| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| ● |
the information given in the 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. |
|
| Matters on which we are required to report by exception |
| 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. |
| We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: |
| ● |
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| ● |
the financial statements are not in agreement with the accounting records and returns; or |
| ● |
certain disclosures of directors’ remuneration specified by law are not made; or |
| ● |
we have not received all the information and explanations we require for our audit; |
|
| Responsibilities of directors |
| As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
|
| Auditor’s responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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:
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to material misstatement in the financial statements or non-compliance with regulation. this risk increases the more that compliance with law or regulation is removed from the events and transactions relected 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 occuring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misreprentation. Audit procedures performed included; discussions with management, review of journal entries and sample testing of transactions and balances. |
| 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. |
| Use of our report |
| This report is made solely to the group'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 group'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 group and the group's members as a body, for our audit work, for this report, or for the opinions we have formed. |
|
| Joanne Cochrane BSc FCA |
| (Senior Statutory Auditor) |
38 Kings Road |
| for and on behalf of Cochrane & Co Accountants Limited |
Lee-on-the-Solent |
| Accountants and Statutory Auditors |
Hampshire |
| 29 September 2025 |
PO13 9NU |
|
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Leased assets |
|
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
|
|
Pensions |
|
The group operates defined contribution pension schemes. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the schemes.
The group also operates a defined benefit pension scheme for employees. A full actuarial valuation by a professionally qualified actuary is carried out every 3 years. The surplus/deficit in the scheme is recognised as an asset/liability on the balance sheet. Changes in the asset/liability are written off in the profit and loss account or statement of total recognised gains and losses as appropriate.The assets of the scheme are held separately from those of the company. The contributions to the scheme are charged to the profit and loss account so as to spread the cost of the pensions over the service lives of the employees. Variations from the regular costs are spread over the average expected remaining working lives of the current members of the scheme.
The increase in the present value of the liabilities of the defined benefit scheme expected to arise from employee service in the period is charged to the operating profit. The expected return on the scheme's assets and the increase during the period in the present value of the scheme's liabilities arising from the passage of time are included in the other finance income. Actuarial gains and losses are recognised in the statement of comprehensive income.
|
| 2 |
Critical accounting estimates and judgements |
|
|
In the application of the Group's accounting policies, the directors are required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily available from other sources. These estimates and underlying assumptions are based on historical experience and other factors considered relevant. Actual results may differ from these estimates. The directors do not believe that there are any significant estimates or judgements that need to be disclosed.
|
|
|
| 3 |
Analysis of turnover |
2024 |
|
2023 |
| £ |
£ |
|
Services rendered |
33,753,421 |
|
31,235,231 |
|
|
|
|
|
|
|
|
|
|
By geographical market: |
|
|
UK |
33,753,421 |
|
31,235,231 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Operating profit |
2024 |
|
2023 |
| £ |
£ |
|
This is stated after charging: |
|
|
Depreciation of owned fixed assets |
648 |
|
4,138 |
|
Operating lease rentals - land and buildings |
62,630 |
|
62,630 |
|
Auditors' remuneration for audit services |
8,445 |
|
7,780 |
|
Carrying amount of stock sold |
22,263 |
|
27,639 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Directors' emoluments |
2024 |
|
2023 |
| £ |
£ |
|
Emoluments |
22,190 |
|
22,190 |
|
|
|
|
|
|
|
|
|
|
|
Number of directors to whom retirement benefits accrued: |
2024 |
|
2023 |
| Number |
Number |
|
|
Defined contribution plans |
2 |
|
2 |
|
Defined benefit plans |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Staff costs |
2024 |
|
2023 |
| £ |
£ |
|
Wages and salaries |
28,630,396 |
|
26,481,871 |
|
Social security costs |
2,797,816 |
|
2,515,302 |
|
Other pension costs |
578,661 |
|
538,819 |
|
|
|
|
|
|
32,006,873 |
|
29,535,992 |
|
|
|
|
|
|
|
|
|
|
|
Average number of employees during the year |
Number |
Number |
|
|
Administration |
27 |
|
27 |
|
Distribution |
836 |
|
840 |
|
|
|
|
|
|
863 |
|
867 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Other financial income |
2024 |
|
2023 |
| £ |
£ |
|
Expected return on pension scheme assets |
(140,000) |
|
(135,000) |
|
Interest on pension scheme liabilities |
|
135,000 |
|
130,000 |
|
|
|
|
|
|
(5,000) |
|
(5,000) |
|
|
|
|
|
|
|
|
|
|
| 8 |
Taxation |
2024 |
|
2023 |
| £ |
£ |
|
Analysis of charge in period |
|
Current tax: |
|
UK corporation tax on profits of the period |
92,901 |
|
104,165 |
|
|
|
|
|
|
|
|
|
|
Deferred tax: |
|
Origination and reversal of timing differences |
7,338 |
|
6,987 |
|
|
|
|
|
|
|
|
|
|
|
Tax on profit on ordinary activities |
100,239 |
|
111,152 |
|
|
|
|
|
|
|
|
|
|
Factors affecting tax charge for period |
|
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows: |
|
|
|
|
|
|
2024 |
|
2023 |
| £ |
£ |
|
Profit on ordinary activities before tax |
444,371 |
|
398,824 |
|
|
|
|
|
|
|
|
|
|
Standard rate of corporation tax in the UK |
25% |
19%/25% |
|
| £ |
£ |
|
Profit on ordinary activities multiplied by the standard rate of corporation tax |
|
111,093 |
|
93,816 |
|
|
Effects of: |
|
Expenses not deductible for tax purposes |
(18,354) |
|
10,102 |
|
Capital allowances for period in excess of depreciation |
162 |
|
247 |
|
|
Current tax charge for period |
92,901 |
|
104,165 |
|
| 9 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery |
|
|
|
|
|
|
|
|
At cost |
| £ |
|
Cost or valuation |
|
At 1 January 2024 |
434,538 |
|
At 31 December 2024 |
434,538 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2024 |
432,340 |
|
Charge for the year |
648 |
|
At 31 December 2024 |
432,988 |
|
|
|
|
|
|
|
|
|
|
Carrying amount |
|
At 31 December 2024 |
1,550 |
|
At 31 December 2023 |
2,198 |
|
|
|
|
|
|
|
|
|
|
|
|
| 10 |
Stocks |
2024 |
|
2023 |
| £ |
£ |
|
Finished goods and goods for resale |
4,686 |
|
3,111 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Group |
|
Company |
| 11 |
Debtors |
2024 |
|
2023 |
|
2024 |
2023 |
| £ |
£ |
£ |
£ |
|
Trade debtors |
866,400 |
|
698,209 |
- |
- |
|
Prepayments and accrued income |
236,518 |
|
185,512 |
|
591 |
591 |
|
|
|
|
|
|
1,102,918 |
|
883,721 |
|
591 |
591 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
| £ |
£ |
|
Trade creditors |
17,735 |
|
31,270 |
|
Corporation tax |
92,901 |
|
104,165 |
|
Other taxes and social security costs |
711,687 |
|
820,674 |
|
Other creditors |
1,005,191 |
|
847,352 |
|
Accruals and deferred income |
72,624 |
|
40,680 |
|
|
|
|
|
|
1,900,138 |
|
1,844,141 |
|
|
|
|
|
|
|
|
|
|
| 13 |
Deferred taxation |
2024 |
|
2023 |
| £ |
£ |
|
Accelerated capital allowances |
13,388 |
|
19,050 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
2023 |
| £ |
£ |
|
At 1 January |
19,050 |
|
21,063 |
|
Charged to the profit and loss account |
7,338 |
|
6,987 |
|
Credited to other comprehensive income |
(13,000) |
|
(9,000) |
|
|
At 31 December |
13,388 |
|
19,050 |
|
|
|
|
|
|
|
|
|
|
|
| 14 |
Pension scheme (assets)/liabiilites |
|
|
|
|
|
|
|
|
Pension scheme (assets)/liabiilites |
| £ |
|
At 1 January 2024 |
(74,000) |
|
Defined benefit cost |
59,000 |
|
Employer contributions |
(37,000) |
|
|
At 31 December 2024 |
(52,000) |
|
|
|
|
|
|
|
|
|
|
|
| 15 |
Share capital |
Nominal |
|
2024 |
|
2024 |
|
2023 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
2 |
|
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
| 16 |
Pension reserve |
2024 |
|
2023 |
| £ |
£ |
|
At 1 January |
74,000 |
|
81,000 |
|
Movement on pension reserve |
(22,000) |
|
(7,000) |
|
|
At 31 December |
52,000 |
|
74,000 |
|
|
|
|
|
|
|
|
|
|
The note reflects the actuarial valuation of the pension scheme at each year end, it excludes deferred tax. The pension reserve is incorporated within the profit and loss account reserve in accordance with FRS 102. The impact of FRS 102 is to show the provision gross, whereas it previously was shown net of deferred tax. Related deferred tax is now included in the deferred tax provision. |
|
| 17 |
Other reserves |
2024 |
|
2023 |
|
Revaluation reserve |
£ |
£ |
|
|
At 1 January |
200,000 |
|
200,000 |
|
|
At 31 December |
200,000 |
|
200,000 |
|
|
|
|
|
|
|
|
|
|
| 18 |
Profit and loss account |
2024 |
|
2023 |
| £ |
£ |
|
At 1 January |
897,096 |
|
876,424 |
|
Profit for the financial year |
344,132 |
|
287,672 |
|
Dividends |
(170,996) |
|
(240,000) |
|
Other gains and recognised losses |
(39,000) |
|
(27,000) |
|
At 31 December |
1,031,232 |
|
897,096 |
|
|
|
|
|
|
|
|
|
|
| 19 |
Dividends |
2024 |
|
2023 |
| £ |
£ |
|
Dividends on ordinary shares (note 18) |
170,996 |
|
240,000 |
|
|
|
|
|
|
|
|
|
|
Dividends proposed after the reporting date |
130,997 |
|
119,997 |
|
|
|
|
|
|
|
|
|
|
| 20 |
Defined benefit pension plans |
|
|
The group operates several schemes including defined contribution schemes and a defined benefit scheme. The assets in the defined contribution schemes 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.
The defined benefit pension scheme provides benefits based on final pensionable pay. The assets of the scheme are held separately from those of the company, being invested with an insurance company. Contributions to the scheme are charged to the profit and loss account so as to spread the cost of the pensions over the employees working lives with the company. Contributions are accounted for on an accruals basis. Contributions are credited to a capital account. The capital account is credited annually at 31 March with additional cash amounts, which reflect the investment experience and investment charges over the year. At the beginning of each year a minimum rate of growth is guaranteed for the capital account for the forthcoming calender year.
Investments purchased by the scheme are allocated to provide benefits to the individuals on whose behalf the corresponding contributions are paid. Accordingly the assets identified as designated to members in the net asset statement do not form a common pool of assets available for members generally. Members each receive an annual statement confirming the contributions paid on their behalf and the value of the money purchase rights. The pension scheme invests in wholly insured managed funds with an insurance company to achieve maximum return compatible with security of capital.
The pension charge for the year for all pension schemes was £578,661 (2023 £538,819). The contributions that were included in other creditors at the year end were £69,950 (2023 £122,006).
All costs of the scheme are met by the scheme excluding the costs of auditing the scheme and the pension levy which are met by the group. The costs are not offset by the surplus above. FRS 102 requires that at each year end the pension scheme actuary should review their most recent actuarial valuation and update it to reflect current conditions. |
|
|
FRS 102 further requires that certain disclosures are given in the financial statements based on results of that year end review. These include details of actuarial assumptions, expected returns on scheme assets, components of the defined benefit cost, fair value of the schemes assets and present value of the schemes liabilities.
The latest full actuarial report used for the FRS 102 report is dated 1 April 2024. This valuation has been updated to 31 December 2024 on an approximate valuation basis, as permitted by FRS 102 and all relevant disclosures are included.
Contributions are paid into the scheme by both the employer and employee members. The contribution rate of the employees is 5%. The employer paid at a rate of 25%. Lump sum payments are no longer being made. |
|
|
The main financial assumptions used in valuing the liabilities of the scheme were as follows; |
|
| 31 Dec 24 |
31 Dec 23 |
31 Dec 22 |
| % a year |
% a year |
% a year |
|
Discount rate |
5.6 |
|
4.7 |
|
4.9 |
|
Retail Price Inflation |
3.1 |
|
3.1 |
|
3.2 |
|
Salary Growth |
3.1 |
|
3.1 |
|
3.2 |
|
|
The valuations of the scheme were as follows; |
| 31 Dec 24 |
31 Dec 23 |
31 Dec 22 |
| £ |
£ |
£ |
|
Value of scheme liabilities |
|
|
1,423,000 |
|
1,499,000 |
|
1,585,000 |
|
Value of scheme assets |
|
|
3,269,000 |
|
2,964,000 |
|
2,756,000 |
|
Surplus/(deficit) in scheme |
|
|
1,846,000 |
|
1,465,000 |
|
1,171,000 |
|
Effect of asset ceiling |
|
|
1,794,000 |
|
1,391,000 |
|
1,090,000 |
|
Net asset/(liability) |
|
|
52,000 |
|
74,000 |
|
81,000 |
|
|
Change in defined benefit obligation |
|
Defined benefit obligation at start of the period |
|
1,499,000 |
|
1,585,000 |
|
Current and past service cost |
|
12,000 |
|
11,000 |
|
Interest expense |
|
70,000 |
|
77,000 |
|
Remeasurement arising from changes in assumptions |
|
|
-139,000 |
|
-9,000 |
|
Remeasurement arising from experience |
|
18,000 |
|
-129,000 |
|
Actual employee contributions |
|
7,000 |
|
7,000 |
|
Benefits paid |
|
-44,000 |
|
-43,000 |
|
Defined benefit obligation at end of period |
|
|
1,423,000 |
|
1,499,000 |
|
|
Change in plan assets |
|
Assets at start of period |
|
2,964,000 |
|
2,756,000 |
|
Interest income |
|
140,000 |
|
135,000 |
|
Actual return on plan assets, excluding interest income |
|
165,000 |
|
74,000 |
|
Employer contributions |
|
37,000 |
|
35,000 |
|
Employee contributions |
|
7,000 |
|
7,000 |
|
Benefits paid |
|
-44,000 |
|
-43,000 |
|
Assets at end of period |
|
|
3,269,000 |
|
2,964,000 |
|
|
Asset class split at year end |
|
Equities |
|
|
65% |
|
69% |
|
Property |
|
|
9% |
|
10% |
|
Corporate bonds |
|
|
14% |
|
13% |
|
Gilts |
|
|
9% |
|
7% |
|
Cash |
|
|
3% |
|
1% |
|
|
|
|
100% |
|
100% |
|
|
Mortality assumption |
|
|
Life expectancy (in years) of member retiring at 65 now |
|
|
|
|
Male |
|
Female |
|
2023 |
|
|
20.5 |
|
22.7 |
|
2024 |
|
|
20.3 |
|
23.2 |
|
|
|
|
|
Life expectancy (in years) of a member retiring at age 65 in 20 years time |
|
|
|
|
Male |
|
Female |
|
2023 |
|
|
21.8 |
|
24.2 |
|
2024 |
|
|
21.6 |
|
24.6 |
|
|
Prior year history of valuations |
31 Dec 21 |
31 Dec 20 |
31 Dec 19 |
| £ |
£ |
£ |
|
Value of scheme liabilities |
|
|
2,210,000 |
|
2,490,000 |
|
2,156,000 |
|
Value of scheme assets |
|
|
2,978,000 |
|
2,639,000 |
|
2,647,000 |
|
Surplus/(deficit) in scheme |
|
|
768,000 |
|
149,000 |
|
491,000 |
|
Effect asset ceiling |
|
|
593,000 |
|
0 |
|
-305,000 |
|
Net asset |
|
|
175,000 |
|
149,000 |
|
186,000 |
|
|
|
|
|
|
|
|
|
|
Pension expense |
|
Analysis of the amount charged to operating profit |
31 Dec 24 |
31 Dec23 |
|
|
|
|
£ |
|
£ |
|
Current and past service cost |
|
|
12,000 |
|
11,000 |
|
Total operating charge |
|
|
12,000 |
|
11,000 |
|
|
|
|
|
|
|
|
Analysis of the amount credited to other financial income |
|
|
|
|
31 Dec 24 |
|
31 Dec23 |
|
|
|
|
£ |
|
£ |
|
Expected return on pension scheme assets |
|
140,000 |
|
135,000 |
|
Interest on pension scheme liabilities |
|
-135,000 |
|
-130,000 |
|
Net interest on the net defined benefit liability/(asset) |
|
|
5,000 |
|
5,000 |
|
|
|
|
|
|
|
|
Defined benefit cost |
|
| 31 Dec 24 |
31 Dec23 |
|
|
|
|
£ |
|
£ |
|
Current and past service cost |
|
12,000 |
|
11,000 |
|
Net interest on the net defined benefit liability/(asset) |
|
-5,000 |
|
-5,000 |
|
Total recognised in profit or loss |
|
|
7,000 |
|
6,000 |
|
Remeasurements recognised in Other Comprehensive Income |
|
52,000 |
|
36,000 |
|
Defined benefit cost |
|
59,000 |
|
42,000 |
|
|
|
|
|
|
|
|
Remeasurements recognised in Other Comprehensive Income |
|
|
31 Dec 24 |
|
31 Dec 23 |
|
|
|
|
£ |
|
£ |
|
Remeasurement of defined benefit obligation |
|
|
-121,000 |
|
-138,000 |
|
Return on plan assets, excluding amounts included in net interest on the net defined benefit asset |
|
|
-165,000 |
|
-74,000 |
|
Change in effect of asset ceiling, excluding amounts included in net interest on the recognised defined benefit asset |
|
|
338,000 |
|
248,000 |
|
Total recognised in other Comprehensive Income |
|
|
52,000 |
|
36,000 |
|
|
|
|
|
|
|
|
Analysis of the change in the effect of the asset ceiling |
|
|
31 Dec 24 |
|
31 Dec 23 |
|
Effect of asset ceiling at the beginning of the period |
|
|
1,391,000 |
|
1,090,000 |
|
Interest on the effect of asset ceiling |
|
|
65,000 |
|
53,000 |
|
Change in effect of asset ceiling, excluding interest |
|
|
338,000 |
|
248,000 |
|
Effect of asset ceiling at end of period |
|
|
1,794,000 |
|
1,391,000 |
|
|
|
|
|
|
|
|
Change in net defined benefit asset |
| 31 Dec 24 |
31 Dec 23 |
|
|
|
|
£ |
|
£ |
|
Net defined benefit (asset) at start of period |
|
-74,000 |
|
-81,000 |
|
Defined benefit cost |
|
59,000 |
|
42,000 |
|
Employer contributions |
|
-37,000 |
|
-35,000 |
|
Net defined benefit (asset) at end of period |
|
-52,000 |
|
-74,000 |
|
|
|
|
|
|
|
|
Estimated employer contributions
Based on the current schedule of contributions the employer is due to pay contributions, on a monthly basis, at the rate of 12.5% pa of the pensionable salary. Contributions circa £20,000 are expected in the year to 31 December 2024.
|
|
| 21 |
Other financial commitments |
|
|
Total future minimum lease payments under non-cancellable operating leases: |
|
|
|
Land and buildings |
|
Land and buildings |
Other |
Other |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
| £ |
£ |
£ |
£ |
|
Falling due: |
|
in over five years |
507,045 |
|
563,095 |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
| 22 |
Contingent liabilities |
|
|
The directors have been advised of the trustees of South Coast Port Services Retirement Benefit Scheme’s responsibilities as regards GMP equalisation. Although initial discussions concluded that it was felt by the trustees that there was no loss to members, the actuary has advised the trustees that a potential liability could exist and that legal advice should be sought. There are only estimates of any potential liability at this stage and these will not be able to be quantified until legal advice has been obtained. The directors wish to comment that the trustees’ review is ongoing. |
|
| 23 |
Post balance sheet event |
|
|
Further to the year end, July 2025, the company's holding company 'Canute Management Services Limited' entered into a contract to purchase the building the company operate from, for the agreed price of £1.25M, financial assistance was provided by South Coast Port Services Limited. |
|
| 24 |
Virgin Media case |
|
|
Further to the High Court judgement in the Virgin Media case on 16 June 2023, scheme sponsors are required to comment in their accounts as to the work they have done to assess the impact of the case on the company and the outcome. A recent litigation change is likely to make this no longer an issue. |
|
|
|
| 25 |
Related party transactions |
| 31 Dec 24 |
31 Dec 23 |
|
|
Amount due from (to) related parties |
(12,869) |
|
(47,871) |
|
|
|
|
|
(12,869) |
|
(47,871) |
|
|
|
|
|
|
|
|
The above amounts are interest free and are repayable on demand. |
|
| 26 |
Controlling party |
|
|
Canute Management Services Limited is controlled by it's directors. |
|
|
| 27 |
Presentation currency |
|
|
The financial statements are presented in Sterling. |
|
|
| 28 |
Legal form of entity and country of incorporation |
|
|
Canute Management Services Limited is a private company limited by shares and incorporated in England. |
|
|
| 29 |
Principal place of business |
|
|
The address of the group's principal place of business and registered office is: |
|
|
Canute Chambers |
|
Ocean Way |
|
Ocean Village |
|
Southampton |
|
SO14 3TU |