogg Technical Solutions Limited
Notes to the financial statements
For the year ended 30 September 2024
2.Accounting policies (continued)
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Functional and presentation currency
Transactions and balances
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John Hogg Technical Solutions Limited
Notes to the financial statements
For the year ended 30 September 2024
2.Accounting policies (continued)
Where the risks of a defined benefit plan are shared between entities under common control, each entity recognises the net defined benefit cost charged in its own financial statements.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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John Hogg Technical Solutions Limited
Notes to the financial statements
For the year ended 30 September 2024
2.Accounting policies (continued)
The directors have a reasonable expectation that the Company has adequate resources available to it to continue operations for the foreseeable future and, accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
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John Hogg Technical Solutions Limited
Notes to the financial statements
For the year ended 30 September 2024
(a) Critical judgements in applying the entity's accounting policies There are no critical judgements in applying the entity's accounting policies. (b) Key accounting estimates and assumptions The nature of the company's activities result in it handling chemicals which are required to be registered with regulatory bodies. The process of registering these chemicals and maintaining the registration requires estimates to be made of the types of scientific tests required and the expected costs of completing these tests. The selection of these tests, work performed by laboratories and interactions with the regulatory bodies could result in changes to these estimates which could increase or decrease the eventual outcomes of these registrations. In making these estimates, the directors have drawn on their knowledge of the industry, prior experience of registering similar chemicals and on-going discussions with external consultants.
The whole of the turnover is attributable to the company's principal activities.
Turnover relates to the company's main activity which is carried out in the United Kingdom. The directors have not provided a further breakdown of this turnover as they deem it would be seriously prejudicial to the company.
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John Hogg Technical Solutions Limited
Notes to the financial statements
For the year ended 30 September 2024
Page 20
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John Hogg Technical Solutions Limited
Notes to the financial statements
For the year ended 30 September 2024
Page 21
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John Hogg Technical Solutions Limited
Notes to the financial statements
For the year ended 30 September 2024
10.Taxation (continued)
There were no factors that may affect future tax charges.
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John Hogg Technical Solutions Limited
Notes to the financial statements
For the year ended 30 September 2024
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John Hogg Technical Solutions Limited
Notes to the financial statements
For the year ended 30 September 2024
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John Hogg Technical Solutions Limited
Notes to the financial statements
For the year ended 30 September 2024
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John Hogg Technical Solutions Limited
Notes to the financial statements
For the year ended 30 September 2024
Share premium account
Capital redemption reserve
Profit and loss account
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John Hogg Technical Solutions Limited
Notes to the financial statements
For the year ended 30 September 2024
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £216,226 (2023: £206,067). Contributions totaling £33,463 (2023: £57) were payable to the fund at the balance sheet date and are included in creditors.
The Company participates in a defined benefit pension scheme, operated by John Hogg & Co, Limited.
The scheme provides retirement benefits on the basis of members' final salary and is closed to new entrants. The scheme is a multiple employer scheme and the Company is unable to identify its share of the underlying assets and liabilities.
The company's immediate and ultimate parent undertaking, and the undertaking of the smallest and largest group undertakings of which the company is a member and for which consolidated financial statements are prepared is John Hogg & Co, Limited, a company incorporated in Northern Ireland. Copies of the group financial statements are available to the public from the Companies House, Crown Way, Cardiff, CF14 3UZ.
The ultimate controlling parties are the shareholders of John Hogg & Co, Limited.
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