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Registered number:
FOR THE YEAR ENDED 31 MARCH 2025
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CARNALL FARRAR LIMITED
COMPANY INFORMATION
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CARNALL FARRAR LIMITED
CONTENTS
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CARNALL FARRAR LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
Carnall Farrar (CF) are a leading consultancy with a purpose to make an enduring impact on health and healthcare. We work with leaders and frontline teams to improve health, transform healthcare, drive adoption of innovation and create value through investment.
Our consultancy serves the entire healthcare sector, from payors and providers of care, to life science companies, health tech and sector suppliers. We provide end-to-end services, spanning strategy to implementation, accelerated by data, digital and AI. We shape opinion through evidence-based thought leadership on the key issues affecting health. With unmatched ability to access health data, our consultants are a driving force for delivering positive and meaningful change. Consulting excellence We are committed to building an exceptional company that delivers consulting excellence to our clients. We are active members of the Management Consultancies Association (MCA), the representative body for the UK’s leading management consulting firms. In 2024/25 we maintained our Chartered Management Consultant (ChMC) Accreditation for our training and development programme, alongside individual accreditations achieved by the CF senior leadership team. We provide the opportunity for individual members of CF to become accredited during their tenure. Recognising the quality of our work, and talented individuals in CF in 2024/25, we were awarded the following industry awards: • Ranked as a top consultancy by the Financial times with a Gold in Healthcare and Life Sciences • Ranked as a top consultancy by Consultancy UK in both the UK and Middle East for 2024/25 • Shortlisted for 4 MCA awards and highly commended in 2; Best use of Thought Leadership and Social value. • Won the 2024 HealthInvestor Award for Strategic Consultants of the year and a finalist for the 2025 awards. 2024/25 highlights We supported over 50 clients across over 100 projects including: • Launching the Federated Data Platform (FDP) consortium, supporting trusts to standardise data and adopt the latest innovations to improve patient care across NHS • Partnering with national and regional healthcare organisations to drive strategic transformation and deliver financial improvement, inform the NHS 10-Year Plan, and help regions restructure their operating models for effective delivery • Delivering transformative projects for leading life science and pharmaceutical companies, establishing our expertise in health equity, data, and digital transformation, and building deep capabilities in bridging scientific innovation with real-world implementation • Extending our impact into the charitable sector, partnering with organisations to publish critical reports to help shape national policy • Building momentum in our newly established health investing practice, with a leading private sector player partnering with us on a variety of projects, including commercial due diligence, baseline impact assessment and reconfiguration of sites We grew our team and strengthened our capabilities: • Appointed Catherine Skilton, Managing Partner for Health Systems, to support growth and innovation across Financial and Performance Improvement service lines • Appointed Dr Joud Abduljawad, as Partner and Chief Medical Officer for the Middle East • Appointed Vernon Baxter as Associate Partner for Health Investing, deepening our expertise in the private healthcare market to complement our growth ambitions • Launched our subsidiary company in the Middle East, to achieve our ambition on supporting healthcare on a global scale • Invested in our corporate capabilities and infrastructure to prepare us for growth, including strengthening of our People, Commercial and Business Development functions.
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CARNALL FARRAR LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Overall turnover for the year was £11.3m (2024 - £15.1m). The company achieved a gross profit margin of 29.9% (2024 - 17.5%). The company reported a pre-tax profit of £234,531 (2024 - £213,811). The tax on profit on ordinary activities was £60,055 (2024 – £18,101), which resulted in a profit after taxation for the year of £174,476 (2024 - £195,710).
The company is managed with focus using a variety of KPls and core management information to monitor overall business performance. These include turnover, gross profit margin and operating profit margin.
Turnover: £11.3m (2024 - £15.1m) Gross Profit Margin: 29.9% (2024 - 17.5%) Operating Profit Margin: 2.49% (2024 - 2%) Cash: £701,618 overdraft (2024 - £393,774) Net Assets: £985,363 (2024 - £1,280,887) Headline turnover has declined since 2024 as part of a deliberate strategy to prioritise revenue generation through our own workforce rather than subcontractors. This approach has driven an improvement in gross profit margin and continues to be executed throughout 2025/26.
The company has an established, structured approach to risk management. CF is exposed to commercial, operational and financial risks which the company seeks to mitigate through its management policies in a cost effective manner.
Commercial risk CF has focused on diversification into new sectors of the health market, and new geographies, to reduce our exposure to a single market, however it is also recognised that building new business lines is in itself a risk to the company, particularly in the early years of investments. Financial risk The company aims to hold, as a minimum, 2 months working capital at any one time to reduce the liquidity risk of the company not meeting its liabilities and obligations. Cash flow and debtors are reviewed frequently. Operational risk The company outsources the provision of all IT systems to cloud-based, established, reputable providers such that operations can continue from any location with an internet connection. Political risk A significant proportion of revenue is generated from the provision of services to the public sector, which is subject to political influence, therefore, the company has successfully focused on diversification and securing more revenues from other markets. This trend will continue in line with the company strategy. Within the public sector, services are adapted to focus on areas of key demand.
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CARNALL FARRAR LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
CF is a certified carbon neutral organisation and has worked with Carbon Neutral Britain to reduce emissions from sources within our control and to offset any remaining footprint. Staff are supported to reduce their own personal footprints by collectively building knowledge and promoting initiatives which support sustainable lifestyles. Through client services opportunities to reduce environmental impact are continuously considered and innovative approaches are adopted.
This report was approved by the board on 22 December 2025 and signed on its behalf.
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CARNALL FARRAR LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
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 £174,476 (2024 - £195,710).
Dividends totalling £420,00 were declared and paid during the year (2024 - £405,436).
The strategy moving forward is to keep diversifying, and we expect in future years for the private sector to contribute at least 30% of our gross margin, and to source a proportion of our revenues from international clients.
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CARNALL FARRAR LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
There have been no significant events affecting the Company since the year end.
The auditors, HaysMac LLP, 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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CARNALL FARRAR LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARNALL FARRAR LIMITED
We have audited the financial statements of Carnall Farrar Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the notes to the financial statements, 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.
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CARNALL FARRAR LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARNALL FARRAR LIMITED (CONTINUED)
The directors are responsible for the other information. The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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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CARNALL FARRAR LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARNALL FARRAR 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:
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements for the consultancy business, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, corporation tax, payroll tax and sales tax. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls),and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included: • Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; • Evaluating management’s controls designed to prevent and detect irregularities; • Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and • Challenging assumptions and judgements made by management in their critical accounting estimates
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 Auditors' Report.
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CARNALL FARRAR LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARNALL FARRAR 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 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
Statutory Auditors
10 Queen Street Place
EC4R 1AG
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CARNALL FARRAR LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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CARNALL FARRAR LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 26 form part of these financial statements.
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CARNALL FARRAR LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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CARNALL FARRAR LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
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CARNALL FARRAR LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2025
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CARNALL FARRAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Carnall Farrar Limited is a private company limited by shares and registered in England and Wales. The company registration number is 09264497 and registered office is 1 Lyric Square, London, W6 ONB.
The principal activity of the company is that of consultancy services. The financial statements are presented in Sterling (£).
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The directors have prepared financial projections for the period to December 2026.
Based on what is known at this time and based upon the forecast information available, the Directors believe it appropriate to prepare the financial statements on a going concern basis.
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CARNALL FARRAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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CARNALL FARRAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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.
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.
The estimated useful lives range as follows:
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.
Research and development expenditure is written off to the profit and loss account in the year in which it is incurred.
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CARNALL FARRAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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.
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.
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CARNALL FARRAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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CARNALL FARRAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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CARNALL FARRAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
9.Taxation (continued)
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CARNALL FARRAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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CARNALL FARRAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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CARNALL FARRAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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CARNALL FARRAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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CARNALL FARRAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Share premium account
Capital redemption reserve
Profit and loss account
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 £410,753 (2024 - £367,077). Contributions totalling £38,210 (2024 - £42,354) were payable to the fund at the reporting date and are included in creditors.
The company does not consider there to be one overall controlling party.
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