FOR THE YEAR ENDED 31 DECEMBER 2024
ETAC LIMITED
COMPANY INFORMATION
ETAC LIMITED
CONTENTS
ETAC LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present the Strategic Report of Etac Limited (the "Company") for the year end 31 December 2024.
A 17% (2023: 16%) improvement in working capital, 20% (2023: 11%) increase in turnover and 2% decrease in gross profit margin during 2024 contributed to a worsened EBIT % but a larger overall contribution as we invested in new product areas and routes to market which were successful and longer term will develop. In 2024 an Etac Group initiative was to carry on evaluating the overall cash position, with a balanced outlook on inventory to meet the customer demands in the NHS. The improved earnings in our business represent a positive development underpinning our confidence in financial strength through 2025. Etac’s market position remains strong with forecast for continued growth in sales and further investment into new markets in 2025.
Over the last 3 financial periods, Brexit, Coronavirus and now the war in Ukraine all posed certain level of risk or impacted demand on certain product lines. To mitigate risk inventory levels were closely monitored with a level of safety stock to navigate through these periods, to ensure as uninterrupted supply as possible. We are working closely with sales to forecast peaks and troughs based on the market demands. This came to an end in 2024, but demand planning on a quarterly basis forms part of our standard procedures; with a monthly check in to ensure we are agile to make changes and communicate into manufacturing. We expect the government to look at a more sustainable way to use medical devices, with more pressure on recycle and value for money. Etac is well placed to work with total cost of ownership and working to be ahead of the curve when it comes to a sustainable approach.
2024 2023
Gross profit margin 28.3% 30.2%
EBIT margin 3% 5%
Working capital £4,530,255 £3,849,477
This report was approved by the board and signed on its behalf by.
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ETAC LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 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;
∙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 £820,970 (2023: £1,001,599).
The directors who served during the year were:
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ETAC LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Given the size of the Company, the directors have not delegated the responsibility of monitoring financial risk management to a subcommittee of the board. The policies set at corporate level are implemented by the Company's finance department. The department has documented policies and procedures setting out specific guidelines to manage price risk, foreign exchange risk, credit risk and liquidity risk, including the use of trade indemnity insurance to manage the credit risk.
Price risk
Price risk is mitigated by appropriate controls over levels of inventory, both in terms of overall turnover and ageing. In addition, agreements are in place with certain key suppliers to provide pricing support in the event of a market price decline impacting on hand inventory. The Company has no exposure to equity securities price risk as it holds no equity investments.
Foreign exchange risk
As the Company operates in the UK the billing currency is typically Pounds Sterling so the exchange risk is minimal. However, the Company makes purchases in both US dollars and Euros. The risk relating to the settlement of related payables balances is covered by hedging arrangements managed at European level. Inventory purchased in US dollars is assessed regularly to ensure that the impact of foreign currency fluctuations is fairly reflected in the carrying value. As this forms a small proportion of overall inventory, and in the light of rapid inventory turnover the risk of a significant loss in realisable value of the inventory arising from foreign currency fluctuations is not considered material.
Credit risk
The Company's credit risk is primarily attributable to its trade debtors. The Company has implemented policies that require appropriate credit checks on potential customers before sales are made. A significant proportion of credit limits are covered by a trade indemnity insurance policy. Credit limits, including those within insured limits, are reviewed on a regular basis.
Liquidity risk
The Company actively monitors its largest customers and has a specialised credit control function, which check each application for credit and conducts an ongoing assessment of its customers credit rating and financials to ensure prompt and accurate collection. Operational funding comes from an inter-Company loan facility with Etac AB which provides sufficient funds for our day-to-day operations and has no security requirements.
Price risk
Price risk is mitigated by appropriate controls over levels of inventory, both in terms of overall turnover and ageing. In addition, agreements are in place with certain key suppliers to provide pricing support in the event of a market price decline impacting on hand inventory. The Company has no exposure to equity securities price risk as it holds no equity investments.
Foreign exchange risk
As the Company operates in the UK the billing currency is typically Pounds Sterling so the exchange risk is minimal. However, the Company makes purchases in both US dollars and Euros. The risk relating to the settlement of related payables balances is covered by hedging arrangements managed at European level. Inventory purchased in US dollars is assessed regularly to ensure that the impact of foreign currency fluctuations is fairly reflected in the carrying value. As this forms a small proportion of overall inventory, and in the light of rapid inventory turnover the risk of a significant loss in realisable value of the inventory arising from foreign currency fluctuations is not considered material.
Credit risk
The Company's credit risk is primarily attributable to its trade debtors. The Company has implemented policies that require appropriate credit checks on potential customers before sales are made. A significant proportion of credit limits are covered by a trade indemnity insurance policy. Credit limits, including those within insured limits, are reviewed on a regular basis.
Liquidity risk
The Company actively monitors its largest customers and has a specialised credit control function, which check each application for credit and conducts an ongoing assessment of its customers credit rating and financials to ensure prompt and accurate collection. Operational funding comes from an inter-Company loan facility with Etac AB which provides sufficient funds for our day-to-day operations and has no security requirements.
The directors are confident that the Company will grow turnover and profitability in the forthcoming 12 / 24 months. Attention in the short to medium term has been on managing cashflow and working capital in general with the directors of the opinion that the Company can continue to operate within its current and future financial parameters and so continue to meet its debts as they fall due.
The Company's longer-term strategy for beyond 2025 is to maintain its market share and profitability and ultimately, to achieve some growth. The directors have continued to put measures in place to try and expand the markets in which the Company operates to achieve this. As such, the directors believe the Company to be a going concern and have adopted this assumption in preparing the financial statements.
The Company's longer-term strategy for beyond 2025 is to maintain its market share and profitability and ultimately, to achieve some growth. The directors have continued to put measures in place to try and expand the markets in which the Company operates to achieve this. As such, the directors believe the Company to be a going concern and have adopted this assumption in preparing the financial statements.
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ETAC LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
There have been no significant events affecting the Company since the year end.
The auditors, Bishop Fleming Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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ETAC LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ETAC LIMITED
We have audited the financial statements of Etac Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, 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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
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ETAC LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ETAC LIMITED (CONTINUED)
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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ETAC LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ETAC 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 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. 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.
Our procedures surrounding the identification and assessment of risks of material misstatement in relation to irregularities, including fraud and non-compliance with laws and regulations, included consideration of the following:
∙The nature of the sector, control environment and business performance;
∙Results of our enquiries of management and directors in relation to their own identification and assessment of the risks of irregularities within the Company; and
∙Any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.
As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the areas of high risk to be in relation to revenue recognition. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.
We have also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures within the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Financial Reporting Standard 102 and UK tax legislation. In addition we considered provision of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental for the Company's ability to operate or avoid a material penalty. These included safeguarding regulations, health and safety regulations, employment legislation, and data protection laws.
Our audit procedures performed to respond to the risks identified included, but were not limited to:
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙Review board minutes;
∙Identifying and testing journal entries, evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud; and
∙Challenging assumptions and judgements made by management in their significant accounting estimates.
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ETAC LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ETAC LIMITED (CONTINUED)
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
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
1-3 College Yard
WR1 2LB
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ETAC LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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ETAC LIMITED
REGISTERED NUMBER:03936516
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 25 form part of these financial statements.
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ETAC LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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ETAC LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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ETAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Etac Limited (the "Company") is a private company, limited by shares and is incorporated in England and Wales. The address of the Company's registered office is Unit 60, Hartlebury Trading Estate, Hartlebury, Kidderminster, DY10 4JD.
The Company's principal activity is marketing and distribution of manual disabled wheelchairs and accessories plus equipment for disabled children.
The Company's principal activity is marketing and distribution of manual disabled wheelchairs and accessories plus equipment for disabled children.
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 R82 A/S as at 31 December 2023 and these financial statements may be obtained from Parallelvej 3, DK-8751 Gedved, Denmark.
The Company’s financial reports have been prepared on a going concern basis.
The directors have prepared forecasts and considered a range of plausible scenarios, and they are satisfied that the company has sufficient cash reserves to meet its liabilities as they fall due. At the date of the board of directors approving the Company’s 2024 financial statements, the management have determined that there are no material uncertainties that cast a doubt on the Company’s ability to continue as a going concern for the next 12 months.
The directors have on approving the financial statements, a reasonable expectation that Company has adequate resources to continue in operational existence for the reasonable future. Thus, they have continued to adopt the going concern basis of accounting in preparing the financial statements.
The directors have prepared forecasts and considered a range of plausible scenarios, and they are satisfied that the company has sufficient cash reserves to meet its liabilities as they fall due. At the date of the board of directors approving the Company’s 2024 financial statements, the management have determined that there are no material uncertainties that cast a doubt on the Company’s ability to continue as a going concern for the next 12 months.
The directors have on approving the financial statements, a reasonable expectation that Company has adequate resources to continue in operational existence for the reasonable future. Thus, they have continued to adopt the going concern basis of accounting in preparing the financial statements.
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ETAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Functional and presentation currency
Transactions and balances
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ETAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
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ETAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
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.
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ETAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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
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.
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.
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.
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ETAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
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.
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.
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and the residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technology advancement, future investments, economic utilisation and the physical condition of the assets. See note 13 for the carrying amount of the property, plant and equipment, and note 2.10 for the useful economic lives for each class of assets.
Impairment of debtors
The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 15 for the net carrying amount of the debtors.
Stock provisions
The Company makes provisions to slow moving products which have not sold in at least twelve months. This provision reduces the stock value by 25% after a certain time has passed, whereby after twenty four months the value is reduced by 75%. This is to minimise the effect of potential scrapping of obsolete products. In addition to this we depreciate all demo equipment over 3 years.
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ETAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The whole of the turnover is attributable to the only class of business.
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ETAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ETAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ETAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ETAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ETAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ETAC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Share premium account
Profit and loss account
The Company operates a defined contribution 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 £74,099 (2023: £64,251).
At the year end the Company had outstanding pension contributions of £20,695 (2023: £31,405) and these are included within creditors.
The Company's immediate Parent Company is R82 A/S, a Company incorporated in Denmark. R82 A/S is the parent of the largest and smallest group of which the Company is a member and for which group financial statements are prepared. Copies of these group accounts can be obtained from R82 A/S's registered office at Parallelvej 3, DK-8751 Gedved, Denmark.
The ultimate parent undertaking is Nordstjeman Investment AB, incorporated in Sweden.
The ultimate parent undertaking is Nordstjeman Investment AB, incorporated in Sweden.
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