Registered number:
FOR THE YEAR ENDED 31 MAY 2022
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TOMPSETT HOLDINGS LTD
COMPANY INFORMATION
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TOMPSETT HOLDINGS LTD
CONTENTS
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TOMPSETT HOLDINGS LTD
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2022
The group's principal activities are the growing of carrots, parsnips and other vegetables in the UK and the rental of packhouses.
The excellent growing season of 2021-22 resulted in very good yields together with exceptionally good quality both throughout the UK and Europe.
Covid restrictions during 2020-21 enhanced sales in a year of tight supply but unfortunately the sales during 2021-22 are significantly down upon the forecasts given. This combined with a crop surplus created masses of oversupply in a fragile market place. So with incessant retail pressure combined with crop destruction and raging inflation has resulted in a loss for the year. The packhouses owned by Tompsett Holdings Ltd continue to be let to the same tenants on the same terms.
The fresh produce market in the UK is dominated by a small number of large supermarkets who have a large
influence over the quantity and pricing of sales. The group manages this risk by providing top quality produce, continuing innovation in product lines and maintaining good relationships with its customers. A significant business risk is the UK weather. The group supplies produce all year round and ensures it has sufficient irrigation capacity for a dry summer. Investment in new harvesting machinery enables it to continue harvesting in wet weather and both continuous monitoring of crops in the ground, and high standards of crop management reduce the risk of crop disease. The group grows crops in East Anglia and Scotland. Water availability remains a key factor within the business to ensure high quality yielding crops. The business is now facing further challenges with the loss of key chemicals to control weeds, pests & disease. The group does not now have any bank financing. The company uses HP financing to finance the purchase of equipment. The directors are satisfied that the group has a strong balance sheet and adequate resources to continue in business for the forseeable future. For this reason, the accounts continue to be prepared on a going concern basis.
The directors monitor the performance of the company by reference to the following financial KPIs:
(Decrease) / increase in net sales (6.7%) (2021: 2.0%) Gross profit ratio 19.3% (2021: 23.7%)
This report was approved by the board
and signed on its behalf.
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TOMPSETT HOLDINGS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2022
The directors present their report and the financial statements for the year ended 31 May 2022.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the
consolidated
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year
. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙
make judgments and accounting estimates that are reasonable and prudent;
∙
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation and minority interests, amounted to £
789,953
(2021 -
loss
£
79,340
)
.
The directors who served during the year were:
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TOMPSETT HOLDINGS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
The Company's activities expose it to a number of financial risks including credit risk and liquidity risk. The company does not currently use derivative financial instruments.
Credit risk
The Company's principal financial assets are bank balances and cash, trade and other receivables, and investments. The Company's credit risk is primarily attributable to its trade receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Company uses a mixture of long-term and short-term debt finance.
Competition between retailers remains a constant pressure on our business with regards to pricing of products.
There have been no significant events affecting the Group since the year end.
The auditors, Ashcroft Partnership LLP, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
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TOMPSETT HOLDINGS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
This report was approved by the board and signed on its behalf.
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TOMPSETT HOLDINGS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOMPSETT HOLDINGS LTD
We have audited the financial statements of Tompsett Holdings Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 May 2022, which comprise the Group Statement of Comprehensive Income, the Group and Company Statements of Financial Position, the Group Statement of Cash Flows, the Group and Company 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 Group 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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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TOMPSETT HOLDINGS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOMPSETT HOLDINGS LTD (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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TOMPSETT HOLDINGS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOMPSETT HOLDINGS LTD (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 Group 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:
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity: • Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation. • Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business such as those governed by the Health and Safety Executive, Red Tractor and other food standards and National Minimum Wage regulations. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries and reviewing the bank statements for large and unusual transactions that could indicate fraud. No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
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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TOMPSETT HOLDINGS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOMPSETT HOLDINGS LTD (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
Chartered Accountants
Statutory Auditors
Stonecross
Trumpington High Street
CB2 9SU
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TOMPSETT HOLDINGS LTD
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2022
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TOMPSETT HOLDINGS LTD
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT
31 MAY 2022
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TOMPSETT HOLDINGS LTD
REGISTERED NUMBER:
04501316
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(CONTINUED)
AS AT
31 MAY 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 19 to 37 form part of these financial statements.
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TOMPSETT HOLDINGS LTD
REGISTERED NUMBER:
04501316
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT
31 MAY 2022
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TOMPSETT HOLDINGS LTD
REGISTERED NUMBER:
04501316
COMPANY STATEMENT OF FINANCIAL POSITION
(CONTINUED)
AS AT
31 MAY 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 19 to 37 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 MAY 2022
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED
31 MAY 2022
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TOMPSETT HOLDINGS LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 MAY 2022
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TOMPSETT HOLDINGS LTD
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2022
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TOMPSETT HOLDINGS LTD
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MAY 2022
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TOMPSETT HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
Tompsett Holdings Limited is a private company limited by shares incorporated in England and Wales.
The registered office address is Whitehall Farm, Temple Road, Isleham, Ely, Cambridgeshire, CB7 5RF. The company's principal activity is the letting of packhouses, and acting as a holding company. The principal activities of the rest of the group are the growing of carrots, parsnips and other vegetables in the UK.
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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 June 2014.
The directors have more than reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook. The company has a strong balance sheet and is not reliant on long term bank borrowings. The financial statements have been prepared on a going concern basis.
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TOMPSETT HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
2.
Accounting policies (continued)
Revenue is the amount derived from the provision of goods and services falling within the company's ordinary activities after deduction of trade discounts and value added tax. All sales are made within the UK and from the group's principal activity of selling carrots, parsnips and other vegetables, as well as rental income. Revenue from sale of produce is recognised upon despatch of goods. Sales are disclosed net of processing and marketing costs incurred by the packers who purchase the crop.
Rental income is recognised on an accruals basis.
Functional and presentation currency
Transactions and balances
During the current year the Company benefited from the government Coronavirus Job Retention Scheme. These grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.
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TOMPSETT HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
2.
Accounting policies (continued)
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TOMPSETT HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
2.
Accounting policies (continued)
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance 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.
Investment property is carried at fair value determined annually by the directors who take appropriate professional advice where necessary. No depreciation is provided. Changes in fair value are recognised in the Consolidated Statement of Comprehensive Income.
Stocks are stated at the lower of cost and net realisable value. Work in progress relates to growing crops and cost includes raw materials, direct labour and production overheads appropriate to the relevant stage of production. Net realisable value is based on estimated selling price less all further costs to complete, including further growing costs, marketing, selling and distribution costs.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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TOMPSETT HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
2.
Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
Ordinary shares are classified as equity. Preference shares, which are mandatorily redeemable given 8 weeks written notice from the company or holder of these shares, are classified as creditors.
Fixed assets Management makes judgements and estimates with regard to the useful lives of fixed assets, which in turn has an effect on the valuation of fixed assets at the statement of financial position date and the amounts recognised in the statement of income and retained earnings for depreciation and on eventual disposal of assets. See note 14 for the carrying value of fixed assets and accounting policy note 2.12 for the useful econic life. Stock Management makes judgements and estimates as to the costs associated with and allocated to each crop and field, which in turn has an effect on the valuation of stock at the statement of financial position date. See note 17 for carrying value of stock and the accounting policy in relation to stock is listed in note 2.15.
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TOMPSETT HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
Analysis of turnover by country of destination:
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TOMPSETT HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
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TOMPSETT HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
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TOMPSETT HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
11.
Taxation (continued)
The UK Government has announced an increase in the rate of corporation tax to 25% from April 2023 and the closing deferred tax balances are calculated at 25%.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £
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TOMPSETT HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
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TOMPSETT HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
14.
Tangible fixed assets (continued)
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TOMPSETT HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
14.
Tangible fixed assets (continued)
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TOMPSETT HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
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TOMPSETT HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
The 2022 valuations were made by the directors after taking appropriate professional advice, on an open market value for existing use basis.
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TOMPSETT HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
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TOMPSETT HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
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TOMPSETT HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
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TOMPSETT HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
The preference shares are all issued by subsidiary companies of the group. Holders of the preference shares which are non-cumulative and redeemable have no voting rights. They are entitled to a fixed non-cumulative preferential dividend of 6% per annum and on a winding up are limited to the amounts paid up. These preference shares may be redeemed at par by the company or holder of those shares giving 8 weeks' written notice. In this year the directors have again elected not to pay a dividend on them.
Revaluation reserve
Merger Reserve
Profit and loss account
The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £56,604 (2021 - £57,216). Contributions totalling £10,529 (2021 - £9,873) were payable to the fund at the balance sheet date.
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TOMPSETT HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
There is no one ultimate controlling party.
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